Six Paper Claims, One Ounce of Silver: What First Notice Day Reveals
September’s COMEX silver contract hits First Notice Day with 161.8M oz of open interest against just 99.1M oz of registered, deliverable silver. Here’s what the gap means — and doesn’t.Read More
Five Gold Signals Fired This Week. None of Them Are About Today’s Price.
State Street’s outlook, silver’s outperformance, a Fed report, a Treasury buyback, and a fast-growing token all quietly reinforce each other this week. None of it is about today’s price. All of it is about who wants to own the metal, and why.Read More
Gold Fell 9% the Last Time Warsh Spoke. He’s Back Tomorrow.
Gold fell roughly 9% the last time Kevin Warsh spoke as Fed chair. He delivers his first Jackson Hole keynote tomorrow, and the market isn’t taking chances.Read More
Gold Ran Past Wall Street’s Own Price Targets. Four Banks Disagree on What Happens Next.
Morgan Stanley’s fourth-quarter number arrived in August, after the bank had already cut it. UBS is sitting on its December figure. Wells Fargo trimmed while Citi raised. And that $202 million bet against gold? CNBC corrected the story. Five moves, one pattern.Read More
Silver Beat Gold in August. Almost Nobody Said So.
Every outlet ran the same line about gold’s best month since September 1999. Measured close to close, silver rose 19.0% in August and gold 15.1%. Here is what the smaller metal’s lead says about who is bidding for metal, and why a positive real yield stopped mattering.Read More
Gold Beat Aircraft and Oil to Top America’s Export List. Nobody Agrees Why.
Gold reached the top of the US export table in three separate months, out of more than 1,200 categories. That makes gold the largest US export by value. The trade-deficit offset climbed from under 4% to about 19%, and the cause is contested.Read More
Why Your Pension Can Own Gold and Your 401(k) Still Can’t
Pension funds have owned gold for decades. 401(k) plans almost never do, and it isn’t because gold is a bad idea. A new federal rule is trying to close that gap. Here’s what it changes, and what it doesn’t.Read More
Gold and Silver Pulled Back Today. The Treasury’s Plumbing Explains Why.
Five things moved in gold and silver today: the price action, the ratio, a new Treasury financing detail, the dollar, and this week’s remaining catalysts. All five trace back to one mechanism, not five separate stories.Read More
A Stablecoin Issuer Bought More Gold Last Year Than Any Central Bank
The Fed’s flagship conference is about payment rails this year, not the level of rates. ECB data explains why that is a gold story, and why the most striking buyer of 2025 was not a central bank at all.Read More
Ten Percent Sent Gold Abroad. Nine Percent Brought It Home.
The financial press says central banks are bringing their gold home. The World Gold Council asked 76 of them, and the numbers run the other way: more spread gold into additional foreign jurisdictions last year than repatriated it. What that says about custody, and about how you hold your own…Read More