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

Interest Rates Unchanged After Fed Family Fight

Thu, 30 Jul 2026 00:00:00 EST

It appears a Kevin Warsh-led Federal Reserve will at least provide a bit of drama.

The Fed family fought, but it amounted to a lot of yelling and no punches thrown.

In what was anything but a foregone conclusion, the Fed elected to hold the federal funds rate steady at between 3.5 and 3.75 percent. However, the decision wasn’t unanimous. In what Warsh described as “a good family fight,” three committee members split from the 9-person majority to push for a quarter-point rate hike.

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In summary, the Federal Reserve is talking a lot about fighting inflation, but it isn't doing a lot to fight inflation.

Less Guidance, More Guessing

Warsh has indicated he will provide much less “forward guidance” than Jerome Powell. In other words, he doesn’t want the central bank to signal its intentions. So far, he has stuck to that commitment. There was genuine uncertainty in the market as to what the Fed would do. Some analysts even forecast a rate hike.

Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed head Lorie Logan all voted for a rate hike.

“I asked for a good family fight, and I got one,” Warsh said in his post-meeting press conference.

“Most of our discussion was on the big questions that matter to the conduct of monetary policy. We didn’t sort of hide from them. We weren’t scared of them. There was a lot more interaction between and among my colleagues. It was a real family fight.”

The https://www.federalreserve.gov/newsevents/pressreleases/monetary20260729a.htm"; target="_blank" rel="noopener">official FOMC statement did little to signal how the Fed plans to move forward. The first statement issued by the Warsh-led committee dropped from more than 300 words under Powell to just 130. At the time, Warsh said forward guidance was “not well suited for the current policy conjuncture.”

“It’s a bit shorter, a bit simpler and it dispenses with some older language,” Warsh said of the first statement of his regime. “That statement just gives you the facts, as best we can judge it.”

Other than information about the vote, the July FOMC statement was identical to June’s.

“As before, the policy statement conveys just the facts. It’s steering clear of forecasting, a choice we consider especially prudent at these uncertain times,” Warsh said. “Uncertainty, however, does not mean a lack of clarity.”

This new lack of transparency has already frustrated some Fed observers. Capital Economics analysts criticized Warsh’s “vague” responses, saying they “make forecasting the Fed’s next move even trickier than it already was.’'

Warsh doesn’t seem to care.

“I understand the desire for rolling forecasts and commentary from this committee, but for our part, we need to observe market reaction to developments direct and unfiltered. I want to stress, of course, that decisions by this committee matter a great deal, and where necessary and appropriate, we will not hesitate to act.”

Still Talking Tough on Inflation

While the Fed didn’t deliver any policy changes, Warsh continued to insist the Federal Reserve is committed to returning inflation to the mythical 2 percent target.

“You’ve heard this before, but we will deliver price stability.”

He emphasized that it won’t be a quick or easy fix.

“We have no magic wand. This isn’t something we’re going to be able to carry out in days or weeks.”

Warsh bristled at calling the Fed’s decision to hold rates steady “a pause.”

“I would characterize what we did as a review of the big hard questions, and I’d characterize it as a view of what our own homework is to try to resolve those questions in the period ahead.”

He went on to say that this is just the “beginning of the story,” not the end.

“We have begun a new chapter, and we understand that the five-plus years of inflation above target cannot be cured in nine weeks, or by a single month of modest price decreases. This Fed will not waver. Our credibility rests on performing our duties and delivering on our responsibilities.”

The Markets Have Their Doubts

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The markets don’t seem to put much faith in Warsh’s rhetoric. They are looking for action. Having gotten none, interest rates on the long end of the Treasury yield spiked yet again after the policy announcement.

The rate on the 10-year Treasury yield rose 5 basis points to 4.657 percent. Meanwhile, the 30-year Treasury bond yield surged 9 basis points to 5.193 percent.

This indicates that investors have little faith in the central bank’s willingness or ability to anchor price inflation at 2 percent. As a CNBC report put it, “We think you’re going to keep short-term policy rates in check, and it’s going to create a ton of inflation later.”

Some analysts believe we are in the early stages of https://www.moneymetals.com/news/2026/07/23/bond-market-regime-change-could-reshape-gold-investing-for-years-ahead-005085";>a secular bear market in bonds with higher yields on the long end of the curve no matter what the central bankers at the Fed do.

Over the last several weeks, Warsh has repeatedly said that “inflation is a choice.” FWDBOND chief economist Chris Rupkey said it appears to him the central bank is choosing inflation.

“If inflation is a choice, the Federal Reserve meeting today shows no sign of taking steps to bring it under control with its primary monetary tool, which is interest rates.”

This is indicative of https://www.moneymetals.com/news/2026/07/02/fed-chair-warshs-will-vs-economic-reality-005034";>rhetoric running face-first into reality. Warsh would undoubtedly love to drive price inflation back to 2 percent. But he must reckon with a massive https://www.moneymetals.com/news/2025/11/15/debt-black-hole-putting-increasing-stress-on-american-consumers-004483";>Debt Black Hole dominating the global economy. High levels of debt don’t play nicely with higher interest rates. The central bankers at the Fed are in https://www.moneymetals.com/news/2026/03/19/gold-the-federal-reserve-and-a-catch-22-004773";>a Catch-22, and it isn’t going to resolve any time soon.

Ultimately, the Fed will have to choose. It can tackle inflation and risk popping the debt bubble and toppling the economy, or it can try to keep the economy limping along by looser monetary policy.

It can’t do both.

Historically, when push comes to shove, central bankers pick inflation when the rubber meets the road.

The Federal Reserve Is Still Running Quantitative Easing

Underscoring the difficulties facing Warsh and Company, even as he talks tough about slaying inflation, his central bank continues to run modest quantitative easing operations (QE). This is indicated by the balance sheet, which is once again creeping upward.

When the Fed started hiking rates in 2023, it also began quantitative tightening (balance sheet reduction). The balance sheet hit its low at $6.54 trillion on December 1, 2025.

At the October 2025 meeting, the Fed announced it would end balance sheet reduction effective December 1. At the time, https://www.moneymetals.com/news/2025/11/01/is-the-fed-about-to-restart-quantitative-easing-004455";>I wondered out loud if the central bankers were about to restart QE.

Sure enough, they did.

At the December meeting, the FOMC announced it would purchase $40 million in Treasury Bills on Friday (Bills are short-term Treasuries that mature in one year or less). From that point, purchases will “remain elevated for a few months” before they are “significantly reduced.”

Since then, the balance sheet has grown to $6.75 trillion.

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Of course, you will not hear any central banker or mainstream pundit utter the words "quantitative easing."

In fact, if pushed, they’ll almost certainly deny that they’re doing it. They’ll call it “reserve management,” or tell you they’re engaged in “technical operations” to keep the financial system’s plumbing moving.

However, an expansion of reserves is an expansion of reserves. You can call it QE. You can call it reserve management. You can call it tap dancing with unicorns.

In practice, the Fed is purchasing Treasury bills with money created out of thin air. This increases the money supply and puts downward pressure on Treasury rates. The balance sheet is growing; liquidity is increasing; risk asset bubbles are getting more air. This is exactly what QE does. So, call it what you want. If it walks like a duck...

By the way, https://www.moneymetals.com/news/2024/01/12/common-definition-of-inflation-you-hear-today-is-wrong-government-propaganda-002925";>it is also inflation – by definition.

So much for that commitment to fight inflation. Based on the central bank's actions, it appears Warsh & Company are more committed to keeping the debt bubble inflated and the economy limping along.

Fort Knox vs. China: The Global Gold Race Nobody Discusses

Thu, 30 Jul 2026 00:00:00 EST

The United States officially reports holding 8,133.5 metric tons of gold, equivalent to roughly 261.5 million troy ounces. According to government figures, approximately 147.3 million ounces are stored at Fort Knox, while the remainder is held at the Denver Mint, the West Point Bullion Depository, and the Federal Reserve Bank of New York.

On the surface, the question of how much gold America possesses appears settled. However, Money Metals Midweek Memo host Mike Maharrey argues that the more important question is whether those official figures have ever been independently verified through a comprehensive audit.

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The Case for a Full Fort Knox Audit

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During a recent interview on Fox News with Jesse Watters, Treasury Secretary Scott Bessent stated that Fort Knox's gold is "present and accounted for," explaining that members of his staff and the U.S. Treasurer have visited the facility. Maharrey contends that while such assurances may reassure some observers, they https://www.moneymetals.com/news/2026/07/24/looks-like-we-dont-need-to-worry-about-that-fort-knox-gold-audit-anymore-005090";>do not replace the need for an independent audit.

Drawing on his accounting background, Maharrey explains that audits exist to detect honest mistakes, verify records, and provide accountability. Virtually every business that manages valuable assets relies on regular external audits to ensure transparency and maintain public confidence.

He argues that any institution responsible for billions of dollars in assets should welcome independent verification rather than discourage it. In his view, resisting routine audits raises more questions than it answers.

Why the 1974 Inspection Doesn't Qualify as an Audit

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Government officials have often pointed to inspections conducted during the 1970s as evidence that America's gold reserves have already been examined. Maharrey argues that these events fall far short of accepted auditing standards.

In 1974, the Treasury opened only one of Fort Knox's 15 vault compartments to members of Congress and the media during what Maharrey characterizes as a https://youtu.be/JRZc7YEV8rU?si=F9vcUie6ZJFkIeAx"; target="_blank" rel="noopener">public relations event rather than a legitimate financial audit. Visitors observed stacks of gold bars and briefly handled some of the bullion, but no meaningful verification took place.

According to Maharrey, none of the bars were matched to serial numbers, weighed, assayed for purity, or reconciled against official inventory records. A true audit would require every bar to be counted, tested, documented, and independently verified before the results were released publicly.

Transparency Questions Continue Decades Later

Following the 1974 event, the Treasury conducted inventory procedures and installed tamper-evident seals on vault compartments. Maharrey argues these actions still did not meet accepted auditing practices.

He points to missing reports, the absence of publicly available assay records, incomplete transactional histories, and evidence that some vault seals have been broken and later replaced without new comprehensive audits. In his view, these shortcomings would not satisfy the standards expected of a https://www.moneymetals.com/silver-gold-storage";>professionally managed private bullion depository.

Rather than opposing an audit, Maharrey believes the government should embrace one. If the reported gold reserves are accurate, he argues, an independent examination would strengthen public confidence instead of undermining it.

Money Metals Emphasizes Independent Verification

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Maharrey contrasted the government's approach with the auditing procedures used at the Money Metals Depository in Eagle, Idaho.

According to Maharrey, the depository conducts both continuous internal audits and regular external audits performed by independent firms. Customer holdings are routinely verified, inventory is spot-checked, and clients may request an annual photograph of their segregated holdings to confirm that their precious metals remain securely stored.

He argues that transparency, accountability, and routine verification should be considered standard practice whenever valuable assets are entrusted to a storage facility.

Governments Continue Holding Gold Despite Fiat Currency

Although modern monetary systems are no longer backed by gold, Maharrey notes that governments continue maintaining substantial bullion reserves.

He argues that this creates an interesting contradiction. Public officials often emphasize that fiat currencies make large gold reserves unnecessary, yet central banks around the world continue accumulating physical bullion. According to Maharrey, their actions suggest that gold still plays an important strategic role within the global financial system.

China's Official Gold Holdings May Be Only Part of the Story

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China officially reports holding 2,346 metric tons of gold and has now increased its reported reserves for 21 consecutive months. In June, the People's Bank of China announced a 15-tonne increase following a 10-tonne purchase in May, representing a noticeable acceleration in official buying.

Maharrey argues that these official figures likely understate China's actual gold accumulation.

He cites research from Goldman Sachs estimating that China acquired more than 48 tonnes of gold through London's over-the-counter market during May alone, despite officially reporting only a 10-tonne increase. Goldman ultimately adopted a more conservative estimate, concluding that China has likely accumulated approximately 80 tonnes of gold during 2026 so far—roughly double its reported purchases.

Evidence Suggests China Holds Far More Gold

Additional research cited by Maharrey indicates China's actual reserves may be significantly larger than official disclosures suggest.

Money Metals researcher Jan Nieuwenhuijs previously estimated that China's central bank quietly acquired approximately 570 tonnes of gold during 2024 while officially reporting purchases of only 41 tonnes. His research suggests that, since the Ukraine war began, China has been acquiring roughly five times more gold than it reports to the International Monetary Fund. Based on multiple sources, he estimates China's monetary gold holdings could already exceed 5,000 tonnes.

The Financial Times later reported that China's undisclosed purchases could exceed ten times its official figures, highlighting the country's continued efforts to diversify reserves away from the U.S. dollar while supporting global gold demand.

China's Gold Strategy Has Been Building for Years

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Maharrey also referenced longtime analyst Jim Rickards, who argued more than a decade ago that China deliberately keeps large quantities of gold outside its officially reported central bank reserves.

Rickards wrote that after China announced a 604-tonne increase in 2015, much larger holdings remained under the control of the State Administration of Foreign Exchange (SAFE), with only gradual transfers appearing in official People's Bank of China reserve reports. Maharrey says this strategy allows China to satisfy international reporting requirements while concealing the true scale of its gold accumulation.

Recent analysis has even suggested that, if current trends continue, China could surpass the United States in total gold holdings within the next five years.

Central Banks Continue Diversifying Into Gold

According to https://www.moneymetals.com/news/2026/07/25/goldman-sachs-picks-up-on-chinas-secret-gold-reserve-expansion-005095";>Goldman Sachs, China's purchases are part of a broader multi-year trend among central banks worldwide.

The bank continues forecasting gold to reach $4,900 per troy ounce by the end of 2026, arguing that sustained central bank demand should provide long-term price support even if higher interest rates create short-term headwinds. Goldman also believes private investment demand could expand further if geopolitical risks continue increasing.

Maharrey notes that central banks have increasingly diversified reserves away from U.S. Treasuries and toward physical gold, reinforcing what he sees as gold's enduring role as a reserve asset.

Federal Reserve Policy Remains a Near-Term Headwind

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As the July Federal Open Market Committee meeting concluded, Maharrey observed that most investors expected Federal Reserve Chairman Kevin Warsh to leave interest rates unchanged, although some market participants had speculated about the possibility of another rate increase.

He argued that additional tightening could accelerate debt problems that have accumulated following years of quantitative easing, historically low interest rates, and nearly $5 trillion in pandemic-era monetary expansion.

While acknowledging that gold and silver prices may continue trading sideways in the near term, Maharrey believes the underlying monetary environment remains favorable for precious metals over the longer term.

Chinese Investors Continue Buying the Dip

Beyond central bank purchases, private Chinese demand has also strengthened.

https://www.moneymetals.com/news/2026/07/25/chinese-gold-imports-surged-to-2-year-high-in-june-005094";>China imported 173 tonnes of gold during the previous month, marking a two-year high. Maharrey cited Jinrui Futures analyst Zijie Wu, who said investors viewed recent price weakness as an attractive buying opportunity, while Chinese banks also increased purchases to utilize import quotas and replenish bullion inventories.

Maharrey concluded that regardless of near-term Federal Reserve policy, https://www.moneymetals.com/news/2026/07/28/inflation-pain-is-worse-than-the-cpi-indicates-005097";>inflation continues reducing the https://www.moneymetals.com/news/2026/07/28/with-bonds-struggling-investors-turning-to-tangible-assets-like-gold-005096";>purchasing power of fiat currencies over time. As central banks continue expanding their gold reserves and investors increasingly seek tangible assets, he argues that physical gold and silver remain important long-term stores of wealth.

Conspiracy Theory: How Much Gold Do the U.S. and China Really Have?

Wed, 29 Jul 2026 00:00:00 EST

Officially, the U.S. has far more gold than China.

But does it really?

In this week's Midweek Memo podcast, Mike Maharrey explains why there is reason to doubt this claim. In fact, we don't really know how much gold the U.S. or China holds. We have official claims, but the U.S. refuses to audit its reserves, so there could be far less than advertised. And it's evident China is accumulating gold faster than it claims.

Why this dichotomy? And what are the ramifications?

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Mike opens the show with a question: How much gold does the U.S. have?

"Simple question, right? We can just look it up.

"So, the US has 8,133.5 metric tons of gold. That’s roughly 261.5 million troy ounces. About half of that (147.3 million ounces according to the U.S. Mint) is stored at Fort Knox. The rest is spread out between the Denver Mint, the West Point Bullion Depository, and the Federal Reserve vault in New York.

"So, there ya go. Case closed. End of podcast. Or is it? I mean, that’s how much gold the government says it has. But we don’t really know, do we? Because for some reason, they absolutely do not want to do a proper audit.

"OK, so now, let’s do China. How much gold does China have? That should be pretty easy too.

"I looked it up. 2,346 tonnes.

"But can we trust the Chinese gold accounting any better than America’s?

"Yeah. No. It’s not so much that the Chinese haven’t done an official audit. I have no idea what their audit situation is. But I do know that it’s almost certain the Chinese have a lot more gold than they claim.

"So, to sum it up, the US may well have less gold than advertised, and China may have a lot more.

"I want to dig into this a little more deeply today."

Starting with U.S. gold reserves, Mike says he has good news.

"We don’t need to worry about that Fort Knox gold audit anymore. Treasury Secretary Scott Bessent assured us all the gold is there.

"There you have it. The fox guarding the henhouse says the hens are all accounted for.

"Case closed!

"Or maybe not."

Mike points out that despite Bessent's assurances, we don't really know because the government refuses to audit its gold reserves.

"Consider this: would you trust a bank that never conducted an external audit?"

You shouldn't.

Mike notes that audits serve several functions. They catch honest mistakes, and they hold those in control of an organization's financial dealings accountable and ensure they are operating above-board.

Despite the lack of a formal audit, the U.S. government insists the gold is all there and accounted for, and they claim they've audited it.

They have not.

However, in the 1970s, the government put on a made-for-TV spectacle in the name of an audit. They invited reporters and politicians to look inside Fort Knox and hold gold bars.

"So, yeah. That's not an audit. It's political propaganda. In a proper audit, every bar would be counted and inspected. Serial numbers would be matched to records. The gold would be assayed to verify its weight and purity. And the details of the audit would be published and available for public inspection. None of that has happened."

Since then, the government claims it conducted a multi-year process of opening and inventorying vault compartments and affixing new tamper-evident seals to the doors of each compartment upon completion. They call these audits. They are not.

Some reports have since gone missing, and there is no record of comprehensive assaying, weighing, or transactional history available to the public.

"Furthermore, there is evidence that seals on vault compartments have been broken over the years, bars have been moved for unknown reasons, and seals have been re-affixed without fresh auditing. Subsequent annual reviews of the schedules of compartment seals simply whitewash prior discrepancies. In sum, the U.S. Treasury's management of U.S. gold reserves is replete with audit "no-nos" that would never pass muster at a https://www.moneymetals.com/silver-gold-storage";>responsibly run private depository."

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Mike raises a question. If the government doesn't have anything to hide, why are people so resistant to an audit?

"Maybe it’s just me, but when somebody gets all upset when I suggest checking their work, I suspect their work might not be up to par."

Mike turns to the Chinese, noting that it has increased its official gold reserves for 21 straight months. But it appears they have accumulated far more gold than reported.

"Here’s the rub. While there is reason to believe the US might not have as much gold as it claims, the Chinese almost certainly have far more."

Some analysts have speculated that the Chinese are accumulating gold much faster than they claim for years. However, the mainstream has shown little interest in the story. Last year, Money Metals analyst Jan Nieuwenhuijs parsed the data and determined that https://www.moneymetals.com/news/2025/04/02/chinas-gold-reserves-going-through-the-roof-003956";>the Chinese central bank covertly bought 570 tonnes of gold in 2024. The People's Bank of China only reported a 41-tonne increase in its gold reserves that year.

Since then, a few mainstream players have taken notice. Last fall, the Financial Times reported on Chinese gold accumulation, and more recently, Goldman Sachs noted that China bought nearly five times more gold in May than it reported.

Mike notes that Goldman analysts said they expect central bank gold accumulation to provide a price floor for the yellow metal, even as gold continues to face downward price pressure due to https://www.moneymetals.com/news/2026/07/02/fed-chair-warshs-will-vs-economic-reality-005034";>a hawkish Federal Reserve.

Speaking of the Fed, Mike pointed out the July meeting was ongoing as he recorded the show. Most people expect the Fed to stand pat on interest rates, but a few analysts forecasted a rate hike.

"I’ll say this. If they do hike, I think it will hasten the debt crisis and an economic collapse. A global economy dominated by a debt black hole can’t operate in a higher interest rate environment. Anyway, that’s a topic for next week. In the meantime, I’m still near-term bearish. I think the gold and silver prices will continue to languish until the markets figure out that Warsh’s inflation war is more propaganda than actual war."

Mike wraps up the show noting that Chinese investors are also buying gold, with imports into China hitting a 2-year high last month. Jinrui Futures Company analyst Zijie Wu told Bloomberg investors buying the price dip were “an important driver of recent demand.”

"Might not be bad advice for American investors. Because remember, no matter how many hawkish words that pour out of Warsh’s mouth today, no matter what the Fed does in terms of monetary policy, we know one thing for certain. The dollar will be worth less a year from now than it is today. That’s by design. Stealing 2 percent of your purchasing power every year is the plan. That means you need to plan accordingly."

Mike ends with a call to action -- call 800-800-1865 and speak with a Money Metals' precious metals specialist today.

Articles Mentioned in the Show

https://www.moneymetals.com/news/2026/07/25/chinese-gold-imports-surged-to-2-year-high-in-june-005094";>Chinese Imports Surged to a 2-Year High in June

https://www.moneymetals.com/news/2026/07/02/fed-chair-warshs-will-vs-economic-reality-005034";>Fed Chair Warsh's Will vs. Economic Reality

Inflation Pain Is Worse Than the CPI Indicates, But You Already Knew That!

Tue, 28 Jul 2026 00:00:00 EST

We all intuitively know that prices are rising faster than the Consumer Price Index (CPI) indicates. We feel the pain every time we go to the grocery store or gas station. But just how much is price inflation impacting us here on Main Street?

I started pondering this question the other day when I ran across a graph tracking the price of a can of Campbell’s Tomato Soup since 1895.

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You’ll notice an interesting phenomenon. The cost of a can of soup remained relatively stable until around 1973, when it suddenly started to climb more rapidly.

And https://www.moneymetals.com/news/2024/06/28/what-in-the-world-happened-in-1971-003286";>what happened in the early 1970s?

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In 1971, President Richard Nixon severed the dollar's last connection with the gold standard, making it a purely free-floating fiat currency.

When he announced the closing of the gold window, Nixon said, “Let me lay to rest the bugaboo of what is called devaluation,” and promised, “Your dollar will be worth just as much as it is today.”

Well, Campbell’s begs to differ.

Since that fateful day, the U.S. government, supported by the Federal Reserve, has aggressively devalued the dollar by printing more and more of them. This would have been impossible with the monetary discipline imposed by a gold standard (which is exactly why Nixon did away with it).

According to the Consumer Price Index data released by the Bureau of Labor Statistics, the dollar has lost around 88 percent of its value since Nixon’s fateful decision. Meanwhile, the dollar value of gold has gone from $35 an ounce to about $4,000.

Of course, salaries have gone up as well, but inflationary boosts to income always lag behind prices, meaning this inflationary pressure is decimating the middle class and creating significant socio-economic shifts.

The Current Inflation Picture Is Much Worse Than Advertised

If you go shopping, you’re keenly aware of price inflation. Since January 2021, prices are up between 23.6 percent and 27.1 percent, depending on which metric you choose to use.

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According to https://www.moneymetals.com/news/2026/07/14/the-rest-of-the-inflation-story-005063";>the latest CPI data, price inflation ran at 3.5 percent over the last year. That’s well above the mythical 2 percent target.

This paints a pretty bleak inflation picture, but the situation is worse than these dreary government numbers suggest.

How can this be?

Because the CPI formula is constructed to understate price inflation.

In fact, the https://www.moneymetals.com/news/2024/01/15/the-cpi-lie-price-inflation-is-even-worse-than-advertised-002930";>government revised the CPI formula in the 1990s so that it understated the actual rise in prices even more.

However, the Bureau of Labor Statistics also collects and aggregates data on actual price increases. Using these numbers without all the formulaic manipulation and hedonic adjustments built into the process gives us a better sense of how much more we’re paying at the store.

I had an AI agent take 25 common items from the BLS data and calculate the price increase for that basket of goods over the last five years.

Based on this basket, price inflation is running at 29.3 percent.

https://www.moneymetals.com/uploads/content/everyday_price_index_item_changes.png"; width="700" height="579" class="mx-auto p-3" alt="" />

The largest price increases were on the following items.

Ground coffee: 105.4%
All-purpose flour: 52.8%
Ground chuck: 52.8%
White sugar: 50.8%
Long-grain rice: 40.0%

The only price on the list lower than five years ago was bacon.

The bottom line is price inflation is worse than they’re telling you. And they’re telling you it’s pretty bad.

There are all kinds of ways to slice and dice data. We can debate the minutiae, but the trend is undeniable. You’re losing purchasing power at a rapid rate. And no matter how much Fed Chairman Keven Warsh screams about tackling price inflation, nothing will change. Even if they do get it under control (and they can’t), they will continue to devalue the dollar by 2 percent per year as a matter of policy. That means you lose more than 10 percent of your purchasing power every five years.

That’s the plan.

Therefore, you need to plan accordingly. If you’re trying to save and preserve your wealth in dollars, you’re making a huge mistake. You need to save in sound money – gold and silver.

With a Struggling Bond Market and Persistent Inflation, Investors Are Turning to Tangible Assets Like Gold

Tue, 28 Jul 2026 00:00:00 EST

The bond market has been struggling for the last year-plus, with some analysts saying we’re in the early stages of https://www.moneymetals.com/news/2026/07/18/the-ramifications-of-a-long-term-bond-bear-market-005079";>a secular bear market. This has forced investors to reconsider the role of bonds in a balanced portfolio, with some pivoting to tangible assets with value – like gold.

Over the last couple of years, there has been persistent upward pressure on long-term bond yields. The 10-year Treasury spiked in 2022, rising from around 1.5 percent in late 2021 to a high of nearly 5 percent in the fall of 2023. Since then, yields have remained at those elevated levels despite the Fed cutting rates and geopolitical events that would have historically created significant safe-haven demand for Treasuries.

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Reuters recently reported that “inflation, heavy government borrowing, policy uncertainty and bouts of stocks and bonds falling in tandem have weakened bonds' role as a ballast, prompting some investors to look for more diversification.”

Osaic chief market strategist Phil Blancato told Reuters that bonds only work as insurance in a portfolio when inflation is low. He said the wealth management firm has cut its fixed-income ratio from the traditional 40 percent to 31 percent with a 6 percent allocation to commodities.

Inflation certainly isn’t low. It has run well above the mythical 2 percent target for years. And while the https://www.moneymetals.com/news/2026/07/16/cpi-cools-but-inflation-isnt-gone-the-story-behind-the-headlines-005070";>CPI had cooled in recent months, the oil shock due to the U.S.-Iran war has restoked price inflation worries.

More significantly, the money supply has been on the rise for over a year, and despite the hawkish talk about slaying inflation once and for all, the Federal Reserve is currently expanding its balance sheet with a modest https://youtu.be/ipaQAgOCJBk?si=ou_ydjjePJ2S6rlM"; target="_blank" rel="noopener">quantitative easing (QE) operation. This is inflation, https://www.moneymetals.com/news/2024/01/12/common-definition-of-inflation-you-hear-today-is-wrong-government-propaganda-002925";>by definition.

Last year, Morgan Stanley CIO Michael Wilson recommended https://www.moneymetals.com/news/2025/10/07/seismic-shift-morgan-stanley-recommends-602020-portfolio-with-20-allocated-to-gold-004389";>an even more aggressive portfolio rebalancing, suggesting investors should cut their bond allocation to 20 percent and swap half of the bond portfolio to gold to serve as a “more resilient” inflation hedge.

"Gold is now the anti-fragile asset to own, rather than Treasuries. High-quality equities and gold are the best hedges.”

Northern Trust analyst Grant Johnsey told Reuters that bond returns are eroded over the long-term by persistent inflation, a weakening currency, and bond supply outpacing demand.

"Many investors are worried that one or more of these variables will play out in the coming years. The issue with the bonds is that when you go out past five years, there are too many potential downside headwinds and not enough tailwinds behind it."

Johnsey’s observation underscores the fact that it is crucial to consider “real interest” rates when evaluating investment options. Conventional wisdom holds that higher inflation necessitates tighter monetary policy from central banks, meaning higher interest rates. Higher rates are considered a headwind for gold because it is a non-yielding asset. However, even as nominal interest rates rise, inflation suppresses the real rate.

In simplest terms, the real interest rate is the stated rate you see on the news, adjusted for price inflation. To calculate the real interest rate, you take the quoted nominal rate and subtract CPI. This tells you how much your investment will yield in real purchasing power over time.

For example, the 10-year Treasury bond is currently yielding just over 4.6 percent. That seems like a pretty good return. However, the CPI is running at 3.5 percent. That means the real interest rate on a 10-year Treasury is only 1.1 percent (4.6-3.5=1.1).

As the CPI increases, that real rate continues to fall.

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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 – https://www.moneymetals.com/news/2026/07/16/us-government-runs-another-big-deficit-in-june-as-interest-expense-climbs-005073";>particularly the U.S. Given America’s fiscal malfeasance, many investors have become reluctant to lend Uncle Sam more money. This is one of the primary drags on the bond market.

Harvey said Sagard is moving investors away from developed-market fixed income assets (bonds) and into a “preservation bucket” that includes commodities, gold, real estate and infrastructure. He called fixed income “the inflation loser.”

Central banks are also spurning Treasuries and upping their gold reserves. Earlier this year, the European Central Bank confirmed that gold has https://www.moneymetals.com/news/2026/06/02/ecb-confirms-gold-has-overtaken-treasuries-as-top-global-reserve-asset-004959";>passed Treasuries to become the world’s top reserve asset.

Last year was the fourth-largest expansion of central bank gold reserves on record, at 863 tonnes. That was down 21 percent year-on-year, but still well above the 2010-2021 annual average of 473 tonnes.

The all-time high was set in 2022 (1,136 tonnes). It was the highest level of net purchases on record, dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.

State Street global market strategist 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."

Goldman Sachs Picks Up on China's Secret Gold Reserve Expansion

Sat, 25 Jul 2026 00:00:00 EST

Goldman Sachs has picked up on the fact that China is expanding its gold reserves far faster than the official data indicates.

This probably comes as a surprise if you only follow mainstream financial news. Goldman is one of the few major financial actors to report on this phenomenon, but we've known about it for a long time.

In a recent note, Goldman analysts estimated that China bought more than 48 tonnes of gold in May via the London over-the-counter (OTC) market. The People’s Bank of China only reported a 10-tonne increase to its gold reserves.

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In other words, it appears the Chinese increased their gold reserves by 4.8 times the officially reported amount in May.

Based on official numbers, the Chinese central bank added 40 tonnes of gold to its holdings in 2026. This includes a 15-tonne increase in June, the largest official monthly purchase in over two years.

Goldman applied a more conservative 2.0 times multiplier and estimated the Chinese have accumulated closer to 80 tonnes of gold so far this year. If we use the 4.8 times multiplier extrapolated from the May data, Chinese gold reserves have grown by 192 tonnes.

Based on Goldman’s nowcast tool, China bought 67 tonnes of gold per month on a three-month seasonally adjusted average through May.

Faster Than Advertised Expansion of Chinese Gold Reserves No Surprise

It may seem surprising that China is accumulating far more gold than they publicly admit, but it shouldn’t be. People who are paying attention have known this for a long time.

Last year, Money Metals’ researcher Jan Nieuwenhuijs parsed the data and determined that https://www.moneymetals.com/news/2025/04/02/chinas-gold-reserves-going-through-the-roof-003956";>the Chinese central bank covertly bought 570 tonnes of gold in 2024. The People's Bank of China only reported a 41-tonne increase in its gold reserves that year.

Nieuwenhuijs’s numbers dovetail with Goldman’s.

“Since the Ukraine war began, data show, China’s central bank has been buying roughly five times more gold than what it discloses to the International Monetary Fund (IMF).”

His analysis of formal and informal sources indicated that at the time, the People’s Bank of China was sitting on more than 5,000 tonnes of monetary gold – more than TWICE what the Chinese publicly admit.

The mainstream media has all but ignored this story for years. However, it is starting to see the light of day. Last November, https://financialpost.com/financial-times/chinas-secretive-gold-purchases-fuel-rally"; target="_blank" rel="noopener">the Financial Times of London reported on the secret expansion of its gold reserves.

“China’s unreported gold purchases could be more than 10 times its official figures as it quietly tries to diversify away from the United States dollar, say analysts, highlighting the increasingly opaque sources of demand behind bullion’s record-breaking rally.”

Now Goldman has joined the party.

However, this secretive Chinese gold accumulation dates back much further than the last three or four years. Analyst Jim Rickards speculated that Chinese gold reserves were far larger than reported in this article published https://mises.org/mises-wire/can-us-dollar-face-down-chinese-yuan"; target="_blank" rel="noopener">more than a decade ago.

“In mid-2015, China suddenly announced that its gold reserves had increased by 604 tonnes. The total rose from 1,054 tonnes to 1,658 tonnes. Since then, China has updated its gold reserve position monthly (in keeping with IMF criteria). All of these figures are misleading because China keeps several thousand tonnes of gold 'off the books' in a separate entity called the State Administration for Foreign Exchange (SAFE). Small amounts are transferred from SAFE to PBOC monthly, and that becomes the basis for the official reserve reports.”

Goldman noted that Chinese gold buying is part of a broader trend of central banks globally expanding reserves. Investing Live summed up the Goldman position.

“Goldman continues to frame elevated central bank accumulation as a multi-year structural trend tied to reserve diversification away from dollar assets, anchoring its $4,900 per troy ounce end-2026 price forecast. With private portfolio allocations to gold still low, the bank sees room for demand to broaden beyond central banks to private investors if geopolitical risks continue to build, keeping the medium-term price skew to the upside.”

Goldman analysts said they expect central bank gold accumulation to provide a price floor for the yellow metal, even as gold continues to face downward price pressure due to https://www.moneymetals.com/news/2026/07/02/fed-chair-warshs-will-vs-economic-reality-005034";>a hawkish Federal Reserve.

Chinese Gold Imports Surged to 2-Year High in June

Sat, 25 Jul 2026 00:00:00 EST

Chinese gold imports rose to a two-year high in June as lower prices sparked a resurgence in demand.

According to the latest customs data, China imported 173 tonnes of gold last month, the highest monthly total since March 2024. That follows gold imports of 151 tonnes in May and 157 tonnes in April.

China ranks as the world’s largest gold market.

The https://www.moneymetals.com/news/2026/07/07/despite-correction-gold-remains-one-of-the-top-performing-assets-in-the-last-12-months-005046";>international gold price dipped by 7 percent in H1. The price was down even more – 10 percent – in renminbi terms, reflecting yuan strength.

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Jinrui Futures Company analyst Zijie Wu told Bloomberg investors buying the price dip were “an important driver of recent demand.” He also noted that Chinese banks were motivated to use up import quotas and stock up on bullion.

"Commercial banks need to build up their inventories to provide the physical backing for retail bullion sales and gold accumulation plans, as well as preserving some safety reserve for when demand spikes."

A new import licensing regime went into effect June 1, incentivizing importers to exhaust existing quotas.

There has also been a persistent domestic premium for gold in China. That means it’s cheaper for banks and jewelry producers to source gold from the international market.

A Tug of War in Chinese Gold Demand

Chinese gold demand has been bifurcated, with resilient investor buying and a struggling jewelry sector.

Wholesale gold demand rebounded in June, with gold withdrawals from the Shanghai Gold Exchange (SGE) rising 36 percent month-on-month to 87 tonnes.

According to the World Gold Council, the month-on-month recovery was primarily driven by opportunistic restocking across the supply chain as the gold price fell, along with healthy coin and bar investment.

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However, there is ongoing weakness in the gold jewelry sector, creating headwinds for overall Chinese gold demand.

Through the first half of 2026, wholesalers withdrew 598 tonnes of gold from the SGE. That was down 12 percent year-on-year and 27 percent below the 10-year average. According to the World Gold Council, “While bullion demand remained robust, sustained weakness in jewelry consumption made manufacturers and retailers cautious about replenishing, weighing on overall wholesale gold demand.”

Chinese investors tend to favor physical bullion; however, there has been growing interest in gold ETFs over the last few years.

Despite a large outflow of gold in June, Chinese ETFs added 29 tonnes of metal in H1, the second-strongest start to a year on record. Total assets under management (AUM) rose slightly by 1 percent.

https://www.moneymetals.com/uploads/content/china-gold-etf-flows.png"; width="700" height="383" class="mx-auto p-3" alt="" />

The World Gold Council called Chinese ETF demand “robust amid growing geopolitical and economic uncertainties.”

“Institutional investor participation in Chinese gold ETFs has also risen, supporting demand for these products.”

Total AUM by Chinese ETFs stood at 277 tonnes valued at ¥243 billion ($36 billion) at the end of June.

ETFs are a convenient way for investors to play the gold market, but https://www.moneymetals.com/news/2024/03/08/paper-gold-vs-real-gold-its-important-to-know-the-difference-003038";>owning ETF shares is not the same as holding physical gold.

Looking ahead, there is potential for more demand resilience with the gold price being lower. It could boost the jewelry market.

Gold, Silver, and the Coming Monetary Reckoning: Greg Weldon Sees Major Opportunity Ahead

Sat, 25 Jul 2026 00:00:00 EST

On a recent episode of the Money Metals Podcast, host Mike Maharrey welcomed veteran market strategist https://share.google/KIj3RcQVeVA1tZqDS"; target="_blank" rel="noopener">Gregory T. Weldon, publisher of the https://www.linkedin.com/in/gweldon"; target="_blank" rel="noopener">Global Macro Strategy Report, for a wide-ranging discussion on precious metals, inflation, Federal Reserve policy, artificial intelligence, and global macroeconomic trends.

Weldon explained why he has shifted back to a bullish outlook on gold and silver following the recent correction, arguing that the long-term bull market in precious metals remains firmly intact.

(Interview Starts Around 6:08 Mark)

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Gold and Silver Investment Outlook Turns Bullish Again

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Weldon said he previously anticipated silver would correct toward $61 per ounce, with a worst-case target near $54, after successfully exiting positions between $96 and $98 when prices had traded above $100.

With silver now recovering above $60, he believes investors have another opportunity to accumulate physical precious metals. He described the current environment as a "back the truck up" moment, adding that he is personally converting long-term savings into physical gold and silver rather than holding excess cash. He also noted that one of his silver-share investments returned 167%, after being up as much as 217% before profits were taken.

Weldon remains especially optimistic about silver's future. He reiterated that the breakout above $36.50 confirmed https://www.moneymetals.com/news/2026/07/16/the-bullish-case-for-silver-005072";>a major secular bull market and argued that today's rally is supported by genuine supply deficits and rising industrial demand rather than speculative excess. Based on his long-term macroeconomic analysis, he projects silver could ultimately reach approximately $326 per ounce within the next five to seven years.

AI Bubble, Stock Market Risks, and Federal Reserve Policy

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The conversation then turned to broader financial markets, where Weldon expressed growing concern that artificial intelligence has become the latest investment bubble. He argued that enormous capital spending on AI infrastructure, semiconductor manufacturing, and data centers is approaching saturation, leaving technology stocks vulnerable if spending begins to slow. In his view, a significant stock market correction could temporarily pressure many asset classes before ultimately strengthening demand for safe-haven assets such as gold and silver.

Maharrey and Weldon also discussed the https://www.moneymetals.com/news/2026/07/18/the-ramifications-of-a-long-term-bond-bear-market-005079";>bond market and Federal Reserve policy. Weldon believes rising long-term interest rates reflect slowing economic growth, tightening financial conditions, and increasing fiscal concerns rather than healthy economic expansion. While higher yields can create short-term headwinds for gold, he argued that expanding government debt and deteriorating fiscal conditions ultimately leave policymakers with few options other than renewed monetary stimulus.

Regarding Federal Reserve Chair Kevin Warsh, Weldon praised his communication skills but questioned whether the Fed can realistically maintain a https://www.moneymetals.com/news/2026/07/16/cpi-cools-but-inflation-isnt-gone-the-story-behind-the-headlines-005070";>hardline stance against inflation. He believes any meaningful economic slowdown or stock market decline would force policymakers to abandon restrictive monetary policy and return to quantitative easing and money creation, despite public commitments to fighting inflation.

Inflation, Food Prices, and Energy Market Challenges

Another major focus of the interview centered on inflation, particularly rising food costs. Weldon argued that weather-related disruptions remain one of the most overlooked inflationary risks. He pointed to historically low snowpack across the western United States, declining fog moisture in Northern California, and NOAA's forecast for an unusually severe El Niño expected to persist into April of next year. According to Weldon, these conditions threaten agricultural production across multiple regions, including sugar production in Thailand and coffee crops in Brazil and Vietnam.

He also warned that petroleum markets remain structurally tight despite hopes that geopolitical tensions could ease. With crude oil reserves at historically low levels and food inflation likely accelerating alongside energy costs, Weldon believes inflation will remain well above the Federal Reserve's long-term target, placing policymakers in an increasingly difficult position.

China, Rare Earth Minerals, and the Long-Term Case for Gold

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The interview concluded with a discussion of global geopolitics and strategic resource competition. Weldon argued that https://www.moneymetals.com/news/2026/07/23/is-china-attempting-to-wrest-control-of-gold-pricing-from-the-paper-dominated-west-005086";>China has built a substantial long-term advantage through its control of rare earth minerals, commodity supply chains, and growing gold reserves. He noted that China, Russia, and Vietnam control more than 80% of the world's rare earth resources, leaving the United States heavily dependent on foreign suppliers for many critical materials used in advanced manufacturing and defense.

Weldon believes these geopolitical trends, combined with mounting U.S. government debt, persistent inflation, and increasing pressure on the dollar, reinforce the https://www.moneymetals.com/news/2026/07/21/gold-is-technically-oversold-with-the-debasement-trade-alive-and-well-005083";>long-term investment case for physical gold and silver.

Throughout the interview, he emphasized that investors should focus less on short-term market volatility and more on preserving purchasing power through https://www.moneymetals.com/programs/monthly-program";>ownership of tangible assets as the global economic and monetary landscape continues to evolve.

How to Store Silver - Silver Sulfide Tarnish, Humidity Control, and Materials to Avoid - Allocated Storage, Vault Costs, and the 80/50 Rule - Money Metals

Fri, 24 Jul 2026 00:00:00 EST

As a precious metals investor, one of the most important things you can do is learn how to properly store silver. Two real dangers can threaten your silver if it is not properly stored: theft and tarnish.

Tarnish is a chemical reaction that happens when silver is exposed to moisture, humidity and sulfur compounds in the air creating a dark discoloration on the surface of your coins, bars or rounds. While gold is chemically inert, silver is uniquely reactive to these environmental factors.

Over time, tarnish can affect your silver's appearance and resale value. Certain everyday materials — rubber, felt, standard paper, and common household cleaners — can accelerate the process dramatically, even through other layers of packaging.

The good news: tarnish is entirely preventable with the right https://www.moneymetals.com/silver-gold-storage";>silver storage approach.

This guide covers both how to store silver (the materials, containers, and environmental controls that prevent tarnish) and where to store it (home safes, bank deposit boxes, and private vaults). Whether you're protecting a small stack of silver coins or a growing bullion portfolio, you'll find the right solution here.

There are three main ways to store silver:

Home safes
Bank boxes
Private vaults

Is There a Difference Between Gold and Silver Storage?

Gold and silver do have some differences when it comes to their storage needs. Gold is a more compact asset, and it is also lower-cost because of its higher value density. For example, $10,000 worth of gold at today's spot price could be two one ounce gold coins. In contrast, $10,000 in silver would require several ounces of silver.

The more important difference, though, is chemical. Silver tarnishes; gold does not.

Sulfur-containing compounds in the air can cause silver to undergo a chemical reaction called "silver sulfide." In everyday terms, we call that "tarnish." It's that dark discoloration you often find in old coins or antique silverware.

These compounds can be found in such common sources as rubber, wool, and certain household cleaning products. Gold is chemically resistant to these compounds. Because of that, it requires less protection from environmental factors than silver. Silver requires much more careful environmental control.

Silver purity plays a role here as well. Most silver bullion is .999 or .9999 fine. The remaining composition in these silver items is a trace amount of copper.

Copper accelerates tarnishing, which means that high-purity bullion tarnishes more slowly than sterling silver (92.5% silver and 7.5% copper) or junk silver coins. However, even .999 https://www.moneymetals.com/investment/what-is-fine-silver";>fine silver will tarnish without proper storage conditions. This means that purity reduces the risk, but it does not eliminate it.

That makes it a little more challenging for investors to protect silver. Still, with the right approach, you can prevent silver from becoming tarnished.

How to Prevent Silver From Tarnishing in Storage

Knowing where to store silver only gets you halfway there. The other half is knowing how.

Even silver locked inside a bank vault or home safe can tarnish in the wrong environmental conditions. Before choosing a storage location, every investor should understand the basic principles of tarnish prevention.

The good news is, that becomes very easy when you have the right materials and habits in place.

What Causes Silver to Tarnish?

Silver tarnishes when it comes into contact with sulfur-containing compounds in the air. When silver becomes exposed to these compounds, and moisture, it forms silver sulfide on the surface. You will see a dark or yellowish discoloration there. This is tarnish.

Tarnish is not the same thing as corrosion. Corrosion is something that eats through the metal and can permanently damage it. Tarnish is simply a discoloration that happens due to oxidation.

Still, tarnish will affect the appearance and shine of your coins, bars, and rounds. Heavy tarnish can affect silver resale value, especially for collectible numismatic coins.

It is worth noting that tarnish can be removed with polishing. However, repeated polishing gradually removes a thin layer of silver each time. Prevention is cheaper and safer than restoration.

The most common triggers for tarnishing in storage are:

Humidity above 50% relative humidity
Sulfur compounds in the air (from rubber, wool, certain papers, and household cleaners)
Direct contact with materials that off-gas acids or sulfur (more on this below)
Temperature fluctuations that cause condensation
Prolonged exposure to sunlight or UV light

Environmental Controls for Silver Storage

The environment your silver lives in matters as much as the container it's stored in. Three variables do most of the work:

Humidity is the primary enemy. Keep relative humidity below 50% in your storage area. Above that threshold, moisture in the air accelerates the tarnishing reaction significantly.

A basic hygrometer lets you monitor humidity wherever you store your silver. If your storage area runs consistently above 50%, desiccants are essential.

Temperature should stay between 60–70°F. Avoid attics, garages, and unfinished basements. These spaces see wide temperature swings that cause condensation to form on metal surfaces, introducing moisture even inside sealed containers. Interior rooms and climate-controlled spaces are far preferable.

Light plays a smaller but real role. UV light from sunlight and some artificial sources accelerates surface oxidation. Store silver away from windows and in low-light conditions where possible. An opaque container or a closet goes a long way.

Silica Gel and Desiccants

Even in a controlled environment, moisture can find its way into your storage containers. Silica gel packets solve this problem by actively absorbing moisture from the air trapped inside a sealed container, safe, or bag alongside your silver.

Place silica gel packets inside any airtight container holding silver. For safes, a few larger packets in the corners are sufficient for most home collections.

Opt for indicating silica gel. These packets change color from blue to pink (or orange to green, depending on brand) when they've absorbed their capacity. This way, you have a clear signal that it's time to recharge or replace them.

Rechargeable silica gel can be dried in a low-temperature oven (around 250°F for two to three hours) and reused indefinitely, making them cost-effective for long-term storage. If you don't have silica gel on hand, chalk pieces can serve as a low-cost short-term alternative for smaller storage areas.

Materials That Damage Silver: What to Avoid

Some of the most common tarnish problems come not from the storage environment but from the materials silver is stored in or near. Several everyday items contain sulfur, acids, or reactive compounds that will actively corrode silver. Sometimes that corrosion can eat through multiple layers of packaging.

Never store silver in contact with or near:

Rubber (rubber bands, rubber-lined drawer mats, rubber storage containers): rubber contains sulfur and can corrode silver through several layers of paper or cloth in just a few weeks. This is one of the most common and damaging storage mistakes.
Newspaper and uncoated paper: the acid content in standard paper accelerates tarnishing. Use only acid-free materials when wrapping silver.
Wool, felt, and velvet: these fabrics off-gas sulfur compounds and are a hidden source of tarnish in jewelry boxes and display cases.
PVC plastics: PVC off-gases chlorine over time, which attacks silver surfaces. Always use PVC-free capsules and storage tubes. Most manufacturer-issued coin tubes are PVC-free, but verify before using aftermarket options.
Household chemicals: bleach, ammonia-based cleaners, and sulfur-containing cleaning products are highly reactive with silver. Don't store silver in a cabinet near cleaning supplies.
Oak wood: oak contains natural tannic acids that react with silver. Pine and other unfinished softwoods are safer choices if using a wooden storage box; avoid oak entirely.
Other base metals: direct contact between silver and certain base metals can cause galvanic reactions. Store silver pieces separately and use non-reactive dividers or capsules.

How to Handle Silver Before Storage

One of the most overlooked causes of tarnish is also the simplest to prevent: skin contact.

The natural oils on your hands transfer onto silver the moment you touch it with your bare fingers. These oils trap moisture and contaminants against the surface. When this happens, it creates tarnish spots and fingerprints on the metal. These can become permanent if left untreated.

Always wear clean cotton gloves when handling silver bullion before placing it into storage. Cotton is inert and won't scratch or react with silver, which sets them apart from synthetic gloves. If you don't have gloves available, handle pieces by their edges only. Never touch the obverse or reverse of a coin or the flat face of a bar.

If you're placing silver into storage that already has fingerprints or surface residue on it, clean it first. Use a soft, lint-free silver polishing cloth with gentle, straight-line strokes — never circular motions, which can leave fine scratches. Avoid paper towels, abrasive cloths, or any cleaning product not specifically formulated for silver.

Choosing the Right Storage Containers

Not all silver is stored the same way. The right container depends on the type of silver you're storing.

Silver Coins and Rounds

The best option for coins and rounds is manufacturer-issued airtight plastic tubes (PVC-free) or direct-fit acrylic capsules sized to the specific coin. Tubes hold multiple coins of the same size in a sealed column, protecting each piece from moisture and preventing contact between coins.

Capsules offer the best individual protection. Even better, they allow you to display or inspect coins without touching them.

Avoid loose storage in soft cloth pouches. These methods allow coins to rub against each other, which in turn causes micro-scratches.

Silver Bars

Silver bars are best stored in individual plastic sleeves or hard acrylic cases. For larger bars (10 oz and up), wrapping in acid-free, anti-tarnish tissue paper before sleeving adds an extra layer of protection.

Be mindful of weight when you stack silver bars. Placing bars directly on top of each other can cause scratches on the surfaces. Use foam padding or individual sleeves between each bar if you choose to stack them.

Bulk Silver (Large Stacks)

Heavy-duty Mylar bags are an excellent choice for investors holding large quantities of silver. Mylar is chemically inert and won't allow compounds that damage silver. The material has a 5-7 mil thickness, which makes it a durable barrier against moisture and oxygen.

These bags make a very workable storage solution for investors with large silver investments. Whether you have multiple coin rolls, cases of rounds, or dozens of bars, Mylar bags can keep them protected.

Silver Jewelry and Flatware

Non-bullion silver items like jewelry and flatware require slightly different care. It's usually best to store these in anti-tarnish bags. One of the best examples are Tarnprufe bags, which are made from flannel treated with anti-tarnish compounds. The compounds work proactively to neutralize sulfur in the air around the piece.

Line storage boxes with acid-free, unbleached cotton or tissue paper. Although they often look nice, do not use felt, velvet, or chamois leather linings. All three materials either contain or trap sulfur compounds. Store pieces separately to prevent scratching, and never stack jewelry or flatware directly.

Monster Boxes

Monster boxes are large plastic cases that hold 500 American Silver Eagles or similar bulk coin orders. They are original, mint-sealed containers built for the purpose of storing coins in a strong protective environment.

Keep them sealed until you need to access the tubes inside. Once opened, store individual tubes in a cool, dry environment with desiccant nearby.

How to Store Silver at Home

It is possible to store silver at home. However, just because you store it at home doesn't mean that it's a free option. Nor does it mean that your silver is automatically protected.

Several factors in the environment can cause silver to tarnish. As covered above, controlling humidity, avoiding reactive materials, and choosing the right containers are essential regardless of where you store your silver.

The principles are the same whether your silver is in a closet or a bank vault. The only difference is that at home, you are responsible for maintaining those conditions.

Choosing a Location in Your Home

Where you store your silver at home matters just as much as how you store it. The goal is to store silver in a stable, low-humidity environment away from heat, moisture, and airborne chemicals.

Interior rooms are preferable to spaces along exterior walls, which are more exposed to temperature swings. Avoid these high-risk locations:

Basements: prone to humidity and moisture intrusion, particularly in older homes or during wet seasons
Attics: temperatures can swing dramatically between seasons, and summer heat accelerates tarnishing
Kitchens and bathrooms: steam, cleaning chemicals, and frequent humidity spikes make these the worst rooms in the house for silver storage
Garages: subject to extreme temperature ranges and often contain rubber, paint, and chemical products that off-gas sulfur and solvents

The best locations are interior closets, dedicated storage rooms, or climate-controlled below-grade spaces. A bedroom closet on an interior wall is one of the most practical and commonly used home storage spots. It's naturally dark, temperature-stable, and out of the way.

At-Home Storage Best Practices

There are certain basic principles to follow when pursuing at-home storage methods:

Store it in a cool (60–70°F), dry, and dark location
Keep it in an airtight container
Add desiccants like silica gel or chalk to absorb humidity

There are a few different containers you can use to protect your silver assets. One option is a specialized airtight, anti-tarnish bag. These bags can keep your silver assets secure from moisture in the air.

Your container options also vary depending on your silver assets. Bullion items like coins, bars, and rounds often come in PVC-free capsules. Alternatively, they may come with airtight tubes.

Other silver assets, such as tableware or jewelry, work best in tarnish-resistant flannel bags to keep these items secure.

Bear in mind that non-bullion silver is more prone to tarnishing and oxidation than bullion silver. The difference between the two is their silver purity. Most silver bullion has a purity of 99.9% or 99.99%. Non-bullion silver, such as sterling silver or junk silver coins, has less silver content and includes copper in its composition. That copper content makes the object more prone to tarnishing.

Home Safes for Silver Storage

If you plan on purchasing a lot of silver, it is often best to purchase a home safe. Home safes often combine these protective measures and offer an additional degree of security, protecting silver from burglars.

Some safes are better than others though. When selecting a home safe for precious metals storage, look for:

Fire rating: choose a safe rated for at least one hour at 1,200°F. This protects your silver in the event of a house fire, where temperatures can easily exceed that threshold.
Anchoring: bolt the safe to the floor or wall. An unanchored safe, no matter how heavy, can be removed from the premises entirely. Floor bolting to a concrete slab is the most secure option.
Size for silver: silver is far bulkier than gold relative to its value. A $10,000 silver position requires significantly more cubic inches than $10,000 in gold. If you plan to grow your stack, size up; most investors underestimate how quickly silver fills a safe.
Lock type: mechanical combination locks are considered more tamper-resistant and don't require batteries. Digital/electronic locks offer speed and convenience but have failure modes that mechanical locks don't.

A quality home safe also reduces the need for separate insurance riders on your precious metals. We'll discuss this further in the Insurance section below.

Hiding Strategies

A hidden safe is much safer than a visible safe. Concealing your stack is a meaningful additional layer of protection.

Here are a few practical guidelines for keeping your safe hidden:

Avoid the master bedroom closet. It's the first place most burglars search during a residential break-in.
Basements and utility rooms, while poor environments for silver without climate control, can be effective concealment locations if a safe is properly installed and the environmental issues are managed.
A safe hidden inside a piece of furniture, behind built-in shelving, or in a false-bottom cabinet is harder to locate during a quick-entry theft.
Don't advertise your silver holdings. Discretion is its own form of security.

Home Insurance for Silver

Standard homeowner and renter insurance policies typically cap coverage for precious metals at $1,000–$2,500. That's assuming there is any coverage for them at all.

For investors holding more than that in silver, this gap needs to be addressed separately. To do so, you can add insurance riders to your existing policy. These riders act as specialized endorsements that extend your precious metals coverage.

The full details of how riders work, what they cover, and how vault storage changes the insurance picture are covered below in the Insurance section.

A Quick Overview of Allocated and Unallocated Storage

As we consider more methods for how to store silver, there is a critical distinction to make between allocated and unallocated storage. Allocated storage refers to a specific, physically segregated selection of precious metals that you own. You can identify these assets by serial numbers.

In contrast, unallocated storage means that your silver is commingled with the storage institution's precious metals inventory. In this setup, you are essentially a creditor of the institution. You hold a contractual claim against their supply of metal, rather than owning a specific item or group of items.

Here is a quick overview of the differences between these forms of storage:

	Allocated Storage	Unallocated Storage
Ownership	You hold direct, legal ownership of specific, identifiable items — traceable by serial number or bar list.	You hold a contractual claim against the institution's inventory of metal, rather than owning specific items.
Security	If the storage provider goes bankrupt, your assets remain safe — they are not on the firm's balance sheet.	In a financial crisis or insolvency, you may become an unsecured creditor with no guarantee of receiving your share of the metal.
Physical Care	Your specific items are handled and stored by professionals under controlled environmental conditions, reducing tarnish and damage risk.	Your silver is commingled with the institution's inventory; individual care and condition of your specific metal cannot be guaranteed.
Costs	Generally more expensive — you pay for segregated storage, audit fees, and insurance.	Lower storage fees; often cheaper to buy and sell due to lower premiums.
Liquidity	Generally lower than unallocated — specific physical metal must move in any transaction. However, liquidity can still be high depending on the provider.	Generally higher — no physical metal moves in the transaction, making buying and selling faster.
Auditability	You can receive a bar list of your precious metals with serial numbers, allowing independent physical verification of your holdings.	You do not own specific items, making independent auditability impossible.

Store Silver in a Bank Box

When deciding how to store silver, another popular option is to store it in a safe deposit box at a bank. For many investors, these boxes can be a capable lifelong solution. They remain a secure, off-site location that keeps your silver more secure than it would be at home. It also preserves more accessibility than a depository.

Advantages of Bank Safe Deposit Boxes

There are several advantages to bank boxes. The chief advantage is their intense security. Banks take great pains to keep their facilities secure, with a security staff, cameras, and other measures employed for the task.

There is also a great deal of privacy. Essentially, the only person who can access your precious metals is you.

Bank requirements for safe deposit box access can vary. However, the majority require identification and signature verification at a bare minimum. These alone make unauthorized access extremely difficult.

Limitations of Bank Safe Deposit Boxes

However, there are some drawbacks to this approach. The first drawback is that it limits access to your precious metals. You will only be able to access them during the bank's business hours.

That also means there can be extended periods when you cannot access your metals. Some examples include bank holidays, natural disasters, or financial disruptions.

Another issue is that banks do not insure silver and gold products. The contents of a safe deposit box are not covered by FDIC insurance.

FDIC protection applies to deposit accounts. It does not cover physical property stored at the bank.

Furthermore, you have to rent the deposit box from the bank. That means you will have to pay a significant amount of money to insure and store your metals. Insurance for the contents must be arranged separately, typically through a homeowner's or renter's policy rider.

Environmental Concerns With Bank Storage

One consideration that many investors overlook is the storage environment inside a bank safe deposit box. Bank vaults are primarily built with security in mind. They are not necessarily designed to preserve precious metals. As such, they may not have the stable temperature, low humidity, or clean air conditions necessary to prevent tarnishing or corrosion.

Safe deposit box vaults are generally not climate-controlled to silver storage requirements. Humidity levels can vary depending on the bank's HVAC system and the vault's location in the building. They typically do not supply silica gel, anti-tarnish lining, or other moisture control measures inside individual safe deposit boxes.

Maintaining those conditions falls entirely to you as the investor.

For investors holding a modest amount of silver and focused on short–term trading, these may not be meaningful concerns. However, if you plan to store a large holding for years, the tarnish risk is worth considering. Banks are not optimized for precious metals preservation, and silver stored in a bank box without desiccants or proper wrapping can tarnish just as readily as silver stored improperly at home.

Vault Storage (Depository) Solutions for Silver Storage

Many silver investors choose to store their holdings in a private vault storage depository. Vault storage is provided by a third party, most often a precious metals exchange.

Their setups generally follow an allocated storage approach. This means your specific silver items are identified, segregated, and legally yours. They do not get pooled with anyone else's holdings.

What Private Vaults Protect Against

These facilities are built specifically for storing large quantities of precious metals. That specialization shows in the degree of environmental control they maintain.

Unlike a bank safe deposit vault or a home safe, a private depository is engineered to protect against every meaningful threat to silver condition and security.

That protection includes:

Physical theft — 24/7 armed security, reinforced construction, and multiple layers of access control well beyond what any home or bank can provide
Extreme heat — climate-controlled environments maintain stable temperatures year-round, eliminating the temperature swings that cause condensation and accelerate tarnishing
Humidity — professional vaults actively manage humidity levels, keeping them well below the 50% threshold that triggers silver tarnishing
Air pollution and sulfur compounds — filtered air systems prevent the sulfur-containing compounds found in everyday air from reaching stored silver
Corrosive chemicals — no household products, rubber, or reactive materials are present in a precious metals storage environment
Natural disasters — facilities are built to withstand fire, flooding, and other events that could destroy a home safe or a bank's contents

Your gold and silver remain under close guard. Even better, private vaults also cover the insurance for your precious metals.

The larger your silver stack gets, the more money that can save you on insurance premiums. Vault insurance is usually bundled into your storage fee, keeping you from needing a separate rider on a personal policy.

Best of all, you can request access to your precious metals at any time. You can also withdraw your stack from the vault whenever you choose.

Nevertheless, this approach does have its drawbacks. You still have to pay to keep your precious metals stored in a depository. Beyond that, there is another, bigger drawback for many investors: your precious metals are not readily tangible or available. You cannot access your stack the way you could if it was stored at your home or local bank.

Allocated Storage at a Private Vault

Reputable private vaults typically offer allocated storage. This means your specific coins, bars, or rounds are physically segregated and identified by serial number or bar list.

What does that mean on a pragmatic level? Even if your storage provider faced financial difficulties (which is highly unlikely), your silver remains legally yours. It is not a part of the institution's balance sheet.

When you evaluate a private vault, confirm whether your storage is allocated or unallocated before committing. That can make a tremendous difference in risk and ownership rights.

Money Metals Depository

If you're not sure where to find a reputable private vault, a precious metals exchange is the right place to start. At Money Metals, we provide our customers with access to our private depository located in Idaho. Our facility is one of the largest precious metals storage facilities in the country, and the largest in the western United States.

Our storage is fully allocated and fully insured. When you purchase precious metals from our store, you have the option of storing them directly in our vault. You can also transfer and store your existing stack with us.

For investors holding precious metals inside an IRA, our depository is IRS-approved for IRA-eligible storage. With these features, our depository meets the compliance requirements for gold and silver held in a self-directed precious metals IRA.

Check out our storage plan today and find the best security for your silver stack.

What's The Cheapest Way to Store Silver?

The cheapest way to store silver is at home. It is the option that provides you the most control over your costs, making it easier to accommodate your budget.

However, that does not mean that storing silver in your home is the best option. Nor does it mean you won't have additional costs.

Once again, it is likely that you will have to insure the precious metals yourself. That means you will have to pay the insurance fees.

Your home may also be the least secure location of the above choices. Private homes lack the security measures that either banks or private vaults provide.

Additionally, your home has less environmental control than these facilities. It is easier for humidity, air pollution, chemicals from household products, and other contaminants to come into contact with your silver. That means your silver may be under more danger of tarnishing.

What's the Most Secure Way to Store Silver?

Typically, the most secure way to store silver is through a private vault. Private vaults are dedicated to securing their assets, especially precious metals. They have around the clock protection from intruders, as well as controlled environments to keep precious metals safe from tarnishing.

It is also possible that this can be the most cost-effective way to store your assets. Paying for insurance, buying a home-safe, and acquiring materials to keep your silver from tarnishing all costs money. Depending on how much you grow your silver stack, you may need to buy more materials.

In contrast, storing your assets in a vault is an all-in-one expense. While you do have to make recurring payments, it covers all the insurance costs, and it provides enough storage for your entire precious metals portfolio.

Cost Comparison Between the Storage Methods

Type of Storage	Insurance	Recurring Fees	Upfront Costs	Environmental Control	Estimated Annual Cost Range
Home Storage	Not automatically insured — requires a homeowner/renter policy rider	None (insurance premiums optional)	Safe ($300–$2,500), desiccants, PVC-free containers, anti-tarnish bags	Lowest — entirely dependent on your home's conditions; you manage humidity, temperature, and materials yourself	$0–$500+
Bank Safe Deposit Box	Not insured by the bank — FDIC does not cover box contents	Annual rental fee	Minimal setup	Moderate — physically secure, but bank vaults are not climate-controlled for precious metals; no built-in tarnish protection	$60–$300+
Private Vault	Fully insured by the vault — included in storage fee	Storage fee	Typically none	Highest — professionally managed temperature, humidity, and air filtration; purpose-built for precious metals preservation	0.5%–1.0% of value annually

A Note About Insurance

There are differences between the insurance policies provided by these storage methods. Vault storage includes standard, institutional insurance for all of your precious metals assets. This insurance is often the most comprehensive, and is provided by the vault. You do not have to pay these insurance premiums yourself.

In contrast, homeowner policies do come from your own pocket. These premiums typically cap between $1,000-$2,500, depending on your provider. These insurance premiums become a part of your homeowner's or renter's insurance policy through insurance riders.

Insurance riders are specialized endorsements added to your policy that increase coverage limits and broaden protection for high-value items, such as precious metals. Typically, these items would be excluded by standard policies. Riders generally cover "all-risk" perils, such as:

Theft
Damage
"Mysterious disappearance"

Decide How To Store Silver

Deciding how to store silver ultimately depends on your preferences and goals. Here are some critical considerations:

How large do you want your silver stack to be?
What's your budget?
What do you value more: accessibility or security?

The first thing to decide is how much silver you plan on owning. If you just want to collect a few impressive silver coins, you may not need a great deal of storage space. It's also easier to find a place to store these in your home. So, given that, you might not want to spend a ton of money on a safe or private vault.

However, if you plan on growing your silver stack over the long-term, and especially if you plan on buying larger bullion items, it may be better to have a designated storage site. Once you reach that point, you'll need to consider the costs for a bank storage box or a private vault.

Finally, decide how accessible you want your storage to be. Banks and private vaults have tradeoffs when it comes to accessibility. Often, allocated storage in a private vault is the more accessible choice.

Frequently Asked Questions (FAQ)

The best way to store silver at home is in a cool, dry, and dark location inside an airtight container. Adding desiccants such as silica gel helps control humidity and prevent tarnish. For added security, many investors use a fire-rated home safe that is bolted down and hidden from plain sight.

Proper environmental control is just as important as theft protection. Silver naturally reacts with moisture and airborne pollutants, so limiting exposure to air significantly reduces oxidation.

A Ziploc bag alone is a mediocre short-term solution — it reduces air exposure but isn't truly airtight and may trap humidity inside. Paired with an anti-tarnish strip, it becomes a reasonable short-term option for small quantities. For long-term storage or investment bullion, use purpose-built airtight capsules, PVC-free tubes, or Mylar bags with silica gel instead.

The 80/50 rule is a practical guideline used by silver stackers: keep the relative humidity in your storage area below 50%, and avoid storing large quantities (above roughly 80% of your safe's capacity) without adequate desiccant. Some collectors also use "80/50" to refer to storing silver at or below 80°F with humidity below 50%. The key point is that heat and humidity compound each other to accelerate tarnishing.

There is no federal limit on how much silver an individual can own or store at home in the United States. However, practical limits exist: most homeowner and renter insurance policies cap precious metals coverage at $1,000–$2,500 without a rider, and home security may not scale adequately for very large holdings. For stacks exceeding $50,000–$100,000 in value, private vault storage typically becomes more cost-effective and secure than home storage.

To prevent tarnish, store silver in airtight containers and minimize exposure to humidity and sulfur-containing air. Anti-tarnish bags, PVC-free capsules, and moisture absorbers are effective tools.

A bank safe deposit box offers strong physical security, but it comes with tradeoffs. Access is limited to banking hours, and banks typically do not insure the contents of deposit boxes. In rare circumstances like bank holidays or financial crises, access could be temporarily restricted. For investors who prioritize liquidity and insurance coverage, private vault storage may provide more flexibility.

For larger silver holdings, private vault storage is often more secure and cost-effective over time. Professional vaults provide 24/7 monitoring, controlled environments, and insurance coverage for stored precious metals. However, storing silver at home gives you immediate access and full personal control. The best option depends on your priorities: security, accessibility, insurance, or cost.

Yes, storage methods can vary slightly. Silver coins often come in airtight capsules or tubes, which protect them from moisture and physical damage. https://www.moneymetals.com/buy/silver/bars";>Silver bars may be stored in plastic sleeves or secure containers to prevent scratches and oxidation. Regardless of form, all silver bullion should be stored in low-humidity, low-airflow environments to preserve condition and long-term value.

Yes, but where and how you store silver during a financial crisis matters significantly. Unallocated storage can cause problems during a financial crisis. The same holds true for bank box storage. Banks may not be able to provide access to your box during a time of crisis. Alternatively, you may lose your unallocated assets if your storage provider goes bankrupt.

Allocated storage in a private vault eliminates those problems and provides the most security for your assets. Home storage can also mitigate those risks, but it is crucial to have secure storage in your home. Financial crises cause thefts to increase, which poses a danger to your silver.

Find the Best Place to Store Your Silver

Deciding how to store silver depends on a system of tradeoffs. If you want immediate access to your precious metals, you can store them at home. However, this results in your having to insure them yourself and buy adequate storage containers.

Storing them in a bank box can give them more security and make them more accessible to you than a third-part vault. But, you have greater limits placed on your storage space, and you will have to pay for the insurance on your precious metals.

For maximal security at the most cost effective price, private vaults are the best option on the market. They provide ample security at the least cost for you.

If you're not sure where to find a private vault, start with a precious metals exchange. At Money Metals, we provide our customers with access to our private vault. Our facility in Idaho is one of the largest precious metals vaults in the country, and the largest in the western United States.

When you purchase precious metals from our store, you have the option of storing them in our vault. You can also store your current stack with us. Check out our storage plan today and find the best security for your silver stack!

WELDON: “Back Up the Truck” Moment for Silver & Gold

Fri, 24 Jul 2026 00:00:00 EST

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

Coming up don’t miss another wonderful interview with Greg Weldon of https://www.weldononline.com/"; target="_blank" rel="noopener">Weldon Financial, a renowned commodities trader with over 40 years of experience. Greg weighs in on the ongoing correction and consolidation in the precious metals and shares why he thinks this may be a “back up the truck” type of opportunity for metals buyers and where he sees silver going in particular.

Greg also tells us what he’s expecting near term in the AI-driven stock market boom which has kept equity markets stubbornly high, and whether or not he sees that trade finally coming off and what that is likely to mean for precious metals once AI stocks finally fall out of favor.

So, be sure to stick around for Mike Maharrey’s latest conversation with one of our very favorite guests, Greg Weldon, coming up after this week’s market update. And if you enjoy this material, please do us a favor and like and subscribe to this podcast wherever you consume this content.

Well, everyone can relax.

Apparently, we don't need a Fort Knox gold audit after all.

Treasury Secretary Scott Bessent recently assured Fox News that the gold is "present and accounted for."

Not that he's been there... and not that any compartments have been opened or audited for many years. But a couple of Bessent's own staff members said they've checked the schedule of vault compartment seals. So, everything must be totally fine.

This is ridiculous. Would you trust a bank that refused an independent audit? Or one that insisted an audit wasn't necessary because the bank's management says everything is in order?

Of course not.

That's precisely why businesses conduct external audits. They catch mistakes, deter misconduct, and give customers confidence that the books actually match the reality.

Despite decades of official assurances like the one we received from Secretary Bessent this week, the U.S. gold reserves have never been subjected to the kind of comprehensive, independent audit that any reputable private depository -- like https://www.moneymetals.com/silver-gold-storage";>Money Metals Depository -- routinely undergoes.

Even the famous 1974 Fort Knox tour wasn't an audit – it was a photo op. Giddy politicians posed with gold bars, but there was no full bar count, no systematic verification of serial numbers, no comprehensive assaying, and no public accounting of the inventory. Nor has there been any independent examination or disclosure of any financial transactions involving America's gold reserves, which is frankly the largest area of concern.

And here's the part that has always puzzled us here at Money Metals: whenever someone suggests conducting a real audit of U.S. gold reserves, critics don't just disagree – they seem offended by the very idea.

If the gold is really all there and unencumbered, a true and complete independent audit should settle the debate once and for all.

After all, if the U.S. Treasury has nothing to hide, what exactly are they afraid of?

Turning to the markets, gold and silver have stabilized heading into the weekend as investors continue to wrestle with the competing forces of rising geopolitical tensions and persistent expectations for higher interest rates.

Gold and silver both suffered sharp declines of 2-3% in Thursday's trading before bouncing back here on Friday. Normally, escalating conflict in the Middle East would provide a strong tailwind for safe-haven assets. However, this time the dominant market reaction has been through the energy markets.

Crude oil prices exploded higher after Houthi forces attacked two Saudi oil tankers in the Red Sea, prompting President Donald Trump to promise what he described as "major military punishment" against Iran and its proxies. Brent crude surged more than 7%, climbing back above the psychologically important $100-per-barrel level for the first time since May. Brent crude as slipped back below $100 here today though.

Higher oil prices have reignited inflation concerns, and that's shifted investor attention back toward the Federal Reserve. While policymakers are widely expected to leave interest rates unchanged at next week's meeting, futures markets continue to anticipate another rate hike later this year, with traders assigning roughly an 80% probability of a September increase.

That prospect has boosted Treasury yields and supported the U.S. dollar, creating headwinds for precious metals despite the deteriorating geopolitical backdrop.

For now, the bigger picture hasn't changed dramatically. Both gold and silver appear to be marking time inside broad trading ranges. The next decisive move – whether driven by the Fed, inflation data, or further geopolitical escalation – will likely determine the next major trend for precious metals.

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

Gold is up about 1.4% to trade at $4,083 an ounce. Silver is advancing 5.0% or nearly $3 an ounce and checks at $59.47.

The PGMs are fairly quiet with neither platinum nor palladium looking all that different today in terms of price than they were a week ago. Platinum trades at $1,607 – up a scant $4 and palladium is up $6 and comes in at $1,272 an ounce of this Friday late morning recording.

Well now, without further delay, and for much more on the future of metals and the overall financial markets, let’s hear from a man who has an incredible pulse on the state of things and let’s get right to this week’s exclusive interview.

Mike Maharrey: Greetings, I'm Mike Maharrey and I'm joined today by Greg Weldon. Greg is a 40-year plus market veteran and publisher of the Global Macro Strategy Report. And between us, one of my favorite guests here on the podcast. How you doing today, Greg?

Greg Weldon: Like I said before, you say that to all the pretty girls.

Mike Maharrey: I really don't. I enjoy your take and I don't know, I feel like our personalities are kind of similar, so it's easy to talk to you. Anyway, I got an email from you yesterday and I thought it was kind of interesting, and this is what you said. You said you are returning to the long-term bullish forecast and positioning in gold and silver and you're buying. So what's changed?

Greg Weldon: Well, today changed. I mean, it depends on how you're looking at it. I mean, to me, if you remember, I have said that $61 was a downside target when we were above a hundred.

We got out around between 96 and 98, so I thought we did just instinctively did pretty well with the exit. Actually got short at one point, made a little bit of money, three or $4, something like that to the downside. But I thought maybe you could even get down as low as 54. I mean, that would be like last guess support. I really didn't think you'd get below 61, 62 and you kind of have. So when it popped back above 60, to me that was I want to buy strength and I want to buy physical, adding to my vault collection at the fine money and metals exchange and the Gleason Brothers and find jobs that you do. You're my number one. So, if people want to deal with you, that's who I always give them. And myself participating in this course, and whether it's buying silver shares that I did last year and my personal portfolio just for shares was up 167%.

And that kind of sunk because it was up 217 at one point. By the time that you get out, you're giving something back. You're always giving something back, getting asked the hardest thing. I think we got out well. And then the question was, when is what I call, and I have people asking me this now a lot in the last two months, the back the truck up moment, which means you back the truck up, you dump as much silver into the back of the pickup as you can as the tires will hold up, you put extra suspension in the truck and you drive away with as much silver as you can carry. And what I'm doing now is it's kind of one of those things of taking money that you might have in the bank that I'm not necessarily trading. It's kind of whatever that's your little security blanket that's money for your kids or God forbid we keep getting older and older.

And turning it into gold and silver as opposed to dollars in a bank. So it's really that simple. It's something I've been doing over the long haul and you guys got the facilities to make that happen. And so partaking in that. Having said that, we did buy for our money management. It was registered, seriously registered CTA. We have our performance since our inflation busting program started in 2018 to coincide with the opening of the Chinese crude oil exchange, trading Dubai OPEC grade crude, priced renminbi, benchmarking Russians, Earl's crude to the beginning of the end for the dollar. And that was the beginning of the next big inflation. Of course, COVID hit and just accelerated and intensified anything. But these kind of things will be happening anyway regardless of COVID at this point in time. So we got long yesterday, but I pitched it here because I think the bigger trade is the down move in the equity indexes.

And that may drag gold down like it did in 2008, goes down, but by less. And you could say, and I think we had even the last time I was on your program, that it looked and felt like to me that you had more of a asset price disinflation move coming, which included gold and silver, included all the crypto and Bitcoin, included even things like copper, which have great long-term projections in terms of supply and demand and uranium too, and the whole nuke sector has kind of come off. So I think when we had this flip into Moonshot and Kimmy K3, and I'm not an expert, but I try and stay ahead of the curve knowledge-wise because you have to, this was a big deal and what have you, you have kind of a triple... I always like it when it comes in threes. You had the SpaceX IPO.

You had the Moonshot KIMI K3 comes out. It's cheap. It's high on the scale. It's only behind Fable and GPT 5.6 in terms of its efficiency and its ability to do different tasks. And the cost is like one sixth. And then you had the hack, OpenAI who's borrowing tons of money to do these data center build-outs, which may or not, you're reaching a pinnacle point. It's a one-off. This is not going to be this kind of CapEx for the next five years. So I think in terms of the economy, that's played its role. And you see stuff like Meta is now saying we've created more capacity than we could possibly use right now. So how about instead of letting someone else use the capacity, whatever, we sell the energy we've created for the capacity we're not going to use. Brilliant plan. I mean, I always love Mark Zuckerberg.

I mean, he really is way up there with Bezos and talking about the rim. But then you have this hack by OpenAI into this huggy-kissy site, whatever the heck it was, hug face or whatever.

And the way it happened was AI got loose of human oversight created its own internet, got into the firewall. And then this company that got hacked was trying all the US models to fight the hack in the way they normally would, but it wasn't working. And what did they do? They went to the Chinese model to fix it. So if this isn't a sign that this AI bubble is about had it and the real underlying consumer service sector of the economy is struggling and going to struggle more because the base effect in energy plays out even if prices don't go up from here, you're going to have 35 to 55 to maybe as much as 60% year-over-year inflation throughout the rest of the year. The energy dynamic, the whole curve flipped to the upside when the June numbers came down, just published in CPI and retail sales.

So, that's gone already. That's behind us now. That decline inflation. So I think there's a real tricky situation. And I think that ultimately buying silver, to get back to the original question on a very long-winded answer, that below $60 is value in gold and silver. My silver projections that we put out way back when it was to me and to us and we talked about this, you and I off camera, on camera, that above 36.50 was a breakout in silver. No whether it would go to 50, but how quickly would it happen? Those were our exact words.

Mike Maharrey:

I remember that.

Greg Weldon: And it happened real quickly and then it was like, okay, 100, no problem. And are my long-term projections when you overlay a lot of things, when you compare it to gold, and when you look at back what happened back in the '80s, and that couldn't happen because Hunt price the corner of the market, but they weren't going to let them do that. This is entirely different. This is a legitimate demand outpacing supply dynamic that is not going to reverse anytime soon. So in that context, it also comes down to my target of being $326 for silver in the next three, say five, six, seven years. And so that's why buying silver in bulk at $60 an ounce, double, triple the value of your money and you don't have to pay taxes. There's no taxing on gold profits. You roll over your gold and cash it out.

You're not paying tax on your accumulated value. So, I think it's a layup. It's slam dunk.

Mike Maharrey: Slam dunk. I like it. So I've been writing a lot over the last week or so about the bond market and came across some pretty good analysis by Will Thomson over at Massif, and I actually interviewed him last week. And combining that with some of the comments that Jim Grant has made over the last couple of years about a secular market and bonds. We're seeing this, we're seeing the high or the long end of the yield curve pushing upward and upward. So, the conventional wisdom though is that these interest rates rising are actually negative for gold. And that's part of the reason or at least the explanation that you get for why we've been trading sideways for the last couple of months. So, in your view, I mean, I think it's pretty clear that the bond markets are struggling and I think it's pretty obvious why we have the weaponization of the dollar.

We have the fiscal irresponsibility of the governments that are issuing these bonds. I wouldn't want to invest in something like that, so that makes sense. But do you think that people are kind of getting it wrong in terms of just being bearish for gold?

Is there a disconnect there that I'm missing?

Greg Weldon: I don't think there is, but I think there's a shortened view of what it means. So, I don't think it's a disconnect to say that this environment in the bond market is not good for gold. It isn't. Because what it's reflecting is a disinflation in asset prices that's reflected in a flattening of the yield curve. So when you have a breakout in the yield curve, that's basically saying a couple of things, and we just got this from, I did a big piece, so happy to send any of your viewers. We did the stock market on Monday. The weather, of course, El Nino and crops and food price inflation's a big deal. We did a piece yesterday and today we did the EU bond markets and all of this stay the same stuff because the ECB and what they just said. It could be the market saying you're behind the curve, you're falling behind the curve and inflation curve.

And the longer you wait, the more you're going to have to raise it the short end, which depresses the long end because at that point it's really going to hurt. The consumer is already hurting. So it's kind of a stagflationary signal, which is not positive for gold. Having said that, that doesn't mean that rising bond yields isn't good for gold because we have rising bond yields we have in the context of a flattening yield curve. So the two to 30-year spread is narrowed, even the 30-year, 10-year spread is narrow. It's across the board in both Europe and the US, very obvious. But when you start to see, and here's why I love to connect the dots from all over the world. If you want to talk bond markets, the thing for people to watch is the Italian German bond yield spread, which has just started to break out, just moving towards where maybe you can get back above a hundred basis point Italy over.

And it's not so much that Italian inflation is higher. It isn't. It's same as Germany, it's around three. We just got EU inflation three. And talking about the EU, I mean, Lagarde said nothing. I mean, it was almost dovish, the commentary from the ECB today. And if you read the statement, and I break it down in my piece today, and it basically is the ECB's talk about the bond market is hearing you. In other words, we're hearing your dovishness. We're driving yields higher, live by the short end because you're not acting quick enough. So, we're going to do your job for you. And so I think that's an interesting way because you do have stagflation, if you have a consumer, you do have consumer final demand, particularly in the US that is very much struggling. So, how the Fed pulls this off, I don't know.

And I think that that really puts stocks in the spotlight because if stocks decline here, then that really takes the big thing that's holding everything up out of the picture. And that's when I think then you say what's next? You know what's next, Mike. They do this every time and this is where you can say the bond market's going to have problems. And we could talk about AI and taking away jobs, but also taking away income tax, the biggest contributor to the revenue side of our budget at a time when spending's out of control and there are months we spend twice as much as we deck in. Now you potentially got to cut income tax down by 20, 25, 30, 40%. Holy mackerel, we're talking about a bond market crisis, but that really doesn't have bond market crisis. It's more of a dollar crisis because they will print money looking to the deflation abyss.

They will choose to reflate every time. They will print money even if they have to do monetary arm again, which I wrote in 2007 in my book. Treasury chief and the Fed chair are in the bunker, the monetary bunker, the turnkey simultaneously. Print enough dollars to buy every treasury bond ever sold. Monetary, are we good? And that simple is I've done the math based on money supply and debt and all this stuff right now. If they did that right now, your $20 pizza, $20 pizza costs $786.

So, that's the problem you have. So, the bond market really isn't even about the bond market. And if the bond market does get loose, which is very possible if AI really crimps on revenue, government revenue, then that could be a problem. And then you're going to have higher yields and it's going to be a problem and the dollar will decline and we're going to have a tougher time selling our debt.

Mike Maharrey: Yeah. It's interesting though, because I think everybody has bought the sales pitch that Kevin Warsh is throwing out there. I'm an inflation hawk. I am not going to tolerate inflation over 2%. We're going to drive this down. We're going to raise rates. And I'm with you. I feel like if you look at history, the default is to print money, not to fight inflation. Are you in agreement with me that this is a lot of hot air coming out of the Fed chief and when the rubber -

Greg Weldon: I wrote a piece last week, not to cut you off, I'm sorry. What you're saying is perfect. It really is, and I couldn't agree more. I wrote a piece last week and I called it The Greatest Central Banker Ever? Talking about Kevin Warsh.

Because I've always said it's central bank ease. It's Fed speak. It's this archaic language where they kind of talk both sides of their book and really at the end of the day say nothing. Well, this guy is likable, he's good-looking, he engages people, he smiles at people, he compliments people. When he went to the G20 meeting, it's like Christine Lagarde and the people from Europe couldn't follow over him enough because he was so complimentary to them, deferred to their experience. He knows how to play his game. This guy is sharp, man. He's a poker player and he's very sharp. But he also has an ability to get beyond the normal central banker, which is why I say, is he the greatest central banker of all time? Because he speaks not with fork and tongue, with Trident tongue. So, he is talking about they are resolved.

This is the first out of the gate. And you knew. And I said to people, look, he comes in here, he's not going to count out to Trump. That's exactly what he can't do. He knows that. And what he exactly has to do is establish inflation, vigilance to establish credibility. Straight up had to do it, and he did. And he did it very well. But the problem is when you start talking about it's about the other side of the decimal point, and I'm committed to getting it there no matter what it takes. Other central banks have given up halfway or whatever it is. He likened himself to Paul Volker, meaning going draconian on our butts and taking interest rates to 20% if that's what it takes to beat inflation. But then all of a sudden when he is testifying on Capitol Hill two weeks later, the Humphrey Hawkins, I guess is what they used to call it.

And all of a sudden then he's getting asked about flexibility in monetary policy during times of crisis. And he says, well, kind of, and his words weren't in reality, but the rest of what he said is verbatim. He goes, "Well, in reality, the real thing to look at is price stability more so than a target." And it's like, wait a minute. We can't have it both ways. And when you look at inflation, Mike, we've talked about this before. Everyone's looking at gasoline. Everyone's looking at energy. They want to look through it. Clearly, Lagarde and the ECB just told us because even their own surveys they just did of the banks and the credit conditions have been tightening in Europe for the last six months. Monetary conditions are tightening. That's another reason because the dollar's higher, the yield curve's flattening, and interest rates are going up both at the long and short end. Monetary conditions are tightening and credit conditions are tightening in the US, which is why it's bears for gold as opposed to this was an inflation runaway where they're chasing inflation, which will probably be what happens. Then the economy will collapse and the stock market goes down, they'll have to cut rates and go back to printing money. That's the scenario.

But I also think that relative to your question, Warsh can't do what he's saying he's going to do. And to say that emphatically just sets himself up to fail. It's unfortunate. And even talking about shrinking, shrinkage, shrinking the balance sheet. There's no way, man. There is no way he's going to be able to shrink the balance sheet and contain the bond market and have a healthy consumer when all this AI stuff disappears. Because as you'll know and I know, the PNQI, the internet retailer ETF, the XLY, the S&P discretionary consumer ETF and the XRT, the S&P retailer ETF have all broken down against the stock market. These are the things that broke down in 2008. These are the things that bottomed first before March of 2009 and were already rallying. They were always a leading tell. They led all the way through 2014 shrinkage and then called the 2015 16 spoon, called the 2018, remember Christmas Eve selloff in 2018?

It actually called the pandemic and it's calling for big declines right now on a relative basis in terms of the S&P 500 relative to where it is. And when you see how much of the leadership is just in chips, is just in these AI data center buildouts, the big cap names, it's hard to envision how that continues.

So, we'll see. And that would be the Fed's out. I mean, maybe it goes so much in just thinking out loud that Warsh can say these things because he sees the writing on the wall, the AI, the stock market. He knows the stock market's going to bring the economy back to earth and bring inflation down because it'll print demand.

Mike Maharrey: Yeah. I always say listen or watch the video. Don't just listen to the sound. And there's a lot of yap, yap, yap coming out of the Fed. But I think it's very notable that if you go look at the balance sheet trajectory, the balance sheet's still creeping up. So, they're running quantitative easing right now, even as Warsh is running around talking all hawkish. And I think that is probably more relevant than all of the words that have fallen out of his mouth.

Greg Weldon: And it's under the guise of maintaining adequate reserves to keep Fed funds in line, which suggests there's more demand out there than it is availability of money right now, which we know not to be true when you look at AI. So yes, it's under the guise of something that's not even really happening.

Mike Maharrey: Yeah. So one of the things I really enjoy about your analysis is that you pull a lot of different things in and you pick up on a lot of things that aren't being focused on by the mainstream. Right now, everything seems to be about the war and about what's going on in Iran and the strait of Hormuz. I have a feeling that there are other things that you're watching. So maybe what is one or two big issues that are outside of the war and what everybody's talking about that you're really kind of focused in on as we look at where the markets may go in the next months ahead?

Greg Weldon: There's one specific thing that is huge to me. That is the weather. And you know my view on this. It's a long-term view. It's based on the 25,800-year solar orbital cycle through the Crosso Rhine Spur of the Milky Way between the two spiral arms of the traverse and where we are right now in a zone. The procession of the equinox is the mine calendar. Now this isn't an end, it's the final procession of the equinoxes before you start the new cycle. So what we know to be true, and I've spoken publicly about this really dating back to also 2018, studied the mine calendar in college with one of the leading experts on the mines back in the day, Anthony Avini at Colgate University was my major. And I've been studying it my entire life. So, what we have is whether you have a place that is highly electrified because of the number of source systems that we're close to now.

It's a highly populated area, light plasma, light comes from these places, pure plasmas, pure energy is bombarding the stratosphere. I forget what the number is. It's like a million quadrillion. I forget how you say the exact number. It's like so many light particles are blasting our stratosphere right now and it's lifting the electricity of the planet. It's lifting the vibrations of the planet and the crust. And then the core movement is faster in terms of the spin rate. And that's why some people think it's going to flip the poles, the kind of thing. There's definitely been movement of the pole. The true north pole has gone from over Canada to over Russia in the last 15 years. So all of this is science. I mean, it's true. It's not even debated.

But what happens is within this context you get more of everything gets polarized too because we have these gravitational forces on both sides of us. The sources of light also gravitational pole. That's pulling us apart. So you have everything's polarized and both ends of the spectrum are vibrating or resonating at a higher rate of frequency. And I do this thing when I used to do public speaking because now it's kind of common knowledge. But back in 2018, this was still kind of new stuff for most people. And I used to do a mason jar and talk about how you picture something. How do you give a visual to somebody that's not really scientific, not really understanding what you're saying? It's like taking a mason jar and having one M&M in there and shaking it up. And the M&M goes around crazy, violently crashing in stuff versus packing it with M&Ms and shaking it.

Well, the previous cycle was packed with M&Ms. Now we're going through cycle where we're just passing a level where maybe we're only half full of M&Ms. It's only taking M&Ms out of this mason jar going forward for the next literally hundreds of years to where the thought process is several hundred years from now, the plant's not habitable and that's why everyone's trying to find go to Mars and do all these other things. So, within that context, the weather is key and understanding the weather is going to be more extreme than ever. And then seeing, okay, what happens? You have the lowest snow cover in the Western US we've ever recorded, which means less water. So, already starting the spring when you're talking about places that grow a lot of crops, you're talking about California, Arizona, particularly fruits and vegetables. Keep that in mind. Because the other thing is you have 35% decline year over year in fog in Northern California, which sounds like kind of, okay, so who cares?

It's a major source of moisture and water for the crops. So then you talk about El Nino. This goes all the way back to February. February 29th, NOAA put out their ENSO warning on El Nino and gave it a 25% chance of coming through into June. So it would come in June and with 25% chance it would be the worst El Nino in quote unquote NOAA. The government telling us recorded history. This has progressed now to where they just issued an update and I followed the updates every month since then. This is now expected to last not only through June and the planting season. And in May, they upgraded that to October, November. It's now April of next year and this thing will worsen until then. Already you're talking about sugar in Thailand. You're talking about coffee crops in Vietnam, in Brazil. It affects different places on the planet in different ways.

And so many food commodities are involved. It's about food commodities. The next big resource is the next big inflation. Already fruits and vegetables because of some of the stuff before this lettuce fiasco. We're 5.9 year-over-year inflation. Why? Because they're coming from California where they're having difficulty, let alone the state's in chaos to begin with. So I think that food inflation, I think that's going to be the next big thing that people aren't talking about. At a time when you have 47% of 84 service price inflation, CPI service prices, 47% are greater than 4% year over year, more than double the Fed's target. So you keep talking about oil. The strip in oil is out the roof for the next six months, number one. So do you think are you going to see gasoline fall below $1.70 by this fall? It's not happening, man. No way.

Mike Maharrey: No way.

Greg Weldon: Plus we have the lowest gasoline supplies for this time of year in years and including the SPR. Our crude oil reserves are the lowest since the '70s. Within that context, the throughput on a daily basis to refineries trying to pump out gas and distillates and all these things that we need to pump out, over 17 million barrels a day. And people say, well, we're energy independent. Well, that's true in natural gas, not petroleum independent, not at all because our maximum output, we're pushing 14 million barrels a day. We're left with an average 3.3 million barrel per day crude oil deficit in this country. We're a net importer of crude oil. And Venezuelan crude is not the answer. It's very heavy. It's tough to refine. It's very expensive to maintain refineries with that kind of great crude oil pumping through it. So it's not like the be - all and end-all answer.

It's a real problem. And people that think gasoline prices are going to come down at the war ends. I said, well, when it looked like that was going to happen, 265 was value and $65 in WTI was value. And it really didn't even get there before it started back higher. So when you talk throw food inflation on top of this, I think that the Fed is kind of screwed, man. And so what are they going to do? If Morse is going to do what he really wants and says he's going to do, bring inflation down, he needs to get to 5% of Fed funds. He needs to be tight because right now inflation is above Fed funds. So, Fed funds, I mean with the recent decline inflation, depending on which inflation indicator, but they're neck and neck. So right now policy at its tightest is flat, neutral.

It's not tight. Rate policy's not tight. They're not fighting inflation at all from that perspective. So, they would have to be very active. And there are some people in the business that think that they're going to raise rates still three times this year. I don't see that happening because he's not going to want to raise rates when a consumer's struggling if inflation goes up and gas prices stay high and now food's more expensive. It's going to be a problem. Yeah.

Mike Maharrey: As you're talking, my wheels and my head are churning and it really emphasizes the fact that the economy is about stuff. We get focused in on the movements of money and the mechanizations of policymakers and those types of things. But really what it comes down to is things you're digging out of the earth, things you're pumping out of the earth, the things that you're growing in the earth. And that's really the key. And you can only cover that up for so long with financial mechanizations, right?

Greg Weldon: Yeah. And it's a world war. I mean, I've said this again since 2018. I mean everything we've done since 2018 is about the big picture cycles. It's about creating a managed accounts program that will help people in the best possible way to maintain the purchasing power of their money. I mean, that's the bottom line. That's what we're doing. That's why you're buying gold and sticking it in a vault somewhere because it will appreciate. It will keep pace with what it costs to buy stuff. The dollar will not do that. Absolutely. So in that same kind of context, it really is. It's about a world war for resources. And we are not even talking rare earth. Where rare earth gone? The US is still all in from upstream to downstream to actually manufacturing products with these metals in them, with these nanometals and all these things that the rare earths are.

The wide range, the 17 key elements that China controls between China, Russia, and Vietnam, they control over 80% of what's in the ground on the planet. It'd be great if we got Greenland. It doesn't even double our capacity in terms of stuff in the ground. We don't mine it. And let alone the little mining we do, we don't turn it to concentrate. We don't turn it into then something you can actually put in a product and then create the products like the magnets. We don't do any of that. This is still over 90% committed to China. And China just said because of the diatribe that Trump came on with Chinese meddling in the elections the other night, which was hard to watch. And I'm a conservative and I'm a supporter of most of his policies, but sometimes he just doesn't know when to stop talking and just do your job with a little more silence.

You don't have to pat yourself on the back every five seconds. The ego and the mouth get in the way. I'm sorry, it's just the truth. And all the Trump people now would say I'm a Trump hater, which I'm so not.

But at the same time, China came back and just gave them a little tap tap. Well, remember the rare earth thing. So maybe we'll start, and this is what they said, maybe we'll start looking at every license because what they did, the way they saw the rare earth thing 18 or 24 months ago, whenever the hell that finally came to fruition because it was a big deal, was to review the licenses that they stop reviewing. That doesn't mean they opened it up. You can import as much as you want. No, this is still such a wide range of disadvantage that we're at in that case. They got us by the proverbials, man, in that case, and they're going to use that. And there was another skirmish with Philippine fishing vessels. So it's a resource war. China is winning. They're accumulating commodities. They have more gold than treasuries in their reserves.

They're doing all this. They're way ahead of the game. Xi's playing above the rim. I think it was one of your guys sent me a picture that was an AI created picture of Xi in a basketball uniform and a basketball going above the dunk and the body and the picture just didn't match. And I'm like, no, that doesn't look good. But he's playing above the rim. Trump can barely get off the floor. And that's not to denigrate the US. I mean, I'm all for the US, but the reality is what it is. And they have the advantage in terms of they're going to take Taiwan. Taiwan already wants to get back together with them, the opposition party and this woman Lou. So that seems to be something that's off the table. And already they want to sell their arms to them and China says, "Well, if you do that, it's like an act of war and all of a sudden that thing's just Disappeared. You haven't heard anything about the arm sale in Taiwan because it's not going to happen. Now they're back with messing with the Philippines. Why fish for food? They're back messing with Vietnam. Why? Oil and gas drilling rights. They're messing with Malaysia and Korea. Why? Shipping lanes. I mean, all of this is designed for the grand plan, which you understand Xi, his father was in the Mao regime where he was assassinated when there was an assassination attempt on Mao.

So Xi's father was killed. So he'd been groomed to be this Maoist manifest destiny, rule the world and be the... And he has even said, "We want to have a socialism that is diferent than it's been in the past. He wants to kind of bridge the gap." And I'm not saying that's doable, not at all, but he's a moderate in his own mind at the very least while being ruthless and really freaking smart in terms of his domination vision of manifest destiny.

Mike Maharrey: Yeah. It's a crazy world out there. And I appreciate the fact it's a really good point that you kind of alluded to at least. The fact that we can love America and we can be pro - America and still look at the realities because we have to. We can't delude ourselves. If we do, we're just going to end up getting in more trouble. We have to keep our eyes open because that's the only way that can happen.

Greg Weldon: That applies a lot to the dollar, Mike, because one of the things that everyone was celebrating when they thought we were going to have a deal with Iran was it would bring them into Swift and keep petroleum on the dollar dime. We know China's not going to let that happen. China's pulled the strings. I mean, why do you think that the Houthis attacked the ship but just happened to miss today? Because it was bound for China with the Chinese crew on it. So come on, let's be real, man. It is. You have to look at the reality. I get paid to assess the risk and to tell people the truth. And sometimes that isn't pleasant. And sometimes I have to say things I wish I didn't have to say, but fact of the matter is the fact of the matter.

Mike Maharrey: Yep, you and me both. So, where can folks go to avail themselves of your knowledge and hear the truth as you were telling it?

Greg Weldon: Sure. We basically have two businesses. It's the research business. So, we do the global macro strategy report pretty much daily, at least four times a week I try. It's me and my assistant, so we're not a big shop and it's all 100% me. You get 100% of everything. There's no tiered services. I'm going to tell you everything. We also run a CTA Series three registered commodity trading advisory, individually managed accounts, no commingling of funds. You open an account at one of our brokers in your name, you have the account relationship with the broker, not with us. You get reports from the broker, StoneX, which is one of the biggest brokers out there, highly reputable. So we don't have anything to do with the money itself. We have an agreement with StoneX that you sign off on that we get paid from Stonex. So it's about as safe as can be.

And we don't have a lockup period. If you don't like what we're doing, you're out. It's basically futures, like to say 48-hour turnaround, can't guarantee anything anymore. But in that same context, if you're a money management client, you get a full, if you want it, not everyone does, but most people do, a full accounting of positions, wins, losses, open trade equity, every detail of the account every single morning. So the only way we can do this credibly is to be as transparent above board. We get no other income from brokerage or any other thing. We get paid what we sign on to get paid by you as a money manager. We have the broker who gets the commissions. And beyond that, that's about making it as simple and as transparent as it can be. Information on any of this, including sample reports, like some of the ones I mentioned today can be received by emailing me directly is the best way.

Greg Weldon: Greg, G-R-E-G, Weldon, W-E-L-D-O-N @weldononline, one word, Weldon Online. Find me on X @weldonlive. And then we do the podcast for free about once a month, kind of our own little gig where I'll talk about all these same things. It's on X @money_podcast and it's called Money, Markets and New Age Investing.

Mike Maharrey: Fantastic stuff. And I will say I get your market strategy reports and those things are fantastic. It would take me weeks to turn out one of those with all of the charts and the detail that's in them. So you're doing some fantastic stuff. So if people who are interested in that kind of detail need to check that out, I would highly encourage you to at least get a sample and see what Greg's doing because it's in depth and it's really good information. So I appreciate you. We are going to stay ahead of the curve these days for sure.

Greg Weldon: It's what we got to do, my friend.

Mike Maharrey: Well, I appreciate you taking time out of your day to hang out with me and always love to get your insights and I'm sure we'll talk to you again in the weeks and months ahead. Until then, I hope everything continues to go fantastically for you and we'll keep in touch.

Greg Weldon: Well then the biggest question is when does hockey season start? It's

Mike Maharrey: Coming. It starts a little bit earlier this year, in fact, because we've got two extra games. So I'll be excited about that.

Greg Weldon: Mike, you did a great job. Say hi to the Gleason Brothers for me. You all do fantastic work out there. So, my kudos to you. I'm happy to contribute.

Mike Maharrey: Will do. Thank you so much, my friend.

Greg Weldon: Take care.

Another terrific interview with the fantastic Greg Weldon. The key takeaway for me there was his silver price prediction, which certainly sounds pretty dramatic. But I wouldn’t sleep on any prediction Greg makes, no matter how crazy it may seem. There is probably no one out there who sees things as well as our good friend Greg Weldon, and that’s why we love having him on so regularly.

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 great weekend everybody.

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

Interest Rates Unchanged After Fed Family Fight

Less Guidance, More Guessing

Still Talking Tough on Inflation

The Markets Have Their Doubts

The Federal Reserve Is Still Running Quantitative Easing

Fort Knox vs. China: The Global Gold Race Nobody Discusses

The Case for a Full Fort Knox Audit

Why the 1974 Inspection Doesn't Qualify as an Audit

Transparency Questions Continue Decades Later

Money Metals Emphasizes Independent Verification

Governments Continue Holding Gold Despite Fiat Currency

China's Official Gold Holdings May Be Only Part of the Story

Evidence Suggests China Holds Far More Gold

China's Gold Strategy Has Been Building for Years

Central Banks Continue Diversifying Into Gold

Federal Reserve Policy Remains a Near-Term Headwind

Chinese Investors Continue Buying the Dip

Conspiracy Theory: How Much Gold Do the U.S. and China Really Have?

Articles Mentioned in the Show

Inflation Pain Is Worse Than the CPI Indicates, But You Already Knew That!

The Current Inflation Picture Is Much Worse Than Advertised

With a Struggling Bond Market and Persistent Inflation, Investors Are Turning to Tangible Assets Like Gold

Goldman Sachs Picks Up on China's Secret Gold Reserve Expansion

Faster Than Advertised Expansion of Chinese Gold Reserves No Surprise

Chinese Gold Imports Surged to 2-Year High in June

A Tug of War in Chinese Gold Demand

Gold, Silver, and the Coming Monetary Reckoning: Greg Weldon Sees Major Opportunity Ahead

Gold and Silver Investment Outlook Turns Bullish Again

AI Bubble, Stock Market Risks, and Federal Reserve Policy

Inflation, Food Prices, and Energy Market Challenges

China, Rare Earth Minerals, and the Long-Term Case for Gold

How to Store Silver - Silver Sulfide Tarnish, Humidity Control, and Materials to Avoid - Allocated Storage, Vault Costs, and the 80/50 Rule - Money Metals

Is There a Difference Between Gold and Silver Storage?

How to Prevent Silver From Tarnishing in Storage

What Causes Silver to Tarnish?

Environmental Controls for Silver Storage

Silica Gel and Desiccants

Materials That Damage Silver: What to Avoid

How to Handle Silver Before Storage

Choosing the Right Storage Containers

Silver Coins and Rounds

Silver Bars

Bulk Silver (Large Stacks)

Silver Jewelry and Flatware

Monster Boxes

How to Store Silver at Home

Choosing a Location in Your Home

At-Home Storage Best Practices

Home Safes for Silver Storage

Hiding Strategies

Home Insurance for Silver

A Quick Overview of Allocated and Unallocated Storage

Store Silver in a Bank Box

Advantages of Bank Safe Deposit Boxes

Limitations of Bank Safe Deposit Boxes

Environmental Concerns With Bank Storage

Vault Storage (Depository) Solutions for Silver Storage

What Private Vaults Protect Against

Allocated Storage at a Private Vault

Money Metals Depository

What's The Cheapest Way to Store Silver?

What's the Most Secure Way to Store Silver?

Cost Comparison Between the Storage Methods

A Note About Insurance

Decide How To Store Silver

Frequently Asked Questions (FAQ)

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Should silver coins and silver bars be stored differently? http://www.w3.org/2000/svg"; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''">

Is it safe to store silver during a financial crisis? http://www.w3.org/2000/svg"; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''">

Find the Best Place to Store Your Silver

WELDON: “Back Up the Truck” Moment for Silver & Gold