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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.
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Sunday, May 4, 2025, 11:46 am ET Even though the Kentucky Derby was run on a very sloppy track, two of the favorites came through as champions as Sovereignty and Journalism ran 1-2. Congratulations to Godolfin Stables, rider Junior Alvarado and trainer Bill Mott on their victory. A happy weekend was shattered this morning upon reading an article about a bill in congress that purports to create a "new" savings vehicle for Americans. This kind of thing reeks of everything wrong with the current political and financial systems. Today we have a perfect example of why Americans - or any person of sound mind anywhere in the world - should exchange their fiat currency (dollars, yen, pound, euro) for gold and/or silver and keep the metals in their own possession. Essentially, despite President Trump's desire to "drain the swamp", because the corruption in the government and banking system is so vast and deep, politicians and bankers will continue to rob individuals blind, either by taxation, obfuscation, inflation, or just plain theft. Bankers and politicians consider your money to be theirs, so, until that changes (probably never), the solution for most people is to keep assets out of the system as much as possible. That is why gold and silver (honest money), purchased privately and kept quietly, are among the few choices available to avoid taxation and the prying eyes and hands of government. A bill in the House of Representatives [PDF] put forward by Tennessee representative Diana Harshbarger for a "Universal Savings Account (USA)", is being promoted as "tax advantaged." A companion bill has been introduced in the Senate by Texas Senator Ted Cruz. Here's what the Tennessee rep said about the bill:
"It's an honor to partner with Senator Cruz on this commonsense legislation to empower Americans to take control of their financial futures. The Universal Savings Account Act cuts through red tape and gives every American a flexible, tax-free way to save, invest, and spend ‹ without government interference or penalties." If one makes an effort to read the actual bill, one would be hard-pressed to actually understand how it benefits the account holder. If representative Harshbarger and senator Cruz wanted to create essentially a brokerage account in which contributions are taxed as ordinary income upon withdrawal but any gains were not taxed, they should have just spelled it out in simple language, but they didn't, because the bill was almost certainly written by bankers, for bankers, not for individuals, as they purport and revealing exactly how these accounts function would likely result in very few people using them, although, as a May, 2024 report by the Tax Foundation finds, Canadians and British subjects make widespread use of such accounts. (can you spell S-H-E-E-P-L-E?) Rep, Harshbarger's statement is the ultimately disingenuous and hypocritical. Her bill does not provide a "tax-free way to save, invest, and spend..." nor does it diminish "government interference." It's nothing but another way for bankers and politicians to fleece the herd. For what it's worth, Rep. Harshbarger won her East Tennessee house seat in 2020 on a platform that stressed a religious background, which, in itself, is somewhat of a turn-off to some people. But, being "religious" and a Republican, she won handily, and won again in 2022 and 2024 and will probably win every two years until she's 80 or 90 (currently 65). For a "god-fearing" woman, Harshbarger isn't shy about making money or lying, for that matter, a trait that is shared by most, if not all, politicians. In 2013, her husband, Robert, agreed to a four-year prison sentence and payment of fines and asset forfeitures totaling about $1.2 million for his involvement in the pharmaceutical company, American Inhalation Specialists (AIMS), pleading guilty on charges of introducing misbranded drugs into interstate commerce and health care fraud. Diana, in her initial run for congress in 2020, said flatly that she had nothing to do with the company, even though official documents list her as secretary of the corporation at various times before, during and after a federal investigation, indictment, and conviction. Both Mrs. Harshbarger and her husband are pharmacists. So, is this woman the kind of person Americans want sponsoring legislation that will affect their life savings? As if Harshbarger's background isn't sketchy enough, when she ran for her House seat in 2020, she was purportedly worth $11.5 million, failed to report stock trades in a timely manner on companies including Facebook (META), Walmart, Apple, Verizon, Coca-Cola, Chevron, defense contractors Raytheon and Lockheed Martin, Chegg, and vaccine-makers, Johnson & Johnson and Regeneron in violation of the STOCK (Stop Trading On Congressional Knowledge) Act, that requires legislators to disclose trading activity, though many, if not all, senators and House Reps. routinely violate this toothless law. She's probably quite a bit wealthier now, since she's an quite an active trader. There wasn't time for this report to delve into Senator Cruz's background, though it's doubtful it could be any more disturbing than Harshbarger's, if that's even possible. Thus, a weekend despoiled by government elitists beyond the law. The root of all evil lays within the Capitol. D.C. currently stands for "Deeply Corrupt."
The major indices notched another solid week, the second straight, now having erased all of the post-"Liberation Day" April 2nd declines. Notably, the gains were led by the Dow Jones Transportation Average, which gained 4.30%, followed by the tech-laden NASDAQ, up 3.42%. The tariff trauma pullback is now being described in part as a healthy correction. Wall Street sentiment turned on a dime with the April jobs number of +177,000, from gloomy to thrilled. It's a traders' market for certain. Whether stock prices can continue to grow from here seems likely. The majors have defied the various "death cross" warnings by vaulting past their 50-and-200-day moving averages. Earnings were once again mixed, with Apple and Amazon disappointing while Meta and Microsoft showed improvement in the tech space. It's still a mixed bag with more important earnings figures from the first quarter to hit this week, including: Monday: (before open) Tyson (TSN), FootLocker (FL), Berkshire-Hathaway (BRK.B), FreshPet (FRPT), Cummins (CMI); (after close) Palantir (PLTR), Ford (F), Hims|Hers (HIMS) Tuesday: (before open) Marriott (MAR), Archer Dainiels Midland (ADM), Celcius (CELH); (after close) Advanced Micro Devices (AMD), Supermicro (SMCI), Rivian (RIVN), Wynn Resorts (WYNN) Wednesday: (before open) Walt Disney (DIS), Teva Phameceuticals (TEVA), Uber (UBER), Barrick (GOLD), Novo Nordisk (NVO), Johnson Controls (JCI); (after close) Carvana (CVNA), AppLovin (APP), Cliffs (CLF), AMC (AMC), Thursday: (before open) Shopify (SHOP), Crocs (CROX), Yeti (YETI), ConocoPhillips (COP), Warner Brothers Discovery (WBD), Peloton (PTON); (after close) Mercado Libre (MELI), DraftKings (DKNG), Cloudflare (NET), Coinbase (COIN) Friday: (before open) Enbridge (ENB), Algonquin (AQN), Gogo (GOGO). Eyes will be on the Federal Reserve's May 5-6 FOMC meeting, looking for any signals from Fed Chairman Powell or other indications in the official release that the Fed is considering lowering interest rates. With inflation now clearly not an issue, the Fed might want to goose markets a little, though it's unlikely to do so at this meeting. If anything, the Fed will want to stand pat and might throw cold water on rate cut hopes. With first quarter GDP in hand, and, knowing that the -0.3% contraction was almost fully the result of a rush of imports ahead of Trump's tariff regime, will view the economy as somewhat balance. The 177,000 April jobs reported Friday will also temper their enthusiasm for easier money.
There were few changes in the makeup of the treasury yield curve. The week's gains in stocks sent treasuries back roughly to levels seen two weeks ago. Spreads remained elevated with 2s-10s at +50 basis points and full spectrum moderating down to +41. The FOMC meeting this coming week (May 5-6) is likely to be uneventful as the Fed pares back speculation over rate cuts. Growing increasingly inconsequential, the Fed's role as a force for moderating the world's economies continues to be diminished. Chairman Powell and his cohorts may like to believe they have magic monetary powers, but their involvement in the continued loss of purchasing power of the U.S. dollar proves that they are nothing more than financial alchemists, counterfeiters to the world. Spreads:
2s-10s
Full Spectrum (30-days - 30-years)
WTI crude oil closed out the week in New York trading at a price of $58.38 the lowest level since February 5, 2021 ($56.85). The Strategic Oil Reserve took in just over a million barrels recently, as President Trump is beginning to refill essential oil storage facilities after Joe Biden cynically drained them over the past four years. Despite steady declines in the price of oil, gas prices remain stubbornly high. Except for the first two days of April, WTI crude prices have been below $70 for two full months and have been below $65 for the past month yet gas prices are higher than they were mid-March and well above levels seen in December of last year when WTI was in the mid-$60s and the national average was close to $3.00. Regular drivers are wishing the people in the energy business would stop peeing down their backs and telling them it's raining. With oil prices trending into the $53-57 range, gas prices should be well under $3.00 already on a national basis and heading lower. Ravaged by inflation the past two to three years, consumers are growing impatient and are tired of hearing excuses about refining capacity and shortages that don't exist. Gasbuddy.com is reporting the national average for a gallon of unleaded regular gas at the pump at $3.14, two cents higher than last week. The expectation for the national average to fall below $3.00 soon has not been proceeding according to basic supply and demand dynamics. The best thing the United States could do for its economy would be to promote building - or at least revamping existing - refineries, something that hasn't been done in 30-40 years. Big energy companies are not about to commit the billions needed for what would be a development that should be undertaken, thus, it won't be. Gas prices continued to fluctuate across the most of the country, the top price retained by California at $4.73, down another two cents on the week. Mississippi reclaimed the low spot from Oklahoma, cheapest in the nation at $2.63, edging out Louisiana ($2.67) by four cents. Texas ($2.72) and Oklahoma ($2.73) were next. Outside of Georgia, North Carolina, and Florida the Southwest continues to be the cheapst region, with Tennessee, Alabama, Arkansas and South Carolina all in a range of $2.69-2.75. Florida remains the outlier at $3.08. Outside of Pennsylvania ($3.34) and Maryland ($3.14), New England and East coast states all range between $2.86 (New Hampshire) and $3.06 (Vermont, New York). Midwest states are led by Illinois ($3.35), the price six cents lower than last week. Kansas ($2.83) is the lowest, followed by Kentucky ($2.85) and Missouri ($2.87). Ohio ($3.14) Indiana and Michigan ($3.20) each jumped higher. All other states in the region are just below $3.00. Along with California, Washington is the only state above $4.00, stable at at $4.23. Oregon ($3.86) and Nevada ($3.74) continue seeing slight price declines. Arizona checks in at $3.29, though neighboring New Mexico is a bargain at $2.80. Idaho and neighboring Utah are both at $3.26, both pennies higher this week. Sub-$3.00 gas can be found in fewer states this week, with at least 25 hitting the mark. Prospects for lower gas prices remain unfulfilled.
This week: $95,497.28 The fascination with vapor-ware crypto-currencies found new life this week. Even as the centuries-old store of value, gold, was being devalued, bitcoin grew legs and vaulted toward the $100,000 mark once again. However, bitcoin "hodlers" and the whales which control its price cannot have it both ways. Either bitcoin stands as a replacement of value and a medium of exchange for the failing U.S. dollar or it doesn't. If gold is not preferred, then, according to the bitcoiners, crypto will be the way forward. Somehow, this line of thinking is flawed. Bitcoin adoption is stillborn. There has been no advancement in its use as a medium of exchange for years. When PayPal adopted it in 2020, there was instant price appreciation, but then a relapse. From the end of 2022, bitcoin followed roughly the same path as gold, straight up, to new heights, much of it based upon SEC approval of spot ETFs at the behest of Wall Street backroom operators. Since peaking in late January, bitcoin has declined, just recently rebounding. The continued decline of ethereum and other alt-coins suggests that bitcoin stands alone as the speculative leader in a very suspect space. Bitcoin has not been over $100,00 since February 4. It's possible that the entire crypto space is fracturing. Bitcoin's oft-referenced enabler, Ethereum, is down 45% year-to-date. Crypto as a general economic concept may be beginning to be exposed as an extended techno-pulsed Ponzi vaguely similar to tulip bulbs or the delusions of Bernie Madoff. Bitcoin's price ultimately is an amalgam of speculation, greed, the madness of crowds, large-bodied manipulation, money laundering, and Wall Street slush fund interference. Beyond the facade, there is empty space.
Gold:Silver Ratio: 100.91; last week: 99.89 Per COMEX continuous contracts:
Gold price 4/6: $3,056.10
Silver price 4/6: $29.52 Despite gold and silver being summarily devalued on the COMEX the past week, Money Daily's weekly survey of prices on eBay revealed some intriguing dynamics in the retail trade. Though the "official" price of precious metals has been generally discounted recently via LBMA spot fixing and the usual shorting regime on the COMEX after gold hit a high just above $3,500 and silver touched $34 pr ounce, retail purchasers have not been deterred, with prices maintaining high valuations on the eBay platform. It's worth considering that gold bugs and silver stackers alike may not consider the generally-accepted pricing mechanisms as legitimate, especially with the emergence of metals exchanges emerging in places like Shanghai, Moscow, Dubai, and Singapore. While buyers of one ounce coins and bars may not be as sophisticated or deep-pocketed as their central bank counterparts in global markets, they may be more attuned to international trends than people in the business suspect. Both gold and silver have been appreciating at a rapid pace since October, 2022, and even more rapidly the first four months of 2025, the pullback over the past week on the COMEX, in particular, has been largely based upon a narrative that Trump's tariffs are not going to produce a recession or any great disruption to trade, and any danger of an economic "event" may have been overstated. What precious metals buyers do understand is that the next economic crisis will be one of a monetary sort, involving currency debasement, with the U.S. dollar as the key factor. President Trump's trade policies are encouraging a weaker dollar, so that, even though the U.S. economy appears balanced and growing, the purchasing power of the currency continues to decline (some believe swiftly), thus, trading fiat for honest money (gold and silver) still appears to be the most rational trade-off. As the legitimacy of status quo institutions like the LBMA, COMEX, and even the U.S. Federal Reserve are challenged, the inclination toward safety and security in precious metals is enhanced. There isn't an expert alive who believes a gold:silver ratio of 100:1 is reasonable or rational. A reordering of the global financial system is still envisioned as probable in the near future of the next three to five years. While that time stamp may be debatable, the tendency is towards not just a restructuring of the now dead-and-buried Bretton Woods construct, but a complete tear-down and rebuild of international finance. BRICS+ is a force representative of a reckoning that cannot be discounted. Their role, and that of the United States, is fundamental to any new paradigm that may emerge. The groundswell in favor of multi-polarity and inclusion of emerging economies in world finance and trade has gained traction, Whether a new system with gold at its core emerges remains to be seen. From the perspective of precious metals adherents, a gold standard is the most desirable outcome. Without some base monetary unit such as gold, the expectation for chaos and continued uncertainty and division is evident. There's some possibility that the world's powers - the U.S., China, Russia, India, and possibly Brazil - will attempt some kind of compromise, which would likely fail, before eventually getting it right. In the interim, gold and silver are more likely to appreciate in value than decline in importance no matter the politics. Silver's value as a monetary and industrial metal cannot be understated. Whether the political climate is stable or chaotic is not likely to upset the trend toward further price advances. The belief that the recent price pullback is based on a more orderly world is likely to be found wanting as the evolution of money commences. Here are the most recent prices for common one ounce gold and silver items sold on eBay (numismatics excluded, free shipping):
The Single Ounce Silver Market Price Benchmark (SOSMPB) fell back during the week, to $40.48, a $1.48 decline from the April 27 price of $41.96 per troy ounce. Premia remain high. When (if) the silver shortage ultimately becomes unmistakable, the price gains will be explosive. WEEKEND WRAP If it ever stops raining, there might be rays of hope for what remains of Sunday.
At the Close, Friday, May 2, 2025:
For the Week:
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