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

Silver Down 50%: Bull Market or Bust?

Fri, 23 Oct 2026 00:00:00 EST

Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.

Coming up, we’ll hear a tremendous interview with Przem Radomski, a CFA with decades of experience in the precious metal space, who has lots to say about various topics… including whether or not we’re still in a precious metals bull market; if gold is likely to hold onto $4,000 or fall below that key level here in the near term; and why many investors may be favoring dollars and bonds compared to the metals right now given the recent weakness in gold and silver. And then, PR as they call him, tells us where he thinks metals will be a year or two from now despite this current pullback.

So, be sure to stick around for another wonderful interview between Money Metals’ Mike Maharrey and Przem Radomski, coming up after this week’s market update. And before we go any further, if you wouldn’t mind, please do us a favor and like and subscribe to this podcast right now while you’re thinking of it.

Gold and silver are getting hammered again this week, with gold heading for its biggest weekly decline in more than four months and silver suffering even steeper losses.

But while short-term traders are running for the exits, some prominent analysts see an opportunity.

One long-time silver market observer believes the white metal is actually setting up for another explosive advance. And a former Federal Reserve insider has dumped his bank stocks and is putting money into gold.

We'll get to both stories in a moment. First, let's look at the markets.

Gold has fallen back toward $4,000 an ounce after trading near $4,400 just last week. Silver has been hit even harder, dropping into the mid-$50s after failing to sustain its recent recovery.

Silver is now down more than half from its January peak of $120 an ounce. That's an extraordinary correction, even by silver's notoriously volatile standards.

And the selling pressure hasn't let up. Both metals have broken below important short-term price levels, with gold struggling to hold $4,000 and silver unable to regain the $58.50 area.

As for the specifics, and as of this Friday morning recording, gold checks in at $4,011 an ounce, down 4.0% on the week. Silver is off about $3 to come in at $54.83, down 4.9%. Platinum is off 4.3% to trade currently at $1,574. And finally, palladium is down to $1,076 an ounce, off 5.4% since last Friday’s close.

For now, momentum remains decidedly negative. So, what's driving the latest selloff? Once again, the answer largely comes down to inflation and the Federal Reserve.

Oil prices jumped roughly 4% Thursday and are up again here today, reaching a five-month high after Houthi attacks in Saudi Arabia raised concerns about disruptions to energy supplies.

Higher oil prices threaten to push inflation even higher, potentially forcing the Fed to keep interest rates elevated longer than investors previously expected.

Meanwhile, the latest unemployment claims report showed new filings falling to near 57-year lows, suggesting the labor market remains surprisingly resilient. That may be good news for workers, of course. But Wall Street has a strange way of interpreting economic developments.

Strong employment means the Fed has less reason to ease monetary policy. Higher energy prices mean more inflation. And both developments can encourage traders to sell gold and silver. The next big event is the Fed's October 27th and 28th policy meeting, followed by another important inflation report next week.

But here's the irony. Investors are selling gold because inflation is proving stubborn and interest rates may stay higher for longer. Yet inflation and the erosion of purchasing power are precisely why people own gold in the first place.

And there's another problem with the Fed's higher-for-longer strategy. Washington is already drowning in debt. Higher interest rates make that debt even more expensive to service, putting additional pressure on federal finances.

The central bankers may be able to keep rates elevated for a while. But can they really maintain tight monetary policy indefinitely while the federal government continues running enormous deficits?

That brings us to a fascinating story involving a former Federal Reserve insider. Christopher Whalen, a veteran financial analyst who previously worked as a researcher at the New York Fed, recently revealed that he sold all his bank stocks. And what's he buying instead?

Well, Gold.

In a recent interview, Whalen explained that he expects growing problems in the banking sector as higher borrowing costs and mounting consumer delinquencies squeeze lenders. He's particularly concerned about consumer credit, where Americans have accumulated enormous debt and are increasingly struggling to keep up with payments.

Whalen believes rising credit losses will hurt bank earnings and ultimately bank stock prices. So, he's moved away from those investments and increased his exposure to precious metals, energy stocks, and income-producing assets.

What's especially interesting is his outlook for the Federal Reserve.

While markets are currently worried about additional rate hikes, Whalen thinks the Fed may soon be forced in the opposite direction. He believes a slowing economy could prompt interest-rate cuts as early as the first quarter of 2027. And he expects the Fed will eventually resume creating money to purchase Treasury securities, helping finance Washington's enormous borrowing requirements.

In other words, Whalen sees another round of monetary inflation coming.

That's a pretty remarkable assessment from someone who has spent decades studying the banking system from the inside.

He also points to central banks around the world steadily diversifying their reserves away from the dollar and toward gold. Whalen doesn't believe the dollar is about to lose its status as the world's leading reserve currency. But he does believe foreign central banks increasingly want an independent reserve asset that isn't controlled by Washington.

And gold fits that description perfectly.

His broader message is that government borrowing and currency debasement aren't going away.

Which raises an obvious question: If someone who understands the banking system this well is selling bank stocks and buying gold, shouldn't ordinary investors at least consider why?

Now, let's turn to silver, where the recent price collapse has understandably shaken investor confidence. Technical analyst Jesse Colombo, however, believes the bull market is far from over. In fact, he thinks silver may be preparing for its next major advance.

Colombo correctly anticipated the beginning of silver's bull market back in early 2024, when prices were still in the $20s. He also warned that silver would eventually need a substantial cooling-off period after its spectacular rally.

And that's exactly what we've seen.

Silver soared to $120 an ounce in late January, attracting a wave of speculative interest. Then prices collapsed, wiping out more than half of those gains.

But Colombo argues that the selloff hasn't destroyed the long-term bullish setup. His analysis centers on a massive price pattern that has been developing since the 1960s.

For decades, silver struggled to break through the $50 level, reaching that area in 1980 and then again in 2011 before retreating. Then last October, silver finally broke decisively above $50.

According to Colombo, that was an enormously significant development.

And despite the recent correction, silver has so far managed to hold above that former ceiling, which has now become an important support level.

He believes the market is simply working off the speculative excesses that accumulated during its extraordinary run. And he sees signs that silver may be approaching another major turning point.

Colombo also points out that the recent bull market never generated the kind of widespread public enthusiasm typically associated with a historic market top.

Silver exchange-traded fund holdings rose relatively modestly compared with the enormous increase in prices, while American Silver Eagle sales remained surprisingly subdued.

In his view, the real speculative frenzy may still lie ahead.

Colombo even believes silver could eventually reach hundreds of dollars per ounce, although that is a long-term technical projection, not a guarantee.

For now, the key level remains $50. If silver holds above that price and begins recovering, Colombo believes the stage could be set for another powerful advance. Of course, silver could still fall further before that happens. And the current short-term technical picture does remain rather weak.

But there's an important distinction between a market experiencing a painful correction and one whose fundamental bull market has ended.

Silver's industrial uses aren't disappearing. Mine supply remains constrained. And the monetary forces driving investors toward precious metals certainly haven't gone away.

In fact, if Christopher Whalen is right about the Fed eventually returning to rate cuts and money creation, the conditions could become even more favorable for gold and silver.

So, investors are facing two very different pictures.

In the short term, precious metals are under pressure from rising interest-rate expectations, a stronger dollar, and negative market momentum. But the longer-term outlook continues to be shaped by runaway government borrowing, persistent inflation, financial-system risks, and growing interest in hard assets.

The Fed can move interest rates up or down. What it can't do is make Washington's debt disappear.

And that's why the case for owning physical gold and silver doesn't begin or end with this week's price action.

For investors focused on preserving purchasing power over the long haul, the bigger story remains very much intact.

Well now, without further delay – and for much more on the state of the markets and the recent correction in metals – let’s get right to this week's exclusive interview.

Mike Maharrey: Greetings. I'm Mike Maharrey, and I'm joined today by Przemyslaw Radomski, which I did not say anywhere near correctly, but thankfully he goes by PR, so I don't have to say the name again. PR is a CFA with decades of experience in the precious metal space and a great analyst, and he's coming to us from Poland, which is kind of cool. How are you doing today?

Przemyslaw Radomski: Pretty fine. Pretty fine. Thank you, Mike. How are you today?

Mike Maharrey: I'm doing pretty good. It's great to have you on the show, and it's always interesting to talk about what's going on in the gold and silver market, and there's certainly a lot going on. As we're recording this, we're having another down day for both gold and silver and a big surge in oil prices. The last time I looked, Brent Crude was like $111 per barrel, which has kind of touched that a couple times through the war, but that's about the peak that we've seen, so it's kind of interesting. But up to this point, we've seen gold manage to maintain $4,000 despite a lot of headwinds. We've got higher yields, dollar strength, those types of things that are working against it. But to me, that $4,000 is starting to feel a little bit shaky, especially as I'm looking today and we're down below 41. As it falls through this level, should we declare an end to the gold bull market?

I guess first I should ask, do you think it can hold 4,000? I'll let you speculate on that, but then I guess more broadly, is the gold bull market over?

Przemyslaw Radomski: Well, that's a lot of questions.

Mike Maharrey: It's a big question, right?

Przemyslaw Radomski: Yeah, it's a big question. First of all, thank you for having me. Once again, it's been a while and I'm looking forward to discussing all this today. So, starting with the big question, I don't think the big bull market in the precious metals is over. I mean, the long-term bull market I think is intact. The key fundamentals are intact. The geopolitical situation, the immigration crisis in the US and Europe, massive amounts of money being printed. Yes, the rates are rising right now, but who knows how it will go down. And well, down in this sentence might be not just figuratively, but literally in case of stocks.

Well, I think most of us, I mean, myself and also the viewers later will remember very well what happened in 2008 when stocks fell. Gold and silver plunged, but they did not stay that low for a long time. And I think we are about to see something similar this time in the following months. Maybe the decline will not be as sharp in 2008, or maybe it might. It's anyone's guess.

But connecting this to the other part of your question, will gold hold at $4,000? I don't think so. I don't think so. Well, especially the last few days, the dollar index has been moving lower or it's been testing the previous 2006 highs and gold has been declining anyway. Usually when dollar moves a bit lower, gold moves a bit higher or it rallies when it's in the full bull mode. Where this time the opposite happened, so it doesn't really bode well.

Also, we had two or three, I think it was two quite profound daily reversals in mining stocks, which also doesn't bode well. And also silver outperformed gold on a very short-term basis. And this is one of the signs that I'm looking for when determining when a local top might be. So, that's why I described in one of my recent gold trading alerts that, hey, don't be fooled by silver strength. I mean a temporary one, not the big run higher in terms of months, but the very near term run up in silver, don't trust that initially. This is often what happens right before tops or right at them. And I think that's the third time in the past several weeks that this proved to really herald price declines across the board in the personnel sector. So will we see some support in here in case of gold?

I doubt that we saw it. I mean, gold has been trading around those levels for a few weeks now, but given how it's been reacting to dollar's action, I don't think we're going to see this continue for much longer. I mean, the dollar seems to have verified the breakout. It also formed reversals just like mining stocks, but miners well-formed bearish reversals, the dollar index from bullish reversals from exactly the previous highs. So what was previously the resistance, I mean the previous highs now proved to be support.

Consequently, the dollar seems ready to move higher. Maybe it's waiting for a trigger, but when the technicals align, you don't even have to have a trigger. A trigger can speed things up, but when technicals align, enough time passes, people can start buying just on their own based on technical, so emotional grounds. And right now we have the situation where gold is not responding to what dollar was doing on the downside when it was declining gold failed to rally. This tells me gold doesn't want to rally here. I mean in terms of days and weeks, not years. This tells me, okay, if the dollar is likely to rally here, and I think it is, and gold fails to rally even when dollar is falling, then when dollar does indeed rally, then gold can decline more rapidly than it did in the previous days. We've had this consolidation, perhaps it was a so-called flag pattern and breakdowns from those patterns tend to be followed by a decline that's similar to the move that preceded it.

Well, the preceding move was up bigger from the short-term point of view decline. So it seems to me that gold might move to new yearly lows relatively soon. Maybe it's even a matter of days, maybe a few weeks, but I think that's the likely outcome right now. And again, this doesn't end the bull market in my opinion. I mean the long-term bull market. People could argue what does one mean by short-term or medium term, but overall in terms of weeks to probably several months, we could see lower prices, but then again, perhaps a year or two or much more of higher prices in the personal market. Right now, if I'm going off the topic, please interrupt me.

Mike Maharrey:

No, no, you're fine.

Przemyslaw Radomski: Okay. So the thing that immediately popped into my mind is what's going on today. I mean, stocks are declining and gold is declining alongside of them and people might be perplexed. I mean, why doesn't gold work as a hedge against that? It should be in theory, but there are all sorts of mechanisms that those channels through which gold can operate. And in this case, I think what we see is the liquidity channel. So people get out of the stock market or are forced to close their positions, their capital declines, so they're forced to raise capital to have enough for margins. So they sell pretty much anything that they could have. And let's face it, gold is an easy sell here because of how high it's rallied in the previous months. So many people will just think about, okay, let's take some profits here. Why not?

So, that could be what's going on here. And well, if this is not the end of the declines in stocks, I don't think it is. If the slide happens shortly or after a few weeks, I think we're going to see it probably rather sooner than later. We could see more of that. So gold and especially silver in this case, because of all the industrial uses and connections, it can and is likely to decline along with stocks. We saw the same thing in 2008, we saw the same thing in 2020. And when you think about it, well, if you know about the liquidity channel, it does make sense. But if you focus just on the fundamental picture, like all the industrial uses of silver, all the new ways that silver can be utilized, it makes no sense. Makes you think about how logical and how good the price discovery mechanism is.

Does the price truly reflect everything that people know about the price? I mean, the supply and demand before and after the crash are essentially the same, right? And still, the same happened in 2008. Before silver price was cut by, I think it was one third in a relatively short period of time.

And yeah, the fundamental picture was exactly the same before and after, and yet it happened. So, this means that all the good fundamentals that we have for the brush mills market will not likely prevent that if the liquidity channel comes into play.

Mike Maharrey: Yeah, that absolutely all makes sense. I'm kind of curious because you noted that you've got gold falling, you’ve got stocks falling. The bond market has been struggling for the last several months. We have yields at levels we haven't seen since before the great recession. Where's the safe haven right now? Is it dollars? Is that where people are going for the safe haven?

Przemyslaw Radomski: Apparently. I mean, well, there are two ways to look at it. Well, one is the price levels that we have, and the other are the dynamics, what's going on to the price. It's declining, but hey, gold is still $4,000 an ounce. It's not 2,000 or 3,000 like it was a few years ago. So, it's still expensive. So, people are still using it. They didn't dump gold on the markets massively to get out. People still hold it. So this is still true to a huge extent, but the dynamic changes a bit because of the interest rates. Well, gold pays no interest. And essentially when people see that price keeps moving up and up and higher and making new records, it feels good to hold this kind of assets. But when price does nothing or it even declines, and then they see, well, if I had bonds, I could get at least say 5%.

So, maybe I should diversify, maybe switch from gold partially to bonds and well, first raise dollars by selling gold and then go into bonds. And it's not just a US phenomenon. The same thing is happening globally. The rates are increasing after being extremely low for years. Well, the rates seems very high from the short-term or medium term point of view, but if you look at where they traded for decades, they're not that high actually. They could move even higher. So, people owning gold, if they don't have this momentum behind them, it's not as fun psychologically to be a gold owner.

Mike Maharrey: It's kind of boring really.

Przemyslaw Radomski: Yeah, it does little.

Mike Maharrey: Yeah, exactly. Well, let's talk a little bit about the Fed because you mentioned interest rates, and I think that's a very key factor in what we're seeing. And the interest rate psychology is definitely creating a lot of headwinds for gold. And of course, every time we get these oil spikes, that increases inflation worries, and then people assume the Federal Reserve's going to have to respond by raising rates. What I don't hear people talking about a lot, and I'm curious about your thoughts on this, is the other side of the equation where maybe the Fed is a little bit more constrained than a lot of people want to admit because of the massive levels of debt in the economy, not only here in the United States, but also globally. Do you think that at some point the Fed is going to be forced to pivot back to rate cuts even with inflation increasing because of the debt issue?

Przemyslaw Radomski: It might. It might. And I think there is no good way out of the situation where we're in because in 2008, the inflation expectations and the inflation in general, the situation wasn't like it is right now. I mean, yes, the oil was also high, but right now we have also the situation regarding China tariffs, all those things contributing to higher inflation. This is a global phenomenon. We have the situation in the Middle East where there's really no solution inside. Various comments come from politicians, but well, they try to calm people down before the elections. But when you look at what's going on, well, not much is going on and the supply of crude oil is strained and it's even worse for diesel because of what's going on in Russia and the refineries. So right now the Fed's power to cut rates is limited because of all the inflationary pressures.

So, it has to choose between two evils. It either allows the inflation to roam and it could get out of hand because it can spiral out of control and then you have an even bigger problem to contain and you have to pretty much strangle the economy with extremely high rates, which would be a disaster. But then again, if you don't do that, then what happens when the rates rise and you have to pay those debt servicing fees, those interest payments. So, I'm not sure how it's going to be solved.

I think they might try to go in some kind of middle way, so maybe now keep rising the rates until the stock market crashes. But when it crashes, then cut the rates. Because if they have the rates at higher levels when the stock market crashes, then they at least have some room to cut.

Mike Maharrey: Yeah, that's a good point.

Przemyslaw Radomski: So, actually when forecasting things like that, in my personal view, looking at the economy is, well, it's definitely useful, but I personally like to also consider the guilt avoidance mechanism because people making the decisions will not want to be remembered by history and voters as those that triggered the declines by their decisions. So before they do anything, they want to make sure that they can blame this on some things, maybe something from the past, someone from abroad, so that there's always someone else's fault and that they did everything they could, based on their competence, their goodwill, and that everything that they did was for the people. And so they will probably twist and squirm and try to add the framing that whatever they do, that it's best for people. And economics are one thing, but what might actually be the real reason behind the decisions is, okay, what can we actually explain to people that was necessary?

Because if they know that something really bad is going to happen, then they might choose the kind of bad that at least makes them look good.

Mike Maharrey: Yeah, that's a really good point, how much politics plays into this decision making. As you were talking, I was thinking back to the pandemic era, and if we go back to the couple of years before that, 2018, 2019, we saw a pretty significant drop in the stock market in October of 2018. And a lot of that I think was due to the fact that the Fed was trying to tighten interest rates after nearly a decade of zero. And the world was reacting to it taking away that easy money drug. And the pandemic kind of bailed them out because they could blame, "Oh, well, we have to cut rates. We have to stimulate now because we've got this pandemic." So they were able to point to that when in fact things were already starting to unravel because of the monetary malfeasance during the Great Recession. And they kind of got bailed out there.

I don't know if they'll get something like that this time, but you're right, they're always finding a way. It's the war or it's Putin or it's greedy corporations or whatever you want to throw out there. I wanted to touch on one other thing that you mentioned to me when we were corresponding, and that's the silver mining stocks. And you said that the strength on gold's down days came before both declines this month and the miners are lagging. What is this telling us? What's the signal that you're reading here with silver mining stocks?

Przemyslaw Radomski: I meant silver and mining stocks. I didn't like silver miners.

Mike Maharrey: Oh, gotcha.

Przemyslaw Radomski: Okay. The two markets, not one. Well, it's connected with what I said in my first reply when I started talking for 10 minutes or so. I mean, there are two mechanisms that I'm looking at on a short-term basis. One is what mining stocks are doing relative to gold. Second mechanism, what silver is doing relative to gold. Mining stocks usually lead gold. This is not always the case, but quite often so. So, if they are leading gold, I mean they are rallying more than the gold is, and it's not just a one-day event. It's happening over and over again. It indicates that the bull markets, well, okay, a rally or a short-term bull market, depends how you want to call it, that it's relatively healthy.

It still has some room to run. What we often see right before the top is that mining stocks start to lag. Gold is moving higher and moving higher, moving higher. And the leverage that miners used to have at the beginning of the rally and in the middle of the rally, it's no longer being kept. For example, if miners magnified gold gains by the factor of two, then it moves to 1.5 and then they move on par. And at some point there might be a session where we see gold move 1% higher and then mining stocks move 1% higher and then decline toward the end of the session and we have a daily reversal. This would be a perfect situation to exit long positions, consider entering short ones, something like that. Every now and then there is also the final pop up in mining stocks where they fake their strength, but this is not always the case.

This is not reliable. What is reliable? Well, much more so because there are no certainties on any market, but the fact that we see this underperformance of mining stocks. And the opposite is the case at the beginning of a rally. Mining stocks tend to be the part of the professionals market that performs best in early parts of a rally. So, it's kind of convenient to give up on the final few days of a rally in mining stocks because the rally kind of stalls. So, you're not as worried about catching the exact top because you're not losing as much of the potential gains as you do in case of gold and in case of silver. But when you're bottom hunting, if you are doing something like that, because some people prefer to just use dollar cost averaging and steady enter into a position like long-term investors, but for traders, that's just what they do on a regular basis.

Then choosing mining stocks as the proxy through which you benefit from the rebound, that might be a good idea. Silver, on the other hand, has different dynamics. It tends to catch up. So while mining stocks lag, silver can catch up and it's kind of the same mechanism that I already spoke about. I mean, the fact that silver outperforms right before the top, but it's actually happening to a smaller degree earlier. For example, there is, for example, a midpoint of a rally. If you focused on mining stocks in the first half of a rally and then switched to silver in the second half of a rally, of course you would have to know what the final size of a rally is, but if you manage to pull it off, then you can gain extra profits by making that switch because you'll have, for example, two thirds of a rally in mining stocks in the first half and then two thirds of a rally in silver in the second half.

So together, you don't have a full rally, but rally and then one extra third of thereof. So that's one way to take advantage of it. Of course, it doesn't work each and every time, but quite often, quite often. And from the analytical point of view, it's interesting to see those days where you have silver rallying versus gold and miners not rallying versus gold or being weak. And ideally, stock market should be relatively flat on that day because it could influence both silver and mining stocks. Silver because it has so many industrial uses, mining stocks because they're essentially stocks. So, if we have that, then this mechanism might be a bit biased, and both could move higher than otherwise that would be case otherwise. But overall, this kind of dynamic is worth watching. And we did see something like that to a smaller extent in the recent days.

Silver was strong for a very short time, miners not so much. And even if you look at the last few weeks, what happened in gold and mining stocks, gold was moving horizontally, miners were moving lower, lower highs, lower lows, the trend was down. So that's where I wrote to my subscribers, "Watch out. This is probably going to move even lower."

Mike Maharrey: Yeah, very interesting. It's wild how it all plays together. And technical analysis fascinates me. My wheelhouse is more the macroeconomic fundamental environment. I've learned a lot about technical analysis over the last couple of years, but it's interesting because it captures psychology, right? I mean, the reason that we can look at these patterns is because people behave in pretty predictable ways, at least in mass. So you get these patterns that develop over time and they become predictive, and it's really interesting to see that play out. So before I let you go, I do want you to let folks know where they can find you, follow you, subscribe to your work, and avail themselves of the knowledge that you have to offer.

Przemyslaw Radomski: Oh, thank you. Yes, please join me at goldenmeadow.eu, goldenmeadow.eu, like European Union. So, on that website, you have description of everything that we do. You have the ability to sign up for a free trial. You have the free mailing list so you can review everything before you pay and you can access our prem analysis and see just what our subscribers get on a daily basis, the daily alerts, the intraday ones. So, I invite you to take a look, especially if you're able to get in right now because the markets are really hot.

Mike Maharrey: Yeah, definitely. I would encourage people to check that out. I was reading through your about section and you have a very well-developed strategy and I think people will appreciate what you're doing. I certainly did. I thought, well, this all makes really good sense to me. So check that out, folks. And PR, thank you so very much for hanging out with me a little bit. I really appreciate it. We'll get you back on again in the near future as things continue to unfold and really appreciate how you put the current situation into context with the longer term situation as well. I think it gives a good overview for folks to chew on. So, thank you so very much for being with me.

Przemyslaw Radomski: Thank you. Thank you, Mike. Thank you for having me. Looking forward to our next conversation.

Mike Maharrey:Outstanding. Thanks again.

Really enjoyed hearing from the man they refer to simply as PR and I hope you enjoyed that discussion. Certainly, some interesting market dynamics playing out at the moment and it was nice to get a new perspective on that from Mr. Radomski.

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

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

Ancient Gold Earrings Discovered in Roman Cemetery

Fri, 23 Oct 2026 00:00:00 EST

Need a gift that stands the test of time?

Get gold!

Gold stud earrings are always a good choice. They are beautiful, classic, and will last, well, forever! Or at least a really long time.

How long have people been getting gold earrings as gifts?

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At least 1,700 years!

At a site in Bulgaria, archaeologists unearthed a child’s grave. Among the bones, they discovered “stunningly preserved” gold earrings. They also found a small bronze coin. (We’ll get to that in a moment.)

As you can see from the photo, the earrings look like they just came out of a display case at Kay Jewelers. This is a testament to gold's durability.

The grave is in an ancient Roman cemetery containing approximately 135 graves. Archaeologists said it dates to around 275 CE.

Rome annexed the area near the Black Sea in 46 CE and renamed the city of Stara Zagora as Ulpia Augusta Traiana in honor of Emperor Trajan. The city became so prosperous that Rome later granted it permission to build its own mint.

While you probably consider 1,700-year-old earrings ancient, they’re practically brand new compared to the oldest gold jewelry.

In the early 1970s, archaeologists discovered gold necklaces, bracelets, rings, and pendants in a Copper Age (Chalcolithic) cemetery. The jewelry was also located in Bulgaria near the Black Sea. The gold dates to 4,600-4,300 BC. That’s about 6,500 years old!

Talk about a gift that lasts!

It just goes to show that gold’s beauty has captivated humanity from the start.

Today, jewelry accounts for about one-third of total gold demand. In 2025, https://www.moneymetals.com/news/2026/01/30/gold-demand-topped-5000-tonnes-for-the-first-time-in-2025-004647";>jewelry demand came in at 1,542 tonnes.

Of course, gold is also money, for some of the same reasons people value the metal for jewelry. It is durable, malleable, and it doesn’t decay, corrode, or degrade. Gold is gold – forever.

Speaking of money, I mentioned there was a coin in the grave.

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It was not gold, and it wasn’t nearly as well-preserved as the earrings.

The coin was minted in bronze and was likely intended to pay for passage to the afterlife. Given that the coin was bronze, I’m assuming the trip was relatively inexpensive back then.

In Roman mythology, a deceased person had to pay Charon, the ferryman, to bring their soul to the afterlife. Families often placed coins in graves so the dearly departed would have money to pay the fare.

Now, I’m just going to throw this out there – I think I’d rather have a gold coin. I’m sure Charon was fine with a bronze coin. But what if he was on vacation? I’m not convinced everyone would accept bronze as payment. However, I’m almost certain anyone would take gold.

The same is true today. Gold is money, and it’s recognized around the world. From skyscrapers in Manhattan to tents in the Sahara, people value gold.

And of course, gold is beautiful. That’s why people have been adorning their bodies with it for more than 6,000 years.

I’m pretty certain your loved one would be thrilled to get some gold this holiday season. Something to consider as you plan your holiday gift-giving!

Photo credit: https://www.rimstz.eu/%D0%BD%D0%BE%D0%B2%D0%B8%D0%BD%D0%B8/%D0%BD%D0%BE%D0%B2%D0%B8-%D0%BE%D1%82%D0%BA%D1%80%D0%B8%D1%82%D0%B8%D1%8F-%D0%BF%D1%80%D0%B8-%D1%81%D0%BF%D0%B0%D1%81%D0%B8%D1%82%D0%B5%D0%BB%D0%BD%D0%B8-%D0%B0%D1%80%D1%85%D0%B5%D0%BE%D0%BB%D0%BE%D0%B3%D0%B8%D1%87%D0%B5%D1%81%D0%BA%D0%B8-%D0%BF%D1%80%D0%BE%D1%83%D1%87%D0%B2%D0%B0%D0%BD%D0%B8%D1%8F-%D0%BD%D0%B0-%D1%80%D0%B8%D0%BC-%D1%81%D1%82%D0%B0%D1%80%D0%B0-%D0%B7%D0%B0%D0%B3%D0%BE%D1%80%D0%B0"; target="_blank" rel="noopener">Regional History Museum – Stara Zagora

Debt Black Hole: Car Loan Payments Hit Record Level

Fri, 23 Oct 2026 00:00:00 EST

The https://www.moneymetals.com/news/2025/11/15/debt-black-hole-putting-increasing-stress-on-american-consumers-004483";>Debt Black Hole keeps getting bigger.

American auto loan payments just hit an all-time high of $787 per month.

Pile that on record credit card debt and relentless price inflation, and it’s no wonder https://www.moneymetals.com/news/2026/10/15/beyond-the-cpi-the-complete-inflation-story-september-2026-005295";>American consumers feel stressed!

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Rapidly rising vehicle prices (thanks, inflation!) combined with higher interest rates are driving car ownership costs ever higher.

The average price of a new car has eclipsed $50,000, according to Kelley Blue Book. That’s up by about 30 percent in just six years.

Meanwhile, the average APR on a new car loan hovers around 7 percent.

That is a recipe for skyrocketing car payments. A record 21.2 percent of new vehicle buyers in Q3 ended up with payments of $1,000 or more.

On top of that, car owners are making those payments for longer periods.

Just over a quarter of new car loans carried terms of 84 months or more, according to Edmunds. That’s up from 23.9 percent in Q2 and 21.8 percent a year ago.

The average auto loan term is currently around 67.9 months. For folks like me who aren’t good at doing math in their heads, that's 5.7 years.

Things aren’t much better in the used car market. The average used car buyer borrows $30,703 at 10.6 percent APR.

Carnegie Mellon University’s Tepper School of Business assistant teaching professor Helen Colby told Fortune these huge auto loans are squeezing household budgets.

“For borrowers who already have tight budgets, getting such a long loan means committing themselves to five, six, or even seven years of increased spending that will reduce their budget for other things like vacations, savings, or even necessities like food and clothing.”

A Breaking Point?

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Eventually, consumers will reach a breaking point. And we may be getting close.

Subprime borrowers are already feeling the stress. More than 30 percent of subprime auto loans originated in the first half of 2026 won’t be paid off until the vehicle is 12 years old. That’s up from just 7 percent in 2019.

Meanwhile, 1 in 5 Americans is behind on at least one auto loan. That’s the highest level since 2010, at the height of the Great Recession.

This is why https://www.reuters.com/commentary/breakingviews/17-trln-auto-loan-market-heads-crash-2026-10-13/"; target="_blank" rel="noopener">a Reuters headline declared, “The $1.7 trillion auto loan market heads for a crash.”

This massive debt not only drags down the economy (people paying $700 a month on their car loan have less money to buy other things), but it also creates systemic risk.

Auto loans are often bundled into asset-backed securities. This allows asset managers, pension funds, and insurance companies to invest in this debt.

In practice, lenders bundle thousands of auto loans and sell investors securities backed by the borrowers’ payments.

If this sounds a little like subprime mortgages in the early 00s, well…

According to Fitch Ratings, the share of subprime loans backing ABS that are 60 days or more past due has risen to a record level over 6 percent. According to S&P Global, it is a “colossal” market with $127 billion of securitized issuance in 2025.

What happens if the subprime auto market implodes as the housing market did in 2008?

The two situations are certainly similar. Lenders extended credit to riskier borrowers, bundled the loans into securities, and sold them to investors. However, the much smaller scale of the subprime auto market mitigates systemic risk. Total U.S. auto debt stood at about $1.71 trillion in June 2026, compared with $13.1 trillion in mortgage debt, and subprime auto loans represent only part of that much smaller auto market.

While a subprime auto meltdown is less likely to spiral into a broader financial crisis like the 2008 subprime mortgage collapse, it could still kick off chaos in the financial system.

And this is just a small part of the massive Debt Black Hole dominating the economy. Consumers aren't the only ones straining under record debt burdens; the U.S. government is also buried under over https://www.moneymetals.com/news/2026/08/20/the-40-trillion-national-debt-in-perspective-005151";>$40 trillion in debt, and it just ran https://www.moneymetals.com/news/2026/10/19/trump-administration-runs-third-largest-federal-budget-deficit-in-history-005303";>the third-largest deficit in history. Meanwhile, corporations are leveraged to the hilt and corporate bankruptcies are surging.

Keep this in mind the next time you hear a financial news commentator pontificating about the Federal Reserve raising interest rates to battle price inflation. It’s not that simple. Raising rates would jack up borrowing costs even higher.

Americans can’t afford it.

The Bull Market Isn't Over: Silver Setting Up for Next Leg Higher

Thu, 22 Oct 2026 00:00:00 EST

There’s not a lot of bullishness in the silver market right now.

After surging to https://www.moneymetals.com/silver-price";>just over $120 per ounce in January, silver corrected and has lost more than half its value.

Given the metal's trajectory over the last 10 months, bearishness is understandable. But as technical analyst Jesse Colombo pointed out in https://thebubblebubble.substack.com/p/silvers-bull-market-roadmap"; target="_blank" rel="noopener">a recent Substack article, many investors delivering silver’s last rites today only started paying attention as silver neared that $120 peak.

“They piled in near the very top, just weeks or even days before silver peaked at $121, only to lose interest when it corrected, as all overheated assets eventually do. Then they simply moved on to what they believe is the latest and greatest hot asset, whether it’s an overvalued and overhyped AI stock, a new cryptocurrency, or whatever else the lemmings are currently piling into.”

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Colombo believes these investors have completely missed the big picture.

“Naturally, most of those same investors had practically no interest in silver https://silverseek.com/article/why-powerful-silver-bull-market-may-be-ahead"; target="_blank" rel="noopener">when I foresaw the bull market beginning in early 2024, when it was still trading in the $20s. Now that silver has cooled off, they are once again nowhere to be found.”

And Colombo thinks they are about to miss out on “the next powerful leg of this bull market.”

“This is the time to be paying close attention and accumulating while it is still quite cheap. The next move is going to take most investors by surprise, and they will only want to pile back in once silver is overheated again and all over the news.”

A Cup of Silver

Colombo said he has been following a “silver bull market roadmap” for the past couple of years. That roadmap is a massive cup-and-handle pattern that's been forming since the 1960s.

A cup-and-handle pattern is an extremely bullish technical indicator.

https://www.moneymetals.com/uploads/content/cup-and-handle-silver-oct-26.png"; width="800" height="481" class="mx-auto p-3" alt="" />

As Colombo noted, this decades-in-the-making pattern “projects the metal reaching hundreds of dollars per ounce following a breakout.”

That breakout occurred when silver finally surged through $50 last October.

That $50 level served as a firm resistance level for decades. Silver hit that level twice: the first time in the 1980s, and then again nearly two years after the Great Recession. Colombo said that now that silver broke this resistance, history tells us silver is poised for a massive run higher.

“Although silver has since cooled off, the breakout remains very much valid and in play, and I see the next powerful leg higher beginning soon once this necessary cooling-off period is complete.”

After the breakout, https://thebubblebubble.substack.com/p/precious-metals-are-trading-like"; target="_blank" rel="noopener">Colombo warned that silver was due for a “healthy cooling-off period,” but it would not mark the end of the bull market.

“I continue to stand by that view today.”

Colombo noted that the “relative strength index (RSI)” tracks sentiment in the silver market. The RSI clearly shows that silver became extremely overheated and overbought in late 2025 and early 2026.

Today, the RSI has moderated, revealing that silver is closer to oversold. Colombo said this indicates, “the worst of the correction is behind us and that anyone calling for a sharp crash from here has the odds stacked against them.”

https://www.moneymetals.com/uploads/content/rsi-silver-oct-26.png"; width="800" height="480" class="mx-auto p-3" alt="" />

Colombo noted that silver has held the $50 support level throughout the correction.

“This means silver’s breakout remains fully intact and in play as long as it continues to hold above $50, which has now become a key support level.”

Colombo pointed out that silver appears to be forming a “double bottom.” We might see a final flush that pushes silver below $50 before it ultimately bottoms and then off on the next leg higher. But he said this isn’t his “base-case expectation.”

“There is no hard-and-fast rule that says silver must precisely touch the $50 support level before its correction can come to an end.”

https://www.moneymetals.com/news/2024/03/25/what-is-the-gold-silver-ratio-why-should-we-pay-attention-to-it-003075";>The gold-silver ratio is another key technical indicator for silver. This ratio tells you how many ounces of silver it takes to buy an ounce of gold at the current spot price. For instance, a ratio of 70-1 means it takes 70 ounces of silver to buy an ounce of gold.

In the modern era, the gold-silver ratio has averaged between 40-1 and 60-1. When it rises far above that level, it tends to snap back to the mean as silver prices rise and close the gap.

Colombo notes that the gold-silver ratio is currently in a triangle pattern, a common occurrence when asset prices pause and consolidate.

https://www.moneymetals.com/uploads/content/gold-silver-ratio-triangle.png"; width="800" height="480" class="mx-auto p-3" alt="" />

“In technical analysis, triangle patterns often act as https://www.investopedia.com/terms/c/continuationpattern.asp"; target="_blank" rel="noopener">continuation patterns, meaning that once the necessary consolidation or cooling-off period has run its course, the original trend resumes in the same direction, setting the stage for a repeat of the prior move.”

Colombo said that when this pattern breaks down, he expects it will kick off the next phase of the bull market. At that point, silver will likely surge back to its record high of $121 and beyond.

Finally, Colombo said that the fact we never saw true silver mania grip the market supports his belief that this is a short-term correction, not a top and a pending multi-year bear market. He noted that iShares Silver Trust reported a “lukewarm” 30 million ounce increase in silver holdings even as the price increased sixfold.

“That kind of lukewarm interest from American investors is simply not what you would expect to see during a true bubble mania immediately before a violent collapse and years of declining prices. My bet, however, is that the real mania still lies ahead of us and will begin to unfold once silver surpasses its January peak of $121, ultimately taking the metal into the hundreds of dollars per ounce.”

https://www.moneymetals.com/uploads/content/no-mania-in-silver.png"; width="800" height="620" class="mx-auto p-3" alt="" />

Colombo also noted that American Silver Eagle sales “fell off a cliff” during those years.

“To me, this is further confirmation that silver’s long-term bull market did not end in January 2026. There simply was not enough mainstream investor participation to mark a true secular peak.”

Colombo concludes, asserting that “mainstream investors are notoriously fickle, and that seems to be especially true when it comes to silver.”

“They tend to take an interest only after silver is already posting explosive gains, pile in too late just before a correction, and then blame silver when they lose money, claiming that it is a bad investment. The reality is that the problem is not silver or silver miners, but their own poor timing and investing behavior.”

Colombo said that this correction presents a buying opportunity.

“The time to pay close attention and accumulate is when silver seems boring, and investors are giving up on it, because that is when it is setting up for its next leg higher. I sincerely believe that is where we are today. The 2026 correction has tested investors’ patience, but those who stayed the course will be richly rewarded when silver’s next powerful leg higher begins.”

You can read Colombo's full analysis https://thebubblebubble.substack.com/p/silvers-bull-market-roadmap"; target="_blank" rel="noopener">HERE.

Disappointing 20-Year Treasury Auction Underscores Weakness in the Bond Market

Thu, 22 Oct 2026 00:00:00 EST

What happens when you run massive budget deficits year after year and make no effort to rein in borrowing and spending?

People stop lending you money.

We’re starting to see the impacts of the United States’ fiscal malfeasance in a struggling bond market.

The federal government ran https://www.moneymetals.com/news/2026/10/19/trump-administration-runs-third-largest-federal-budget-deficit-in-history-005303";>the third-largest budget deficit in history in fiscal 2026, despite rising tax receipts. The Trump administration blew through a record $7.4 trillion. To put that into context, that's roughly $20.3 billion per day.

No wonder people are becoming wary of loaning Uncle Sam more money.

Meanwhile, yields on the long end of the curve have hit levels not seen since the early 00s. The 30-year Treasury recently eclipsed 5.7 percent, and while the yield has eased modestly, it remains at multi-decade highs.

https://www.moneymetals.com/uploads/content/30-yr-treasury-oct22-26.png"; width="700" height="370" class="mx-auto p-3" alt="" />

This signals sagging demand for Treasuries.

Yields inversely correlate with bond prices. As bonds become less expensive with softening demand, interest rates simultaneously rise.

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Falling Treasury demand is also showing up at government auctions.

On Wednesday (Oct. 21), the U.S. Treasury ran a 20-year bond auction. Morningstar said it showed “softer than expected demand.”

The Treasury sold $13 billion in bonds with a high yield of 5.469 percent. That was the highest yield in a 20-year Treasury auction since 1986, the year the Treasury stopped issuing the 20-year bond. It resumed selling 20-year Treasuries in 2020.

Bad News for Uncle Sam

By the way, this is a big problem for the federal government. Selling bonds at higher yields means Uncle Sam will be on the hook for higher interest payments in the years to come. Interest expense is already overwhelming the government budget. The Treasury forked out $1.36 trillion in fiscal 2026. That was an 11.5 percent increase over the previous year.

Much of the debt currently on the books was financed at very low rates before the Federal Reserve started its hiking cycle. Every month, some of that super-low-yielding paper matures and must be replaced with bonds with much higher rates.

The soft bond market reflects a broader trend dubbed the “https://www.moneymetals.com/news/2026/07/28/with-bonds-struggling-investors-turning-to-tangible-assets-like-gold-005096";>debasement trade.” This strategy emphasizes holding tangible assets such as gold, silver, and other commodities to protect against declining fiat currencies due to monetary debasement.

Monetary debasement and rising debt are directly connected.

When the federal government borrows excessively, the Federal Reserve eventually steps in with https://youtu.be/ipaQAgOCJBk?si=ou_ydjjePJ2S6rlM"; target="_blank" rel="noopener">quantitative easing (QE). In these operations, the central bank buys Treasuries using money created out of thin air and holds them on its balance sheet. This effectively takes the bonds out of circulation, thereby lowering supply, boosting prices, and lowering yields. In effect, QE creates artificial demand for Treasuries, enabling the government to borrow more and lower rates.

However, this debt monetization is inflationary. It erodes your purchasing power.

Should I Sell My Gold and Silver?

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Rising yields have created significant headwinds for precious metals. That’s because conventional wisdom holds that higher interest rates make non-yielding assets like gold and silver less attractive. We’ve seen this pressure in the precious metals markets for several months.

However, it’s important to consider why yields are rising. If it’s due to inflation, you might consider keeping your https://www.moneymetals.com/news/2024/06/18/golds-role-as-an-inflation-hedge-in-the-21st-century-003263";>inflation hedge.

It’s also important to remember that while nominal rates might be rising quickly, https://www.moneymetals.com/news/2025/02/17/why-inflation-and-real-interest-rates-are-bullish-for-gold-003841";>real interest rates rise much more slowly in a high-inflation environment.

The real interest rate is simply the stated rate adjusted for price inflation.

To calculate the real interest rate, subtract the CPI from the stated interest rate. For instance, if a bond yields 5 percent but the CPI is 4 percent, the real interest rate on the bond is only 1 percent.

Sagard Wealth Management CIO Stephen Harvey called the current economic environment “pro-growth and pro-inflation” and emphasized that fiscal policy now matters more than monetary policy.

In other words, investors are paying less attention to what the Fed and other central banks may do with interest rates and more attention to the rampant borrowing and spending by the world’s governments.

Global Chief Investment Strategist at State Street Investment Management Jenn Bender told Reuters that "real assets, tangible assets valued for their intrinsic physical qualities," have gained appeal since the post-COVID inflation shock. She emphasized that the case continues to strengthen as "the bond outlook clouds and soaring equity markets appear vulnerable."

"The worry is that there is some downside risk in equities. Fixed income is not the place that people want to move their equity allocations over to. Basically, real assets is kind of where you end up."

Mike Maharrey Connects Federal Debt to Dollar Debasement and Inflation

Thu, 22 Oct 2026 00:00:00 EST

In the closing chapter of this Midweek Memo episode, host https://share.google/JeBe54fCmVNzyq6tQ"; target="_blank" rel="noopener">Mike Maharrey turns to federal deficits, national debt, inflation, and the reasons investors look to precious metals. He says budget figures often provoke a brief reaction of shock, followed by a shrug. Even https://www.moneymetals.com/news/2026/10/19/trump-administration-runs-third-largest-federal-budget-deficit-in-history-005303";>as deficits grow, many people assume they do not matter because the economy has continued to function.

Maharrey acknowledges why that response can seem reasonable. The United States has run large deficits for decades, and daily life has carried on. But he argues that the effects of borrowing can accumulate over time. A problem that develops gradually may not feel urgent until it begins to affect confidence in the dollar, the government’s ability to borrow, and the purchasing power of household savings.

For Maharrey, the link between federal finances and the value of money is central to understanding the precious metals market. He says rising debt and persistent government spending are not only political or budgetary issues. They can also influence the dollar’s credibility and the decisions made by investors and foreign governments.

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Borrowing Could Weaken Confidence in U.S. Credit

https://play.libsyn.com/embed/episode/id/43390129/height/192/theme/modern/size/large/thumbnail/yes/custom-color/1e40af/time-start/00:00:00/playlist-height/200/direction/backward/font-color/FFFFFF"; scrolling="no" allowfullscreen="allowfullscreen" webkitallowfullscreen="webkitallowfullscreen" mozallowfullscreen="mozallowfullscreen" oallowfullscreen="true" msallowfullscreen="true">

Maharrey cites a warning from the Bipartisan Policy Center following a large budget shortfall the previous year. The organization said that a rapidly worsening fiscal situation and expectations of substantially rising federal debt could undermine confidence in the United States’ creditworthiness.

He emphasizes that the warning was written the year before the episode, arguing that the fiscal pressures it described had continued. In his view, concerns about the government’s finances can have practical consequences. Reduced confidence could contribute to slower economic growth, higher unemployment, and declines in investment wealth.

The government’s borrowing costs are another possible consequence. If investors become less willing to buy U.S. debt, the Treasury may need to offer higher yields to attract them. Maharrey says bond yields had reached levels not seen since 2001, presenting that move as evidence of weaker demand for government debt.

He describes the change as a reassessment by investors who may be less willing to keep lending to a government that continues to borrow without a credible plan to rein in spending. The comparison he uses is that of a borrower who has already run up large debts but shows little intention of changing course. The image is meant to capture a concern about creditworthiness, not simply the size of one year’s deficit.

A Bipartisan Problem With Short-Term Political Incentives

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Maharrey cautions against treating the debt problem as the responsibility of only the president currently in office. He calls fiscal irresponsibility a bipartisan pattern and says every president since Calvin Coolidge has left office with more national debt than when he took office.

His broader argument is that the federal government has a long-term spending problem that politicians have little incentive to confront. Elected officials tend to focus on the next election, he says, while meaningful spending changes could impose immediate costs on voters. That creates a political preference for postponing difficult decisions, even as the debt continues to grow.

Maharrey argues that additional revenue alone would not resolve the problem. He dismisses the idea that tariffs, taxes on billionaires, or cuts to a few smaller programs would be enough to close the gap. In his assessment, addressing the debt would require a substantial contraction in government spending, including reductions to major programs such as Social Security and Medicare.

He also recognizes the difficulty of that prescription. Large changes to those programs would be politically painful, and he questions whether elected officials are willing or able to make them. But he says investors and foreign governments are paying attention to the gap between the country’s borrowing needs and its willingness to change course.

How Debt and Money Creation Feed Inflation

Maharrey https://www.moneymetals.com/news/2026/10/16/financial-stress-at-levels-not-seen-since-the-pandemic-005300";>links government spending to inflation through a sequence of borrowing and money creation. In his account, spending beyond current revenue leads to more borrowing and debt. He says that debt can then be monetized through the creation of money, adding to inflationary pressure and reducing the purchasing power of the currency.

He stresses that this is https://www.moneymetals.com/news/2026/10/15/beyond-the-cpi-the-complete-inflation-story-september-2026-005295";>not the only force affecting prices. The episode also mentions war as another factor. But Maharrey argues that continued government spending and borrowing create an underlying inflationary pressure that persists even when particular events or market conditions change.

He connects this process to the everyday experience of paying more for groceries and gasoline. The point, he says, is that inflation does not have to arrive as a sudden collapse in the dollar’s value. It can steadily erode what people can buy with their savings and income.

Maharrey describes the stated goal of 2% annual inflation as a continuing loss of purchasing power. At that rate, he says, the dollar would lose roughly 10% of its purchasing power over five years and 20% over ten years. The figures illustrate the cumulative effect he wants listeners to consider when evaluating cash savings over time.

He calls that gradual loss an “inflation tax.” The government can collect revenue directly through taxes, he says, but inflation also transfers purchasing power away from the public. In his view, the cost of government must ultimately fall on people, whether through taxes imposed today, taxes borne by future generations, or currency debasement.

Gold and Silver in the Debasement Trade

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Maharrey connects these fiscal concerns to what https://www.moneymetals.com/news/2026/08/27/gold-and-silver-surge-as-the-debasement-trade-returns-005164";>investors call the “debasement trade.” He defines it as an investment approach that emphasizes tangible assets such as gold, silver, and other commodities as protection against the declining value of fiat currencies.

He points to China’s gold buying as an example of a country seeking to limit its exposure to the dollar. Maharrey says China is wary of the United States’ fiscal position and the dollar’s vulnerabilities, and he presents its accumulation of gold as a response to those concerns.

He encourages listeners to consider whether precious metals could play a role in their own financial plans. Rather than prescribing a particular product or allocation, he says a Money Metals specialist can help customers assess which products may suit their circumstances. The episode mentions options ranging from Canadian Maple Leaf coins to junk silver, as well as online purchases and the company’s bullion depository in Eagle, Idaho.

Preparing Before a Crisis

Maharrey closes by recalling a conversation with a friend who felt that years of warnings about federal finances had lulled people into a false sense of security. The friend used a phrase Maharrey says he often repeats: “Things happen slowly and then all at once.”

That idea summarizes the episode’s warning. A fiscal problem can build for years without causing an immediate crisis. But if confidence in U.S. debt weakens or borrowing costs rise further, the effects could arrive more abruptly than people expect.

Maharrey urges listeners to prepare before that happens. He directs them to http://moneymetals.com/news";>MoneyMetals.com/news for news and information, invites them to join the company’s email list, and encourages them to subscribe to the Midweek Memo and the Friday Weekly Market Wrap. The episode ends with his reminder that the nation’s fiscal challenges are ongoing and that decisions made in response to them could shape the dollar’s purchasing power for years to come.

Weren't We Promised Spending Cuts?

Wed, 21 Oct 2026 00:00:00 EST

Weren't we promised spending cuts?

And it wasn't just President Trump. Joe Biden promised spending cuts several years ago. And yet the federal government just ran the third-largest budget deficit in history.

In this episode of the Midweek Memo podcast, host Mike Maharrey uses a biased report claiming the deficit was due to tax cuts as a springboard to tell the whole story. He breaks down the data and explains the ramifications, all while dissecting misleading mainstream analysis.

He also explains why never-ending deficits are extremely important to gold and silver investors.

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Mike opens the show with a pronouncement.

"I’m biased.

"And by the way, you’re biased.

"Your neighbor is biased. So are your parents.

"The guy telling you the news? Biased.

"In fact – everybody is biased!"

Mike explains what this means.

"We all have the tendency to favor certain things, points of view, people, and perspectives. Our life experience, background, upbringing, religion, philosophical outlook, and a billion other things lead to biases. And here’s the thing – even if we’re aware of our biases, we can’t really escape them. They are part of our psychological landscape."

Mike applies this idea to journalism.

"As regular listeners know, I went to journalism school. Of course, we talked a lot about bias. We were told we should write 'unbiased' stories. It’s one of the 10 commandments of journalism. I pretty quickly came to the conclusion that it’s impossible to write an unbiased story because, well, I’m biased. But what I can do is write a balanced story. I can tell all sides and represent them fairly. I can endeavor not to editorialize or insert my opinion. And I can do my best to include all relevant information, including stuff that undercuts my point of view."

Mike explains that he ran across a glaring example of mainstream media bias in a story about the federal budget deficit.

He asserts that "fake news" accusations are often overplayed.

"However, mainstream media bias is a thing, and you should be aware of it, even in financial news reporting."

He found it in a https://finance.yahoo.com/economy/policy/article/the-us-federal-budget-deficit-for-2026-just-came-in-its-1992-trillion-191917669.html"; target="_blank" rel="noopener">Yahoo Finance report on the 2026 federal budget deficit.

"On Friday, the Treasury Department released the September 2026 Monthly Treasury Statement, revealing the federal government ran a deficit of nearly $2 trillion. $1.99 trillion, to be precise. It was the third-largest budget shortfall in history. The only larger deficits were during the COVID years. Now, if you follow politics at all, you know Democrats like to blame large budget deficits on tax cuts, and Yahoo Finance Washington Correspondent Ben Werschkul was bound and determined to advance this narrative."

Mike notes that Werschkul's report was pretty standard until a subsection headlined "Revenue downturn."

"Let’s just pause here for a moment. When you read that subheading, you naturally assume that federal revenues fell last year, right? Hold that thought."

In the first paragraph of the subsection, Werschkul asserts, "The revenue side of the U.S. government's budget equation has also faltered on some fronts in 2026, in part due to tax cuts implemented by Trump's ‘One Big Beautiful Bill.’”

Mike draws the logical conclusion.

"There you have it. Revenue fell because the Republicans cut taxes! It’s the standard left-wing argument."

But Mike points out Werschkul left something out of his reporting.

"While he mentions how much revenue the federal government collected last year in the first paragraph (It was $5.4 trillion, by the way), he never puts it into any context. He fails to compare this year's receipts to last year. In fact, the federal government collected 3.2 percent more than it did in 2025. Isn't that at least a little bit relevant here?"

Mike notes that federal receipts have increased over the last three years -- by nearly 20 percent.

"This is not a revenue problem. It’s a spending problem. Federal outlays grew by 5.5 percent in 2026. For the life of me, I can’t figure out how a veteran reporter left out the fact that revenue increased while creating the impression that it fell. I’ll let you speculate on the reasons."

Mike digs deeper into the 2026 Treasury data, noting the deficit was 12 percent higher than in 2025. Meanwhile, the Trump administration blew through nearly $7.4 trillion in fiscal 2026. To put it into context, that's roughly $20.3 billion per day.

"A 5.5 percent increase in spending might not sound significant. But weren't we told there would be spending cuts?"

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Mike points out that this isn't just a Trump problem. Biden also promised spending cuts when he signed the debt ceiling deal.

"Despite some non-specific talk about 'spending cuts,' there seems to be little to no commitment to tackle runaway spending. In fact, the powers-that-be constantly find new reasons to spend money, whether it is a crisis at home or a war overseas."

Mike points out that a lot of people seem unconcerned about deficits and the growing national debt; however, it matters. Ultimately, it undermines the dollar.

"This could lead to slower economic growth, higher unemployment, and less investment wealth. A lack of confidence in the U.S. fiscal situation could also reduce demand for U.S. debt. This would force Treasury yields even higher to attract investors. We’re seeing that today with yields at levels not seen since 2001."

Mike says the deficits are relevant to gold and silver investors because the rest of the world is paying attention and responding accordingly.

"In fact, this is one of the factors driving the debasement trade. This is a fancy term for the investment strategy emphasizing holding tangible assets such as gold, silver, and other commodities to protect against the decline of fiat currencies caused by monetary debasement. In other words, a lot of countries, including China, are stacking gold because they have become wary of America’s fiscal malfeasance. You should be too."

Mike wraps up the show with a call to action -- call 800-800-1865 and talk to a Money Metals precious metals specialist today.

Articles Mentioned in the Show

https://www.moneymetals.com/news/2026/10/04/debasement-trade-supporting-gold-even-as-yields-spike-005265";>Debasement Trade Supporting Gold Even as Yields Spike

https://www.moneymetals.com/news/2024/11/11/presidents-and-debt-the-worst-of-the-worst-003602";>Presidents and Debt: The Worst of the Worst

https://www.moneymetals.com/news/2026/10/15/beyond-the-cpi-the-complete-inflation-story-september-2026-005295";>Beyond CPI: The Complete Inflation Story -- September 2026

Anatomy of Media Bias: Yahoo Article Implies Federal Revenue Fell Last Year Driving the Deficit

Tue, 20 Oct 2026 00:00:00 EST

I ran across a glaring example of mainstream media bias that I want to highlight for you.

Accusations of “fake news” are often overplayed. However, mainstream media bias is a thing, and you should be aware of it, even in financial news reporting.

On Friday, the Treasury Department released the September 2026 Monthly Treasury Statement, revealing https://www.moneymetals.com/news/2026/10/19/trump-administration-runs-third-largest-federal-budget-deficit-in-history-005303";>the federal government ran a deficit of nearly $2 trillion. It was the third-largest budget shortfall in history.

Democrats like to blame large budget deficits on tax cuts, and Yahoo Finance Washington Correspondent Ben Werschkul was bound and determined to advance this narrative.

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The problem is: it isn’t true.

Ben isn’t a greenhorn reporter. According to his bio, he “covered Washington for over 20 years as a reporter and video producer, working previously at The New York Times and CNN.”

I can’t help but note that the Times and CNN are notorious for left-wing bias. Apparently, Ben packed some in his bag and headed over to Yahoo Finance.

The reporting in the top half of https://finance.yahoo.com/economy/policy/article/the-us-federal-budget-deficit-for-2026-just-came-in-its-1992-trillion-191917669.html"; target="_blank" rel="noopener">his story is pretty standard and unobjectionable. Werschkul highlighted the deficit data and put it in context with the https://www.moneymetals.com/news/2026/08/20/the-40-trillion-national-debt-in-perspective-005151";>surging national debt. He accurately described federal spending growth. He also noted the rapidly increasing interest expense and the impact of tariffs.

So far, so good.

And then our intrepid reporter launched into a subsection headlined “Revenue downturn.”

Let’s just pause here for a moment.

When you read that subheading, you naturally assume that federal revenues fell last year, right?

Hold that thought.

The first paragraph of this subsection reads:

“The revenue side of the U.S. government's budget equation has also faltered on some fronts in 2026, in part due to tax cuts implemented by Trump's ‘One Big Beautiful Bill.’”

There you have it. Revenue fell because the Republicans cut taxes! It’s the standard left-wing argument.

Werschkul then launched into an overview of Congressional Budget Office (CBO) analysis, noting that tariff revenue declined along with corporate income tax collections.

“The group calculates that corporate income taxes decreased by 16% in 2026 as the new tax cuts allowed corporations to take larger deductions ‘and offset the increases in those receipts that otherwise would have been expected, given the rise in corporate income.’"

This paragraph feels intentionally confusing. What does this really mean?

Let’s break it down:

Corporate income rose last year.
Provisions in the One Big Beautiful Bill allowed corporations to take larger deductions.
Corporate tax revenue fell 16 percent year-on-year despite rising corporate income.

On a side note, there's an unspoken assumption baked into this argument – that corporate income would still increase absent the tax cuts. However, tax cuts tend to stimulate economic activity. Tax relief may well have stimulated business and increased corporate income. In other words, the tax cuts weren't all bad. While the Trump tax cuts may have squeezed revenue through more deductions and lower tax rates, they may have also boosted revenue through economic growth. You would need an in-depth economic study to determine the net impact.

But for the sake of argument, let’s assume that Werschkul’s spin is correct and revenue was 16 percent lower than it otherwise would have been. Did that cause a massive budget deficit?

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To be fair, that’s not the only factor Werschkul considered. He noted the tariff debacle squeezed federal revenue after the Supreme Court ruled Trump’s edicts unconstitutional.

“This turnabout in tariffs led to a deficit approximately $140 billion higher than projections from just a few months ago.”

That’s it. That completes Werschkul’s analysis of federal revenue.

Given this information, what would you conclude?

It’s pretty obvious that the federal government had a big revenue problem because Trump is a big dummy.

But Werschkul left something out of his reporting.

While he mentions how much revenue the federal government collected last year ($5.4 trillion) in the first paragraph, he never puts it into any context. He fails to compare this year's receipts to last year.

In fact, the federal government collected 3.2 percent more than it collected in 2025.

Wait. What?

Isn’t that at least a little bit relevant here?

When you read Werschkul’s article, you almost certainly come away thinking the federal government ran a bigger deficit because it collected less money. After all, Trump cut taxes. However, even with tax cuts, federal revenue grew!

And by the way, U.S. federal receipts climbed 6 percent in 2025, and 11 percent in 2024.

This is not a revenue problem.

It’s a spending problem.

Federal outlays grew by 5.5 percent in 2026.

For the life of me, I can’t figure out how a veteran reporter left out the fact that revenue increased while creating the impression that it fell. I’ll let you speculate on the reasons.

I do have one caveat.

This may not be Ben’s fault.

He may have included the revenue information, and the editor cut it out. If that’s the case, the editor is just really bad at his job or has an agenda to advance.

I should also note that Werschkul probably didn’t write the misleading “Revenue downturn” subheading. Copyeditors generally write headlines, not reporters.

But let me reiterate, this is an egregious subheading. There was no overall revenue downturn. Revenue was up. If an editor inserted something like that into my story, I would throw a royal fit.

Why?

Because it’s not true.

Consider the ramifications.

Thousands, if not millions, of people read this article. They now believe federal revenue was down last year.

This is a great example of media bias at work. Ben didn’t write anything untrue (The awful subheading he probably didn’t write notwithstanding). He merely left out relevant information. Call it a sin of omission.

But this kind of stuff shapes thinking, and you need to be aware of it. You would be wise to read stories from multiple sources, including those that may not confirm your point of view.

Former Fed Insider Selling Bank Stocks and Buying Gold

Tue, 20 Oct 2026 00:00:00 EST

A former Fed insider has sold all his bank stocks, and he’s piling money into gold.

Christopher Whalen has worked for over three decades as a writer and financial analyst in Washington, along with a stint as a researcher at the New York Fed. Whalen also held various positions at Bear, Stearns & Co., Prudential Securities, and Carrington Mortgage Holdings. He currently serves as Whalen Global Advisors chairman.

During a Kitco News interview, Whalen said he recently sold all of his bank stock.

“I actually put a couple of short positions down on some consumer lenders because I think credit is going to go up in terms of expenses. And I emphasized precious metals, energy stocks, and also income.”

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Whalen predicted lean times for lenders, as credit prices (interest rates) climb.

“Bank earnings and credit, those are the two immutable concepts in banking. When credit costs go up, earnings go down, and bank stocks suffer accordingly.”

He also warned that we will soon see “higher consumer delinquency” as massive borrowing over the last few years catches up with American households.

In fact, LegalShield’s Consumer Stress Index indicates https://www.moneymetals.com/news/2026/10/16/financial-stress-at-levels-not-seen-since-the-pandemic-005300";>American financial stress has reached pandemic-era levels.

So, what has Whalen replaced his bank stocks with?

Gold.

Whalen said he’s taken advantage of the “softness in gold and silver in the first half of this year” to add to his positions.

He called precious metals an “asymmetric trade” with far more upside potential than risk. He noted the ongoing debasement trade, saying he thinks it will continue.

“The global central banks are continuing to shift away from dollars, shift towards gold, and to a lesser extent silver, simply because they want an independent reserve asset that is not controlled by another country.”

Whalen said he doesn’t think the dollar is in any danger of losing its reserve currency status.

“But I do think that the dollar is going to be competing with other fiat currencies.”

As I have noted many times, even a modest https://www.moneymetals.com/news/2025/03/11/de-dollarization-gold-and-a-shift-to-a-multipolar-world-003898";>de-dollarization spells trouble for the U.S. economy. The federal government depends on global demand for dollars to absorb its money creation and support its borrowing and spending. If the world needs fewer dollars, they will flow back to the U.S., creating additional inflationary pressure.

Whalen called gold “a measure of inflation.” He noted that Andrew Jackson’s face is on the $20 bill and urged listeners to consider what that $20 buys today.

“He would not be happy, I’m telling you.”

As for the Federal Reserve, Whalen said he doesn’t think the central bank wants to hike rates any further, and he believes a slowing economy will force a rate cut as early as Q1 2027. He also thinks the Fed will relaunch https://youtu.be/ipaQAgOCJBk";>quantitative easing (QE) to support the bond market and drive down the federal government's borrowing costs.

“I think the Fed will have to print. In other words, they will have to start buying Treasury securities again the way they did during and immediately after COVID.”

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He noted that we are already “very familiar” with this kind of debt monetization, pointing out that the central bank bought $10 trillion in securities between 2008 and the end of the pandemic era.

“Essentially, they forgave the debt. And what happened was, the banking system grew. That’s where the inflation is. Deposits grow. Assets grow. And the system gets bigger.”

Meanwhile, the U.S. national debt grows as well. The Trump administration ran https://www.moneymetals.com/news/2026/10/19/trump-administration-runs-third-largest-federal-budget-deficit-in-history-005303";>the third-largest budget deficit in history in fiscal 2026. Whalen warned that the U.S. is in “a very tenuous situation.” However, nobody in Washington, including at the Fed, wants to talk about the deteriorating fiscal situation.

“We’re kind of in a daydream. It’s like we’re having a nice nap, and we’re not even worried about anything that’s remotely important.”

Whalen emphasized that hard assets, including gold and silver, are a way people can protect themselves.

“You know that the government is going to continue to spend, and that eventually, the central bank is going to have to inflate the currency.”

How Much Does a Silver Bar Weigh - Silver Bar Weight Chart From 1 Gram to 1,000 oz in Pounds and Kilos - Kitchen Scale Readings and Good Delivery Bar Tolerances - Money Metals

Mon, 19 Oct 2026 00:00:00 EST

Silver bars are not produced in a single standard weight or size. Refiners and mints offer bars in a range of weights. They can be as small as a single gram or as large as 1,000 ounce bars that are stored in institutional vaults.

Most private investors choose products that fall somewhere in between, such as 1 oz, 10 oz, kilo, or 100 oz bars.

Measurements can also present confusion about bar sizes. Many newcomers to precious metals see “ounces” and assume silver is measured like the ounces on their kitchen scales. However, precious metals are measured in troy ounces, which are approximately 10% heavier. That difference explains why a new bar can appear “overweight” if you measure it at home.

This guide lists the exact weight of every common bar size. We also discuss what a household scale should display and explain how to confirm that a bar’s dimensions and weight are consistent.

Quick Answer: How Much Does a Silver Bar Weigh?

1 oz bar: 31.10 grams
10 oz bar: 311.03 grams (0.69 pounds)
Kilo bar: 32.15 troy ounces (2.20 pounds)
100 oz bar: 3.11 kilograms (6.86 pounds)
1,000 oz bar: 31.10 kilograms (68.57 pounds) on paper, although real bars can weigh anywhere from 900 to 1,100 troy ounces

Silver Bar Weight Chart: Every Size in Troy Ounces, Grams, and Pounds

The chart below converts each common bar size into three units of measurement: troy ounces, grams, and pounds. The final column shows what an ordinary kitchen or postal scale should display, because those scales measure in standard ounces.

Every figure was calculated from the official conversion factors published in https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST Handbook 44, Appendix C, which defines one troy ounce as 31.1034768 grams and one pound as 453.59237 grams.

Bar Size	Troy Ounces	Grams	Pounds	Kitchen Scale Reads
1 gram	0.03	1	0.002	0.04 oz
5 gram	0.16	5	0.011	0.18 oz
10 gram	0.32	10	0.022	0.35 oz
1 oz	1	31.10	0.069	1.10 oz
100 gram	3.22	100	0.220	3.53 oz
5 oz	5	155.52	0.343	5.49 oz
250 gram	8.04	250	0.551	8.82 oz
10 oz	10	311.03	0.686	10.97 oz
1 lb	14.58	453.59	1.000	1 lb 0.0 oz
500 gram	16.08	500	1.102	1 lb 1.6 oz
1 kilo	32.15	1,000	2.205	2 lb 3.3 oz
50 oz	50	1,555.17	3.429	3 lb 6.9 oz
100 oz	100	3,110.35	6.857	6 lb 13.7 oz
5 kilo	160.75	5,000	11.023	11 lb 0.4 oz
1,000 oz	1,000	31,103.48	68.571	68 lb 9.1 oz

Several sizes regularly confuse new buyers, particularly the metric and pound-based bars. A kilo bar contains 32.15 troy ounces, which makes it considerably lighter than a 100 oz bar, and our guide to https://www.moneymetals.com/measurement/how-many-troy-ounces-in-a-kilo";>how many troy ounces are in a kilo explains that conversion step by step.

A bar sold as “1 lb” contains one standard pound of silver. That equals 14.58 troy ounces of silver.

Troy Ounces vs Kitchen-Scale Ounces

Why a Troy Ounce Is Heavier

Gold, silver, and other precious metals are measured in troy ounces. One troy ounce equals 31.1035 grams. This is different from the typical ounce, which is officially called the avoirdupois ounce, equals only 28.3495 grams. That is the ounce used for everyday measurements like food and postage.

This difference means that one troy ounce is equivalent to about 1.097 standard ounces, a difference of approximately 9.7% (https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST Handbook 44, Appendix C). That difference seems minor on a single coin or bar, but it grows quickly with larger sizes: on a typical kitchen scale, a 100 oz bar registers almost 110 ounces.

Why Your 10 oz Bar Weighs 11 Ounces

This is one of the most common questions from first-time silver buyers. Usually, it has an innocent explanation.

One https://www.reddit.com/r/Gold/comments/1pnhd52/why_does_10_oz_bar_weigh_11_ounces/";>Reddit user asked why a 10 oz bar weighed 11 ounces on a home scale. The explanation turned out to be simple: the scale was set to standard ounces rather than troy ounces.

In other words, a bar that reads slightly “heavy” on a kitchen scale is usually exactly what it claims to be. Typical bar sizes will display the following measurements when measured in standard ounces and pounds:

1 oz bar: 1.10 oz
10 oz bar: 10.97 oz
Kilo bar: 2 lb 3.3 oz
100 oz bar: 6 lb 13.7 oz

For the most reliable comparison, switch your scale to grams. Many jewelry scales include a troy ounce setting, which is often labeled “ozt.”

What "1 lb" Means on a Silver Bar

Pounds create the same type of confusion, particularly for buyers who are accustomed to everyday household measurements. When a silver bar’s weight is listed in pounds, it refers to the standard pound, which equals 14.58 troy ounces (https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST Handbook 44, Appendix C).

That is why a 100 oz bar weighs 6.86 pounds rather than the 6.25 pounds you would get by simply dividing 100 by 16.

Why a Silver Bar Can Weigh More or Less Than Its Label

Poured Bars Often Run Slightly Heavy

Poured bars, also called cast bars, are produced by pouring molten silver into a mold. Because it is difficult to hit an exact weight with that method, small variations are normal, and collectors have noticed the pattern. On the Collectors Universe forum, one member observed that “the poured Engelhard 10 oz bars always seem to be https://forums.collectors.com/discussion/782062/do-you-guys-who-buy-bars-weigh-them-on-a-routine-basis";>several grams on the heavy side.”

Minted bars follow a different process. These bars are cut from flat sheets of silver and then stamped, which produces a cleaner shape and a more precise weight. Our https://www.moneymetals.com/measurement/how-much-does-a-gold-bar-weigh";>gold bar weight guide goes into more detail about cast and minted bar differences; the same manufacturing methods apply to silver.

Watch for Bars Labeled in Standard Ounces

Occasionally, a seller labels a bar in standard ounces instead of troy ounces. https://nationwidecoins.com/news/8-facts-you-need-to-know-about-10-oz-silver-bars/";>Nationwide Coin warns that “shadier sellers” sometimes try to pass off a standard ounce as a troy ounce.

A bar containing 10 standard ounces of silver holds only 9.11 troy ounces. As a result, the buyer receives almost a full troy ounce less than expected.

Before you buy, examine the stamp carefully. Most bullion bars are https://www.moneymetals.com/1-oz-generic-silver-bar/153";>stamped with their weight and purity, such as “10 troy oz .999 fine silver.” If you do not see a measurement that specifies troy ounces, ask the seller to confirm the weight.

The 1,000 oz Silver Bar Isn't Exactly 1,000 Ounces

The largest standard silver bar is the 1,000 oz “Good Delivery” bar. Financial institutions, such as banks, vaults, and futures exchanges, use these bars to settle large trades. The bar’s name describes a target weight rather than an exact figure.

The https://www.lbma.org.uk/publications/good-delivery-rules/technical-specifications";>London Bullion Market Association (LBMA) sets the specifications for these bars. Under its rules, a 1,000 oz bar may weigh 10% more or less than its nominal weight.

That means an acceptable bar can weigh anywhere from 900 to 1,100 troy ounces, or roughly 61.7 to 75.4 pounds. Bars produced before January 1, 2025 were allowed a wider range of 750 to 1,100 troy ounces. Bars produced before 2008 could weigh between 500 and 1,250 troy ounces.

The LBMA specifications also include these requirements:

Purity: a minimum fineness of 999.0 parts per thousand silver
Weight: recorded in increments of 0.10 troy ounce and always rounded down
Dimensions: a top length of 300 mm, a top width of 130 mm, and a height of 80 mm, each with a permitted tolerance (approximately 11.8 by 5.1 by 3.1 inches at the midpoint)

In the United States, the https://www.cmegroup.com/content/dam/cmegroup/rulebook/COMEX/1a/112.pdf";>COMEX silver futures contract follows the same principle. Each contract covers 5,000 troy ounces, delivered as five bars of 1,000 troy ounces each. Every bar may be 10% heavier or lighter as long as the silver is at least 999 fine.

Consequently, when https://www.moneymetals.com/1000-oz-silver-bars/148";>you buy a 1,000 oz bar, you pay for its actual weight rather than the number in its name. At Money Metals, 1,000 oz silver bars are priced per ounce, and because these bars are difficult to ship safely, they remain in an approved depository under segregated storage.

To calculate the pure silver content of a large bar, multiply its recorded weight by its purity. For example, a 1,012.4 oz bar that is .999 fine contains about 1,011.4 troy ounces of pure silver.

How Big Is a Silver Bar? Size, Density, and Shape

Most retail silver bars do not have standard dimensions. Each mint or refinery chooses and follows its own design. As a result, two 10 oz bars from different refineries can look significantly different.

As an example, the https://www.moneymetals.com/money-metals-design-silver-bar-10-ounce-999-pure/1299";>Money Metals Design 10 oz silver bar measures 89.88 by 45.72 by 7.62 millimeters. Measured in inches, that makes it roughly 3.5 by 1.8 by 0.3 inches. Other https://www.moneymetals.com/buy/silver/bars/10-oz-silver-bars";>10 oz silver bars use different shapes.

Although the shape can change, the amount of space the silver occupies cannot. Silver has a density of approximately 10.5 grams per cubic centimeter (https://www.lanl.gov/science-engineering/periodic-table/element/silver";>Los Alamos National Laboratory), which determines the volume of every bar regardless of its design:

Bar Size	Volume of Silver
1 oz	2.96 cm³ (0.18 cubic inches)
10 oz	29.6 cm³ (1.81 cubic inches)
Kilo	95.2 cm³ (5.81 cubic inches)
100 oz	296 cm³ (18.1 cubic inches)
1,000 oz	2,961 cm³ (181 cubic inches)

This relationship provides a useful verification for any bar you own or plan to buy. If you multiply a bar’s length, width, and thickness, the result should land close to the above figure. It will often be a little higher because of rounded edges and stamped designs.

For example, the Money Metals 10 oz bar calculates to roughly 31 cm³. That is within 6% of the 29.6 cm³ of silver it actually contains.

When a listing’s measurements are far from these figures, something is wrong with either the listing or the bar. Suppose a seller describes a 100 oz bar as 4 by 2 by 0.5 inches: that calculates to only 4 cubic inches. That is enough space for about 22 troy ounces of silver, but it certainly would not fit a 100 oz bar.

Silver Bars vs Gold Bars of the Same Weight

Gold is considerably denser than silver, at about 19.3 grams per cubic centimeter (https://www.lanl.gov/science-engineering/periodic-table/element/gold";>Los Alamos National Laboratory). As a result, a silver bar is approximately 1.84 times larger than a gold bar of identical weight, so a 1 oz silver bar is nearly twice the size of a 1 oz gold bar. For the gold comparison, see https://www.moneymetals.com/measurement/how-much-does-a-gold-bar-weigh";>how much a gold bar weighs.

How to Check a Silver Bar's Weight at Home

It’s fairly straightforward to perform a basic inspection on your own. For most bars, you can do a sufficient check with a digital scale and ruler, or else a set of calipers.

Weigh the bar in grams. Grams eliminate the confusion between troy and standard ounces. You can compare your reading directly to the chart above.
Expect small variations. Poured bars may weigh a few grams over their stated weight, but a bar that is clearly underweight deserves closer inspection.
Measure the dimensions. Multiply the length, width, and thickness, then compare the result to the volume table.
Inspect the stamp. Look for the weight, the purity (such as .999), and the name of the manufacturer.
Combine several tests. Weight alone cannot prove a bar is genuine. For example, copper has a density of roughly 8.9 grams per cubic centimeter (https://www.lanl.gov/science-engineering/periodic-table/element/copper";>Los Alamos National Laboratory). Counterfeiters often use copper cores in counterfeits that they coat with a layer of silver. However, to get the right weight, the copper bar is roughly 18% larger than the real silver. That is why size and weight together reveal more than either measurement alone.

You can learn more about silver verification methods on our https://www.moneymetals.com/guides/how-to-test-gold-and-silver-at-home";>how to test gold and silver at home page.

What a Silver Bar Is Worth by Weight

Governments can print paper currency at will. In contrast, a silver bar’s value rests on something you can measure on a scale. Its metal value, otherwise known as its melt value, depends on its weight and the current silver spot price. Because spot is quoted per troy ounce, convert the bar’s weight to troy ounces first.

Check today's https://www.moneymetals.com/silver-price";>silver spot price, then apply the formula that matches your bar:

Troy ounce bars: troy ounces × spot price
Gram bars: grams ÷ 31.1035 × spot price
1 lb bars: 14.58 × spot price
1,000 oz bars: recorded weight × purity × spot price

For example, a 100 oz bar contains silver worth 100 times the spot price, and a 1 lb bar contains silver worth 14.58 times the spot price.

Melt value is not the same as the purchase price, because dealers add a premium over spot to cover the cost of manufacturing, shipping, and handling each bar, and larger bars usually carry a lower premium per ounce than smaller ones. Our guide to the https://www.moneymetals.com/guides/best-silver-bars-to-buy";>best silver bars to buy compares premiums by size. This article provides general information and is not investment advice.

Choosing a Silver Bar Weight

Weight affects more than price, because it also determines how easily you can store, transport, and eventually sell a bar. A 100 oz bar weighs almost 7 pounds, which makes it convenient to store, but you cannot sell part of it.

A 1,000 oz bar weighs about 68.6 pounds and typically remains in a vault. Smaller bars may cost a little more per ounce, but they allow you to sell only a few pieces when you need cash.

Remember one additional fact when you plan for storage or shipping: one thousand troy ounces of silver weighs 68.57 pounds in any form. That is true whether it is a single large bar or a thousand 1 oz bars, not including packaging. The total weight of a stack depends on its ounces, not the number of pieces.

Ready to compare sizes? Browse https://www.moneymetals.com/buy/silver/bars/1-oz-silver-bars";>1 oz, https://www.moneymetals.com/buy/silver/bars/5-oz-silver-bars";>5 oz, https://www.moneymetals.com/buy/silver/bars/10-oz-silver-bars";>10 oz, https://www.moneymetals.com/buy/silver/bars/kilo-silver-bars";>kilo, and https://www.moneymetals.com/buy/silver/bars/100-oz-silver-bars";>100 oz silver bars, or view every size on our https://www.moneymetals.com/buy/silver/bars";>silver bars page.

Frequently Asked Questions

No. A kilo bar contains 32.15 troy ounces, while a 100 oz bar contains 100 troy ounces, so the 100 oz bar weighs about three times as much (6.86 pounds compared with 2.20 pounds).

A 10 oz silver bar weighs 311.03 grams. On a kitchen scale set to standard ounces, it should display about 10.97 ounces.

A 100 oz silver bar weighs 6.86 pounds, which appears as about 6 pounds 13.7 ounces on a kitchen scale.

A 1 lb silver bar contains 14.58 troy ounces, or 453.59 grams of silver.

LBMA specifications allow a top length of 250 to 350 mm, a top width of 110 to 150 mm, and a height of 60 to 100 mm. At the midpoint of that range, a bar measures approximately 11.8 by 5.1 by 3.1 inches, and at exactly 1,000 troy ounces it weighs 68.57 pounds.

Yes. Gold is about 1.84 times as dense as silver, so a gold bar with the same dimensions as a silver bar weighs about 1.84 times as much.

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How Much Does a Silver Bar Weigh - Silver Bar Weight Chart From 1 Gram to 1,000 oz in Pounds and Kilos - Kitchen Scale Readings and Good Delivery Bar Tolerances - Money Metals

Quick Answer: How Much Does a Silver Bar Weigh?

Silver Bar Weight Chart: Every Size in Troy Ounces, Grams, and Pounds

Troy Ounces vs Kitchen-Scale Ounces

Why a Troy Ounce Is Heavier

Why Your 10 oz Bar Weighs 11 Ounces

What "1 lb" Means on a Silver Bar

Why a Silver Bar Can Weigh More or Less Than Its Label

Poured Bars Often Run Slightly Heavy

Watch for Bars Labeled in Standard Ounces

The 1,000 oz Silver Bar Isn't Exactly 1,000 Ounces

How Big Is a Silver Bar? Size, Density, and Shape

Silver Bars vs Gold Bars of the Same Weight

How to Check a Silver Bar's Weight at Home

What a Silver Bar Is Worth by Weight

Choosing a Silver Bar Weight

Frequently Asked Questions

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