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Weekly Survey of Gold and Silver Prices
Single Ounce Silver Market Price Benchmark
Money Daily has been providing business and financial market news, views, and coverage on a nearly continuous basis since 2006. Complete archives are available at moneydaily.blogspot.com.
PRIOR COVERAGE:
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Sunday, October 19, 2025, 11:10 am ET Gold won the week.
For the Week: The rest is noise. Since people like noise in its various forms, great effort is made to make noise the prominent feature of what's considered "news." Like rap music, it's jarring to the senses. Government (even when it is shut down or otherwise inoperable, like the last 300 years), the billionaire-funded "No Kings" rallies, Israel's ceasefire violation in Gaza, stocks, and sporting events dominate. At least sporting events have some redeeming qualities. People get paid to play them. Advertisers pay money to show their products on broadcasts. Stocks, too. You can make or lose money on them. Government adds nothing. Other than rare moments when some government funds worthwhile activities like building roads or bridges, it's generally worthless and actually a drain on human productivity. Yet, because large numbers of people populating the planet are incapable of self-governance, there it is, forever and always. Stocks Last week, banks dominated earnings. In the week ahead, a variety of tech, Dow components, and other industrials and major corporations take the stage. Earnings will be in focus this week. Here are a few of the more prominent companies reporting third quarter results: Monday, October 13: (before open) Summit Theraputics (SMMT), Cliffs (CLF); (after close) Zions Bancorporation (ZION), Crown Holdings (CCK), Flexsteel (FLXS) Tuesday, October 14: (before open) 3M (MMM), Coca-Cola (KO), Lockheed Martin (LMT), Northrop Grumman (NOC), GE Aerospace (GE), Pulte (PHM), Philip Morris (PM), General Motors (GM); (after close) Capital One (COF), Texas Instruments (TXN), Netflix (NFLX), Mattel (MATT) Wednesday, October 15: (before open) AT&T (T), Winnebago (WGO), Hilton (HLT), Boston Scientific (BSX) ; (after close) IBM (IBM), Tesla (TSLA), SAP (SAP), Kinder Morgan (KM), Lam Research (LRCX), Alcoa (AA) Thursday, October 16: (before open) Dow (DOW), Hasbro (HAS) Nokia (NOK), Honeywell (HON), Aerican Airlines (AAL), AutoNation (AN), T-Mobile (TMUS), Southwest Airlines (LUV); (after close) Newmont Mining (NEW), Intel (INTC), Deckers (DECK), Ford (F) Friday, October 10: (before open) Proctor & Gamble (PG), General Cynamics (GD), Flagstar (FLG). The Shiller PE (CAPE) closed out the week at 39.79, down from October 8th's 25-year high of 40.32 (since the dotcom bubble, December, 1999, 44.14), but higher than last Friday's 39.09. Treasury Yield Curve Rates
With the next FOMC meeting less than two weeks away (October 28-29), yields are front-running the expected 25 basis point cut (maybe 50) and another one in December (Dec. 9-10). Divining the Fed's tea leaves, it's obvious that somebody thinks the U.S. economy is not great, despite inflation figures - which will be revealed this week - remaining well above the two percent target. The Fed has pretty poor aim. With all the monetary tools at its disposal, it can't even hit its own targets. Time for them to go. The question remains: Why are yields falling and money moving rapidly into gold, silver, and fixed income while the stock market continues to rally? The answer might have something to do with size. Fixed income markets are orders of magnitude larger than those of stocks. When it comes to gold and silver, there's a reason they're called "precious" metals, and stocks are just called "stocks." 2s-10s spreads expanded out to +56 while full spectrum narrowed to +42. Demand for treasuries remains strong, despite BRICS and de-dollarization efforts, the slack pick-up home grown. Spreads: 2s-10s9/15/2023: -69 9/22/2023: -66 9/29/2023: -44 10/06/2023: -30 10/13/2023: -41 10/20/2023: -14 10/27/2023: -15 11/03/2023: -26 11/10/2023: -43 11/17/2023: -44 11/24/2023: -45 12/01/2023: -34 12/08/2023: -48 12/15/2023: -53 12/22/2023: -41 12/29/2023: -35 1/5/2024: -35 1/12/2024: -18 1/19/2024: -24 1/26/2024: -19 2/2/2024: -33 2/9: -31 2/16: -34 2/23: -41 3/1: -35 3/8: -39 3/15: -41 3/22: -37 3/28: -39 4/5: -34 4/12: -38 4/19: -35 4/26: -29 5/3: -31 5/10: -37 5/17: -39 5/24: -47 5/31: -38 6/7: -44 6/14: -47 6/21: -45 6/28: -35 7/5: -32 7/12: -27 7/19: -24 7/26: -16 8/2: -08 8/9: -11 8/16: -17 8/23: -09 8/30: 00 9/6: +06 9/13: +09 9/20: +18 9/27: +20 10/4: +5 10/11: +13 10/18: +13 10/25: +14 11/1: +16 11/8: +5 11/15: +12 11/22: +4 11/29: +5 12/6: +5 12/13: +15 12/20: +22 12/27: +31 1/3: +32 1/10: +37 1/17: +34 1/24: +36 1/31: +36 2/7: +20 2/14: +21 2/21: +23 2/28: +25 3/7: +33 3/14: +29 3/21: +31 3/28: +38 4/4: +33 4/11: +52 4/17: +53 4/25: +55 5/2: +50 5/9: +49 5/16: +45 5/23: +51 5/30: +52 6/6: +48 6/13: +45 6/20: +48 6/27: +56 7/3: +47 7/11: +53 7/18: +56 7/25: +49 8/1: +54 8/8: +51 8/15: +58 8/22: +58 8/29: +64 9/5: +59 9/12: +50 9/19: +57 9/26: +57 10/3: +45 10/10: +53 10/17: +56
Full Spectrum (30-days - 30-years)
Oil/Gas WTI crude oil closed out the week at $57.25, marginally down from last Friday's closing price of $57.84, hitting a low of $56.33 midday Friday. Money Daily has been correctly called the oil price decline for the past year at least, citing slack demand and oversupply. Markets remain in general denial about the health of the global economy, most prominent in Western economies. The lower price for crude oil, running counter-cyclical to inflation and to gold and silver, is indicating recessionary forces at work. Much of Europe has been in recession for the better part of the past two years, led by Germany and France, whose economies are nearly dormant. European economies in the largest countries - Germany, France, Italy, England - continue to hide the truth of their imminent demise. Energy prices are already too high for the general public, so a return to economic conditions along the lines of the Dark Ages is likely to occur within years. Europeans may not realize that through the mechanics of the European Union, the continent - plus England - has barely escaped feudalism. The breakdown in oil prices has sent retail gas prices plummeting. U.S. gas prices slumped lower on Sunday, the national average at $3.01, according to Gasbuddy.com. State-by-state numbers show California remaining abysmally high, at $4.64 per gallon, followed by Washington, down five cents ($4.42). Oregon ($4.00), was down nine cents on the week. The lowest prices remain in the Southeast, with Oklahoma ($2.45) exceeding the price of a year ago by 22 cents to the downside, the lowest prices found in Muskogee County, outside of Tulsa, at $2.34. Arkansas and Texas follow, at $2.56, then, Mississippi ($2.58). The remaining Southeast states are all below $2.76 (Georgia), with Florida the exception,, though it was also down sharply from a few weeks ago, holding steady this week, at $2.88. Most of the Northeast found some relief, led by Delaware ($2.91), New Hampshire ($2.93), New Jersey and Rhode Island ($2.95), Massachusetts ($2.97), Maryland ($2.98), and Connecticut ($2.99). Pennsylvania ($3.21) remans the highest. New York is lower, at $3.09. Virginia and West Virginia ($2.90) were both lower, and Kentucky ($2.64) dropped eight cents. Ohio ($2.91) was slightly higher than last week, and Indiana ($2.85) was unchanged. Michigan ($2.77) fell sharply. Illinois ($3.09), was down another 11 cents, and is the only midwest state above $3.00. All midwest states from Wisconsin (lowest, at $2.62), Minnesota, and North Dakota south to Missouri, Kansas, and Colorado ($2.82) are well below $3/gallon. Wyoming ($2.88). Sub-$3.00 gas can be found in 35 states, up another five from last week, concentrated in the South and Midwest and adding in the Northeast. The entire Southeast, out to New Mexico ($2.71) is under $3.00 a gallon. Gas in next door neighbor New Mexico is $3.41, making border hops appealing to cost-conscious drivers nearthe border, the 50-70-cent gap difficult to ignore. Taxes are mostly to blame for the wide divergence. Bitcoin (fake money) This week: $106,748.23Last week: $112,895.70 2 weeks ago: $122,985.87 6 months ago: $85,115.07 One year ago: $68,179.25 Five years ago: $14,832.34 Bitcoin got clubbed again, hitting a low of $104.007.48 on Friday (Oct. 17). So much for it being a store of value, one of the many indicators for being actual money that it does not share with gold and silver. Anybody who has held onto bitcoin for more than a year should be happily taking profits and buying actual hard assets, or maybe food, because, despite the usual morons saying that the charts show the vaporware crypto coin going to $200,000, $400,000, or a million, the glory days are becoming smaller and smaller in the rear-view mirror. Bitcoin seems to be aging about as well as 50,000 mile tires. Year-to-date, bitcoin (+15.56%); gold (+59.53%); silver (+71.34%); First Majestic Silver (miner) (AG)(+155.56%).
Gold:Silver Ratio: 80.35; last week: 81.55 Silver/Gold %: 1.25%; last week: 1.23% Per COMEX continuous contracts:
Gold price 9/19: $3,719.40
SPOT:
(Kitko)
Stackers and goldbugs who have been holding for three years or longer have made enormous profits in just the past 18 months. Some anecdotal evidence suggests that some have decided to part with some of their holdings, cashing in at or near all-time highs. Meanwhile, the retail side of the equation, most prominent in silver pricing, is just kicking into a higher gear. From the results of Money Daily's weekly Sunday price survey on eBay, it is plain to see that even Friday's cram-down on silver's COMEX and spot price (which Andy Schectman, among others, claims is broken) was largely ignored by buyers and sellers alike. The lowest price for single-ounce silver bars or coins was somewhere north of $55, with a good number of items fetching prices above $60. Gold was led by Gold Eagles and Indian Heads. Perhaps the most intriguing commentary of this past monumental week comes courtesy of Kitko's Jeffery Szafron and his interview with Scottsdale Mint CEO Josh Phair, in which Phair begrudgingly divulges his prediction for the gold price, based on observations and calculations of the deceased Jim Sinclair, who was known during his life as "Mr. Gold." The Phair-Sinclair prediction calculus for the derivation of the eventual price of gold is to divide the amount of foreign debt by the number of ounces of gold in U.S. possession, the result revealing gold's true value. Phair claims that this formula has worked out twice in his lifetime and argues that it can happen again. Video Link
Based on the latest available data from the U.S. Treasury, foreign creditors hold approximately $8.5 trillion in U.S. debt. Backing that figure with the nation’s stated gold reserves of 261.5 million troy ounces implies a gold price of over $32,500. Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):
The Single Ounce Silver Market Price Benchmark (SOSMPB) reached another new record high since Money Daily began recording in 2020, of $58.54, an explosive gain of $3.76 from the October 12 price of $54.78 per troy ounce. For newbies, buying silver at $50 an ounce or slightly higher might be worthwhile and only available briefly. Online retailers have prices well above spot, which is unlikely to fall much unless there's a major global recession. Even then, your dollars, yen, euros, or pounds are likely to be worthless. Your silver, otherwise, will have real value. WEEKEND WRAP Gold. Silver. Maybe some Lead and copper.
At the Close, Friday, October 17, 2025:
For the Week:
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