Precious Metals News & Analysis - Gold News, Silver News from Money Metals Exchange

Gold's Painful Pullback: Pento Sees a Fed Surprise as Congress Takes Action

Fri, 26 Jun 2026 00:00:00 EST

Welcome to this week’s market wrap podcast, I’m Mike Gleason

Coming up in a moment, we have an exclusive interview with Michael Pento of Pento Portfolio Strategies and author of the book The Coming Bond Market Collapse. Michael tells us why he believes the current market expectation of Fed rate hikes is not only wrong, but why he believes we will actually see the Fed cut rates in future months to combat a slowing economy. Mr. Pento also weighs in on the recent market action in the metals and suggests there is good value in the space now after the pullback of the last few months.

So, be sure to stick around for that and a whole lot more and catch our terrific interview between Mike Maharrey and the wonderful Michael Pento, coming up after this week’s market update. And as a reminder please download, like, rate and subscribe to this podcast wherever you consume this content.

Well, gold's recent selloff has certainly tested investors' nerves. On Wednesday, the yellow metal briefly fell below the $4,000-an-ounce mark, leaving prices roughly 28% below the all-time highs reached back in January. That's a painful correction by any measure, but history suggests it's far from unprecedented.

Long-term gold investors have seen this movie before. During the great bull market of the 1970s, gold suffered a correction of roughly 45% before ultimately surging to new record highs by 1980. More recently, during the financial crisis, gold endured a decline of around 30% before embarking on another powerful advance.

The important question isn't how far prices have fallen over the past few months. It's whether the reasons for owning gold have fundamentally changed.

According to Solomon Global's Paul Williams, the answer is no. He points out that the same long-term forces that fueled gold's rally remain firmly in place. Central banks continue to accumulate bullion at historically elevated levels, geopolitical tensions remain high, and governments around the world continue to pile up unsustainable debt.

Meanwhile, short-term price swings are often driven by factors like profit-taking, shifting interest rate expectations, and a stronger dollar rather than any lasting change in the investment case for precious metals.

The global move away from dependence on the U.S. dollar has become a structural trend rather than a temporary one. As more nations seek alternatives to holding dollar reserves and U.S. Treasuries, gold continues to benefit as a trusted neutral reserve asset.

Even though central bank purchases slowed somewhat in 2025, they still totaled more than 860 metric tons – well above the average annual buying seen over the previous decade. In fact, gold has now overtaken U.S. Treasuries as the world's leading reserve asset by market value held by central banks.

For investors, that suggests the current correction may represent more of an opportunity than a warning sign. Volatility is likely to remain elevated in the months ahead, but if history is any guide, successful precious metals investors focus on long-term fundamentals – not temporary swings in market sentiment.

As always, time will tell whether this pullback marks another healthy pause in an ongoing secular bull market. But the forces that have driven investors and central banks toward gold over the past several years appear to be very much alive.

In other news this week, a bipartisan group of U.S. Senators sponsoring a bill titled System Integrity through Licensed Vault Expansion and Resilience, dubbed the SILVER Act, filed the legislation as an amendment to the National Defense Authorization Act (NDAA) for Fiscal Year 2027. The move further elevates the issue of geographic concentration within the United States’ precious metals settlement infrastructure as a matter of urgent national security.

Supported by a https://www.moneymetals.com/news/2026/06/11/us-precious-metals-industry-coalition-urges-congress-to-advance-silver-act-to-address-critical-infrastructure-concentration-national-security-risks-004983";>broad industry coalition that includes mints, refineries, depositories, dealers, miners, banks, logistics companies, risk managers, and industry trade groups, the bipartisan and bicameral SILVER Act would enhance financial and national security resilience by ending the extraordinary concentration of exchange-approved depositories for gold, silver, platinum, and palladium in and around New York City.

The geographic concentration of America’s publicly traded precious metals is viewed not only as anticompetitive but also highly dangerous since it creates a single point of failure for a market that plays a critical role in price discovery, physical settlement, and the functioning of U.S. and global markets.

The SILVER Act targets archaic policies that date back to the 1970s and that leave financial markets and defense supply chains severely vulnerable to disruptions such as natural disasters, infrastructure failures, cyberattacks, terrorist attacks, and other public emergency situations.

Even before Senators Jim Risch (R-ID) and Catherine Cortez Masto (D-NV) introduced their bipartisan legislation last month, concerns about the extreme concentration of exchange-approved precious metals depositories in only the New York area had already drawn scrutiny from federal regulators.

Earlier this year, Commodities Futures Trading Commission (CFTC) https://www.morningstar.com/news/accesswire/1158299msn/cftc-chairman-to-examine-national-security-risks-from-geographical-concentration-of-depositories-for-precious-metals?tblci=GiCB9a4pBBlehdsJSAXBSvtzY7kC2AKY69BgUiVdqNpQmSDKuWUo-sCAu_nVmNN8MK67Pg"; target="_blank" rel="noopener">Chairman Michael Selig applauded the introduction of the SILVER Act by House sponsors and offered to work with Congress on the bill.

Gold, silver, platinum, and palladium play an increasingly important role not only as financial assets but also as critical inputs for defense, aerospace, electronics, medical technology, and energy production.

The decision to advance the SILVER Act through the NDAA reflects a growing consensus that critical mineral supply chains, financial stability, and national security are deeply interconnected.

The Precious Metals Industry Coalition for Market Security & Access wrote in a https://www.moneymetals.com/uploads/content/SILVER-Act-Industry-Coalition-Letter-6-11-26.pdf";>letter to Congress this month that, “This problem extends beyond risk exposure. The lack of geographic diversity also undermines market liquidity, competition, and access. It also undermines the ability to build precious metals supply chain infrastructure in other regions of the country.”

The industry argues that passage of this simple bipartisan bill would modernize the nation’s precious metals infrastructure by promoting regional diversification, reducing costs, strengthening domestic supply chains, enabling new innovative digital products, and expanding market liquidity and access – while better aligning the system with the realities of a national marketplace.

Well, before we get to this week’s interview let’s take a look at the market action.

Gold has bounced nicely off the Wednesday lows and is now only down 1.3% on the week, up more than $100 an ounce from its midweek lows under $4,000. The yellow metal currently checks in at $4,103 but is still headed for a fourth straight weekly decline.

As for silver it was looking pretty bloody earlier this week and thankfully has also rebounded these last couple of days. Currently silver trades just barely back above $60 an ounce at $60.08 as of this Friday late morning recording, and is up about $3 from its lows from Wednesday. Despite that several dollar advance off of the lows, the white metal still is down over $5 on the week or 8.4%.

Turning to the PGMs, a little less volatility there this week. Platinum is off 1.5% and comes in at $1,645 an ounce. Palladium shows a 3.0% decline and currently trades at $1,227 with a few hours left in the trading week.

Well now, without further delay, and for much more on the markets and the economy, let’s get right to this week’s exclusive interview.

Mike Maharrey: Greetings, I'm Mike Maharrey and I'm joined today by Michael Pento. Michael is the founder and president of Pento Portfolio Strategies and a regular guest here on the show with me. How you doing today, Michael?

Michael Pento: I'm doing fine. Great to talk to you, Michael.

Mike Maharrey: Absolutely. Well, it's a pleasure. I was looking back. The last time you were on the show was actually in November. So at that point we were in the second stage of the bull market. We'd eventually get to over $5,000 an ounce for gold. We had over a hundred dollar announced silver. This was in January. We had a correction and now we have the Iran conflict, which has really thrown the markets into a lot of turmoil. So I guess my first question is kind of a broad overview kind of question, but has the conflict in Iran fundamentally changed your outlook on the precious metals markets?

Michael Pento: So, let me answer it this way. So, let's go back to February, end of February of this year, which is when silver, precious metals, gold, the miners, everything, everything peaked. Back then we had penciled in two or three rate cuts from the Federal Reserve because Trump's man, whoever it was going to be, man or woman, was going to come into Federal Reserve and cut rates. And the funny thing happened at that time, like I said, all the precious metals complex completely peaked at that time. And the reason was is because energy prices because of the war shot from roughly $68 a barrel to $120 a barrel on West Texas. And it wasn't just energy oil, it was natural gas, it was fertilizers, it was phosphates, sulfur, everything. And the CRB index in itself skyrocketed. So what did that do? So when everybody was on one side of the boat, significant number of rate cuts later starting in June of this year, President Trump's man comes in and everybody was on one side of the boat.

Everybody was long precious metals. And that turned out to be a really, really bad move because gold fell 36%, the miners 36%, physical gold is down 25%, silver down 52%.

So, it was a wipe out. So, they're all on the wrong side in late February. Now we see today the exact opposite situation. Everybody now is worried about inflation

And they're now worried about rate hikes, right? They're worried about rate hikes. FOMC came out in their June meeting. Half of the FOMC wants to hike interest rates later this year because now they suddenly are worried about inflation. Well, here's a big problem with that. First of all, I personally believe that the Fed's next move is a cut, not a hike, a cut. And everybody's positioned for several rate hikes this year, two or maybe three hikes this year. Inflation is peaking now, Mike. It's peaking. The rate of change, the rate of change is falling. So we're going to have disinflation, not deflation. So in February of this year, inflation peaked at 4.2% on the headline CPI. And inflation's been above the Fed's target for five years

And not one member of the FOMC, not one, Mike, voted for a rate hike, not one. This is for the June meeting. So now we're to believe that heading into the midterm elections, Trump's man is going to start hiking interest rates when inflation is falling. Is that where we're to believe? I say that's completely off sides. So I have been for the first time in a long time buying miners, gold miners, and increasing my gold position. That's what I'm doing right now as we speak. Now gold is different than silver because I think that growth, both growth and inflation on a second derivative basis will be slowing in the third and fourth quarter of this year, borrowing some kind of crazy rebound in the war and Iran, because everything's dependent on if that Gulf of Strait of Hormuz is closed and there's problems in the Gulf, version Gulf, then it's a moot point.

So, inflation going to go down significantly. Growth is going to stall going from 3% current in the Q2, probably down back to down to one and a half, 2%, Q3. And that means you want to overweight gold. And because miners use a lot of the energy to produce gold from the ground, buy the miners, buy gold right here, you are on the other side of that very crowded boat. Everybody's on one side, rate hikes and a booming inflation and a booming economy, they're wrong. It's not happening.

Mike Maharrey: I'm inclined to agree with you on the rate cut. And a lot of people, when I say that, they look at me side-eyed. But I'm in agreement with you for the same reason that you just mentioned. And also I'm kind of curious about this. We have this massive level of sovereign government debt in the United States and around the world. We have massive levels of consumer debt. We have high levels of corporate debt and nobody seems to be factoring that into the Fed rate calculation. Why do you think that is?

Michael Pento: I don't know why. Maybe they don't listen to me and you very much.

Mike Maharrey: Apparently not.

Michael Pento: So, here's the point you're trying to make. We now have total business debt as a percentage of GDP is 70%. That's the same level today as it was heading into the global financial crisis. Global financial crisis, we had $10.4 trillion in business debt. That's corporate and non-corporate. Okay. So this includes the private equity crap and all that private credit stuff. It's $22 trillion today, but the federal debt was ... So just to give you a context of where we are now, 30% of GDP in 1980, 2007 heading to the global financial crisis was 63%. Today it's 123%.

So, here's the point you're trying to make. We have now 123% debt to GDP, $2 trillion deficits in relative peace and in relative prosperity. When we have a recession ... No, I didn't say if. When we have a recession, the annual deficits, because of the automatic stabilizers, so you think about SNAP, food programs, welfare, tax receipts, unemployment insurance, all those automatic stabilizers kick in. The deficit's going to go from two trillion to around $5 trillion. Mike, if the Fed doesn't monetize that debt ... Now this is before we do any kind of universal basic income or tarp or any kind of economic stimulus package or helicopter money, none of that. I'm just saying $5 trillion annual deficits built in baked into the cake. If the Fed does nothing, interest rates are going to skyrocket.

And here's the thing, Mike, here's the thing. If the Fed monetizes trillions of dollars as they did again, as the government overextends their balance sheet, I think that's going to scare the long end anyway. In other words, I'm saying in the next recession, the odds are very, very high. No matter what the Fed does, interest rates are going to rise. I think they're going to go into, again, UBI, helicopter money, TARP, adding to the Fed's balance sheet by trillions upon trillions of dollars, destroys the dollar, destroys confidence in sovereign debt, and rates on the long end of the yield curve rise significantly no matter what the Federal Reserve does only because ... Listen, Mike, again, if you're at 30% in 1980 federal debt to GDP and 123% is your starting point now, government's balance sheet, which has always been the place that bailed us out from every previous recession.

We used the federal government's balance sheet. In other words, taking on trillions of debt that was monetized by the Fed, they got away with it because we had the room to borrow and we had the room to print because the Fed balance sheet in global financial crisis was $800 billion. Now it's back to $7 trillion, Mike. So the Banana Republic is here and it's going to get a lot worse. So you better be on your toes this buy and hold passive, buy the index and let's see what happens. Target date portfolio management is not going to work. Ask the people in China, Shanghai Exchange is way down from where it was in 2007 still. Took 35 years for the Nickey Dow to come back to even. We had the same similar situation here in this country ... I'm sorry, from 1929 to 1953. So we are going to have decades of no growth in the stock market and in real terms, you're going to get crushed.

So, active management is the way to go.

Mike Maharrey: Yeah. Yeah, absolutely. What do you make of Kevin Warsh? He's been pretty vocal about wanting to shrink that balance sheet. He's kind of made that his strategy and yet if you look at the balance sheet, it's actually going up.

Michael Pento: And yet, and yet, and yet… So unfortunately for him and for us, there are some informed people out there like you and I who actually watch this. So, he comes in and he says, now this is a guy, this is a hard money Ayn Rand kind of Australian economist in his history. He understands that inflation comes from ... It's a choice. He's avowed that. So it's a choice that the Federal Reserve makes and banks make. It's not like it comes out, "Ooh, we have some growth and unemployment is low." What happened? No, no. It's a choice. It comes from interest rate repression, which comes from printing too much money Fed's balance sheet, printing money, buying bank assets, Fed credit, it's M zero, a monetary base, high powered money. That's where it comes from and he knows better. So what has he done? So the first week in the office, first week, Mike, I assume you're sitting down.

Mike Maharrey: I am.

Michael Pento: So, the first week of hard money wash, he printed $14 billion. He followed up the second week of his tenure with an $11 billion increase in the balance sheet and he himself reinforced the idea of having ample reserves, not scarce reserves.

In other words, the repo market, there is no real need for a repo market anymore. Banks don't have to borrow money from each other to get reserves. They're flooded with reserves. So why not go back to scarce reserves where the interest on excess reserves and the discount window was the lower end and the higher end of the bracket for the Fed fund rate. Why not do that, Mike? The truth of the matter is, Mike, that since the end of December, that the Meglio Maniac money printer of them all, Jerome Powell and now with Kevin Warsch, we have expanded the Fed's balance sheet since that time, since the end of December to today by $200 billion, $200 billion, Mike, in just a handful of months. It's unbelievable. Mr. Warsh has been so far out of the gate. He stumbled out of the gate. This man knows better, Mike.

He doesn't need a committee or a focus group to understand, shrink the damn balance sheet , Michael.

You know better.

Mike Maharrey: Does this kind of go to a fundamental reality? Because Alan Greenspan recently passed away at 100 years old and he was a hard money guy, right? Gold standard and yet when he was- Well, in

Michael Pento: Yeah, he was in 60s. In 1987, he forgot about it.

Mike Maharrey: Yeah, exactly. When he actually was in a position to do something, he cranked up the money machine just like the other guys. So, kind of just the reality of being a Fed chair? I mean, your philosophy's not really as relevant as the situation, right.

Michael Pento: It is, Mike. I mean, let's be honest. I mean, Mike, the reality is that nobody wants to be blamed for being at the helm of the ship and steering it into a depression. And I don't say that. I said it with a D, not an R, because here's the truth of the matter. Once you stop increasing the balance sheet, once you start draining those reserves and you go back to a position of scarce reserves, then the repo market starts to dry up, liquidity starts to dry up in the money markets and then you're going to have borrowing costs surge, which is going to kill the housing market and the stock market, which wouldn't be a bad idea if we were just a little bit overvalued in the stock market and slightly overvalued in the real estate market and there was no credit bubble. But when there's a massive credit bubble, think about private equity and private credit and business debt and that sits on top of a destroyed federal government's balance sheet.

And then you have home price to income ratios at all-time record highs, even higher than the housing bubble and you have the market valuation, which is more than double where it should be. It's 230% of GDP instead of 90% of GDP. So when you have that, when you have an asset bubble contraction, they don't just go back to like five or 10% nice, mild, innocuous kind of correction, they crash. So what position would the country be in economically if investors lost half of their money in the stock market and 30% of the value in their real estate? What condition do you think banks would be in? What condition do you think the federal government would be in? So they understand that. I mean, we made the mistake. So it's either like keep printing until we have hyperinflation or hyper-stagflation, which is where we're eventually headed or voluntarily return to reality and cause a depression because that's where we would be.

So again, they're going to keep printing money until there's a catastrophe.

And the question is the goal is a $10 billion increase. That's the target. Federal Reserve has a vow to increase this balance sheet by $10 billion per month. Is that enough to keep this massive bubble inflated? And I think it isn't. I think they have to do even more. The question is if they do less, we have the implosion of asset prices because there's not enough money being flooded into the system. And if they do more, does inflation really continue to rise? It's been over 2% for five years, 4.2% at the last reading. And eventually I think the consumer has to give up because the saving rate has plunged from where it was post- COVID savings rate was double digits and now you know what the savings rate is now? It's 3%. Savings rates are plunging.

Mike Maharrey: Yeah. It's at lowest levels we've seen

Michael Pento: In a long time. Yep.

Mike Maharrey: Yeah. So kind of looking back and you actually mentioned this in an interview that I ran across that you did not too long ago, kind of looking back at the 2008 financial crisis and you argued that with the bubbles that we have now, we could see a bus that is actually worse than 2008. And I'm curious if you would agree with this assessment. We never really reckoned with the monetary malfeasance of the Great Recession because COVID kind of gave them an excuse to double down and kind of allowed them to kick the can down the road. So we're really sitting on top of almost two business cycle bubbles. Is that a fair assessment in your view?

Michael Pento: Well, three. There's three. It's the real estate bubble. I mean, I'm very clear about this. It's the real estate bubble, the equity bubble, and the credit bubble. There's three and the biggest bubble of them all, in my opinion, is the credit bubble. I mean, you have a tremendous amount of debt. The credit bubble was already humongous, but now you have hundreds of billions of dollars being thrown at AI and you're going to tell me that all of this money, there's no mal investment there at all. It's going to be a disaster. All the growth in the economy, the growth in employment, the growth in earnings has been AI related. At some point you run out of investor's appetite, you run out of money to throw out this bubble and that's where we're headed.

So, the system's going to collapse and this is the function of it. It's going to be a credit bubble collapse, which leads to a collapse in the stock market and the housing bubble. And then the question is, what does Kevin Warsch do? How many trillions is he going to print? And does that, this is the most salient question. Does that massive amount of money printing and debt that has to be monetized, does the long end of the yield curve remain quiescent? As every other time that's happened before the bond yields drop, which is part of the amelioration process of the economy and asset bubbles, getting them higher because rates dropped and the system is flooded with money. If rates don't drop, then it doesn't take five years for the market to come back like it did post GFC. It takes decades instead.

Mike Maharrey: So, what do you think it's going to take for this kind of, I would call it a short term bear marketing gold? What's it going to take for that to turn around?

Michael Pento: Well, I think it's happening now. I mean, it's all the scaredy cats that ran out of ... Listen, I went through this in the beginning of the interview. It's very clear to me. I might be wrong. I'm certainly not God, but it's very clear to me. I'm not even close. I'm not even a super genius or even a genius. Well, smart guy, but I'm not a genius. Listen, everybody's on the wrong side of this boat now. Everybody now believes that the Federal Reserve under Kevin Warsh is going to be a hawk. And I just don't see it happening. I don't see Mr. Walsh hiking rates aggressively into the midterms against the man that put him in office, especially in light of the fact that he did nothing. In this FOMC meeting, nobody dissented, not one voting member of the FOMC dissented. And the inflation data coming out for June, so the June inflation data, which is going to be reported in July, is going to be very much in the quiescent camp.

So, what would make him start to hike then? I mean, don't forget, he said he's having a committee for this, a committee for that, committee for the balance sheet, committee for this, committee for that, a focus group, whatever the heck he's calling it. Those groups are supposed to convene at the end of this year and into next year, gives him plenty of room. He's going to be sitting on his hands in my opinion at best and perhaps lowering rates if the slowdown and growth and inflation is going to be as pronounced as I think it is going to be.

Mike Maharrey: Yeah. Yeah. I agree with you completely. And I think that the economy isn't nearly as sanguine as many people want to make it out to be. You've already mentioned the fact that if you look deeper into the employment and data, even that is reflecting some things that maybe aren't as positive.

Michael Pento: Well, Mike, it's reflecting a lot of hiring for retail food and services companies. It's very much related to the World Cup. If you look at most of the jobs that created in the last non-farm payroll report, almost every one of them was hiring for food and service workers for the World Cup and state and local government jobs That's it. That was your employment.

Mike Maharrey: Yeah. It's frustrating how the big headline, the number gets reported and nobody actually ever bothers to dig into it and say, "Well, what does this really mean?"

Michael Pento: Oh, I do.

Mike Maharrey: Well, I know you do. And there are a few other people out there who do, but so many people just kind of roll with it. So, let me get you out on this one. This is just kind of a fun question I've been asking folks. I don't think I've asked you this question if I have, I could be wrong, but I'm curious, is there a particular gold coin or round that you'd like just for any reason whatsoever? It could be practical, you just like the way it looks or- No, you don't care.

Michael Pento: I don't really do numismatics. I just like gold bars. That's my thing. I don't know anything about your business, Mike. I don't get paid to endorse your business. I don't know anything about your business.

I just prefer, I'm just saying I like physical gold. And by the way, here's something I want to say. If you buy gold, if you want to own physical, everybody should have 5% of their net worth in physical gold that you control. That means not in a bank safety deposit box. That means not in a gold IRA. It means in your possession. You don't trust the government, you don't trust the currency, you don't trust the financial institutions. So why would you store your gold in some vault somewhere? It doesn't make any sense. I want to know I have it. Now that's the physical gold. Then there's the investment gold, which I toggle between zero and 20%, 25%. 5% you own no matter what, this is your legacy. This is what you're giving your children and your grandchildren. But you add to that when what? When nominal rates are falling and real interest rates are falling, guess what the next step is? Nominal interest rates are going to fall.

And that's when the economy is slowing and when everybody's piled in, everybody owns a handful of stocks related to the AI trade and chip stocks. Take the other side, Mike, get some healthcare. I don't know if you did ask me about my portfolio, but get yourself some healthcare, get yourself some utilities, get yourself the equal weight S&P 500. When I'm not talking about dividends, I'm talking about dividends. I'm not talking about a recession yet. My model does, I have this model that I created, the inflation, deflation, the economic cycle model looks at the second derivative of inflation and growth. We're not talking about deflation and recession/depression yet. That's when everything goes to a correlation in one and you only want to own cash and short the market. I'm talking about start buying things that have high dividends and low volatility, the things I just mentioned.

Michael Pento: That's my advice. I could be wrong, but hey, listen, I've been wrong before.

Mike Maharrey: We all have, and that's a good thing. It kind of humbles us a little bit and makes us a little bit more circumspect, I guess, is the word as we look at things.

Michael Pento: Good word. Good word.

Mike Maharrey: So, where can folks follow you and avail themselves more deeply of the information that you produce?

Michael Pento: So the website is pentoport.com. On it, you'll see the midweek reality check check check, midweek reality check if I can talk. Believe it or not, it's the podcast that gives me the high level view of what's going on, salient economic data of the week and my take on it. And if you are a domestic investor, US investor with $100,000 to invest and you want to avail yourself of a long, short portfolio that seeks to ride bubbles higher in the right sectors, the right stocks, the right bonds, the right currencies, the right commodities. But most importantly, here's the most important part. During recessions and depressions and deflations or very sharp disinflations, when the bad stuff happens, that's when the market drops 50 to 80%. You want to be out and short when that happens, especially now when, like I said, the market's not going to drop by 10 or 20% and stop there.

Michael Pento: It's going to fall quickly and fast. You have to know when the insiders start to sell, when they know that the game is over and that's what my model follows. It follows their footprints in the markets. So if you want to avail yourself of that, like I said, it's $100,000 minimum to invest. I'll manage your money personally in the IDEC strategy.

Mike Maharrey: Outstanding. Well, folks, go check that out. Michael, thank you so much for taking a little bit of time out of your day. I really do appreciate it. I know you're a busy man and I always appreciate getting your insights and it's always nice talking to somebody who understands monetary policy to the depth that you do. So thank you so much for coming on. I'm sure we'll talk to you again in the next few months as things continue to unfold.

Michael Pento: Thank you, Mike. Look forward to it. Take care.

Mike Maharrey: Thank you.

Michael Pento: Bye-bye.

Good stuff there once again from Michael Pento and it was great to have him back on, especially since it’s been a little while since we’ve heard from him.

We will continue to do our best in bringing you top guests in the financial and metals industries, so please continue to check back with us on a regular basis as we look to give you top-notch analysis and breakdowns of the market action.

Well, that will do it for this week. Be sure to check back next Friday for our next Weekly Market Wrap Podcast. And remember to tune in as well to the Money Metals Midweek Memo. And to check out any of our audio programs just visit https://www.moneymetals.com/podcasts";>MoneyMetals.com/podcasts or find them on Spotify, Apple Podcasts, Google Podcasts, or wherever you listen to your favorite podcasts. And as a big help to us we would ask you to please like, subscribe, download and rate our podcasts. Doing so helps us extend the reach of this material.

Until next time, this has been Mike Gleason with https://www.moneymetals.com/";>Money Metals Exchange, thanks for listening and have a wonderful weekend everybody.

Alan Greenspan's Great Bailout Machine

Fri, 26 Jun 2026 00:00:00 EST

Alan Greenspan has died at the ripe age of a hundred.

Greenspan’s passing set off a tsunami of tongue-bath OpEds how the “Maestro” centrally planned the American economy for close to 20 years.

In reality, Greenspan turned the Fed into a permanent bailout machine that gets worse with each passing decade.

The “Maestro” at the Helm

Just 69 days after taking office in 1987, Greenspan was blindsided by a market crash that he used to turn the Fed from alleged economic referee into a bailout machine where the bankers keep the wins and taxpayers – and dollar holders – eat the losses.

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This became known as the “Greenspan Put” — put means insurance in finance. And it’s the reason Boomers — and bankers — own everything while 40-something Millennials live in Mom’s basement.

Greenspan ran that machine for 20 years, all the way through 2006 when he lit his last boom-bust bomb, ending in the 2008 Financial Crisis that nearly set off a Second Great Depression.

Unfortunately, the bailout machine Greenspan built is now a permanent feature, with every subsequent Fed chair forced to pump til it breaks then bail out what’s left at your expense.

From Counterfeiter to Bailouts

So the Fed was created by bankers — the infamous Jekyll Island putsch — as a counterfeiting cartel that prints money, but not so fast the inflation puts voters on pitchforks.

Like a gasoline thief who siphons the neighbor a quarter-gallon at a time instead of draining tanks, which would get him caught.

The way central banks do this is by guaranteeing bailouts for commercial banks—so-called “lender of last resort.” This lets those banks lend money they don’t have – they literally create the loans from thin air. This is why you need to open an account to get a mortgage—the bank created the money.

Then central bankers limit the printing to tidy quarter-gallon siphons using interest rates, which determine how much loans cost.

Lower rates mean cheaper loans — and more of them. This artificially boosts growth, generates fees for Wall Street, and makes it cheap for the federal government to spend more than it has.

Everybody wins. Except pleb taxpayers and dollar-holders.

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The problem with having a giant counterfeit machine is like Frodo’s ring: It attracts pressure to cut rates too far – which causes boom-bust inflation and recession.

And the even more insidious pressure from Wall Street to use that lender of last resort function to bail out not just boom-bust but speculation.

Because an iron law of finance is that more risk means more return. If you tell gamblers they keep the wins but you’ll cover the losses they’ll go all in all the time.

And that’s where Greenspan comes in. Starting with that 1987 stock crash – Black Monday – Greenspan flooded the banking system with money, promising to keep flooding til every banker was solvent.

The Greenspan Put was born.

The Wall Street Greenspan Built

Bankers went from conservative portly men in glasses to the 1980s sharks fueled by hookers and blow.

Sharks who went on to fuel near-annual financial crises under Greenspan, from the S&L crisis and Tequila crises to the dot-com bubble. The 1994 bond market massacre. The 1997 Asian financial crisis. The 1998 hedge-fund bailouts.

The mother of housing bubbles in the early 2000’s.

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In every case, the sharks made billions. And in every case taxpayers and dollar holders got shafted.

When the smoke cleared finance quadrupled to become the third largest industry in America.

Worse, it put Wall Street on a risk house of cards that every Fed chair now must feed.

Our new Fed Chair Kevin Warsh has already bumped up against that, apparently ditching promises to reduce inflation by pawning Fed assets since Wall Street is now like orchids in a greenhouse that cannot survive in the wild.

Greenspan may be gone, but the bailout machine he built keeps growing. Fixing it is easy: Just announce the Fed won’t bail anybody out, if a bank fails it’s sold for scrap to more prudent banks.

Of course that would set off an instant 2008 crisis. Meaning it won’t happen.

The best Warsh can do is try and limit bailouts. But he’s locked in a straitjacket Alan Greenspan wove.

Why Do Government People Hate Gold?

Fri, 26 Jun 2026 00:00:00 EST

Government people don’t like gold.

Actually, I should rephrase. Government people love gold. But they don’t like you to have it.

Why?

Because people with gold are harder to control.

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UK Deputy Prime Minister David Lammy gave us a glimpse behind the curtain during a summit on responsible gold sourcing hosted by the London Bullion Market Association and the World Gold Council. Lammy intended to warn the audience about the dangers of illicit gold. Instead, he revealed exactly why a lot of people want to own the yellow metal.

“Unlike cash, gold does not need a bank account, a password, or an internet connection.”

OK, David, I’m already sold!

Of course, in Lammy’s mind, that’s not a feature. It’s a bug. When you have real, hard money, the government can’t track what you spend. It can’t freeze your bank account if you do or say something unapproved. Oh, and it’s much harder to tax you.

Of course, the government people will tell you they just want to track the bad guys. What they don’t tell you is that they have a different definition of bad guy than you or I. We think of a bad guy as a murderer or robber. In the eyes of the government, you are a bad guy if you do anything to undermine or challenge its authority. Own the wrong kind of gun, go to the wrong rally, or even say the wrong words, and you suddenly become a bad guy.

The War on Hard Currency

By the way, this is the root of the so-called https://www.moneymetals.com/news/2024/09/26/israel-considers-limiting-ownership-of-gold-and-silver-eliminating-large-denomination-notes-in-war-on-cash-003491";>war on cash. Governments would love to do away with cash and force all our transactions into the digital realm. This would set the government up with surveillance capabilities that would make Orwell blush.

Imagine if every transaction were digital. It would be impossible to hide even the smallest purchase from the government’s eyes. Something as simple as your morning trip to get a coffee wouldn’t be a secret from government officials. As Bloomberg put it in an article published when China launched a digital yuan pilot program in 2020, digital currency “offers China’s authorities a degree of control never possible with physical money.”

The government could even “turn off” an individual’s ability to make purchases. Bloomberg described just how much control a digital currency could give Chinese officials.

"The PBOC has also indicated that it could put limits on the sizes of some transactions, or even require an appointment to make large ones. Some observers wonder whether payments could be linked to the emerging social-credit system, wherein citizens with exemplary behavior are ‘whitelisted’ for privileges, while those with criminal and other infractions find themselves left out. ‘China’s goal is not to make payments more convenient but to replace cash, so it can keep closer tabs on people than it already does,’ argues Aaron Brown, a crypto investor who writes for Bloomberg Opinion.”

You can't do that when people are using gold.

Simply put, a society without hard currency would ultimately give the government complete control of your money. And that means significant control over you. Virtually every action you take would be subject to government scrutiny.

Gold is worse than cash in the eyes of a government person because you can spend it virtually anywhere in the world. You may have a hard time finding someone who will accept a peso. You may even have trouble spending a dollar. But you will be hard-pressed to find anybody anywhere who would accept gold as payment. Its value is recognized around the world, from Times Square to the depths of the African jungle.

Now, you might think I’m promoting a way for you to skirt the system and engage in illicit activities. That’s not my point at all. That’s what the government people want you to hear. My point is that sound money is freedom. I don’t own a gun because I want to commit crimes. I own a gun to protect my family if things get hinky. I don’t own gold because I want to engage in criminal activity. I own gold because if things do go sideways, I want to be able to protect my financial health.

Fiat Money Supports Big Government

There’s another reason government people don’t like gold. It limits their power.

Fiat money benefits governments because they can expand the money supply at will. Money printing and debt monetization enable government borrowing and spending that would be impossible in a sound money system. Without fiat money, governments would be much smaller, less powerful, and less intrusive.

This is precisely why https://moneymetalsexchange.medium.com/understanding-roosevelts-1933-gold-confiscation-123a87919fa6";>President Franklin D. Roosevelt tried to take all of the gold out of the public’s hands.

And while fiat systems benefit governments and their cronies, it hurts regular people. As governments print more money to fund their programs and enrich the political class, it steals the purchasing power of everybody else.

The bottom line is that fiat money facilitates big government and erodes individual liberty.

Economist Ludwig von Mises believed it was imperative to understand this aspect of the fiat money regime. He said https://medium.com/@JoshuaDGlawson/love-mises-to-pieces-the-rising-fascination-with-austrian-economics-sound-money-precious-metals-2c51a676c405"; target="_blank" rel="noopener">sound money is a bulwark for liberty in the same sense as constitutions and bills of rights.

"It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments. Ideologically it belongs in the same class with political constitutions and bills of rights."

You can shield yourself from this relentless monetary depreciation by saving in real money – gold.

So, don’t listen to the political class. You do need gold. Don’t let them gaslight you into thinking otherwise.

Barber Dime Value Guide - Key Dates, Mint Marks & Grading for Collectors - 90% Silver U.S. Coin 1892-1916 - Money Metals

Thu, 25 Jun 2026 00:00:00 EST

The Barber Dime is an incredibly popular U.S. silver coin among collectors today. Minted from 1892 to 1916, this ten-cent piece spanned an incredible period of development and national progress. The coin takes its name from the U.S. Mint Chief Engraver Charles E. Barber.

Even more than a century later, this coin remains popular among collectors. It provides a tangible link to an incredible period of U.S. history. It also combines silver ownership with numismatic value.

Most https://www.moneymetals.com/silver-barber-3-coin-set-dime-quarter-half-dollar-good-to-very-good-dates-our-choice/2214";>Barber Dimes remain affordable for beginning collectors. However, there are also certain rare issues that can sell for hundreds of thousands or even millions of dollars at auction. Several characteristics factor into a coin's rarity, including its mint mark, production numbers, and condition.

Understanding the Barber Dime's history and valuation system can help you make smarter collecting decisions. We'll help you navigate this market by breaking down the Barber Dime's history, value, key dates, grading standards, and collecting tips.

What Is a Barber Dime?

Specification	Details
Years Minted	1892-1916
Designer	Charles E. Barber
Composition	90% Silver, 10% Copper
Silver Content	0.07234 Troy Ounce
Weight	2.5 Grams
Diameter	17.9 mm

A Barber Dime is a United States ten-cent coin minted from 1892 to 1916. The coin was part of a larger redesign that also included the Barber Quarter and Barber Half Dollar.

The Barber Dime contains 90% silver and 10% copper, which makes it an eligible junk silver coin. Each coin weighs 2.5 grams and measures 17.9 millimeters in diameter. It contains 0.07234 troy ounces of silver and, like other U.S. silver coins of the era, it features a reeded edge.

The coin's obverse followed the tradition of early American coinage and depicted Lady Liberty. In this depiction, she wears a laurel wreath and a Phrygian cap. These are longstanding symbols of freedom and civic virtue.

The coin's reverse shows a wreath surrounding the coin's denomination: “One Dime.” The design looks simple to many today, but at the time, this was the preferred artistic style for coinage.

More than a century after the last Barber Dime was struck, collectors continue to seek these coins for their history, silver content, and rarity. Hobbyists can often find these coins for affordable prices, though significant outliers also exist for dedicated collectors.

The History Behind the Barber Dime

This coin was introduced in 1892 during a period of change in U.S. coinage. The Seated Liberty Design had remained the standard on American coinage for over 50 years. By the late 1880s, many government officials and members of the public believed it was time for a change in design.

Federal law allowed coin designs to be changed after 25 years without needing congressional approval. This gave Mint Director Edward O. Leech the opportunity to replace several long-running designs. The goal was to modernize American coinage and create a more unified appearance across dimes, quarters, and half dollars.

Initially, the Mint invited several prominent artists to participate in a competition to create a new design. However, the competition would only compensate the winner for their work. That prompted many artists to decline the invitation. So, still left without a suitable design, Leech turned to the Mint's Chief Engraver, Charles E. Barber.

Barber created new designs for all three silver denominations. His Liberty portrait featured a classical profile wearing a laurel wreath and a Phrygian cap. The reverse of the dime displayed a wreath surrounding the denomination “One Dime.”

The new coins entered circulation in 1892 and remained in production until 1916. That means it was used in everyday circulation during definitive events of that era in U.S. history. Americans used Barber Dimes during the Spanish-American War, throughout the rise of industrial America, and in the early years of the Progressive Era.

Today, Barber Dimes offer collectors a direct connection to a transformative period in American history. Many consider it one of the most historically significant silver coin series produced by the Mint.

Understanding the Design

The Barber Dime features a simple yet distinctive design that reflects the artistic style of late nineteenth century America. It was criticized by some when it debuted, seen by some as being too conservative in style. In spite of that criticism, the coin became one of the most recognizable images in classic American coinage.

On the obverse, or front, of the coin is a right-facing portrait of Liberty. She wears a Phrygian cap, a symbol often associated with freedom and liberty. A laurel wreath rests on her head, representing honor and achievement.

Above Lady Liberty is the national motto, “In God We Trust,” while the word “LIBERTY” appears on a ribbon with the wreath. The date is positioned below the portrait.

The word “LIBERTY” matters a great deal for collectors. On circulated examples, the letters are often the first details to wear away. A Barber Dime with a fully visible headband inscription is generally worth more than a heavily worn example with the lettering faded or missing.

The reverse design is more understated than many other U.S. coins of the period. Instead of the traditional eagle, the Barber Dime features a wreath surrounding the denomination “ONE DIME.”

The wreath combines agricultural elements, including corn, wheat, oak, and maple leaves. The designers chose these motifs to represent America's agricultural strength and economic growth in this period.

Mint marks, when present, appear on the reverse below the wreath. Collectors can find Barber Dimes struck at the New Orleans Mint (“O”), San Francisco Mint (“S”), and Denver Mint (“D”). Coins produced in Philadelphia do not carry a mint mark.

Mint	Mint Mark
Philadelphia	None
New Orleans	O
San Francisco	S
Denver	D

Together, these design elements make the Barber Dime both attractive and historically significant. They also provide important clues that collectors use to identify, grade, and value individual coins.

How Rare Are Barber Dimes Today?

Many Barber Dimes are more than 100 years old, but age alone does not make a coin rare. Some years had higher mintage numbers than others. Similarly, different mints had varying mintage numbers.

Another factor is coin survival. Between 1892 and 1916, the U.S. Mint produced hundreds of millions of Barber Dimes. That would seem to suggest that these coins would be relatively common. However, circulation, loss, damage, and silver melting programs have caused many of these coins to disappear.

For decades, Barber Dimes served as everyday pocket change. Unlike some later coin series that were saved by collectors from the start, most Barber Dimes entered circulation and remained there for several years. As a result, many surviving examples show heavy wear, while truly high-grade specimens are much harder to find.

Given all of these factors, survival rates vary significantly by date and mint mark. Some common-date Barber Dimes remain readily available in lower grades, allowing new collectors to enter the series without spending a fortune.

Key dates like the 1894-S, 1895-O, and 1896-S are a different story. These coins are scarce in any condition and can command significant premiums.

Condition also plays a major role in rarity. A date that is relatively common in Good or Fine condition may be extremely difficult to locate in Mint State grades. This is why collectors often pay significant premiums for coins that retain strong details, original surfaces, and mint luster.

For many numismatists, the challenge of finding well-preserved examples is what makes the Barber Dime series so appealing. Even after more than a century, collectors continue searching for the finest surviving examples of these historic silver coins.

Key Dates Every Collector Should Know

Barber Dimes have some key dates that collectors cherish for their rarity and incredible premiums. Key dates are often the most difficult coins to acquire. When collectors can find them, they often represent major milestones for completing Barber Dime sets.

1894-S Barber Dime

The 1894-S Barber Dime is the undisputed king of the series. Only 24 pieces were struck at the San Francisco Mint, and fewer than a dozen examples are believed to survive today. The exact reason for the tiny mintage remains a subject of debate among numismatists. One popular story claims that a small group of coins was struck to balance the mint's accounting records.

Whatever the reason, the result is one of the rarest and most famous silver coins in American history. High-grade examples have sold for well over $1 million at auction. Such storied auction performances make this a dream coin for many collectors.

The 1895-O Barber Dime

This coin is another major rarity. While more than 400,000 were originally minted, very few survived in collectible condition. Most entered circulation and remained there for years, leaving relatively few examples with strong details.

Because of its scarcity across all grades, the 1895-O remains one of the most sought-after coins in the series.

1896-S Barber Dime

Collectors often consider the 1896-S one of the toughest business-strike Barber Dimes to locate. The coin had a relatively low mintage, and surviving examples are scarce, especially in higher grades.

Demand remains strong because the coin is essential for anyone attempting a complete date-and-mint collection.

1901-S Barber Dime

The 1901-S is another key date that consistently attracts collector attention. While not as famous as the 1894-S, it is difficult to locate in attractive condition. Many surviving examples show significant wear, making high-grade coins especially desirable.

1913-S Barber Dime

The 1913-S is one of the most important late-series Barber Dimes. Its lower mintage and limited number of surviving examples have made it a favorite among advanced collectors. Coins with high grades or condition can sell for excellent premiums.

For collectors who are just entering the series, understanding these key dates is important. They often account for a large portion of the cost of completing a Barber Dime collection. Learning which dates are genuinely rare helps collectors make educated purchase decisions and avoid missing valuable coins.

How Much Is a Barber Dime Worth?

The value of a Barber Dime can range from a few dollars to more than $1 million. While every Barber Dime contains silver, its collectible is often far more important than its melt value. Several factors determine how much a coin is worth in today's market.

The first factor is the coin's date and mint mark. Some Barber Dimes were produced in large numbers and survived in circulation for many years. These coins are generally more common, though they often trade above their silver value because of collector demand, age, and historical significance.

Other coins, such as the key dates we named above, had lower mintages and survival rates. That makes them much more difficult to find and gives them substantial premiums.

Condition is also vitally important. A Barber Dime with heavy wear may sell for a mild premium over its silver value. In contrast, a coin with strong details, original surfaces, and minimal wear can be worth many times more. This is especially true for scarce dates, where small differences in grade can translate into significant price increases.

Collectors also pay close attention to originality. In numismatics, this matters a great deal.

Newcomers to the market may come across tarnished collectible coins and attempt to clean them to raise their value. Ironically, this will often decrease the coin's value.

The reason is that many cleaning and polishing products cause micro-scratches on the coin's surface and thereby damage it. Many collectors would prefer a lower-grade coin that lacks these damages to a higher-grade but damaged coin.

Certification can also influence value. Collectors are willing to pay higher prices for coins certified by professional coin grading services. It instills greater confidence in the coin's authenticity and its overall worth.

Barber Dime Value by Grade

Grade	Typical Common-Date Value
Good (G)	$5-$20
Fine (F)	$10-$40
Very Fine (VF)	$20-$100
Extremely Fine (XF)	$50-$250
About Uncirculated (AU)	$100-$500
Mint State (MS)	$250+

How to Grade a Barber Dime

Grading is one of the most important skills a Barber Dime collector can develop. A small difference in condition can have a major impact on value, especially for key dates and low-mintage issues. While professional grading services such as PCGS and NGC provide the most reliable assessments, collectors can learn to gauge many important details on their own.

When examining a Barber Dime, start with the portrait of Lady Liberty on the obverse. One of the first areas collectors inspect is the headband bearing the word “LIBERTY.” Heavily circulated coins often do not include all of these letters. Constant use and circulation wears it all away. Coins with stronger lettering generally receive higher grades and attract more collector interest.

The wreath and hair details also provide important clues. In lower grades, many of the finer design elements will appear smooth or flattened from years of circulation. As the grade improves, more detail becomes visible in Liberty's hair, the wreath leaves, and the overall texture of the design.

The reverse deserves equal attention. Collectors examine the wreath, lettering, and rim for signs of wear. A strong rim and well-defined details often show that the coin had less circulation and, thereby, better preservation.

Original luster is another important factor. Mint State Barber Dimes retain the bright, reflective appearance they had when they left the mint. Even slight wear can reduce luster and move a coin into a lower grade category.

Most Barber Dimes fall into one of several basic grading levels. Good (G) coins show heavy wear but remain identifiable. Fine (F) examples retain more design detail, while Very Fine (VF) coins display moderate wear with stronger features. Extremely Fine (XF) Barber Dimes show only light wear, and About Uncirculated (AU) examples retain nearly all of their original detail.

Mint State (MS) coins show no wear from circulation and represent the highest grades in the series. Learning how these details affect grade can help collectors make better buying decisions and avoid overpaying for coins that may not meet their advertised condition.

Common Problems That Reduce Value

Not every Barber Dime is worth a premium simply because it is old or made of silver. Many surviving examples have problems that can reduce their value and make them less desirable to collectors. Learning to identify these issues can help you avoid costly mistakes when buying coins.

One of the most common problems is cleaning. Like we've mentioned before, polishing and scrubbing coins can leave hairline scratches and remove natural toning from a coin. The result is that it reduces a coin's value, even if the coin looks brighter and more attractive at first glance.

Damage is another crucial concern. Scratches, dents, rim nicks, and other signs of mishandling can lower a coin's appeal. Even rare dates may sell at a discount if they show significant damage.

Environmental damage can also affect value. Damp conditions can have a negative impact on silver, including corrosion, discoloration, or surface deterioration. These issues are often permanent and difficult to correct without causing further harm.

Collectors should also watch for altered coins. In some cases, dishonest sellers add or modify mint marks to make a common Barber Dime appear rarer than it really is. Because key dates can be worth substantially more than common issues, altered coins remain a concern in the marketplace.

Counterfeit Barber Dimes are less common than counterfeit gold coins, but they still exist. When you buy a Barber Dime, it is crucial to inspect valuable dates for any irregularities. If you're uncertain about your coin's authenticity, have it graded by professional services like PCGS or NGC.

In many cases, a problem-free coin with moderate wear is worth more than a heavily damaged coin with a sharper appearance. Understanding common issues can help collectors focus on finding coins of excellent quality and ensuring they make the best purchase decisions.

Should You Buy Raw or Certified Barber Dimes?

Newcomers to the Barber Dime market face a choice when they decide to purchase these coins: should they get a raw issue or a certified one?

Both options have advantages. The right choice usually depends on your experience level, budget, and collecting goals.

A raw coin is one that has not been professionally graded or authenticated by a third-party grading service. Raw Barber Dimes are often less expensive and can be found at coin shops, shows, and online marketplaces. If you are a junk silver collector looking for common dates, buying raw coins can be a practical way to build a collection with lower premiums.

However, raw coins also carry more risk. They can be difficult to grade accurately, especially for newer collectors. Problems such as cleaning, damage, altered mint marks, or counterfeits may not be obvious to the untrained eye.

Certified Barber Dimes have been authenticated and graded by professional services such as PCGS or NGC. These coins are sealed in protective holders and assigned a grade based on industry standards. Certification provides buyers with greater confidence in a coin's authenticity and condition, which often makes certified examples easier to buy and sell.

For key dates and higher-value Barber Dimes, certification is usually a wise investment. A certified 1895-O or 1913-S, for example, gives buyers assurance that the coin is genuine and accurately graded.

Many experienced collectors purchase raw coins for common dates and certified coins for scarce or expensive issues. This approach can help balance cost and security while reducing the risk of costly mistakes.

What Experienced Collectors Learn About Barber Dimes

Many collectors are drawn to Barber Dimes because of their history and silver content. Over time, however, they learn that building a high-grade collection can be more challenging than it seems.

One of the first lessons collectors learn is that original surfaces matter a great deal. Many surviving examples of Barber Dimes have been improperly cleaned. While a bright coin may seem appealing to a beginner, experienced collectors know that coins with natural toning and untouched surfaces are often worth more.

Collectors also learn that rarity is not always obvious. A Barber Dime with a high mintage can be difficult to locate in Mint State condition, while another date with a lower mintage may be easier to find because more examples were preserved. This is why seasoned collectors pay close attention to survival rates and population reports rather than relying solely on mintage figures.

Patience is another important part of collecting Barber Dimes. It can take time to find problem-free examples of key dates such as the 1895-O or 1913-S. Many experienced collectors would rather wait for a quality coin than buy damaged examples just to fill a gap in their collections.

Perhaps the most valuable lesson is to buy the best coin you can comfortably afford. Focusing on originality, eye appeal, and overall quality are good guidelines for finding an authentic coin that will retain value without overpaying.

Most Expensive Barber Dimes Ever Sold

The Barber Dime series includes some of the most valuable coins in American numismatics. While many dates remain affordable, a handful of rare examples have sold for extraordinary prices at major auctions.

Not surprisingly, the 1894-S Barber Dime dominates the record books. Only 24 of these coins were originally struck, and only a handful of the original number survive today. That makes it one of the rarest U.S. coins ever produced. Several examples have sold for more than $1 million, with some even exceeding $2 million at auction.

The value of these coins comes from a combination of rarity, condition, and collector demand. Because so few 1894-S dimes exist, wealthy collectors often compete aggressively whenever one becomes available. This competition can drive prices to remarkable levels.

Other Barber Dimes have also achieved impressive auction results. High-grade examples of key dates such as the 1895-O, 1896-S, and 1893-S regularly sell for tens of thousands of dollars. Even relatively common dates can gain significant premiums when preserved in exceptional Mint State grades.

Auction records highlight a critical lesson for investors: value does not come from rarity alone. Condition plays a decisive role as well. Scarce coins with heavy wear may sell for far less than similar coins with sharper details, preserved surfaces, and strong eye appeal.

Many collectors find in these record-setting sales an enduring appeal for the Barber Dime. Even after a century has passed, this coin remains a highly sought after item in the numismatic market.

Are Barber Dimes a Good Investment?

Barber Dimes can offer both collectible and precious metals value. However, investors should view these coins differently from traditional investments like stocks or bonds. Their appeal comes from a combination of historical significance, rarity, collector demand, and silver content.

One advantage of Barber Dimes is that every coin contains 90% silver. Since each coin contains 0.07234 troy ounces of silver, it gives you exposure to the https://www.moneymetals.com/silver-price";>silver spot price. When purchased in bags, these coins can quickly become a low-cost way to invest in silver. This holds true regardless of their condition.

Collectors, however, see Barber Dimes as more than https://www.moneymetals.com/buy/silver/junk-silver";>junk silver investments. Scarce dates, key issues, and high-grade examples can appreciate over time as collectors compete for a limited supply of surviving coins.

However, not every Barber Dime will increase drastically in value. Market conditions, collector demand, coin quality, and overall economic factors play a role in pricing. Sometimes, those trends can be unpredictable.

Many experienced collectors focus on buying the highest-quality coins they can comfortably afford. Problem-free examples with attractive surfaces tend to remain desirable over the long term.

Ultimately, Barber Dimes can be a rewarding addition to a collection because they combine history, silver content, and rarity. While future performance is never guaranteed, their enduring popularity has helped maintain collector interest for over a hundred years since the series ended.

Where to Buy Barber Dimes

Collectors have several options when purchasing Barber Dimes. Reputable coin dealers are often a good starting point, especially for newcomers to the market. They can provide guidance on grading, authenticity, and determining market value. Established dealers may also offer certified coins graded by trusted services like PCGS or NGC.

Coin shows are another popular option. These events allow collectors to examine coins in person and compare inventory from multiple dealers. Seeing a coin firsthand can make it easier to evaluate its condition and overall appeal.

Online marketplaces and auction platforms offer access to a wider selection of Barber Dimes. These may include rare dates and higher-grade issues. However, be very careful about where you buy from. Carefully research the coin and review photos, descriptions, and seller feedback before you make a purchase.

In general, it is good to find certified examples for more valuable Barber Dimes. This can help you have greater peace of mind about the authenticity of your coin. Taking the time to buy from reputable sources can help collectors avoid costly mistakes and build a stronger collection.

Barber Dime Frequently Asked Questions

A Barber Dime is made of 90% silver and 10% copper. Each coin contains approximately 0.07234 troy ounces of pure silver. Because of this silver content, every Barber Dime has intrinsic value in addition to any collectible value it may hold.

The 1894-S Barber Dime is widely considered the rarest coin in the series. Only 24 examples were struck at the San Francisco Mint, and fewer than a dozen are believed to survive today. Its extreme rarity has helped make it one of the most valuable coins in American numismatics.

Barber Dimes can be good investments because of their silver content. They are a type of junk silver and as such give exposure to the silver spot price. They can also appeal to collectors for their historical significance and rarity.

Key dates and high-grade iterations can fetch a significant price at auction, and some extremely rare versions have had legendary auction highs. It is worth noting, though, that these are by no means guaranteed benefits. Numismatic coins are not generally seen as stable investments.

The value of a Barber Dime depends on its date, mint mark, condition, and rarity. Key dates such as the 1895-O, 1896-S, and 1913-S are generally worth more than common issues. A professional appraisal or certification from PCGS or NGC can help determine a coin's value.

No, collectors generally should not clean Barber Dimes. Cleaning can remove original surfaces, create hairline scratches, and reduce the coin's overall value. It is generally better for a coin to preserve its natural tone.

Many beginners start with common-date Barber Dimes in lower circulated grades because they are often more affordable. These coins allow collectors to learn about the series without making a large financial commitment. As experience grows, collectors can gradually pursue scarcer dates and higher-grade examples.

Why Barber Dimes Remain Popular

The Barber Dime continues to be one of the most popular silver coins in American numismatics. It ran at a time when the nation was entering into a new era, one filled with industrialism, innovation, and the establishment of a global economy. It appeals to junk silver investors and coin collectors alike for its silver content and incredible legacy.

The series also provides opportunities for all types of buyers. Common dates are available at competitive prices for junk silver investors and casual collectors. Serious numismatists can hunt some of the coin's legendary rare issues.

Understanding the factors that affect these dimes' value can help you decide how best to pursue Barber Dimes. Once you understand rarity, grading, and value factors, you can make a much more informed decision about coin purchases.

Dime (United States Coin) Values & History - Money Metals

Thu, 25 Jun 2026 00:00:00 EST

The dime (United States coin) is the smallest coin currently produced by the U.S. Mint, but it carries more than two centuries of history. First struck in 1796, the dime has featured some of America's most recognized coin designs.

Collectors value dimes for their age, silver content, mint marks, and key dates. Many investors also seek pre-1965 silver dimes as trusted fractional silver. This guide explains the history, major designs, and value factors behind the United States dime.

Dime (United States Coin) Specifications

Specification	Details
Denomination	10 cents, or one-tenth of a dollar
First Issued	1796
Current Design	Roosevelt Dime
Current Composition	Copper core with nickel cladding
Silver Composition	90% silver and 10% copper for dimes struck before 1965
Diameter	17.91 mm
Weight	2.268 grams for modern clad dimes
Edge	Reeded
Mint Authority	United States Mint

Why Is a Dime Called a Dime?

The word “dime” comes from the French word disme, which means “tenth.” The term reflects the coin's value as one-tenth of a dollar.

Early American leaders favored a decimal-based monetary system, making the dime an important part of the nation's coinage from the beginning. Although the spelling later changed from disme to dime, the coin's purpose and value have remained the same for more than 200 years.

What Is a Dime?

A dime (United States coin) has a face value of ten cents and is worth one-tenth of a dollar. The dime has been a part of American coinage since the late 1700s and continues to circulate in the economy today.

In the past, dimes contained 90% silver content. That trend continued until 1965, when Congress decided to eliminate silver from most of the currency. Ever since then, dimes have been made from a copper core covered by layers of nickel.

Because of their silver content, older dimes remain popular with both coin collectors and investors. Their small size, long history, and many design types make them one of the most collected U.S. coins.

History of the Dime (United States Coin)

The dime first came into being with the Coinage Act of 1792. This law established the nation's decimal-based monetary system. The first dime (United States coin) entered circulation in 1796 and quickly became an important part of everyday commerce.

Over the years, the U.S. Mint created several different US dime designs. Some of these include:

Draped Bust dimes
Capped Bust dimes
Seated Liberty dimes
Barber dimes
Mercury dimes
Roosevelt dimes

Each design reflects a different period in American history and coinage art. The dime also underwent a crucial composition change. Prior to 1965, all dimes contained 90% silver content, with the remaining 10% being a copper alloy. Each dime consequently carried 0.07234 troy ounces of silver.

After 1965, dimes lost their silver content. Their modern composition is formed from copper and nickel. Even so, dimes remain popular with collectors, historians, and precious metals investors.

Major U.S. Dime Designs

U.S. dime designs provide a visual history of how the nation's coinage, and self-identity, changed over time. Early dimes featured Liberty, while later iterations paid homage to public figures and national ideals. Each series has its own key dates, mint marks, and collector demand. These major dime types form the foundation of most U.S. dime collections.

Draped Bust Dimes (1796-1807)

Draped Bust dimes were the first dimes issued by the United States Mint. This series ran from 1796 to 1807, and features a portrait of Liberty on the obverse. Their age, low mintages, and historical importance make them highly sought after by collectors today.

Capped Bust Dimes (1809-1837)

Capped Bust dimes ran from 1809 to 1837. They were designed by John Reich and featured Liberty wearing a cap, from which the coin gets its name. Collectors value these coins for their historic designs, scarce dates, and strong demand.

Seated Liberty Dimes (1837-1891)

Seated Liberty dimes were produced from 1837 to 1891, making them one of the longest-running dime designs. These coins show Liberty seated with a shield. Collectors value them for their age, silver content, mint marks, and many historic varieties.

https://www.moneymetals.com/coin/barber-dime";>Barber Dimes (1892-1916)

https://www.moneymetals.com/uploads/content/barber-dime-obverse-reverse.png"; alt="barber dime obverse reverse" height="200" width="300" />

Barber dimes were struck from 1892 to 1916 and were designed by Chief Engraver Charles E. Barber. These silver coins remain popular with collectors because of their classic design, key dates, and strong connection to American coinage history.

Mercury Dimes (1916-1945)

Mercury dimes were produced from 1916 to 1945 and remain one of the most popular U.S. coin series. Designed by Adolph A. Weinman, the coin features Liberty wearing a winged cap. This design symbolized freedom of thought. Collectors prize Mercury Dimes for their artistic design, silver content, and rare issues such as the highly sought 1916-D.

Roosevelt Dimes (1946-Present)

Roosevelt dimes entered circulation in 1946 to honor President Franklin D. Roosevelt after his death. The series continues today, making it one of the longest-running designs in U.S. coinage.

This coin also signifies a massive shift in American coinage. These dimes began as 90% silver coins, but that changed in 1965. Collectors continue to pursue silver dates, proof coins, mint errors, and high-grade examples for their numismatic value.

Silver Dimes and Precious Metals Investing

Many investors buy silver dimes as a simple way to own physical precious metals. Dimes struck before 1965 contain 90% silver and are often sold as “junk silver.”

Despite the name, these coins have real bullion value based on their silver content. Silver dimes are popular because of their affordability, recognition, and liquidity. They also offer a practical way to own fractional silver. In addition to their metal value, many silver dimes carry historical significance that appeals to both investors and collectors.

What Determines Dime Value?

Several factors affect dime value. The most important factors are the coin's date, mint mark, condition, and rarity. Silver content can also increase value, especially for dimes struck before 1965. Coins with low mintages or strong collector demand often sell for higher prices.

Professional grading can also influence value by confirming a coin's condition. Understanding these factors can help collectors and investors estimate what a dime may be worth.

Frequently Asked Questions

No. Dimes struck before 1965 contain 90% silver and 10% copper. In 1965, the U.S. Mint switched to a copper-nickel clad composition because silver prices were rising. Most dimes in circulation today contain no silver.

The 1894-S Barber dime is widely considered the most valuable U.S. dime. There were only 24 of these coins minted, with fewer than a dozen known survivors. High-grade examples have sold for more than $1 million at auction.

First, check the date. Dimes dated 1964 or earlier contain 90% silver. You can also check the edge. Silver dimes have a solid silver-colored edge with a distinctive white gleam. Clad dimes reveal a visible copper-colored layer.

Yes. Roosevelt dimes are popular among collectors because of the series' incredible runtime. It is also the only series to include both silver and clad issues. Collectors typically prefer early silver dates, proof coins, mint errors, and high-grade examples with strong eye appeal.

Explore More U.S. Coin Guides

Learning more about the dime (United States coin) can help you find the best models. Continue your study of U.S. coinage with guides covering cents, nickels, quarters, half dollars, and dollar coins. You can also explore resources on silver coins, coin grading, and rare dates. Whether you collect or invest, the dime is just one part of America's rich numismatic history.

Repatriation Picking Up Steam as Countries Bring Their Gold Home for Safe-Keeping

Thu, 25 Jun 2026 00:00:00 EST

Many countries are diversifying their gold storage or bringing their metal home to minimize https://www.moneymetals.com/news/2024/02/29/buy-gold-and-silver-to-hedge-against-counterparty-risk-003015";>counterparty risk.

As a recent article in the Financial Times summarized the trend, “Global central banks are removing gold from vaults in London and New York as they become more skittish about storing bullion outside their own borders, according to a new survey.”

The Times is referring to https://www.moneymetals.com/news/2026/06/25/survey-central-bankers-plan-to-keep-stacking-gold-005007";>the latest World Gold Council Central Bank Gold Reserves Survey. The council collected responses from 76 central banks and found 9 percent brought at least some of their gold home last year. Another 10 percent of the respondents said they diversified overseas storage locations in 2025. That compares with 5 percent of central banks that said they repatriated gold and 2 percent that diversified storage locations in 2025.

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Looking ahead, 7 percent of survey respondents indicated they plan to increase domestic gold storage over the next 12 months, and 9 percent stated that they plan to diversify overseas storage locations.

The drain of metal from London and New York is notable in the data. According to https://www.moneymetals.com/news/2024/12/05/repatriated-gold-reaches-historic-highs-003667";>research by Jan Nieuwenhuijs, the share of global official gold reserves not stored at the Federal Reserve Bank in New York (FRBNY) and the Bank of England (BOE) in London reached 78 percent in 2024, up from 51 percent in 1972.

https://www.moneymetals.com/news/2024/05/31/india-brings-100-tons-of-gold-home-for-safe-keeping-003225";>India is one of the countries aggressively repatriating its gold. In the spring of 2024, the Reserve Bank of India brought 100 tonnes of gold home, repatriating it from vaults in the UK. Over the last six months, the Indian central bank has repatriated another 104 tonnes.

Based on data from the Management of Foreign Exchange Reserves, India now has about 680 tonnes of its 880.52-tonne gold reserves (77 percent) stored within its borders. Approximately 197.67 tonnes remain stored in the Bank of England and the Bank for International Settlements vaults.

https://economictimes.indiatimes.com/news/economy/policy/gold-storage-repatriation-from-england-give-our-bullion-back-india-wants-its-gold-under-own-lock-and-key/articleshow/130674895.cms";>According to the Economic Times of India, https://www.moneymetals.com/news/2024/02/29/could-weaponization-of-the-dollar-as-a-foreign-policy-billy-club-accelerate-de-dollarization-003013";>U.S. weaponization of the dollar is one of the key factors driving gold repatriation, specifically aggressive sanctions levied on Russia after it invaded Ukraine, and the freezing of Afghanistan’s reserves by Western powers.

“Those episodes, involving G7 countries restricting access to sovereign assets, have reshaped how central banks think about custody.”

According to the World Gold Council survey, the Bank of England remains the most popular overseas vaulting location. Fifty-seven percent of the central banks surveyed indicated that they had some gold stored in the UK. That was down from 64 percent last year.

Domestic vaulting was the second-most popular option, with 49 percent expressing it as their preference.

The number of banks vaulting at least some gold in New York also dipped, falling from 17 percent last year to 14 percent today.

World Gold Council head of central banks Shaokai Fan said that “geopolitical concerns” and “fears about maintaining full access to your gold at all times” were driving repatriation efforts.

“Those concerns have been simmering for a long time, of course, but I think that central banks are now taking this a little bit more to heart, thinking more about where they should store their gold. They are looking to mitigate risk, even if it doesn’t necessarily mean bringing the gold home.”

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https://www.moneymetals.com/news/2026/04/07/french-central-bank-sells-new-york-gold-replaces-it-with-gold-stored-in-paris-004819";>France completed its gold repatriation project earlier this year. The Banque de France (BdF) unloaded “non-standard” gold bars of varying purity and size that were stored in New York. The central bank used the proceeds to purchase new gold bars that meet international reserve standards for weight, purity, and certification. Think of it as exchanging “https://www.moneymetals.com/bullion/what-is-junk-silver";>junk silver” for pure .999 silver coins.

The upgraded gold will remain safely within French borders.

Metals Focus senior analyst Junlu Liang said these gold movements show how central banks are reassessing the role of gold in reserve management.

“In some countries, domestic political considerations have further strengthened calls to relocate gold holdings closer to home.”

Several other countries have repatriated gold in recent years, including the Netherlands, Australia, Poland, Hungary, and Romania. Meanwhile, there is a growing chorus of voices across the political spectrum https://www.moneymetals.com/news/2026/01/25/german-officials-renew-calls-to-bring-gold-home-004637";>calling on German officials to bring the country’s gold home.

This gold repatriation trend underscores the importance of holding physical gold free from https://www.moneymetals.com/news/2024/02/29/buy-gold-and-silver-to-hedge-against-counterparty-risk-003015";>counterparty risk.

If you store your gold and silver with a third party, you could lose your metal through theft, fraud, or an act of God. Of course, you could lose silver and gold stored in your home the same way (except for fraud), so you have to weigh the risk of using third-party storage and keeping large amounts of silver and gold at home.

If you opt for third-party vaulting, it is important to choose a trusted company.

https://www.moneymetals.com/silver-gold-storage";>Money Metals offers secure precious metals storage in its state-of-the-art facility.

Here are just a few advantages of storing with Money Metals:

Money Metals Depository contents are fully insured by Lloyd's of London.
Metals stored in your account are segregated and never commingled or rehypothecated — and cannot be used as collateral for a loan by anyone but you.
Depository holdings are independent and removed from any bank, Wall Street, or Washington, D.C.

U.S. Senators File National Security Amendment Targeting Dangerous Gold Market Concentration

Thu, 25 Jun 2026 00:00:00 EST

WASHINGTON, D.C. — A bipartisan group of U.S. Senators sponsoring the System Integrity through Licensed Vault Expansion and Resilience (SILVER) Act filed the legislation as an amendment to the National Defense Authorization Act for Fiscal Year 2027 (NDAA), further elevating the issue of geographic concentration within the United States’ precious metals settlement infrastructure as a matter of urgent national security.

Supported by a https://www.moneymetals.com/news/2026/06/11/us-precious-metals-industry-coalition-urges-congress-to-advance-silver-act-to-address-critical-infrastructure-concentration-national-security-risks-004983"; target="_blank" rel="noopener">broad industry coalition that includes mints, refineries, depositories, dealers, miners, banks, logistics companies, risk managers, and industry trade groups, the bipartisan and bicameral SILVER Act (SB 4621 and H.R. 8007) would enhance financial and national security resilience by ending the extraordinary concentration of exchange-approved depositories for gold, silver, platinum, and palladium in and around New York City.

Other Markets Evolved, But Gold Market Remains Mired in 1970s Thinking

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Earlier this year, Commodities Futures Trading Commission (CFTC) https://www.morningstar.com/news/accesswire/1158299msn/cftc-chairman-to-examine-national-security-risks-from-geographical-concentration-of-depositories-for-precious-metals"; target="_blank" rel="noopener">Chairman Michael Selig applauded the introduction of the SILVER Act by House sponsors and offered to work with Congress on the bill.

Government Privileges for SIFMUs Create Risk Mitigation Duties

Proponents note that the risks identified are particularly significant because the primary U.S. futures exchange is designated by the U.S. Treasury Department’s Financial Stability Oversight Council (FSOC) as a Systemically Important Financial Market Utility (SIFMU).

Institutions receiving SIFMU designations are given special government privileges due to their importance to the stability of the U.S. financial system, including access to Federal Reserve services and emergency liquidity facilities. But with those benefits come heightened responsibilities.

Specifically, Title VIII of the Dodd-Frank Act created the SIFMU framework to mitigate concentration, operational, settlement, and liquidity risks – all of which are exacerbated by the archaic exchange policy that excludes all precious metals depositories located outside the New York region from serving publicly traded markets in any capacity. This policy also stands in sharp contrast to other commodity contracts that are geographically disbursed.

Financial Stability, Supply Chain Resilience Critical to National Security

The SILVER Act would not lead to the approval of any specific precious metals depository. Instead, it would establish an application process, greater transparency, and objective evaluation standards for depository approvals while ensuring that geographic concentration risks and other public-interest considerations (such as broader market access, greater competition, and cost savings) are addressed via the inclusion of several qualified depositories across the U.S.

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The decision to advance the SILVER Act through the NDAA reflects a growing consensus that critical mineral supply chains, financial stability, and national security are deeply interconnected.

Industry Coalition Seeks Regional Diversification, Market Access, Competition

The Precious Metals Industry Coalition for Market Security & Access wrote in a https://www.moneymetals.com/uploads/content/SILVER-Act-Industry-Coalition-Letter-6-11-26.pdf"; target="_blank" rel="noopener">letter to Congress this month that, “This problem extends beyond risk exposure. The lack of geographic diversity also undermines market liquidity, competition, and access. It also undermines the ability to build precious metals supply chain infrastructure in other regions of the country.”

“Passage of this simple bipartisan bill would [also] modernize the nation’s precious metals infrastructure by promoting regional diversification, reducing costs, strengthening domestic supply chains, enabling new innovative digital products, and expanding market liquidity and access — while better aligning the system with the realities of a national marketplace,” the Coalition stated.

Survey: Central Bankers Plan to Keep Stacking Gold

Thu, 25 Jun 2026 00:00:00 EST

Central bank gold reserves have increased by an average of 1,000 tonnes per year over the last four years. That’s double the 500-tonne average during the previous decade, and the trend doesn’t appear to be slowing down.

According to the World Gold Council’s 2026 Central Bank Gold Reserves Survey, a record 45 percent of the 76 respondents indicated they expected their gold holdings to increase over the next year. Only 1 percent of the central bankers surveyed anticipate a decline in gold reserves over the next year.

Last year, 43 percent of the respondents expected to expand their gold holdings.

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The World Gold Council called gold sentiment within the central bank community “upbeat.”

“Expectations point to continued gold buying over the next 12 months, reflecting sustained confidence in gold’s strategic role amid evolving geopolitical and macroeconomic dynamics.”

The survey also reflects https://www.moneymetals.com/news/2025/03/11/de-dollarization-gold-and-a-shift-to-a-multipolar-world-003898";>ongoing de-dollarization, with 74 percent forecasting a “moderate” or “significant” drop in dollar holdings.

When asked how they would pay for this gold-buying spree, half the respondents said they plan to increase gold reserves through domestic gold-purchasing programs in local currency. 38 percent said they would fund gold purchases by selling other existing reserve assets.

African countries have been particularly aggressive in establishing domestic gold-buying programs. For instance, earlier this year, the Ghanaian government announced https://www.moneymetals.com/news/2026/02/26/ghana-announces-plan-to-buy-artisanal-gold-to-stem-smuggling-004721?srsltid=AfmBOorQQzSgzRxDvWRlJuDstOGemMxUHJq7q2T3Qkio8Dwd87456UEX";>a scheme to buy 127 tonnes of gold from “artisanal” and small-scale mining (ASM) operations to boost reserves and stem smuggling.

Fifty-three percent of the emerging market central banks included in the survey said that they had domestic gold-buying programs in place, and another 12 percent said they plan to establish such a program.

Central bankers generally agree that global gold reserves will continue to increase, with 84 percent saying they think gold will make up a higher share of reserves five years from now. That was up from 76 percent in last year’s survey.

https://www.moneymetals.com/uploads/content/gold-reserve-expectations-261.png"; width="800" class="mx-auto p-3" alt="" />

Meanwhile, 74 percent expect the share of dollar reserves to be lower in five years.

Central bankers responding to the survey ranked interest rate levels and geopolitical instability as key factors driving their reserve management decisions.

https://www.moneymetals.com/uploads/content/topics-driving-reserve-management-26.png"; width="800" height="480" class="mx-auto p-3" alt="" />

90 percent of the survey respondents said gold’s performance during a crisis was a highly relevant factor in their reserve management decisions. 84 percent listed gold’s role as a store of value, and 83 percent mentioned it as a portfolio diversifier.

This was the ninth annual central bank survey. The World Gold Council said positive sentiment toward gold has increased “notably” in that time.

“Optimism about gold’s future role as a reserve asset has grown alongside a desire by respondents to add more gold to their reserves. Central banks increasingly view gold as an active and important strategic asset within their reserve portfolios. Ongoing economic and geopolitical uncertainty continues to weigh on reserve managers, as this year’s findings highlight. Concerns over interest rates, the inflation outlook, and geopolitical uncertainty show that diversification and risk mitigation continue to be key drivers of strategic reserve management decisions.”

Deep Corrections Are Normal During Secular Bull Markets

Thu, 25 Jun 2026 00:00:00 EST

Gold broke below $4,000 an ounce on Wednesday. This 28 percent drop from the record highs of January is certainly painful, but deep corrections are not unusual in a bull market.

In a recent note, Solomon Global managing director Paul Williams said investors need to put the recent price movement into perspective, noting that there were several big corrections during the secular bull market of the 1960s and 1970s.

“During the 1970s, gold fell by around 45 percent between its mid-decade highs and 1976 lows before surging to record levels in 1980.”

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He also pointed out the 30 percent decline in the early days of the Great recession.

“These episodes demonstrate that sharp corrections have often been part of the journey for long-term gold investors, and the question they need to ask is whether the fundamental reasons for owning gold have materially changed. In my view, they have not.”

Williams said the fundamentals that drove gold and silver to record highs “didn’t disappear overnight.” These include central bank gold buying, geopolitical risks, and elevated debt levels.

“Short-term price moves are often driven by factors such as profit-taking, shifts in interest rate expectations, and currency strength, rather than by a fundamental change in gold's long-term investment case.”

In an interview with Kitco News, KraneShares Mount Lucas Managed Futures Index Strategy ETF COO and chief portfolio manager Jeffry Prior echoed Williams’ thoughts, arguing the factors driving the long-term bull market remain intact. He specifically mentioned https://www.moneymetals.com/news/2025/03/11/de-dollarization-gold-and-a-shift-to-a-multipolar-world-003898";>ongoing de-dollarization, which he said is becoming “structural” and will remain “persistent.”

Prior pointed out that many countries want to shield themselves from the https://www.moneymetals.com/news/2024/02/29/could-weaponization-of-the-dollar-as-a-foreign-policy-billy-club-accelerate-de-dollarization-003013";>weaponization of the dollar, and the trend isn’t likely to slow down anytime soon.

“Countries are looking for a store of value outside of the U.S. dollar and the U.S. Treasury market. If countries are producing more oil and income starts flowing again, we don’t see that capital going into the Treasury market. We see it going back into the gold market.”

We see this de-dollarization in continued central bank gold buying. The pace of central bank purchases moderated in 2025 but remained far above the recent historical average. Official net full-year buying came in at 863.3 tonnes. That was down 21 percent year-on-year, charting the lowest level since 2021.

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Even so, https://www.moneymetals.com/news/2026/06/02/ecb-confirms-gold-has-overtaken-treasuries-as-top-global-reserve-asset-004959";>gold has overtaken Treasuries as the top global reserve asset. And while central bank gold purchases declined last year, they remained well above the 2010-2021 annual average of 473 tonnes.

To put that into context, central bank gold reserves increased by an average of just 473 tonnes annually between 2010 and 2021.

Prior said the recent correction creates a buying opportunity for investors.

“I think, given the repricing of gold here, it’s probably a pretty good entry point.”

While Prior remains long-term bullish on gold, he did warn that investors will likely see plenty of near-term volatility. That said, they should focus on the bigger structural themes and not the short-term interest rate fluctuations.

“Gold is a defensive asset within a portfolio. The retail flow that was going into gold has largely been cleaned up, so you probably won’t get stuck in a panic sell at this point.”

Warsh Takes the Reins at the Fed: What's Next?

Wed, 24 Jun 2026 00:00:00 EST

There's a new boss over at the Federal Reserve.

Is he going to be any different than the old boss?

Midweek Memo host Mike Maharrey delves into that question this week. He notes that Warsh certainly sounds different. But he's stepping into the same situation that Jerome Powell left. Mike explains why that will likely limit Warsh's options, meaning the new boss may end up acting just like the old boss when all is said and done.

Mike also highlights the ever-growing Debt Black hole by breaking down the May federal budget deficit numbers.

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Mike opens the show, noting that there is a new boss over at the Federal Reserve.

"There’s no doubt that Kevin Warsh is going to be a different kind of Fed chair. He already started putting his stamp on the central bank with his first FOMC meeting last week. But folks would do well to remember that the new boss is running the same organization and facing the same problems as the old boss. That’s going to limit what he can and can’t do, and that means things may not look much different.

"But they’re definitely going to sound different, and it’s important to cut through the noise if we’re going to get a clear understanding of what monetary policy is going to look like moving forward."

After sharing some highlights from his recent trip to Mexico, Mike provides a quick overview of the gold and silver prices.

So, this morning, gold is getting pounded once again, and it looks like we’re going to test the $4,000 level, and silver has dipped below $60. For the last several months, gold has been reacting negatively to any negative war news. Now, good war news doesn’t even soothe the precious metals markets. Everybody is convinced this is a higher for longer interest rate environment. Meanwhile, the dollar is strong as the war risk unwinds and economic data seems relatively positive."

Mike says the current scenario has turned him bearish on gold and silver in the near-term. However, he's still long-term bullish for three reasons.

"1. Inflation isn’t going away. It’s the plan. 2. We still have a debt black hole, and it’s getting bigger. Debt-riddled economies need easy money, and 3. The de-dollarization trend is still in place. The world doesn’t trust the U.S. or its currency."

As far as the new Fed chairman goes, Mike notes that he sounds a lot different from Powell.

"But one would be wise to remember that Kevin Warsh is enforcing the same laws in the same town as Jerome Powell did. While it sounded a lot different, the first FOMC meeting of the Warsh era looked exactly like the previous meeting."

The Fed held rates steady and hinted at tighter policy in the future. That wasn't much different from the previous meeting. However, the messaging sounded much different. Or perhaps it would be more accurate to say, the lack of messaging. The official FOMC statement was much shorter than those issued during the Powell era. And Warsh worked hard not to signal the next move. The new chairman made it clear he's no fan of "forward guidance." Mike notes that he didn't even submit a plot for the latest dot-plot projections, saying the plot was "not helpful in the conduct of policy."

But Mike notes that cleaning up messaging is one thing. Reining in inflation for real is something else altogether.

"It’s easy for Warsh to insist that the Fed will bring price inflation back down to the 2 percent target. It’s easy to say, 'We’ll hike rates!' Delivering on the promise won’t prove as easy. It’s important to remember that Warsh is operating in the same environment as Powell was. The https://www.moneymetals.com/news/2025/11/15/debt-black-hole-putting-increasing-stress-on-american-consumers-004483";>Debt Black Hole still looms large, making rate hikes a dangerous prospect. In fact, holding rates steady may be enough to pop the debt bubble."

Mike points out that the Debt Black Hole keeps getting bigger. He breaks down the May Treasury statement to drive home that point. The May deficit was nearly $300 billion as tariff revenues are falling and spending keeps climbing higher.

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He also covers the interest expense data, revealing just how much the combination of higher interest rates and ballooning debt is stressing government finances.

Mike stresses that most mainstream analysts seem to be ignoring the debt problem as they spin a narrative about higher interest rates creating a bearish environment for gold and silver.

"The ugly truth is that debt-riddled economies don’t function very well in higher-interest-rate environments. It won’t take much to pop the debt bubble, and the central bankers at the Fed and the markets speculating about their next move seem to be ignoring this vital piece of the puzzle."

In other words, the Fed is still caught in https://www.moneymetals.com/news/2026/03/19/gold-the-federal-reserve-and-a-catch-22-004773";>a Catch-22, whether Powell or Warsh is at the helm.

"So, what Warsh says isn’t relevant. The central bankers are limited in what they can do by the massive Debt Black Hole dominating society. They can inject the rate hike medicine and hope it doesn’t interact with the Debt Black Hole and hope it doesn’t kill the economy, or they can feed the Debt Black Hole with lower rates (and more inflation).

"Speculation that the Fed will hike rates has put significant downward pressure on gold and silver prices over the last two months. Conventional wisdom holds that higher rates are bearish for precious metals. But there is no guarantee that they will really be able to cut -- no matter what Warsh may want to do. And if they do, there is a high likelihood it will precipitate a recession and/or a financial crisis."

Mike notes that the central bank still plans to continue modest quantitative easing, despite all the hawkish talk. This reveals the difficulty of the path ahead for the central bankers at the Fed.

So, what is a Fed member to do?

"Talk about how policy is in the right place and crack the door open for a rate hike, apparently. But ultimately, they will have to choose. Will they give the rate-hike medicine and hope the interaction with the Debt Black Hole doesn't kill the economy? Or do they forgo the medicine and pray inflation doesn't kill it? There is no good choice here. But historically, when push comes to shove, the Fed picks inflation."

Mike says this is why you need to save in real money -- gold and silver. The relentless devaluation of the dollar will not abate. Mike says now is a great time to call 800-800-1865 and talk with a Money Metals precious metals specialist.

Articles Mentioned in the Show

https://www.moneymetals.com/news/2026/06/09/new-fed-chair-wants-to-move-the-inflation-goal-posts-004979";>New Fed Chair Wants to Move the Inflation Goal Posts

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Barber Dime Value Guide - Key Dates, Mint Marks & Grading for Collectors - 90% Silver U.S. Coin 1892-1916 - Money Metals

What Is a Barber Dime?

The History Behind the Barber Dime

Understanding the Design

How Rare Are Barber Dimes Today?

Key Dates Every Collector Should Know

1894-S Barber Dime

The 1895-O Barber Dime

1896-S Barber Dime

1901-S Barber Dime

1913-S Barber Dime

How Much Is a Barber Dime Worth?

How to Grade a Barber Dime

Common Problems That Reduce Value

Should You Buy Raw or Certified Barber Dimes?

What Experienced Collectors Learn About Barber Dimes

Most Expensive Barber Dimes Ever Sold

Are Barber Dimes a Good Investment?

Where to Buy Barber Dimes

Barber Dime Frequently Asked Questions

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What is the rarest Barber Dime? http://www.w3.org/2000/svg"; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''">

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Should I clean my Barber Dime? http://www.w3.org/2000/svg"; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''">

What Barber Dimes should beginners buy? http://www.w3.org/2000/svg"; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''">

Why Barber Dimes Remain Popular

Dime (United States Coin) Values & History - Money Metals

Dime (United States Coin) Specifications

Why Is a Dime Called a Dime?

What Is a Dime?

History of the Dime (United States Coin)

Major U.S. Dime Designs

Draped Bust Dimes (1796-1807)

Capped Bust Dimes (1809-1837)

Seated Liberty Dimes (1837-1891)

https://www.moneymetals.com/coin/barber-dime";>Barber Dimes (1892-1916)

Mercury Dimes (1916-1945)

Roosevelt Dimes (1946-Present)

Silver Dimes and Precious Metals Investing

What Determines Dime Value?

Frequently Asked Questions

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What is the most valuable U.S. dime? http://www.w3.org/2000/svg"; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''">

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Are Roosevelt dimes collectible? http://www.w3.org/2000/svg"; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''">

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