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

Gold & Silver: Ugly Week, Bigger Opportunity?

Fri, 16 Oct 2026 00:00:00 EST

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

Coming up don’t we’ll have another wonderful interview, this time with Phillip Newman, founding partner and managing director of https://www.metalsfocus.com/"; target="_blank" rel="noopener">Metals Focus. Phillip discusses gold’s resiliency and its stickiness above the $4,000 level and how central bank buying of the yellow metal also remains very consistent and robust.

As for silver, Mike Maharrey’s guest talks about areas of industrial weakness as well as lagging investment and jewelry demand in key parts of the world, but also shares his 2027 forecast for silver and what he expects there.

So, be sure to stick around for that and a whole lot more during our exclusive Money Metals interview with Phillip Newman of Metals Focus, 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. Please do that right now!

Gold and silver investors have endured another rough stretch, with silver taking a particularly nasty beating. But after several days of selling, both metals are attempting to recover, even as the latest inflation reports give the Federal Reserve more reasons to keep raising interest rates.

And while the short-term picture remains unsettled, one prominent market analyst believes the longer-term outlook for precious metals could hardly be more bullish.

We'll get to that in a moment. Plus, we have some major news of our own here at Money Metals, where we've just secured $265 million in capital to dramatically expand our gold- and silver-backed lending business.

But first, let's look at the markets.

Gold fell sharply earlier this week, dropping toward $4,080 an ounce on Wednesday before staging a rebound Thursday. The yellow metal gained more than 1% in the following session and has been trading around the $4,200 level today.

Silver's losses were considerably more severe. The white metal plunged more than 6% Wednesday, falling to around $55.50 an ounce, before recovering somewhat on Thursday.

For investors who watched silver trade above $100 earlier this year, seeing it struggle to hold the upper $50s is a bitter pill to swallow.

But that's silver. When it moves, it rarely does so gently. And the same volatility that makes silver's advances so spectacular can make its corrections downright painful.

The immediate culprit behind this week's selloff was another round of troubling inflation news.

Wednesday's Consumer Price Index showed annual inflation accelerating to 3.7% in September, driven in large part by higher gasoline prices.

Then Thursday brought another unpleasant surprise. The government's Producer Price Index, which measures inflation at the wholesale level, jumped 1.3% in September alone. That was the biggest monthly increase in more than four years.

And while energy was a major contributor, the report also showed rising prices across other goods and services. In other words, inflation isn't simply going away. It's becoming more deeply embedded in the economy.

That puts the Federal Reserve in a difficult position.

With inflation heating up again, policymakers are facing pressure to tighten monetary policy even further. Traders are pricing in additional rate hikes before the end of the year, although expectations have been shifting as investors digest the latest economic reports.

Higher interest rates can strengthen the dollar and make interest-paying assets more attractive relative to gold and silver.

But there's a rather obvious contradiction here.

Gold and silver are supposed to protect purchasing power against inflation. Yet when inflation comes in hotter than expected, traders sometimes rush to sell them because they're more worried about what the Fed might do in response to inflation than about inflation itself.

And the Fed's supposed solution comes with serious consequences of its own.

Higher interest rates raise borrowing costs throughout the economy. They also increase the cost of financing the federal government's enormous debt, which is now approaching $40 trillion.

So, the Fed is trying to contain inflation by raising rates, while Washington continues borrowing staggering sums of money.

That's hardly a recipe for long-term monetary stability.

Now, none of this means gold and silver can't fall further. But here's where things get interesting.

Longtime precious metals analyst Clive Maund recently published https://www.moneymetals.com/news/2026/10/12/the-big-picture-for-gold-silver-could-not-be-more-positive-005285";>a fascinating assessment of the gold and silver markets, arguing that investors are making a mistake by focusing too much on the latest correction.

Maund believes gold and silver are still in the early stages of an enormous long-term bull market.

His analysis looks back more than four decades, beginning with the great precious metals bull market of the 1970s and the long period of consolidation that followed.

Maund argues that gold spent much of the period from the early 1980s through early 2024 building a gigantic base, finally breaking out in 2024.

The significance is that markets often spend years, or even decades, moving sideways before beginning a major new advance. And the longer the period of consolidation, the more powerful the eventual breakout can sometimes become.

He sees a similar setup in silver, which hasn't advanced nearly as far above its historical base. Maund believes silver could be approaching another important turning point, with the potential for a major new advance.

He also points out that gold typically leads during the earlier stages of precious metals bull markets, while silver tends to deliver its most spectacular gains later.

Of course, technical forecasts aren't guarantees. But his broader argument is worth considering.

The monetary problems that helped launch this bull market haven't been solved. Governments continue running massive deficits, central banks continue accumulating gold, and the purchasing power of fiat currencies continues eroding.

Against that backdrop, a few weeks of ugly price action don't necessarily tell us much about where gold and silver are headed over the next several years.

And speaking of the growing importance of physical precious metals, we have some more exciting news here at Money Metals.

This week, we announced that Money Metals has secured $265 million in equity and debt capital to significantly expand our precious-metals-backed loan service.

The financing positions Money Metals Capital Group as the largest retail provider of bullion-backed commercial credit lines in the United States.

That's a major milestone for a business unit we launched just seven years ago.

Our Metals Equity Line of Credit, or MELOC, allows qualified gold and silver owners to borrow against their holdings rather than selling them.

And that's an important distinction.

Millions of Americans own physical precious metals as a long-term store of wealth. But traditional banks generally aren't equipped to lend against gold and silver coins and bars.

So, when someone needs access to cash for a business investment, real estate transaction, or other commercial purpose, they may face an unpleasant choice.

Sell some of their precious metals, potentially triggering capital gains taxes and giving up future appreciation – or look for financing elsewhere, often at unattractive rates.

Our lending program offers another option.

Borrowers can pledge their physical gold, silver, platinum, or palladium as collateral and obtain a revolving line of credit, while retaining ownership of their metals.

The program offers competitive interest rates, interest-only monthly payments, and no prepayment penalties. The collateral is securely held at Money Metals Depository here in Idaho.

Gold and silver are among the most liquid hard assets in the world, and people who own substantial bullion should have financing options comparable to those available to owners of stocks, bonds, or real estate.

For anyone interested in learning more, visit https://www.moneymetals.com/gold-loan";>MoneyMetals.com/gold-loan or call us at 1-800-800-1865.

And this development also illustrates a broader point about the growing role of gold and silver in the financial system.

For decades, physical bullion has been treated by much of the banking establishment as something of an afterthought.

But gold and silver aren't merely speculative commodities. They're valuable, highly liquid assets that can serve as collateral, preserve wealth, and provide financial flexibility.

And as the monetary system becomes increasingly strained by debt and inflation, those qualities may become more important than ever.

So yes, gold and silver have taken a beating lately. And yes, the Federal Reserve may have more rate hikes coming.

But don't get so caught up in the Fed's latest move that you lose sight of why people own precious metals in the first place.

A quarter-point rate hike doesn't erase $40 trillion in federal debt. It doesn't eliminate persistent inflation. And it certainly doesn't restore the purchasing power Americans have already lost.

The financial press will continue obsessing over every word coming out of the Federal Reserve.

Gold and silver investors would be wise to keep an eye on the bigger picture.

Because while Wall Street focuses on the next interest-rate decision, the fundamental case for owning real money remains as compelling as ever.

Lastly here, before we get to the interview let’s take a look at the specific up-to-the-minute weekly market action and check in on where we stand currently with a couple hours left in the trading week.

Gold is down 0.9% to come in at $4,169 an ounce. Silver is down nearly $4 an ounce now or 6.2% to trade at $57.65. Platinum is off 4.1% to check in at $1,633. And finally, palladium is also down 3.4% and comes in at $1,135 an ounce as of this Friday afternoon recording.

Well now, without further delay let’s get right to our exclusive interview with a metals market insider.

Mike Maharrey: Greetings. I'm Mike Maharrey, and I'm very happy to be joined today by Philip Newman. He is a director at Metals Focus. I'm going to let him tell you a little bit about what they do over there. But first, welcome to the podcast, and thanks for joining me, Philip.

Philip Newman: Well, thanks for having me on again. It's good to be here.

Mike Maharrey: Absolutely. Well, it's always a pleasure to talk to you. And I do like to just let you let folks know what Metals Focus does. I think most people are probably familiar, but if they're not, I want to give folks a little bit of context as to the work that you guys do.

Philip Newman: Sure. Well, I guess in a nutshell, we are a precious metals consultancy. We don't trade the markets, exclusively looking at precious metals. We've got a team of over 30 in 11 countries, and really the whole point of having people in so many markets, be it India, China, Singapore, and other jurisdictions, is that we spend our time on the road. Most of the industry outside of the large scale miners is privately owned. So you've really got to gain their trust, be a refiner, a jewelry fabricator, hedge fund, whoever it may be, and try to really understand what's going on in the market. And we bring that back and put that together to build our supply demand estimates for, again, the major and the minor precious metals. And that's really what we do.

Mike Maharrey: Yeah, absolutely. And you guys do a fantastic job having been doing this for a little bit of time myself. I find that your analysis tends to be very level-headed. It doesn't tend to get caught up in the hype either way. And it also tends to be accurate. You can look back and see you guys have a really good hand on the pulse of the gold, silver, platinum, palladium, and all of those markets. So thank you for that work. It makes my job much easier. So it's great to have that resource available to us. So let's talk a little bit about the markets right now. You guys just released a annual precious metals investment focus report, and despite the headwinds that we're seeing in the markets right now, it's a pretty bullish report. And I guess first, it's just been such a weird year. We have January and then basically the rest of the year.

And a lot of headwinds, obviously we have a much higher interest rate environment and we're having these inflationary pressures. We're anticipating possibly even more interest rate increases. And yet gold has held $4,000 an ounce through this whole period. Does that surprise you? Does that surprise you given the visibility and the strength of the headwinds?

Philip Newman: I think what is a little bit surprising, but also equally encouraging is to your point with all those headwinds, not just that we're holding around the $4,000 level, which seems very well defended, but the fact you're doing that with institutional investors in gold and silver, but from a gold for now being either out of the market or in the market in a very short term and a very limited way, something we haven't seen for a while. So I think that's been really quite interesting. And just to follow that through, the reasons why they're, I guess, not so prevalent in the market, and it's been away for a while now, is that when you had that run up in January that you touched on in introduction with the correction that you saw at the end of January, that really caused a lot of difficulties for a lot of these investors in terms of their risk modeling.

And so you saw a lot of them either just exit the market, the gold market, rotate into energy or base metals, especially energy after the war started with Iran, much an easier sell from that point of view, the ability to make returns. And I think what you saw, especially from the investors that we speak to, is that a lot of them went very short term, very options related in and out of the market. And again, so you've had that as a dynamic in the market for a large part of this year, yet gold's held up. So as I said, both surprising, but also I think very encouraging.

Mike Maharrey: Yeah. And it seems like the narrative is, and your report hit on this, is that one of the things that's really supporting the market right now despite the headwinds is what has been dubbed the debasement trade. And we're seeing this specifically with central bank gold buying, but also as you mentioned, institutional gold buying. And it's just this kind of pivot away from the dollar and dollar denominated assets. Now, when I talk about this, I still get a lot of folks, especially here in the United States that kind of look at me sideways and they're like, "No, no, that's not a thing. America's great. Nobody wants to get rid of dollars." How realistic is this debasement trade? Is it just hyper? Is this a real thing that has kind of taken the markets over the last couple of years or so?

Philip Newman: I think from a central bank point of view, we've seen them really come... Look, they've been buyers in the market for many, many years, but with the invasion of Ukraine by Russia and you had the freezing of assets, that I think spooked some countries. So yes, there was an element of repatriating your gold home, but the far bigger trade was actually to go out and to buy gold. So I think that was part of it. And then I think there have been some concerns about the long-term viability or concerns about the dollar more generally with, for example, we look at the tariffs policy with Liberation Day, for example, that's really sort of shaking the markets, that belief in the dollar. Look, let's be real here. The dollar isn't going to lose its safe haven status. That's just not going to happen. But around the margin, around the edges, you are seeing countries less keen on US treasuries, and from a central bank point of view, being very keen on gold.

And if you look at foreign reserves held by central banks, you can see just how well gold has done. Of course, from a value point of view, of course it will. The gold price has done so well, but it's not just that. It's the fact that they have been moving out of the dollar and maybe also less keen on the euro as well, let's be honest, but mainly out of the dollar, given how prevalent that is in those foreign exchange reserves, and gold has been the beneficiary of that. So I think it has been very real. It's still ongoing. I think we're looking at a pretty decent total for net central bank buying of gold this year. And even if we go forward, even if those numbers back off a little bit, I think they still remain quite healthy going forward as well.

Mike Maharrey: Yeah. I agree with you too, the point that you made regarding the status of the dollar. You do get some people out there that kind of want to, I don't know, I almost said cry wolf. I don't know if it's that extreme, but they make a big deal. The dollar's going to collapse. It's going to lose its reserve currency status. I don't think that's in the cards either, but I do think that this erosion of the dollar strength around the margins and this kind of multipolarization that we're seeing in the financial system is going to be important for the US. Even a modest decline in dollar importance I think could be significant down the road. So I think that's a really good point to, you got to walk that line. It's a thing, but it's not maybe as big a thing as some people want to make it.

Yeah.

Philip Newman: And I think although thankfully it's not a thing now, but if you go back to December and January when there was a lot of questions about the independence of the Fed, and that was really hitting the dollar. Now, was that leading to more central banks buying? I don't really think so. But was it encouraging investors to look elsewhere? Yes, it was. And that's also, when we think about the correction in late Jan, that was when you had Kevin Walsh being maybe not confirmed, but put forward and so on and so forth. And that I think really reassured the markets. And of course, with his rate increase, whatever the merits of that, certainly for him to put a stake in the ground or a flag in the ground about the Fed's independence, I think that really helped to reassure the markets. So again, thankfully that's not a thing anymore, but that was certainly a concern from a dollar standpoint, the back end of last year and the beginning of this.

Mike Maharrey: Yeah. I'm curious as to what you think about the trajectory of the Fed, because we just got a very hot CPI report here in the United States. A lot of that is energy driven, so you kind of have to take that into account, but a lot of people are anticipating another Fed rate hike. I've even seen some folks talking about, "Hey, maybe they'll go 50 basis points this time." But in the back of my head, every time I hear them talking about rate increases, I look at the amount of debt that is burying the world right now, not just in the United States. And raising interest rates isn't just a given. It's not like, "Oh, we can do this." I think that the Fed is constrained on that side as well, and that doesn't get talked about as much. Do you see that as well, that maybe the Fed's not in a position to be as aggressive about it with inflation as it would like to be just simply because of the global levels of debt?

Philip Newman: I don't at the moment, although I think we are expecting one more increase this year, most likely I think the December meeting, not before the midterms. I think that would be quite a surprise to put it mildly. But I think in terms of their remit and their mandate, I think are behind the scenes, are they looking at interest rate payments and servicing that debt? I'm sure they are, but I think especially what Walsh has said about inflation and so on, I think that's where it is at the moment. And I think he's probably hoping that with one more increase that may help to contain expectations, which is afterwards what's so important. And of course, we're watching a dot plot very closely. I know he doesn't participate himself in that, but everyone else does. So, I think that will be key looking forward. And of course, where we are with the war with Iran, is that going to end soon?

Unfortunately, probably not. So on that level, you would though rate increases would continue next year, but I think he will, I think, try to hope again that this one coming is where we are. And I think again to next year, maybe your point, Mike, about servicing that debt, maybe that will take on a slightly greater weighting given that that's not going to be reined in anytime soon.

Mike Maharrey: Yeah. There's absolutely no impetus here in the United States to deal with the borrowing and spending in debt, especially as we're entering into midterm elections. Maybe they'll talk about it a little bit after the election, but you had the political incentives, which are to not make people hurt. And obviously cutting programs and slashing borrowing, that's painful. And so the incentives are definitely not working in our favor in that sense. So we've kind of talked about gold a little bit, and the forecast that the Metals Focus Report gave for 2027 was a return to record high. So there definitely is a bullish sentiment there. And same thing with silver with basically the same kind of dynamics, but I wanted to talk a little bit more particularly about silver demand. We've got these much higher prices, especially if you compare, even with the correction compared to last year, we were talking about 20 or $30 silver, and now we're talking about 50, $60 silver.

How much is that impacting industrial demand? And I'm really curious, some people say that there's a lot of substitution going on, particularly in the solar. Other people I've heard have said, no, not so much. What are you seeing on the ground in terms of that industrial demand for silver?

Philip Newman: Well, I think solar is such a canary in the coal mine in terms of the thrifting and those dynamics. So looking at the thrifting has been ongoing for 10, 15 years. Even when, I don't know, 2018 or around there, prices were quite depressed, there was thrifting, not a great deal, but it never reversed. So that is just an ever present part of the market. If you look at the amount of silver used in a solar panel now compared to 10 years ago, it's about 90% less, maybe more. I mean, that's such a reduction. In the current market, it's really interesting to see how that is reacting to the silver price. So when we had silver all briefly, but silver at 120 in January, then a lot of manufacturers were thinking more seriously about replacing silver outright with copper.

Its efficiency is not so good. So you've got that trade-off, and they were very mindful of that, but they were prepared to accept that trade-off given where silver was. That's how extreme a situation the market was facing. Now, and again, I'm really fortunate, I've got guys in Taiwan and Shanghai that cover this for me in some detail. And now what we see is that they're still looking at copper, but it's now much more guarded, more conservative. They're now looking at the longevity, how long these sales will last, et cetera. So it's much more of a cautious stance, more conservative. So the long and shortage is still coming, just not as quickly. And maybe we'll see more, and again, I'm an economist, not an engineer by training, but maybe we'll see more silver-coated copper. We already see that in some technologies, but other ones are pure silver.

And so maybe we'll see that as a stepping stone. But the thrifting, unfortunately, you're seeing double digit percentage declines as we speak for 2026 in the amounts of silver that's going into a panel, the average amount versus last year. So that I think is just part and parcel of the market really.

Mike Maharrey: Yeah, very interesting. And copper's not exactly cheap right now either, so there's that to factor in for folks as well. So I guess that kind of leads to the next question, and that is, is there still the forecast for a market deficit for silver in 2026? I know that at the beginning of the year, that was kind of what people were anticipating. Is that still looking like we're going to have a market deficit again?

Philip Newman: In short, yes, but a fairly small one. So, I think that could be down quite a lot on 25 and 25 was already coming down, as you may recall. I think within industrial, despite the weakness in the solar market, we've seen other areas doing fairly well. The likes of the automotive are still relatively strong. So I think that is the strength of industrial demand. There are so many end uses that you tend to find that when one backs off, another one can maybe pick up the reins. Now, they're not going to make up for all of that shortfall on photovoltaic, certainly not, but they can certainly absorb a fair chunk of it. And that's why when you look at our estimates for industrial demand, yes, they're down, but they're not down dramatically. So, I think that's a really important point. I mean, we are certainly seeing thrifting in other areas and we've seen how that manifests itself, but I think overall it's still a robust story for industrial demand.

But away from that, you're seeing weakness in the coin and bar market for silver, be it in the US, which used to be the largest market. India is struggling. Germany's been struggling as well. These are some of the big heavyweights in terms of retail silver investment. The US, which is one that is very close to my heart, you've seen a lot of liquidations of silver by retail investors. It's been going on for a few years now. Now, a lot of that product can be bought by dealers and sold back to others, other investors, but it's certainly having quite an impact on the market for new silver coins and bars. So, I think we are looking at a fairly weak picture for global retail investment this year. I think the other one to be very mindful of, especially from a price standpoint or struggling with the price is jewelry demand.

The biggest jewelry market by far in the world is India, and India is a very price sensitive market for jewelry. And so when you've got high prices or when you've got volatility, neither is very good for the market. And yes, prices are almost half where they were... Well, actually no. As we're recording this, they're probably less than half because today on October 14, silver I think is about $57. So we're just under half of that January peak, but it's the combination of prices in absolute terms are still high and the volatility that we've seen. So, that can discourage jewelry buying in the likes of India. So you've got all of these markets where there's a few headwinds playing out, and I think that helps to give you that fairly modest deficit for this year. But I think, Mike, I think what's really important though is we can be positive on the price with only a small deficit.

And in fact, to take that further for next year, we think the market could see a small surplus. Now, so small that you probably call it a balanced market, but we're really bullish on silver for next year, and that may surprise people listening or watching this. But what we see at Mellow's focus is there's not a very good relationship between what the surplus or deficit is doing in a particular year and how the price is behaving in that year.

And my case in point for next year, market imbalance, we think silver could be getting maybe over $90. If you go back a few years, I think it was 2022, so not that long ago, we had a record deficit. It was over 250 million ounces. That's about 20% of global demand, yet the price was in the 21s, 22s, not doing much at all. I think what we see really is when we think to late last year when you had those fireworks and silver went through 50 bucks and lease rates went to the moon, that was the culmination of all those deficits over a few years. We've had five years of deficits. And what that means is, to put it bluntly, demand in each year is greater than supply. That means you've got stocks being run down to make up for that supply shortfall. And so it's a bit of a slow burn over a few years, and that's why those fireworks kicked off in I think late last year.

And just because we've got the market in a small deficit this year, a surplus maybe next year, you've still got that legacy of all those years of heavy, heavy deficits playing out. So I hope that's clear to people watching this, but it's a really important point in trying to think about how the global market works for silver.

Mike Maharrey: Yeah, that's a really good point. And we've definitely seen this cumulative effect, and I don't think people realize that if you take those deficits and add them up, it's nearly the same as a full year of mine supply that we've been short over the last five years or so. So it is a significant amount when you start piling it up and adding it and you can't just do away with that with one small surplus. So a very good point. I think you explained it perfectly well. I'll get you out on this one last question. We tend to focus a lot on demand aspects, and we talk a lot about what people are doing with gold and silver, and of course also platinum and palladium. We also do research in those areas as well. But is there anything interesting that's going on right now in the supply side of either gold or silver that folks might want to be aware of?

Philip Newman: Well, I think one of the really interesting things, we had a few people at their recent Denver Gold Show, and I think what came out of that... So we already know that the margins that are in the industry... So one of the metrics we look at is what's called all-in sustaining cost. It's a really wide ranging cost metric. I mean, not just the cost of running your mine, but the cost of the head office. So it's a nice catchall, if you like, for mine costs. And for the primary silver miners, the second quarter of this year, their average oil and sustaining costs were about 17 bucks. Now, it doesn't take much to see what margin the industry is making as a whole. Now, again, it's really important. I'm talking about primary silver mining. So that's not including the base metal guys or even the gold miners with silver as a byproduct.

So this is their primary, but that's still an immensely important part of the market. So you can see about thankfully the amount of cash that they're able to generate. And for the gold guys, you've also got a very, very healthy margin between oil and sustaining and spot gold. But what came out of the conference was really interesting. Yes, I think there's an appetite for say M&A activity, but I think for a lot of the targets or potential targets because of where spot prices are Mike, then some of those valuations are fairly ripe. And I think while there's an appetite for M&A, I think these companies are being fairly cautious and not wanting to overpay. So I think we're seeing very healthy overall, I think very healthy capital discipline, that balance sheet discipline. And I think what we're seeing at the moment is perhaps more of a, for some companies, a focus on upgrading their own mine equipment, expansion of their existing mines, so brownfield expansion, for example, share buybacks or even dividends or increasing dividends.

I think Kerr mining is a really good example on two fronts. Firstly, it announced its inaugural dividend. So, I think that was not just a positive, but a sign of where they are given the health of their balance sheet prices. And clearly that's obviously not a knee-jerk reaction, of course not. But I think that's a sign of those broad dynamics. But you also look at their acquisition, their recent acquisition of, I think, new gold, the company. So, that gave them not just a diversification by location, but also assets in terms of access to gold and to copper. So I think those are some of the things that we've seen in the industry. I think some of that will continue, but I think the industry, again, be it silver miners or gold, I think there's that cautiousness, that cautious optimism, I would say, to M&A, but certainly not wanting to buy something for the sake of it, or I guess more accurately not wanting to pay over the odds.

So, I think overall you've got an industry that I think is healthy, and I think that strategy just speaks to that long-term health going forward as well.

Mike Maharrey: Very, very interesting. All right, so let folks know where they can find Metals Focus and what kind of information that they can avail themselves to when they get there.

Philip Newman: Sure. Well, most straightforward, it's metalsfocus.com with an S in the middle. So please, you can reach us through there. I mean, frankly, you'll find us at most major precious metals conferences around the world. I think the next one's coming up, the next one's a signpost. We do work for the Silver Institute. We produce the World Silver Survey. The Silver Institute has a gathering, a dinner on November 12th where myself and the colleague will launch or present our interim findings for this year. But please do come through the website to find us.

Mike Maharrey: Outstanding. I was going to say, you guys, folks might not actually see you, but your work is behind a lot of these organizations, the World Gold Council, the Silver Institute, the World Platinum Investment Council, all of those folks avail themselves to your research and work. So you guys are everywhere. And like I said, it makes my job a whole lot easier because you're parsing in that data. I think you made a really good point when you were talking about the way you guys do your research. The fact that you have boots on the ground at so many places, it gives you a really good... I guess you have your finger on the pulse of the industry, not just looking at raw data, but also the anecdotal stories and talking to folks who are doing the actual work. So appreciate everything that you do, all of that to say.

So thank you so much, and thank you so much for taking time out of your busy day to hang out with me for a few minutes. It's very appreciated, and I'm sure folks appreciate the information that they've gotten.

Philip Newman: Well, thanks, Mike, and look forward to next time.

Mike Maharrey: Absolutely. We'll definitely have you on again, and I hope you have a fantastic rest of your day.

Philip Newman: Likewise.

Always great analysis from our friends there at Metals Focus and I hope you enjoyed that interview.

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, hosted by Mike Maharrey.

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 Money Metals Exchange, thanks for listening and have a wonderful weekend everybody.

Inflation's Pain: Financial Stress at Levels Not Seen Since the Pandemic

Fri, 16 Oct 2026 00:00:00 EST

When https://www.moneymetals.com/news/2026/10/15/beyond-the-cpi-the-complete-inflation-story-september-2026-005295";>everything costs more, people struggle.

Struggling people feel stress.

And Americans are feeling that kind of stress at a level not seen since March 2020.

What was going on in March 2020?

Governments around the world shut down the economy.

LegalShield’s Consumer Stress Legal Index (CSLI) surged 6.3 percent year-over-year to 75.7.

!!--Product-Random-Best-All--!!

LegalShield calculates its index based on around 150,000 monthly calls from members to its provider attorneys. The stress index has risen year over year for 27 consecutive months. The only longer streak occurred in 2006–2009, a run that spanned the Great Recession.

A LegalShield spokesperson noted that the current CSLI dovetails with consumer sentiment polling showing Americans are increasingly worried about the economy. The Conference Board's Consumer Confidence Index fell to 81.9 in September, the lowest level since 2014.

"Confidence surveys tell you how people feel. Our data show what people are doing about it. When a growing share of our members' calls are about losing a home, filing for bankruptcy or dealing with consumer debt, the strain has moved past worry and into action."

Three subindices make up the CSLI.

The Foreclosure Index stood at 52.6, up 14.8 percent year-on-year. According to LegalShield's Q2 report, the expiration of FHA borrower protections in September 2025, coupled with rising escrow costs as insurance and property tax bills rise, drove the spike in foreclosure calls.

Meanwhile, the national mortgage delinquency rate was 4.37 percent in Q2 2026, according to the Mortgage Bankers Association. That was up 44 basis points from a year earlier. The seriously delinquent rate rose for a fourth straight quarter.

The Bankruptcy Index climbed 4.8 percent over the last year to 39.5. According to LegalShield, this index is a leading indicator of future bankruptcy filings.

LegalShield said bankruptcy calls averaged have risen year over year for 17 consecutive quarters, the longest run on record, including the 13-quarter climb before and during the Great Recession.

The Consumer Finance Index climbed to 112.5, a 3.9 percent annual increase. It tracks calls related to billing disputes, collections, repossessions, and creditor negotiations.

https://www.moneymetals.com/news/2026/08/10/consumer-borrowing-picked-up-in-june-but-worrisome-trend-persists-005126";>Credit card debt is at record levels as Americans try to cope with rapidly rising prices and dwindling savings.

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Meanwhile, the Fed keeps nudging rates higher, trying to tame sticky price inflation. This pushes credit card interest rates up, adding stress to an already overburdened consumer.

A LegalShield spokesperson said this index reached its all-time high during the pandemic, jumping almost overnight as the economy shut down. However, the current 27-month streak of increasing consumer stress wasn’t sparked by a single event. It’s been a slow build. A spokesperson called it “a long grind on American households.”

“This time there is no single shock. Consumer finance is above anything we recorded during the Great Recession, and it moved higher again this quarter.”

LegalShield provider attorney Ben Farrow agreed.

“This feels like a rising tide, not a single shock like the banking crisis in 2008 or COVID. It’s death by a thousand cuts, and it’s driven by everyday expenses.”

Swiss Researchers Use Gold to Pinpoint the Location of Cancer Cells

Fri, 16 Oct 2026 00:00:00 EST

I once heard some knucklehead on a mainstream financial news network claim that gold is “a useless rock.”

Well, Swiss researchers have discovered how to use that useless rock to precisely detect the location of cancer cells.

Scientists at the Swiss Nanoscience Institute (SNI) Network based at the University of Basel have developed a “surface-modification strategy” for gold nanoparticles. The resulting nanoparticles, or “nanotags,” generate a measurable optical signal that pinpoints cancer cells, opening the door for “more precise cancer detection and future surgical applications.”

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Gold creates a stable foundation for this tagging technology. The metal works well in this capacity because it resists chemical breakdown, provides a stable surface for attaching other molecules, and amplifies the light signals used to detect cancer cells.

Researchers coated the gold particles with polyethylene glycol (PEG) conjugates containing antibodies that recognize structures on cancer cell surfaces. Once the nanoparticles bind to cancer cells, they create an “optical fingerprint” that scientists can detect with a Raman microscope.

According to a press release, “The researchers targeted the epidermal growth factor receptor (EGFR), a protein that is expressed on the surface of certain ovarian cancer cells.”

Researchers called specific targeting and nanoparticle stability in a single nanotag “challenging.”

“Researchers from the FHNW School of Life Sciences, the Department of Biomedicine at the University Hospital Basel and the Department of Chemistry at the University of Basel have now developed a two-step coating process for 60 nm gold nanoparticles that addresses these challenges.”

I’ll spare you any more technical jargon. If you’re interested, https://nanoscience.unibas.ch/en/news/details/nanotags-fuer-praezisere-krebschirurgie-und-diagnostik-goldnanopartikel-mit-optimierter-beschichtung-zur-gezielten-erkennung-von-eierstockkrebszellen/"; target="_blank" rel="noopener">you can read more here. But suffice it to say, this is a significant development in the realm of cancer detection and treatment.

“This optimized coating strategy provides a promising basis for developing SERS nanotags for more precise cancer diagnostics. In the future, such nanotags could potentially be used during surgery to help identify tumor tissue and distinguish it from surrounding healthy tissue.”

Not bad for a useless metal with “no utility.”

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While gold is primarily a monetary metal, it has a wide variety of practical uses, from jewelry to electronics.

In fact, gold is one of the world's most useful metals. Due to its utility, coupled with its scarcity, gold is also one of the most valuable metals in the world.

In the first place, gold is strikingly beautiful. It has captured eyes for thousands of years. That’s why people worldwide love to wear gold. About 44 percent of gold demand is for jewelry production. Roughly 1,550 tons of gold were used in jewelry fabrication in 2025.

But gold isn’t just pretty. The metal’s inherent physical and chemical properties make it useful in many industrial and technological applications.

This is why the tech sector increasingly turns to gold.

In 2025, industrial and technical applications used 222.8 tonnes of gold.

In fact, gold would probably be used even more if it weren’t so rare and expensive.

Gold is also important in medicine. Its inherent stability and unique optical properties make it ideal for diagnostic testing. The World Gold Council said that gold is “at the heart of the hundreds of millions of Rapid Diagnostic Tests (RDTs) that are used globally every year."

“This well-established and critically important technology has changed the face of disease diagnosis in the developing world over the last decade.”

Gold nanoparticles are used in testing for malaria, HIV, hepatitis, and other illnesses.

Gold has even been used in some exotic applications. In 2018, a team of Chinese researchers partially restored the sight of blind mice by replacing their deteriorated photoreceptors – sensory structures inside the eye that respond to light – with nanowires made of gold and titanium.

The point is that gold is far from useless. Don't let anybody tell you that it is!

Silver Content of US Coins - How Much Silver Is in a Quarter, Dime, and Half Dollar - Grams, Troy Ounces, Coins per Ounce, and Silver per $1 Face - Money Metals

Thu, 15 Oct 2026 00:00:00 EST

A pre-1965 quarter is 90% silver. It weighs 6.25 grams and contains 5.625 grams of pure silver. This is equivalent to https://www.ngccoin.com/price-guide/coin-melt-values.aspx";>0.1808 troy ounces.

That means you need roughly 5.5 silver quarters to reach one full troy ounce. Everyday quarters since 1965 hold no silver at all. They are composed of a copper-nickel alloy and weigh https://www.usmint.gov/learn/coins-and-medals/circulating-coins/coin-specifications";>5.67 grams.

This guide covers the silver content of US coins, ranging from dimes and quarters to dimes and war nickels. You will find each coin’s silver content measured in grams and troy ounces. You will also learn how many coins make an ounce and how much silver sits in a roll or bag.

How Much Silver Is in a Quarter?

Before 1965, US quarters were made from an alloy of 90% silver and 10% copper. Each coin weighs 6.25 grams. If you multiply 6.25 by 0.90, it comes out to 5.625 grams of pure silver.

Because one troy ounce equals https://www.nist.gov/system/files/documents/2017/05/09/Precious-Metals-Conversion-Information-march2015.pdf";>31.1035 grams, the silver in each quarter comes to 0.1808 troy ounces. https://www.ngccoin.com/price-guide/coin-melt-values.aspx";>NGC’s melt value table gives the same figure for Barber, Standing Liberty, and Washington quarters.

Coin Weight vs. Silver Weight

Some guides claim a silver quarter contains 6.25 grams of silver. However, that is not accurate; that number represents the weight of the entire coin. The actual silver content is roughly 5.625 grams, and the remaining 0.625 grams is copper.

Another common question is whether a silver quarter holds a quarter ounce of silver. It does not. A quarter of a troy ounce is 7.78 grams, so the silver in a quarter reaches only about 72% of that mark. Even the whole coin, copper included, weighs about 0.2 troy ounces.

How Much Silver Is in a 1964 Quarter?

A 1964 quarter contains the same 0.1808 troy ounces of silver as every other 90% quarter. The date comes with a twist, however.

The https://fraser.stlouisfed.org/title/coinage-act-1965-1123/fulltext";>Coinage Act of 1965 said any 90% silver coins struck after the law passed must still carry the 1964 date. So the Mint struck some 1964-dated quarters in 1965.

The same law also barred the new clad coins from carrying a date earlier than 1965. Any quarter dated 1965 or later is clad.

The only exceptions are collector coins and a few https://www.moneymetals.com/coin/washington-quarter";>rare mint errors. If you believe you’ve found a silver 1965 or 1966 quarter, weigh it first. A silver quarter weighs 6.25 grams, while a clad quarter weighs 5.67 grams. Our guide to https://www.moneymetals.com/bullion/what-coins-are-silver";>what coins are silver explains the other identification tests.

The 40% Exception: 1976-S Bicentennial Quarters

For the nation’s 200th birthday, Congress ordered https://www.usmint.gov/learn/history/historical-documents/final-strikes-of-silver-bicentennial-coins";>45 million 40% silver coins. The order covered three coins: the quarter, the half dollar, and the dollar. The Mint sold them to collectors in three-coin sets, so they never went into circulation.

The silver Bicentennial quarter weighs 5.75 grams and contains https://collectorskey.com/coins/twenty-cents-quarters/washington-quarters/1976-s-bicentennial-silver";>0.074 troy ounces of silver. That works out to 2.3 grams of silver, less than half the amount in a 90% quarter. Clad Bicentennial quarters share the same design, so weight is the surest way to tell them apart.

Silver Content of US Coins: Full Table

The table below lists every common US coin that contains silver, along with the clad coins that replaced them. The weights we list below assume that the coins are new and uncirculated, not worn away from use. The numbers come primarily from the https://www.usmint.gov/learn/coins-and-medals/circulating-coins/coin-specifications";>US Mint, the https://fraser.stlouisfed.org/title/coinage-act-1965-1123/fulltext";>Coinage Act of 1965, and https://www.ngccoin.com/price-guide/coin-melt-values.aspx";>NGC.

Coin	Silver	Coin Weight	Silver Weight	Silver (troy oz)	Coins per Troy Ounce	Silver per $1 Face
Dime (pre-1965)	90%	2.50 g	2.25 g	0.0723	13.8	0.7234 oz
Quarter (pre-1965)	90%	6.25 g	5.625 g	0.1808	5.5	0.7234 oz
Half dollar (pre-1965)	90%	12.50 g	11.25 g	0.3617	2.8	0.7234 oz
Kennedy half (1965-1970)	40%	11.50 g	4.60 g	0.1479	6.8	0.2958 oz
Bicentennial quarter (1976-S)	40%	5.75 g	2.30 g	0.0739	13.5	0.2958 oz
Bicentennial half (1976-S)	40%	11.50 g	4.60 g	0.1479	6.8	0.2958 oz
Eisenhower dollar (S-mint silver)	40%	24.6 g	9.83 g	0.3161	3.2	0.3161 oz
War nickel (1942-1945)	35%	5.00 g	1.75 g	0.0563	17.8	1.1253 oz
Clad dime, quarter, half (1965 on)	0%	2.268, 5.67, 11.34 g	0	0	None	0

Silver dollars follow a different standard. Morgan and Peace dollars contain https://www.ngccoin.com/price-guide/coin-melt-values.aspx";>0.7734 troy ounces of silver. That adds up to more than four silver quarters combined. You can learn more about the silver content of every dollar type, including the https://www.moneymetals.com/40-silver-eisenhower-dollars-3161-oz-silver/268";>40% silver Eisenhower dollar, with https://www.moneymetals.com/coin/silver-dollar-value";>our silver dollar guide.

How Much Silver Is in a Dime?

A pre-1965 dime weighs 2.25 grams and is 90% silver, giving it 2.25 grams of pure silver, or https://www.ngccoin.com/price-guide/coin-melt-values.aspx";>0.0723 troy ounces. It takes ten dimes to reach $1 in face value, and together they contain 0.7234 troy ounces of silver. Since 1965, dimes have been clad with nickel and copper, weighing https://www.usmint.gov/learn/coins-and-medals/circulating-coins/coin-specifications";>2.268 grams and contains no silver.

Dimes made for circulation from 1837 through 1964 are 90% silver. For a full breakdown by date and design, see our list of https://www.moneymetals.com/bullion/silver-dimes-years";>silver dime years. You can also https://www.moneymetals.com/buy/silver/junk-silver/90-silver-dimes";>buy 90% silver dimes in bags according to their face value.

How Many Silver Dimes Make an Ounce?

It takes 13.8 silver dimes to equal one troy ounce, so in practice you need 14 dimes, or $1.40 in face value, to reach a full ounce.

How Much Silver Is in a Half Dollar?

A pre-1965 half dollar weighs 12.5 grams, containing 11.25 grams of silver. That amount comes out to https://www.ngccoin.com/price-guide/coin-melt-values.aspx";>0.3617 troy ounces, which is twice the silver content in a pre-1965 quarter.

Since it takes 2.76 halves to make an ounce, three halves will put you over the mark. Barber, Walking Liberty, Franklin, and 1964 Kennedy half dollars all share this specification.

40% Silver Kennedy Halves (1965-1970)

In 1965, Congress cut the silver in the half dollar but did not remove it. Under the https://fraser.stlouisfed.org/title/coinage-act-1965-1123/fulltext";>Coinage Act of 1965, the half dollar got outer layers of 80% silver and 20% copper.

A core with less silver sat between them. The finished coin weighs 11.5 grams and contains 4.6 grams of silver, or 0.1479 troy ounces.

Kennedy halves dated 1965 through 1970 use this 40% silver composition. Half dollars struck for circulation after 1970 are fully clad and weigh https://www.usmint.gov/learn/coins-and-medals/circulating-coins/coin-specifications";>11.34 grams. To sort your half dollars by date, see https://www.moneymetals.com/bullion/what-half-dollars-are-silver";>what half dollars are silver, or shop our https://www.moneymetals.com/40-silver-half-dollars/149";>40% silver Kennedy halves.

Do Any Nickels Contain Silver?

Only one type of US nickel contains silver. Starting in 1942, the Mint changed the nickel’s composition to an alloy of https://www.pcgs.com/coinfacts/coin/1942-p-5c-silver/4016";>56% copper, 35% silver, and 9% manganese. The switch saved nickel metal for the war effort. Each wartime nickel weighs 5 grams and contains 1.75 grams of silver, or 0.0563 troy ounces.

No other US nickel contains silver. Their composition is instead an alloy of https://www.usmint.gov/learn/coins-and-medals/circulating-coins/coin-specifications";>75% copper and 25% nickel. That includes the 1964 nickel and the Buffalo nickel, two coins people often ask about.

The Mint has also never made a pure silver nickel. If you’re interested in war nickel dates and mint marks, check out our https://www.moneymetals.com/bullion/silver-nickel-years";>silver nickel years guide.

War Nickels Hold the Most Silver per Dollar

Many buyers overlook this detail. Twenty war nickels make $1 in face value, and together they contain https://www.moneymetals.com/35-silver-war-nickels/322";>1.125 troy ounces of silver. That’s 56% more silver per dollar of face value than you get from 90% dimes, quarters, or halves.

How Many Silver Coins Make an Ounce?

One of the most common questions about junk silver is how many silver quarters it takes to make a troy ounce. The technical answer is 5.53. However, since quarters are not divisible, you need six quarters to reach a full troy ounce. The table below runs the same math for each silver coin, based on new, uncirculated weights.

Coin	Coins per Troy Ounce	Whole Coins for 1 Ounce	Face Value per Troy Ounce
90% dimes	13.82	14	$1.38
90% quarters	5.53	6	$1.38
90% halves	2.76	3	$1.38
40% Kennedy halves	6.76	7	$3.38
40% Bicentennial quarters	13.52	14	$3.38
35% war nickels	17.77	18	$0.89

Where the "$1.40 per Ounce" Rule Comes From

Silver stackers often say that $1.40 in face value of 90% coins equals one ounce of silver. That rule of thumb builds in an allowance for wear. Dealers count each $1 in face value as https://www.moneymetals.com/pre-1965-90-silver-quarters/1394";>0.715 troy ounces, and $1 divided by 0.715 comes to about $1.40. Brand-new coins would need only $1.38.

Silver per $1 Face Value: 0.7234 vs. 0.715 Troy Ounces

Ninety percent dimes, quarters, and halves all hold the same silver per dollar of face value. From 1873 until 1964, they weighed 2.5, 6.25, and 12.5 grams. The weights rise in step with face value. As a result, $1 in any combination of them contains 0.7234 troy ounces of silver when new.

In the bullion trade, you’ll see 0.715 instead. Coins can lose a little of their metal content over decades of handling and transaction. The 0.715 figure sits about 1.2% below the Mint spec to allow for that wear. It is an industry convention to allow for worn coins, not necessarily a set standard from a mint or exchange.

That is also why some sources list a quarter at 0.17875 ounces. That number is just 0.715 divided by four. We will note which basis each figure uses as we go through this page.

Why a Silver Dollar Holds More Silver Than Four Quarters

A silver dollar holds 0.7734 troy ounces. Four silver quarters, on the other hand, hold only 0.7234.

The difference dates back to 1853. At the time, there was a flood of gold pouring out of California that made the silver in American coins worth more than their face value. That resulted in many people melting the coins down for their silver value. Congress responded to this trend by https://coinweek.com/1853-liberty-seated-quarter-arrows-and-rays-a-collectors-guide/";>reducing the weight of the smaller silver coins.

The silver dollar retained its full weight. However, the quarter never caught up with the silver dollar. The closest it got was in 1873, when the quarter’s weight rose to 6.25 grams. Our https://www.moneymetals.com/coin/silver-dollar-value";>silver dollar guide covers Morgan and Peace dollars in detail.

How to Calculate the Silver in Any Coin

Two numbers can help you calculate the silver in any coin: its total weight and silver purity. If you multiply the two, then divide the product by 31.1035 to convert grams to troy ounces.

For a silver quarter, 6.25 grams times 0.90 equals 5.625 grams. Then 5.625 divided by 31.1035 equals 0.1808 troy ounces.

You can convert ounces into dollars by multiplying the ounces by the current https://www.moneymetals.com/silver-price";>silver spot price. You can see the complete calculation on our https://www.moneymetals.com/guides/silver-coin-values";>silver coin value guide.

Silver in Rolls and Bags of Silver Coins

Junk silver coins often change hands in rolls and bags rather than one at a time. The figures below show how much silver each standard quantity contains.

How Much Silver Is in a Roll?

Standard bank rolls hold https://www.moneymetals.com/coin/how-many-quarters-in-a-roll";>50 dimes, 40 quarters, or 20 half dollars. A $10 roll of 90% silver quarters therefore contains 7.23 troy ounces of silver when new, or 7.15 ounces on the dealer basis. You can find out what that silver is worth today by multiplying the ounces by the current spot price.

Roll	Coins	Face Value	Roll Weight	Silver (New)	Silver (Dealer Basis)
90% dimes	50	$5	125 g	3.62 oz	3.58 oz
90% quarters	40	$10	250 g	7.23 oz	7.15 oz
90% halves	20	$10	250 g	7.23 oz	7.15 oz
40% Kennedy halves	20	$10	230 g	2.96 oz	2.95 oz
35% war nickels	40	$2	200 g	2.25 oz	2.25 oz

A full roll of silver quarters weighs 250 grams, or about 8.8 standard ounces on a kitchen scale. You might see some websites listing 226.8 grams, but that figure falls flat. It is short because it uses a rounded 8 ounce figure, which understates the true weight by about 9%.

How Much Silver Is in a Bag?

Dealers sell 90% silver coins in bags measured by face value. A $1,000 bag contains 723.4 troy ounces of silver when new. Alternatively, it may contain https://www.moneymetals.com/pre-1965-junk-silver-coins-half-dollars-kennedy-franklin/34";>715 ounces on the dealer basis. In either case, the bag weighs roughly 55 pounds. In clad quarters, the same face value bag weighs about 50 pounds.

Face Value	Silver (New)	Silver (Dealer Basis)	Bag Weight
$100	72.3 oz	71.5 oz	5.5 lb
$250	180.8 oz	178.75 oz	13.8 lb
$500	361.7 oz	357.5 oz	27.6 lb
$1,000	723.4 oz	715 oz	55.1 lb

Silver per Pound of 90% Coins

A kitchen scale can give you a quick estimate on the value of an old coin jar. Each pound of new 90% coins holds about 13.1 troy ounces of silver. That pound adds up to roughly $18 in face value.

Silver vs. Clad Coin Weights

Silver coins weigh more than the clad coins that replaced them. That makes a digital scale the fastest way to sort them.

Coin	90% Silver	40% Silver	Clad	Gap From Clad
Dime	2.50 g	None	2.268 g	0.23 g
Quarter	6.25 g	5.75 g (1976-S)	5.67 g	0.58 g (0.08 g for 1976-S)
Half dollar	12.50 g	11.50 g	11.34 g	1.16 g (0.16 g for 40%)

A scale that reads 0.1 gram can separate 90% silver coins from clad ones. 40% silver half dollars are harder to identify. These coins only weigh 0.16 grams more than a clad half, so you’ll need a scale that reads to 0.01 gram. Keep in mind that worn coins also weigh a bit less than new ones. For other identification methods, see our guide to https://www.moneymetals.com/bullion/what-coins-are-silver";>what coins are silver.

Older and Collector Coins That Don't Hold 0.1808 Ounces

Not every silver quarter matches the 0.1808 figure. Quarters made before 1873 used other weights, and modern proofs use purer silver.

Quarters Struck Before 1873

Quarter	Coin Weight	Silver	Silver (troy oz)
Capped Bust (before 1837)	6.74 g	89.24%	0.1934
Seated Liberty (1838-1853)	6.68 g	90%	0.1933
Seated Liberty (1853-1873)	6.22 g	90%	0.1800
1873 and later	6.25 g	90%	0.1808

Early https://cappedbustquarter.com/coin-specifications/";>Capped Bust and https://www.coincommunity.com/us_quarter_dollars/seated_liberty.asp";>Seated Liberty quarters held more silver than later ones. The 1853 law cut the quarter’s weight, and the 1873 law raised it a little to 6.25 grams.

Both changes took effect partway through the year, which required a way to distinguish the two coin types from one another. To solve that problem, the Mint marked the new weight with small arrows beside the date. You can learn more about dates and key coins in our https://www.moneymetals.com/bullion/what-quarters-are-silver";>silver quarter years guide.

Silver Proof Coins (1992 to Today)

The Mint still makes silver dimes, quarters, and half dollars for collectors. It sells them in silver proof sets, not as pocket change. From 1992 through 2018, these proof coins were https://www.moneymetals.com/coin/washington-quarter";>90% silver, the same composition as pre-1965 coinage.

The Mint switched to 99.9% fine silver in 2019. As a result, the 2019 silver proof quarter weighs https://www.coinnews.net/2019/02/21/u-s-mint-2019-quarters-silver-proof-set-features-999-fine-silver-coins/";>6.343 grams, which works out to about 0.2037 troy ounces of silver. For the 2026 Semiquincentennial set, the Mint lists https://www.usmint.gov/semiquincentennial-silver-proof-set-2026-26RH.html";>0.079, 0.199, and 0.399 troy ounces of silver. Those figures are for the dime, quarter, and half dollar. You can browse our selection of https://www.moneymetals.com/buy/silver/coins/silver-proof-coins";>silver proof coins in the shop.

Key Takeaways

A pre-1965 quarter contains 0.1808 troy ounces of silver. If you hold six of these quarters, you have one troy ounce of silver. Every dollar in face value of 90% coins holds 0.7234 ounces when new, or 0.715 ounces on the dealer basis. War nickels deliver the most silver per dollar of face value, while clad coins contain none.

If you'd like to add these coins to your holdings, browse our selection of https://www.moneymetals.com/buy/silver/junk-silver";>junk silver coins. They remain one of the simplest ways to own silver in small, known amounts.

First American Eagle Coins Released 40 Years Ago

Thu, 15 Oct 2026 00:00:00 EST

Enacting Legislation Supported Domestic Precious Metals Mining

Noteworthy anniversaries are approaching for numismatists, and gold and silver proponents.

Forty years ago this coming week, Americans could buy newly minted U.S. gold coins for the first time in over 50 years.

The American Gold Eagle coin was released on Oct. 20, 1986, marking the first gold coins produced by the U.S. Mint since the Great Depression.

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Release of the American Silver Eagle coin followed on Nov. 24, 1986, allowing Americans to acquire new legal tender silver coins for the first time since the Mint removed the silver content from all U.S. coinage in 1964 and 1970.

Since their introduction, American Eagle coins have become among the world’s most recognized and top-selling bullion coins. More than 22 million troy ounces of the gold coins, and more than 500 million ounces of the silver coins, have been stuck and sold over the last four decades, https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/?srsltid=AfmBOoqSOdofLjvEhXeZgvGTLLN7HzznNZbhg56kjjgFRyT1hbcINMiy"; target="_blank" rel="noopener">according to the U.S. Mint.

Congress Authorized American Eagle Coin Program

Congress authorized issuance of American Silver Eagles with passage of the https://www.congress.gov/bill/99th-congress/house-bill/47/text"; target="_blank" rel="noopener">Liberty Coin Act. President Ronald Reagan signed the legislation into law on July 9, 1985. Introduced and sponsored by Idaho Sen. James McClure, the measure allowed domestic silver miners to sell their surplus metal to the U.S. government.

The act required the Treasury secretary to use silver from the nation’s strategic and critical minerals stockpile to produce the legal tender coins with a $1 face value. https://www.govinfo.gov/content/pkg/PLAW-107publ201/pdf/PLAW-107publ201.pdf"; target="_blank" rel="noopener">Subsequent legislation passed in 2022 allowed the coins to be minted from silver purchased on the open market once the stockpile was depleted.

The American Gold Eagle was authorized by the https://www.congress.gov/bill/99th-congress/senate-bill/1639/text"; target="_blank" rel="noopener">Gold Bullion Coin Act, which became law with President Reagan’s signature on Dec. 17, 1985. While supporting the minting and selling of U.S. gold coins, he expressed reservations about the legislation, particularly the provision mandating the coins only be produced with new, domestically mined gold.

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The president was concerned the requirement might conflict with international trade agreements. He also opposed the law’s prohibition on using existing U.S. gold holdings to mint the coins as a means to reduce the nation’s budget shortfalls.

“I must note, however, that certain provisions are troublesome. Specifically, enactment of this legislation may raise questions about the willingness of the United States to honor its international obligations,” Reagan said in a https://www.presidency.ucsb.edu/documents/statement-signing-the-gold-bullion-coin-act-1985"; target="_blank" rel="noopener">written statement. “In addition, I am also concerned about a provision of this legislation that would effectively prohibit the Secretary of the Treasury from using gold held in the United States' reserves in producing gold coins. In my view, this restriction denies the United States a potentially major source of revenue. At a time when we have committed ourselves to eliminating the budget deficit over the next several years, a limitation of this nature is especially unfortunate.”

Despite the president’s reservations, the legal tender gold coins were issued in 1-ounce, half-ounce, quarter-ounce and one-tenth ounce weighs with respective $50, $25, $10 and $5 denominations. The 22-karat bullion coins depicts torch-bearing Lady Liberty on its face and a bald eagle, the nation’s majestic wildlife symbol, on its reverse.

Containing 1 troy ounce of 99.9 percent pure silver, American Silver Eagles coins have a $1 face value. They also feature Lady Liberty and a bald eagle.

Presidential Order Legalized Monetary Gold Ownership

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The stage was set for issuance of the American Eagle coins after President Gerald Ford legalized private gold ownership in the United States a decade earlier. On Dec. 31, 1974, Ford signed an executive order revoking President Franklin D. Roosevelt’s https://www.presidency.ucsb.edu/documents/executive-order-6102-forbidding-the-hoarding-gold-coin-gold-bullion-and-gold-certificates"; target="_blank" rel="noopener">1933 decree, which outlawed most private ownership of monetary gold and prohibited American citizens from keeping more than $100 worth (about 5 troy ounces at the time) of the demonetized metal.

Issued during the Great Depression, Roosevelt’s decree, codified into law by the https://www.federalreservehistory.org/essays/gold-reserve-act"; target="_blank" rel="noopener">Gold Reserve Act of 1934, ended the domestic gold standard and prompted the Mint to halt production of $20 Saint-Gaudens double eagle gold coins and $10 Indian Head Eagle gold coins. Millions of formerly legal tender U.S. gold coins subsequently were melted down and turned into gold bars held by the U.S. Treasury.

Market Value Far Exceeds Face Value

While American Eagle coins are legal tender, they aren’t used as currency in everyday transactions because the market value of their gold and silver content far exceeds their face value.

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With gold priced at $4,200 an ounce and silver selling for around $60, the coins are acquired and held by numismatic collectors as well long-term investors concerned about ongoing depreciation of the unbacked U.S. dollar.

The U.S. Mint earns income by selling gold and silver coins to individuals and authorized purchasers/resellers. During profitable years, excess revenue is transferred to the U.S. Treasury to help finance the national debt. In 2025, the Mint reported a https://www.usmint.gov/content/dam/usmint/reports/2025-annual-report.pdf?srsltid=AfmBOorDbAy6B2yfqBV8_aM91sQHqCX8BrNuTXpMhJkBdNsu4a5l9MAO"; target="_blank" rel="noopener">net income of $73 million, but no funds were transferred to the Treasury’s general fund.

While establishment of the American Eagle coin program hasn’t solved the nation’s compounding fiscal woes, it has allowed Americans to preserve some of their wealth by buying and owning U.S.-minted precious metal coins. The program also signaled a slight—though significant—step toward restoration of sound, constitutional money by reversing the eradication and scarcity of monetary bullion.

What Does an Ounce of Gold Look Like - 1 oz Gold Coin Size and Bar Dimensions - Mint Specs, Half Dollar Comparison, and Gold vs Silver Ounce Size - Money Metals

Thu, 15 Oct 2026 00:00:00 EST

An ounce of gold is smaller than many people expect. It contains 31.1 grams of metal that fills about 1.61 cubic centimeters (cm³), or about the space of two stacked quarters. Pressed into a coin, an ounce of gold is about the size of a half dollar.

If the gold is crafted into a bar, it usually is about 41 x 24 mm. That is roughly one-fifth the face of a credit card.

You may have read that a 1 oz gold coin is the size of a quarter, but that is not true. Most 1 oz gold coins are a little wider than a half dollar. This guide shows the real sizes, where each number comes from, and how to check a coin at home with a ruler and a scale.

Quick facts: one troy ounce of gold

Weight: 31.1035 grams
Volume: 1.61 cm³
As a cube: 11.7 mm on each side
As a coin: 30 to 37 mm across
As a bar: about 41 x 24 mm
An ounce of silver: 1.84 times bigger

How Big Is an Ounce of Gold?

Every size on this page starts with one number, and that number is volume.

Gold is one of the densest metals you can buy. The Royal Society of Chemistry lists its https://periodic-table.rsc.org/element/79/gold";>density at 19.3 grams per cm³. If you divide one troy ounce (31.1035 g) by 19.3, you get 1.61 cm³ of metal.

If you melted that ounce into a cube, each side would be just 11.7 mm long, which is less than half an inch. However, you do not find gold sold in cubes. Mints and refiners press gold flat to shape it into either coins or bars. The more useful question is not, “how big is an ounce of gold?” but rather how an ounce compares to the coins in your pocket.

The Half Dollar Test

Picture a solid gold disc as wide as a half dollar, which is https://www.usmint.gov/learn/coins-and-medals/circulating-coins/coin-specifications";>30.61 mm across. To hold one ounce, that disc would need to be 2.19 mm thick. That is almost the same as a real half dollar at 2.15 mm.

So an ounce of gold has about the same shape as a half dollar. The difference between them is the weight. A half dollar weighs 11.34 g. In contrast, a full gold ounce coin weighs 2.7 times as much.

Why "The Size of a Quarter" Is Wrong

A quarter is https://www.usmint.gov/learn/coins-and-medals/circulating-coins/coin-specifications";>24.26 mm wide and 1.75 mm thick. If you squeezed an ounce of gold down to its width, it would be 3.49 mm thick. That makes it about twice as thick as a quarter.

In other words, an ounce of gold takes up the space of two stacked quarters but weighs as much as five and a half of them. That is why a gold coin feels so heavy when you hold it.

Troy Ounces vs. Kitchen Ounces

Dealers weigh gold in https://www.moneymetals.com/measurement/what-is-a-troy-ounce";>troy ounces, not the ounces on a kitchen scale. One troy ounce is 31.1035 grams, while a kitchen ounce is 28.35 grams. A troy ounce is about 10% heavier. To see the full conversion, see https://www.moneymetals.com/measurement/how-many-grams-in-1-oz-of-gold";>how many grams are in a 1 oz gold bar.

What Does a 1 oz Gold Coin Look Like?

A 1 oz gold coin is about the size of a half dollar. Most of them are 30 to 32.7 mm across, and the Austrian Philharmonic is the odd one out at 37 mm. Most are also 2 to 3 mm thick at the rim.

The https://en.wikipedia.org/wiki/American_Gold_Eagle";>Gold Eagle is 2.87 mm thick, while the wide, thin https://en.wikipedia.org/wiki/Vienna_Philharmonic_(coin)">Philharmonic is just 2 mm.

U.S. law even spells out the Gold Eagle's size. Under https://www.law.cornell.edu/uscode/text/31/5112";>31 U.S.C. 5112, the $50 gold coin is "32.7 millimeters in diameter" and "weighs 33.931 grams."

1 oz Gold Coin Size Chart

Each coin below holds one troy ounce of pure gold. The third column shows how much wider or narrower each coin is than a https://www.usmint.gov/learn/coins-and-medals/circulating-coins/coin-specifications";>30.61 mm half dollar.

Coin	Diameter	vs. Half Dollar	Total Weight	Purity	Source
https://www.moneymetals.com/buy/gold/coins/american-gold-eagle";>American Gold Eagle	32.70 mm	2.1 mm wider	33.931 g	22k (91.67%)	https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>U.S. Mint
https://www.moneymetals.com/buy/gold/coins/gold-american-buffalo";>American Gold Buffalo	32.70 mm	2.1 mm wider	31.103 g	99.99%	https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>U.S. Mint
https://www.moneymetals.com/buy/gold/coins/canadian-gold-maple-leaf";>Canadian Gold Maple Leaf	30 mm	0.6 mm narrower	31.11 g	99.99%	https://www.mint.ca/en/shop/coins/2024/2024-50-1-oz-9999-pure-gold-coin-gml-bullion";>Royal Canadian Mint
https://www.moneymetals.com/buy/gold/coins/krugerrand-south-african-mint";>South African Krugerrand	32.77 mm	2.1 mm wider	33.93 g	22k (91.67%)	https://en.wikipedia.org/wiki/Krugerrand";>Krugerrand specs
https://www.moneymetals.com/buy/gold/other-world-mints";>British Gold Britannia	32.69 mm	2.1 mm wider	31.21 g	99.99%	https://www.royalmint.com/collect/archive/britannia-2018-one-ounce-gold-bullion-coin/";>Royal Mint
https://www.moneymetals.com/buy/gold/other-world-mints";>Austrian Philharmonic	37 mm	6.4 mm wider	31.103 g	99.99%	https://www.royalmint.com/invest/bullion/uk-coin-ranges/world-coins/philharmonic-2024-1oz-gold-bullion-coin/";>Royal Mint, https://en.wikipedia.org/wiki/Vienna_Philharmonic_(coin)">specs

Why the Same Ounce Comes in Different Sizes

Every coin in the chart holds the same amount of gold, so why don't they match? There are three reasons:

Alloy. The Gold Eagle and Krugerrand are 22-karat coins. The Eagle is https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>91.67% gold, 3% silver, and the rest copper. That adds 2.83 g of other metal on top of a full ounce of gold, which is why the coin weighs 33.93 g.
Design. Each mint picks its own shape. The Philharmonic spreads its ounce into a wide, thin 37 mm disc, while the Maple Leaf packs the same ounce into 30 mm.
Rims. Mints measure coin thickness at the raised rim, and the flat field and design sit lower. As a result, a coin looks a bit bulkier than the gold inside it.

Color: 22-Karat vs. .9999 Gold

Gold alloys can also change the color. The more copper there is in a gold product, the https://en.wikipedia.org/wiki/Colored_gold";>redder it can turn the metal. The alloys of the Gold Eagle and Krugerrand have more copper, giving them a warm, orange tone.

This is in contrast to pure .9999 gold coins like the Buffalo and Maple Leaf. These coins have a much brighter and more yellow hue. The copper also makes 22k gold https://en.wikipedia.org/wiki/Krugerrand";>more durable than pure gold, so these coins resist scratches better than their finer counterparts.

What Does a 1 oz Gold Bar Look Like?

A 1 oz gold bar is a thin, flat rectangle. One common bar, the https://www.moneymetals.com/buy/gold/pamp-suisse-gold-bars";>PAMP Suisse Lady Fortuna, is https://www.apmex.com/resources/ProductSpecifications/1-oz-PAMP-Suisse-Lady-Fortuna-Gold-Bar-APMEX-11951.pdf";>41 x 24 mm and 1.71 mm thick. A credit card is https://en.wikipedia.org/wiki/ISO/IEC_7810";>85.60 x 53.98 mm, so the bar covers about 21% of a card’s face.

There is no standard size, because each refiner picks its own. One dealer, for example, lists a Valcambi 1 oz bar at https://goldbroker.com/buy/gold/bars/1-ounce-gold-bar-valcambi-51";>38 x 22 mm. Both bars hold the same ounce of gold. Since the Valcambi has a smaller face, it has to be a little thicker.

Most small bars are minted. Refiners shape these bars by https://www.moneymetals.com/measurement/how-much-does-a-gold-bar-weigh";>cutting them from rolled sheets of gold, then stamping them with a proprietary design. Minted bars have a clean, crisp look. Cast bars start as molten gold poured into molds. Their casting process gives them a rougher, more rugged look.

Many minted bars come sealed in a plastic assay card. The card shows the weight, purity, refiner, and serial number. The card is much bigger than the bar, so don’t judge the bar’s size by its packaging. We provide several examples on our https://www.moneymetals.com/buy/gold/bars/1-oz-gold-bars";>1 oz gold bars page.

Why Listed Bar Thickness Can Mislead

Sellers often list bar thickness at the thickest point, such as a raised rim. You can check any listing with simple math:

Multiply the length, width, and thickness in mm.
Divide by 1,000 to get cm³.
Compare the result with 1.61 cm³, the volume of one ounce.

For example, let’s examine a PAMP bar. At 41 x 24 x 1.71 mm, that bar measures 1.68 cm³, and a solid block that size would weigh 32.5 g. That is close to one ounce; rounded edges and a raised rim make up the difference.

Now take a listing that says 42 x 24 x 2 mm. That works out to 2.02 cm³, and a solid gold bar that size would weigh 38.9 g, or 25% more than an ounce. So the 2 mm figure must be the rim, not the average thickness.

Bar	Size	Listed Thickness	Average Thickness Needed for 1 oz
PAMP Suisse Lady Fortuna	41 x 24 mm	https://www.apmex.com/resources/ProductSpecifications/1-oz-PAMP-Suisse-Lady-Fortuna-Gold-Bar-APMEX-11951.pdf";>1.71 mm	1.64 mm
Valcambi	38 x 22 mm	https://goldbroker.com/buy/gold/bars/1-ounce-gold-bar-valcambi-51";>Not listed	1.93 mm

A Kilo Bar for Scale

A kilo bar holds https://www.moneymetals.com/measurement/how-many-troy-ounces-in-a-kilo";>32.15 troy ounces. Its gold fills a volume of roughly 51.8 cm³. That is 32 times the metal in a 1 oz bar. You can see a list of gold bar weights from 1 gram to 400 ounces on our https://www.moneymetals.com/measurement/how-much-does-a-gold-bar-weigh";>how much a gold bar weighs page.

What 1/2, 1/4, and 1/10 oz Gold Coins Look Like

Fractional gold coins are where the quarter comparison fits. A quarter falls between the 1/2 oz and 1/4 oz Gold Eagles in size, and a 1/10 oz Gold Eagle is smaller than a dime.

The chart below runs from largest to smallest. Gold Eagle sizes come from https://www.law.cornell.edu/uscode/text/31/5112";>31 U.S.C. 5112, and the other coin sizes come from the https://www.usmint.gov/learn/coins-and-medals/circulating-coins/coin-specifications";>U.S. Mint.

Coin	Diameter	Gold Content
1 oz Gold Eagle	32.7 mm	1 oz
Half dollar	30.61 mm	None
1/2 oz Gold Eagle	27.0 mm	1/2 oz
Dollar coin	26.49 mm	None
Quarter	24.26 mm	None
1/4 oz Gold Eagle	22.0 mm	1/4 oz
Nickel	21.21 mm	None
Dime	17.91 mm	None
1/10 oz Gold Eagle	16.5 mm	1/10 oz

The advantage of smaller coins is that they let you buy gold in smaller, more manageable amounts. You can browse our https://www.moneymetals.com/buy/gold/fractionals";>fractional gold coins to see the full range.

How Big Is an Ounce of Silver?

Silver is far less dense than gold. Silver has a density of roughly https://periodic-table.rsc.org/element/47/silver";>10.5 g per cm³, so an ounce of silver fills 2.96 cm³. That is 1.84 times the space of an ounce of gold.

You can see this gap when you look at coins. A 1 oz https://www.moneymetals.com/2026-silver-american-eagle-1-troy-ounce-999-pure/2728";>Silver Eagle is https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>40.6 mm across. In contrast, a 1 oz Gold Eagle is only 32.7 mm.

Platinum goes the other way. At https://periodic-table.rsc.org/element/78/platinum";>21.5 grams per cm³, an ounce of platinum fills just 1.45 cm³. That is roughly 10% less space than an ounce of gold contains.

Metal	Density	Volume of 1 oz	Side of a 1 oz Cube
Silver	10.5 g/cm³	2.96 cm³	14.4 mm
Gold	19.3 g/cm³	1.61 cm³	11.7 mm
Platinum	21.5 g/cm³	1.45 cm³	11.3 mm

How to Check a 1 oz Gold Coin With a Ruler and a Scale

One of the top search results for this topic is a Reddit post where a buyer weighed a coin and asked, https://www.reddit.com/r/Gold/comments/1ntuwca/is_this_considered_1_oz/";>“Is this considered 1 oz?” A digital scale and a set of calipers can answer that question, and our guide to https://www.moneymetals.com/guides/how-to-test-gold-and-silver-at-home";>testing gold at home recommends both.

Step 1: Weigh it. Use a digital scale, and compare the reading with the coin's total weight, not its gold content.

Coin	Expected Scale Reading
American Gold Eagle	33.93 g
South African Krugerrand	33.93 g
British Gold Britannia	31.21 g
Canadian Gold Maple Leaf	31.11 g
American Gold Buffalo	31.10 g
Austrian Philharmonic	31.10 g

A Gold Eagle that reads 33.9 g is correct, because it holds a full ounce of gold plus 2.83 g of alloy. Don't expect it to read 31.1 g. Cheap scales also round their readings, so tiny gaps are normal.

Step 2: Measure it. Use a ruler or calipers across the widest point, and compare the result with the size chart above. Small wear is normal, but a big gap is a red flag.

Step 3: Know the limits. Tungsten is almost as dense as gold. According to The Royal Society of Chemistry, tungsten has a density of https://periodic-table.rsc.org/element/74/tungsten";>19.3 g per cm³. That is the same figure it gives for gold. That means a tungsten-core fake can match both size and weight. If anything seems off, try the stronger tests in our https://www.moneymetals.com/guides/how-to-test-gold-and-silver-at-home";>home testing guide, or buy from a dealer you trust.

What Does an Ounce of Gold Look Like in Jewelry?

Jewelry is rarely pure gold. Instead, jewelry measures gold by the karat system, with karat ratings showing how much gold is in an item. For example, https://www.moneymetals.com/guides/how-to-test-gold-and-silver-at-home";>14k gold is about 58.5% gold, and 18k is about 75% gold. Because the other metals add bulk, the same ounce of gold looks bigger in a ring or chain than it does in a coin.

Frequently Asked Questions

No. A quarter is https://www.usmint.gov/learn/coins-and-medals/circulating-coins/coin-specifications";>24.26 mm across, while a 1 oz gold coin is 30 to 37 mm across. That makes it closer to a half dollar, which is 30.61 mm. The 1/2 oz and 1/4 oz Gold Eagles are the coins that come closest to quarter size.

Based on gold's https://periodic-table.rsc.org/element/79/gold";>density of 19.3 g per cm³, a troy ounce of gold fills 1.61 cm³. It would form a cube 11.7 mm on each side. As a coin, it is about the size of a half dollar, and as a bar, it is about 41 x 24 mm.

Most 1 oz gold bars are less than 2 mm thick. The PAMP Lady Fortuna https://www.apmex.com/resources/ProductSpecifications/1-oz-PAMP-Suisse-Lady-Fortuna-Gold-Bar-APMEX-11951.pdf";>is listed at 1.71 mm, and a flat 41 x 24 mm bar needs an average thickness of 1.64 mm to hold one ounce.

Some mints use 22-karat gold. The Gold Eagle and Krugerrand https://www.law.cornell.edu/uscode/text/31/5112";>weigh 33.93 g, but they still hold one full troy ounce of gold. The extra weight comes from the other metals mixed in to make the coin more durable.

The price of gold changes throughout the day. Check the https://www.moneymetals.com/gold-price";>live gold price per ounce for today's spot price.

Beyond the CPI: The Complete Inflation Story -- September 2026

Thu, 15 Oct 2026 00:00:00 EST

The Consumer Price Index (CPI) surged in September as fuel prices spiked yet again. This has some analysts forecasting a 50-basis-point Fed rate hike before year-end.

The CPI data certainly tells a gloomy inflation tale, but it doesn’t tell the whole story. In fact, the September CPI primarily reflected an oil shock. That’s not “inflation” as historically defined, and the Fed can tackle the problem by hiking interest rates.

However, that’s not to say the inflation picture is “just fine.”

Each month, the Bureau of Labor Statistics releases the Consumer Price Index (CPI) report. Policymakers, pundits, and economists use this data to gauge the current inflation situation.

But relying solely on CPI data to gauge inflation is a little like looking at the temperature and claiming you know the weather.

CPI tracks price inflation – more specifically, changes in the price of a basket of goods. But historically, https://youtu.be/lmvFyBBJORM";>inflation was defined as an increase in the supply of money and credit. Rising consumer prices are one impact of this monetary inflation. In other words, the CPI measures a symptom of monetary inflation.

The CPI captures past monetary inflation in the economy, but it can’t predict inflation's trajectory. That means we need to look at other metrics to understand the complete inflation story.

With this in mind, I publish a more comprehensive inflation report each month using four metrics – CPI, changes in the M2 money supply, changes in the Federal Reserve balance sheet, and the Chicago Fed National Financial Conditions Index.

September CPI

After rising 0.4 percent in August, prices surged by another 0.6 percent in September, https://www.bls.gov/news.release/cpi.nr0.htm";>according to BLS data. That drove the headline annual CPI to 3.7 percent, a notch above the 3.6 percent forecast.

Stripping out more volatile food and energy prices, core CPI increased by 0.3 percent for the second straight month. That drove annual core CPI to 2.6 percent. The forecast was for a 0.2 percent uptick in core CPI and a 2.5 percent annual rise.

Over the past three years, core CPI has been stubbornly stuck at 3.2 percent.

https://www.moneymetals.com/uploads/content/sept-26-cpi-chart.png"; width="500" height="425" class="mx-auto p-3" alt="" />

The September CPI undeniably reflected a major surge in price inflation, but it was primarily a function of rising energy prices as the U.S.-Iran conflict continued to roil oil markets.

The energy index surged by 5.2 percent month-on-month, driven by a 9.1 percent increase in gasoline prices. Meanwhile, fuel oil surged 15.3 percent last month, just in time for the winter heating season.

As economist Daniel Lacalle noted, while energy costs have driven CPI much higher, it is not the kind of price inflation the Fed can tackle by hiking rates.

“U.S. CPI shows the stupidity of rate hikes. The entire impact comes from refined products. Rate hikes will not create more barrels nor increase refining, but they damage families and businesses.”

However, several indexes showed modest price increases, including a 0.4 percent month-on-month rise in shelter and services, and a 0.3 percent increase in commodity prices. This indicates underlying inflationary pressure unrelated to the oil shock.

On a positive note, food prices were unchanged in September, and medical care service prices dipped by -0.2 percent.

https://www.moneymetals.com/uploads/content/sept-26-cpi-breakdown.png"; width="800" height="335" class="mx-auto p-3" alt="" />

M2 Money Supply

While prices are cooling, the money supply is increasing rapidly. That is, https://www.youtube.com/watch?v=lmvFyBBJORM&;amp;list=PLYdILhg0SvdQ&index=1&pp=iAQB">by definition, inflation. However, we won’t see its impact on the general price level for months.

Between August 2025 and August 2026, the money supply surged from $22.09 trillion to $23.34 trillion.

https://www.moneymetals.com/uploads/content/m2-sept-26.png"; width="700" height="382" class="mx-auto p-3" alt="" />

In other words, we have an actual inflation rate of 5.7 percent.

The M2 money supply increased by $124.9 billion in August alone, a 0.54 percent m-o-m gain.

This monetary inflation will eventually find its way into consumer prices. (It could also manifest in rising asset prices such as real estate and equities.)

The Federal Reserve Balance Sheet

One reason the money supply is increasing is due to central bank money printing.

While Warsh & Co. talk tough on inflation, the Fed is running https://youtu.be/ipaQAgOCJBk";>quantitative easing (QE) operations to create artificial demand for Treasuries and hold yields lower than they otherwise would be. That means the central bank is buying U.S. Treasuries and holding them on its balance sheet. To run this operation, the Fed creates money out of thin air to pay for these bonds. That new money gets injected into the economy. Again, this is, by definition, inflation.

The Fed will never admit to running QE. It will tell you it is just a technical operation to keep the financial system’s plumbing clear. But no matter what you call it, the practical impact is the same. The Fed’s balance sheet expands, and new money flows into the economy.

The https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm";>central bank’s balance sheet began ticking higher last December, and the upward trend continues. In September, it nudged up from $6.74 trillion to $6.75 trillion. It has increased from $6.54 trillion since January.

https://www.moneymetals.com/uploads/content/fed-balance-sheet-sept-26.png"; width="700" height="532" class="mx-auto p-3" alt="" />

Keep in mind the Fed must run QE just to keep the balance sheet steady. Bonds mature and roll off the balance sheet monthly. The central bank has to buy new securities to replace the old ones.

I can’t overstate the fact that the Fed is easing monetary policy through its balance sheet operations, even as it claims to be fighting inflation. Sure, the balance sheet increase is modest. But if you’re serious about an inflation fight, why isn’t the balance sheet shrinking?

The answer is the evolving bond bear market. With rising yields driving up the federal government’s interest costs, the Fed has no choice but to step in and support the Treasury market.

The Treasury Department is trying (https://www.moneymetals.com/news/2026/09/24/treasury-announces-second-oversized-bond-buyback-as-it-tries-to-put-a-lid-on-yields-005234";>and failing) to drive long-term rates lower with its bond buyback. It’s only a matter of time before the Fed has to engage in more aggressive QE to manipulate the Treasury market and facilitate U.S. government borrowing and spending.

National Financial Conditions Index

While everybody imagines monetary policy is currently tight, it is loose from a historical perspective.

The Chicago Fed’s own https://www.chicagofed.org/research/data/nfci/current-data"; target="_blank" rel="noopener">National Financial Conditions Index (NFCI) reveals this.

As of the week ending October 9, the NFCI stood at -0.5. The minus sign indicates financial conditions remain historically loose.

Surprisingly, the NFCI never went positive, even during the height of the Fed’s tightening cycle. The highest it got was -0.09 in October 2022.

https://www.moneymetals.com/uploads/content/nfci-aug-26.png"; width="800" height="364" class="mx-auto p-3" alt="" />

Again, this reveals the Federal Reserve inflation fight wasn’t nearly as aggressive as advertised. It maintained a historically loose monetary policy through the entirety of this inflation cycle.

It also reveals that the economy is addicted to easy money. The fact that the central bank never drove financial conditions tight for fear of collapsing the debt-riddled bubble economy is telling. It certainly wasn’t because inflation was under control.

Conclusion

When you put all the data together, the inflation picture looks much more concerning than the sketch drawn by the CPI data alone. Clearly, inflation is far from "under control." It is on the upswing.

While the CPI is primarily being driven higher by rising energy costs, the growing money supply means there's undoubtedly more price pressure in the pipeline. Whether it manifests in consumer prices, asset prices, or both remains to be seen.

The bottom line is it’s not the time to celebrate inflation’s demise. One thing you can count on: the powers-that-be will relentlessly devalue your money – at least by the planned 10-plus percent every five years.

Russian Gold Is Flowing Through Hong Kong

Thu, 15 Oct 2026 00:00:00 EST

Hong Kong has taken several https://www.moneymetals.com/news/2026/10/13/hong-kongs-rise-as-global-gold-hub-boosts-status-of-chinese-currency-005287";>steps to elevate its status as a global gold hub this year, including the launch of https://www.moneymetals.com/news/2026/07/09/hong-kong-launches-gold-settlement-system-to-challenge-western-dominance-005050";>a gold clearing and settlement system that mirrors the London Bullion Market Association. But to be a gold hub, you need a lot of gold. Hong Kong is getting plenty of the metal from Russia.

Hong Kong has become a conduit for Russian gold as sanctions have cut off Russia’s access to Western financial markets.

Hong Kong imported a record 112.7 tonnes of Russian gold through the first seven months of 2026. Hong Kong imported 92.1 tonnes of Russian gold through the entirety of 2025. That compares with just 3.3 tonnes in 2021, the year before Russia invaded Ukraine.

https://www.cnbc.com/2026/10/06/russia-gold-hong-kong-china-western-sanctions.html"; target="_blank" rel="noopener">According to CNBC, Russian bullion accounted for nearly 15 percent of Hong Kong’s non-monetary gold imports in the first seven months of this year. That was up from just 0.6 percent in 2021.

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The LBMA suspended all six Russian gold and silver refiners from its good delivery list after the invasion. The U.S. and its Western allies also imposed restrictions on Russian gold. As CNBC put it, this effectively closed off markets that had previously been major destinations for the country’s bullion.

And Russia has a lot of gold.

Russia was the https://www.moneymetals.com/news/2026/08/15/top-10-gold-producing-countries-in-2025-005143";>second-largest gold producer in 2025, with Russian mines yielding around 345 tonnes of gold.

The Russian government has also been https://www.moneymetals.com/news/2026/07/23/russia-continues-to-sell-gold-to-support-its-economy-005087";>tapping into its existing gold reserves as it copes with sanctions and the drag of a wartime economy. The Russian central bank sold 56 tonnes of gold through August.

Gatehouse Advisory Partners senior consultant Vita Spivak said most of the gold flowing into Hong Kong from Russia ends up in mainland China, since it has not sanctioned Russian gold. But it’s not just about evading sanctions.

“For bullion specifically, Hong Kong also offers advantages beyond sanctions circumvention. It provides direct access to the world’s largest gold-consuming market.”

CNBC called Hong Kong a “natural alternative” for Russian gold.

“The city has long served as a gateway for bullion into mainland China, the world’s largest gold consumer, and it is rapidly expanding its storage, clearing and trading infrastructure.”

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This is part of a broader movement of gold from the East to the West. Hong Kong’s evolution as a gold hub could quickly challenge London and other traditional Western gold hubs for dominance.

Meanwhile, Chinese investors are gobbling up gold, along with the country’s central bank. S&P Global Ratings Greater China country lead Charles Chang told CNBC, “Whether it’s the PBOC or if it’s the Chinese consumers, they’ve all been buying quite a bit of gold.”

“In times of high uncertainty, consumers tend to want to protect their savings, and they find gold as one vehicle for that.”

It’s certainly worked for the Russians.

The Bank of Russia launched a gold buying spree beginning in 2014. Over the next six years, the Russian central bank increased its reserves by around 40 million ounces (1,244 tonnes).

During this period, gold ranged from $1,100 to $1,500 an ounce.

When the war began, Russia held about half of its reserves in dollars, euros, and pound sterling. The other half was in yuan and gold, which remain accessible.

The Russians also made a shrewd move before they invaded Ukraine, transferring their National Welfare Fund holdings into yuan (60 percent) and gold (40 percent). https://www.rand.org/randeurope/research/projects/2024/russia-gold-in-wartime.html";>A RAND Corporation study notes, “This was an indication that Russia was preparing for increased Western economic pressure. During the war, Russia has been using these funds to support the budget.”

Russia’s recent selling reveals just why central banks hold gold. It serves as a long-term reserve free from https://www.moneymetals.com/news/2024/02/29/buy-gold-and-silver-to-hedge-against-counterparty-risk-003015";>counterparty risk. And because its value is recognized globally, it can serve as an emergency fund – even if you’ve been locked out of the global dollar-dominated financial system.

Hong Kong’s role as a gold gateway underscores another important reality – while it’s relatively easy to restrict the flow of dollars or other fiat currencies, it’s much harder to stem the flow of gold. You can always find someone who wants it.

Why China Is Buying Gold — and What It Means for the Dollar

Thu, 15 Oct 2026 00:00:00 EST

China is accumulating gold as governments around the world reconsider their dependence on the U.S. dollar. While the dollar remains the dominant international reserve currency, rising American debt and the use of financial sanctions as a foreign policy tool have given countries additional reasons to diversify their reserves.

In this week’s Midweek Memo, Money Metals’ Mike Maharrey explores the motivations behind China’s gold-buying spree, the broader movement toward de-dollarization, and the potential consequences for the United States. He also examines how Hong Kong’s ambitions to become a major global gold-trading center could strengthen the Chinese yuan’s role in international commerce.

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Why China Is Accumulating Gold

China’s gold purchases have attracted increasing attention as its central bank continues to expand its reported reserves. Maharrey argues that the motivation goes beyond simply investing in a valuable commodity: Beijing wants to reduce its dependence on the dollar.

Gold offers governments an alternative reserve asset that does not represent another country’s financial liability. Unlike dollar-denominated securities, physical gold does not depend on the continued performance of a foreign government or financial institution.

Maharrey also points to reports suggesting that China’s actual gold holdings could exceed its officially disclosed reserves. Although the precise size of any undisclosed holdings is uncertain, the possibility highlights the difficulty of determining exactly how much gold some central banks possess.

The broader trend extends beyond China. Central banks have increasingly turned to gold as they reassess the composition of their reserves and the risks associated with relying heavily on a single currency.

The Two Forces Driving De-Dollarization

Maharrey identifies two major concerns encouraging countries to reduce their dependence on the dollar: America’s growing national debt and the use of the dollar-based financial system as a geopolitical instrument.

Mounting U.S. Debt

The United States relies heavily on borrowing to finance government spending. Its position in the global financial system helps sustain demand for U.S. Treasury securities and dollar-denominated assets, making it easier for the government to finance persistent deficits.

However, Maharrey argues that continued borrowing creates long-term risks. If foreign governments and investors become less willing to hold dollars and Treasury securities, the United States could face higher borrowing costs and greater pressure on its currency.

The dollar’s international role has helped the U.S. government finance its spending, but that advantage depends partly on continued global demand for dollar-denominated assets.

The Weaponization of the Dollar

The second concern is geopolitical. The United States can use its influence over the international financial system to impose sanctions, restrict access to dollar transactions, and freeze certain foreign-held assets.

These measures can serve American foreign policy objectives, but they can also encourage other governments to seek alternatives.

From the perspective of countries concerned about potential sanctions, holding assets outside the dollar-based system can provide a measure of financial independence. Gold is particularly attractive because it can be held directly rather than through another government’s financial obligations.

Maharrey argues that the use of the dollar as a foreign policy tool may therefore accelerate the very diversification that could eventually weaken its international position.

Why a Weaker Dollar System Could Affect Americans

The dollar’s reserve-currency role creates demand for U.S. currency and dollar-denominated assets around the world. That demand helps support the American financial system and provides the government with greater flexibility to borrow and spend.

Maharrey warns that a sustained decline in global demand for dollars could create significant economic challenges.

If international investors and governments reduce their dollar holdings, the currency could face additional downward pressure. A weaker dollar would make imported goods more expensive, potentially adding to inflationary pressures for American consumers.

The effects would depend on the pace and scale of de-dollarization, as well as how financial markets and policymakers respond. A gradual diversification of reserves would not necessarily trigger a currency crisis, but a sharp loss of confidence could have more disruptive consequences.

The central point is that the dollar’s international standing provides economic advantages that Americans can easily take for granted. A meaningful erosion of those advantages could make it more difficult to finance government deficits and preserve purchasing power.

Hong Kong’s Bid to Become a Global Gold Hub

China’s efforts to expand its influence in the gold market extend beyond its central bank reserves. Maharrey highlights Hong Kong’s initiatives to establish itself as a major center for physical gold trading and settlement.

These efforts include expanding gold storage capacity and developing yuan-denominated futures and trading infrastructure.

The currency used to price and settle gold transactions matters. If a growing share of international gold trading takes place in yuan rather than dollars, it could help expand the Chinese currency’s use in global commerce.

Hong Kong’s ambitions therefore connect the physical gold market with China’s broader financial objectives. A larger gold-trading ecosystem could attract more participants, deepen yuan-based financial markets, and provide another avenue for countries and businesses to conduct transactions outside the traditional dollar system.

It would not automatically displace the dollar, but it could contribute to a more diversified international monetary system.

Gold’s Role in a Changing Monetary Order

Maharrey’s discussion returns to a fundamental distinction between gold and fiat currencies. Governments can create currency and issue debt, but the supply of gold cannot be expanded through a monetary policy decision.

Gold also carries no promise from a foreign government to repay principal or interest. That characteristic can make it appealing to central banks seeking to diversify their reserves and reduce exposure to financial and geopolitical risks.

However, gold prices can fluctuate considerably, and its suitability as an investment depends on an investor’s objectives, time horizon, and tolerance for risk. Maharrey emphasizes that value is subjective and that an asset’s usefulness depends partly on what an individual is trying to achieve.

For central banks, the calculation is different from that of a short-term investor. Gold can serve as a reserve asset intended to preserve purchasing power and provide diversification over longer periods.

Silver also has a place in the broader precious-metals market, although its substantial industrial demand gives it a different set of price drivers.

The Long-Term Implications for the Dollar

China’s gold accumulation is part of a larger debate about the future of the international monetary system. Rising debt, geopolitical tensions, and efforts to expand alternative payment and settlement networks are encouraging some countries to reconsider their reliance on the dollar.

The dollar remains deeply embedded in global trade and finance, and a rapid loss of its dominant position is not inevitable. Nevertheless, even gradual diversification could have consequences for the United States if it reduces foreign demand for dollar-denominated assets over time.

For Maharrey, the trend reinforces the importance of understanding how monetary systems work and how currency depreciation can affect long-term savings.

As central banks continue to accumulate gold and countries explore alternatives to dollar-based transactions, precious metals are likely to remain part of the conversation about financial resilience and the preservation of purchasing power.

What Is 24k Gold - Gold Karat and Purity Chart From 24k to 10k - Is 24k Gold Pure, 22k vs 24k Gold, and Karat Stamps Explained - Money Metals

Wed, 14 Oct 2026 00:00:00 EST

Technically speaking, 24k gold is gold with nothing purposefully mixed in. All 24 of its 24 parts are gold. In the real world, however, such gold is practically impossible to come by. Instead, you usually see gold sold as .999 or .9999 fine, not as a perfect 100%. The Royal Canadian Mint puts 24k at “around 99.9% pure gold.”

Many guides skip over a crucial distinction. Karat tells you what the gold is mixed with; it does not tell you how much gold you own. A 1 oz 22k https://www.moneymetals.com/buy/gold/american-gold-eagle";>American Gold Eagle and a 1 oz 24k https://www.moneymetals.com/buy/gold/coins/gold-american-buffalo";>American Gold Buffalo each hold one troy ounce of gold. The chief difference is that the Eagle contains some silver and copper in its alloy.

What Does 24 Karat Mean?

A karat is one part out of 24. The number tells you how many of those 24 parts are gold. 18k gold is 18 parts gold and 6 parts other metal, or 75% gold. 24k gold is 24 parts gold, with no room left for anything else.

To turn a karat into a percentage, divide it by 24:

22k: 22 ÷ 24 = 0.9167, or 91.67% gold
14k: 14 ÷ 24 = 0.5833, or 58.33% gold

You can convert the percentage to karats by multiplying the fineness by 24. A stamp of 916 means 0.916 x 24 = 21.98. That rounds to 22k.

Why the Scale Stops at 24

The 24-part system likely comes from ancient Rome. In circa 309 AD, Emperor Constantine I began to mint a gold coin called the solidus. The coin weighed 24 siliquae, which was a tiny unit of measurement linked to the carob seed. Many believe that the coin is https://en.wikipedia.org/wiki/Fineness";>the origin of the karat.

Since 24 parts make up the whole, the scale cannot go higher. If you see “48 karat gold” online, it is not a real grade.

Karat vs Carat

In the US, karat (with a k) measures gold purity. Carat (with a c) measures the weight of gemstones. One gem carat equals https://en.wikipedia.org/wiki/Carat_(mass)">200 milligrams. Some countries use "carat" for both. Britain's Royal Mint, for example, calls the Sovereign a https://www.royalmint.com/stories/sovereign/the-sovereign-in-the-first-world-war/";>22 carat gold coin.

Gold Karat and Purity Chart

This chart lists the common karats. It shows the gold content of each one and the stamp you will usually see.

Karat	Parts gold	Gold content	Common stamp	Where you see it
24k	24 of 24	99.9% to 99.99% in practice	999 or 9999	Gold bars, Buffalo, Maple Leaf
22k	22 of 24	91.67%	916	Gold Eagle, Krugerrand, Sovereign
21k	21 of 24	87.5%	875	Jewelry
20k	20 of 24	83.33%	833	Jewelry
18k	18 of 24	75%	750	Jewelry
14k	14 of 24	58.33%	585 or 583	Jewelry
10k	10 of 24	41.67%	417	Jewelry
9k	9 of 24	37.5%	375	Jewelry

Stamps are rounded, which means they do not always match the math. 14 ÷ 24 works out to 583.3 parts per thousand. However, you will usually see 585 on 14k gold. That puts the stamp a little above the line. 22k works out to 916.7, and it is stamped 916.

What Karat Is My Gold Stamp?

Some gold carries a number instead of a karat mark. That number shows gold content in parts per thousand. A four-digit stamp such as 9999 is in parts per ten thousand. Use this table to convert a stamp to karats.

Stamp	Gold content	Karat	Where it shows up
9999	99.99%	24k	Buffalo, Maple Leaf, many bars
999	99.9%	24k	Many bars and rounds
995	99.5%	23.9k	Minimum for London Good Delivery bars
958	95.8%	23k	Rare
916	91.6%	22k	Gold Eagle, Krugerrand, Sovereign
900	90%	21.6k	$20 Saint-Gaudens and many older US gold coins
875	87.5%	21k	Jewelry
750	75%	18k	Jewelry
585	58.5%	14k	Jewelry
417	41.7%	10k	Jewelry
375	37.5%	9k	Jewelry

Watch for two common mix-ups. A 995 bar is not quite 24k. It works out to 23.9k. And a .900 coin is 21.6k, not 21k. True 21k gold is 875.

Is 24k Gold Pure?

24k gold is as pure as gold gets in the market, but that does not make it 100% pure. Perfect purity, where gold is 24 parts gold, is very https://en.wikipedia.org/wiki/Fineness";>hard to reach. Because of that, most people set the bar a little lower for gold products. However, sources set the limit in different places:

The https://www.mint.ca/en/lets-talk-bullion/what-are-gold-karats";>Royal Canadian Mint says 24k is “typically around 99.9% pure gold.”
https://en.wikipedia.org/wiki/Fineness";>Wikipedia says the 24 karat label is “permitted in commerce for a minimum of 99.95% purity.”
The FTC’s guides treat 24 karat as “fine” gold. A federal law then allows a small shortfall from any mark (more on that below).

In practice, 24k bullion comes in two common grades:

.999 fine (“three nines”): 99.9% gold
.9999 fine (“four nines”): 99.99% gold

The gap between them is small. Our guide to https://www.moneymetals.com/investment/what-is-fine-gold";>fine gold explains when it matters.

The large bars that banks trade in London need even less. Under https://www.lbma.org.uk/publications/the-otc-guide/london-good-delivery-gold-and-silver";>LBMA Good Delivery rules, the minimum fineness is 995.0 parts per thousand. That is 23.9k on the karat scale.

This is why bullion is sold by fineness, not karat. Fineness is a more precise metric. The Royal Canadian Mint says that is part of the reason bullion uses it.

What a Karat Stamp Legally Means in the US

Two federal rules govern gold marks in the US. Both are worth knowing before you buy.

The FTC Jewelry Guides

The FTC’s https://www.ecfr.gov/current/title-16/chapter-I/subchapter-B/part-23/section-23.3";>Jewelry Guides at 16 CFR 23.3 cover the word “gold.” Calling an item “gold” with no karat is misleading unless it is “composed throughout of fine (24 karat) gold.”

Anything below 24k must show its karat right before the word “gold.” That karat mark must be just as easy to see. So “14k Gold” is fine. Plain “Gold” on a 14k ring is not.

The guides’ own examples include a “9 K” mark. So, while 10k is the lowest common karat grading, there can occasionally be lower karat gold items sold in the jewelry market.

The Gold and Silver Stamping Act

The https://www.law.cornell.edu/uscode/text/15/295";>National Gold and Silver Stamping Act sets how close the metal must be to its mark. Tested without solder, gold can fall no more than 3 parts per thousand below its stamp. If you test the whole piece with its solder, the limit is 7 parts per thousand. Watchcases and flatware must meet the 3-part limit either way.

Let’s look at an example, using a 14k ring. If you do the math, you would find that a 14k ring has 583 gold parts per thousand. Without solder, the ring must test at 580 or higher. With its solder included, it must test at about 576 or higher.

22k vs 24k Gold: Same Ounce, Different Mix

Investors ask this question a lot when it comes to gold bullion coins. Does a 22k coin give you less gold than a 24k coin of the same size? For US bullion coins, the answer is no.

The https://www.moneymetals.com/buy/gold/american-gold-eagle";>American Gold Eagle is 22k. The https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>US Mint lists it as 91.67% gold, 3% silver, and the rest copper. It weighs 33.931 grams, or 1.0909 troy ounces. Federal law, https://www.law.cornell.edu/uscode/text/31/5112";>31 U.S.C. 5112, says that it “contains one troy ounce of fine gold.”

In contrast, the https://www.moneymetals.com/buy/gold/coins/gold-american-buffalo";>American Gold Buffalo qualifies as a 24k item with 99.99% gold. The coin weighs 31.103 grams, equaling one troy ounce. These were the first .9999 fine 24-karat gold coins ever struck by the US Mint.

To find the grams of gold in an Eagle, multiply 33.931 grams x 0.9167. Doing so gets 31.10 grams of gold. That equates to https://www.moneymetals.com/measurement/how-many-grams-in-1-oz-of-gold";>one troy ounce of gold, the same as a Gold Buffalo. The remainder, an extra 2.8 grams, comes from the alloyed silver and copper.

	American Gold Eagle	American Gold Buffalo
Karat	22k	24k
Total weight	33.931 g	31.103 g
Gold	31.10 g (1 troy oz)	31.10 g (1 troy oz)
Silver	About 1.02 g	None added
Copper	About 1.81 g	None added

So when you compare these coins, you are not comparing ounces of gold. You are comparing price, durability, and resale demand. For a full breakdown, see https://www.moneymetals.com/bullion/american-gold-eagle-vs-american-buffalo-gold-coins";>Gold Eagle vs Gold Buffalo. We also compare https://www.moneymetals.com/bullion/krugerrand-vs-american-gold-eagle";>Krugerrand vs Gold Eagle and https://www.moneymetals.com/bullion/krugerrand-vs-canadian-gold-maple-leaf";>Krugerrand vs Maple Leaf.

What Is 22k Gold?

22k gold is 22 parts gold and 2 parts other metal, or 91.67% gold. Its usual stamp is 916. The added metal makes it harder than 24k gold, so it https://www.moneymetals.com/bullion/krugerrand-vs-american-gold-eagle";>resists scratches better. The https://www.moneymetals.com/buy/gold/coins/krugerrand-south-african-mint";>Krugerrand and the British https://www.royalmint.com/sovereign/weight/4";>Sovereign are also 22k.

Some Older Coins Hold Less Than an Ounce

Karat can also tell you that a coin falls short of a full ounce. The $20 Saint-Gaudens Double Eagle, struck from 1907 to 1933, is https://www.pcgs.com/coinfacts/coin/1928-20/9189";>90% gold and 10% copper. That is .900 fine, or 21.6k. Each coin holds https://www.moneymetals.com/buy/gold/pre-1933-gold-coins/saint-gaudens-double-eagle";>0.9675 troy ounces of gold, a little less than one ounce.

What Karat Are Gold Bars and Coins?

Most investment gold is 22k or 24k. Here is how popular products compare.

Product	Fineness	Karat	Gold per coin or bar
https://www.moneymetals.com/buy/gold/bars";>Most gold bars	.999 or .9999	24k	Varies by size
https://www.lbma.org.uk/publications/the-otc-guide/london-good-delivery-gold-and-silver";>LBMA Good Delivery bars	.995 minimum	23.9k or higher	Large bars
https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>American Gold Eagle	.9167	22k	1 troy oz
https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>American Gold Buffalo	.9999	24k	1 troy oz
https://www.moneymetals.com/buy/gold/canadian-gold-coins/canadian-gold-maple-leaf";>Canadian Gold Maple Leaf	.9999	24k	1 troy oz
https://en.wikipedia.org/wiki/Krugerrand";>South African Krugerrand	.9167	22k	1 troy oz
https://www.royalmint.com/invest/discover/invest-in-gold/the-benefits-of-the-britannia-bullion-coin/";>British Gold Britannia (2013 on)	.9999	24k	1 troy oz
https://www.royalmint.com/sovereign/weight/";>British Sovereign	.9167	22k	0.2354 troy oz
https://www.muenzeoesterreich.at/eng/produkte/1-ounce-gold-vienna-philharmonic-coin";>Austrian Philharmonic	.9999	24k	1 troy oz
https://www.pcgs.com/coinfacts/coin/1928-20/9189";>$20 Saint-Gaudens (1907 to 1933)	.900	21.6k	0.9675 troy oz

Gold bars are the simplest case. Most are .999 or .9999 fine, which is 24k. Coins split between 22k and 24k. The Britannia shows how this can change. The Royal Mint struck it in 22 carat gold from 1987 and has used https://www.royalmint.com/invest/discover/invest-in-gold/the-benefits-of-the-britannia-bullion-coin/";>24 carat gold since 2013.

"24k Gold Plated" and "Gold Filled" Are Not 24k Gold

Labels like “24k gold plated” can fool new buyers. A plated item has a thin layer of gold over a cheaper base metal. The https://www.ecfr.gov/current/title-16/chapter-I/subchapter-B/part-23/section-23.3";>FTC Jewelry Guides set the rules for these terms:

Gold electroplate: a layer of at least 10k gold, equal to at least 0.175 microns of fine gold. That is about 7 millionths of an inch.
Heavy gold electroplate: a layer equal to at least 2.5 microns of fine gold.
Gold plate or gold overlay: at least 10k gold bonded to the base metal. It must make up at least 1/40 of the item’s metal weight.
Gold filled: the same, but making up at least 1/20 of the item’s metal weight.

So a “24k gold plated” item has a 24k surface. However, the item itself holds very little gold. That’s fine when it comes to jewelry and appearances. It does not qualify as high-purity gold though, which matters for investors seeking gold bullion. For investing, look for solid coins and bars with a clear fineness mark.

How to Check What Karat Your Gold Is

The first place to look for gold karat is the stamp. The karat mark will either be a number followed by a K (14K, for example), or a number like 585 or 999. Then use the charts above to read it.

A stamp is not proof of fineness; it is just a stamp. Dealers test gold with tools like X-ray (XRF) scanners and density checks. Pure gold has a specific gravity of https://geology.com/minerals/gold.shtml";>19.3, so fakes made of lighter metals often weigh wrong for their size. For step-by-step methods, see our guide on https://www.moneymetals.com/guides/how-to-test-gold-and-silver-at-home";>how to test gold and silver at home.

If you have gold to sell, see how to https://www.moneymetals.com/sell-to-us";>sell your gold to Money Metals.

The Bottom Line

24k gold means fine gold, sold as .999 or .9999 pure. The crucial thing to note about karat numbers is that they tell you the mix, not the amount of gold you own. A 22k Gold Eagle and a 24k Gold Buffalo hold the same ounce. Before you purchase gold, make sure you know the fineness and the gold content, not just the karat.

Frequently Asked Questions

Pure gold is 24 karat. All 24 parts are gold. In practice, 24k gold is sold as .999 or .9999 fine.

No. 24k gold is usually 99.9% to 99.99% gold. Perfect 100% gold is very hard to make, so markets use .999 and .9999 as the top grades.

No. The karat scale counts parts out of 24, so 24k is the top. Anything sold as "48k" is not a real grade.

20k gold is 20 parts gold and 4 parts other metal. That is 83.33% gold. Its stamp is usually 833.

24k gold is soft. Gold rates only https://geology.com/minerals/gold.shtml";>2.5 to 3 on the Mohs hardness scale, so it scratches and bends easily. The https://periodic-table.rsc.org/element/79/gold";>Royal Society of Chemistry notes that 18 and 9 karat alloys are common because they hold up better.

No. Pure gold is https://periodic-table.rsc.org/element/79/gold";>chemically unreactive and does not corrode. Lower karats can darken over time because of the copper or silver mixed in.

Per gram of metal, yes, because each gram of 24k holds more gold. Per ounce of gold, no. A 22k Gold Eagle and a 24k Gold Buffalo both hold one troy ounce. Any price gap between them comes from premiums and demand, not gold content.

24k gold follows the gold spot price. See the live https://www.moneymetals.com/gold-price";>gold price, or check the https://www.moneymetals.com/gold-price/gram";>gold price per gram for 24k, 22k, 18k, 14k, and 10k gold.

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Beyond the CPI: The Complete Inflation Story -- September 2026

September CPI

M2 Money Supply

The Federal Reserve Balance Sheet

National Financial Conditions Index

Conclusion

Russian Gold Is Flowing Through Hong Kong

Why China Is Buying Gold — and What It Means for the Dollar

Why China Is Accumulating Gold

The Two Forces Driving De-Dollarization

Mounting U.S. Debt

The Weaponization of the Dollar

Why a Weaker Dollar System Could Affect Americans

Hong Kong’s Bid to Become a Global Gold Hub

Gold’s Role in a Changing Monetary Order

The Long-Term Implications for the Dollar

What Is 24k Gold - Gold Karat and Purity Chart From 24k to 10k - Is 24k Gold Pure, 22k vs 24k Gold, and Karat Stamps Explained - Money Metals

What Does 24 Karat Mean?

Why the Scale Stops at 24

Karat vs Carat

Gold Karat and Purity Chart

What Karat Is My Gold Stamp?