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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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Wednesday, August 13, 2025, 9:15 am ET Editor's Note: Money Daily may have been a bit hasty to dismiss the upcoming meeting between U.S. President Trump and Russia President Vladimir Putin. After viewing Tuesday's live Duran podcast with Robert Barnes, a more positive picture comes into focus. The summit, at least according to Barnes and the Duran hosts, appears to have been well-planned and should provide a framework for peace and an "off-ramp" for Trump and America's involvement in the conflict. The entire podcast is embedded below. While doom and gloom outlooks proliferate, they often do not convulse as badly as imagined. Neither should one's hopes get too high on the positive side. We all shall see soon enough. Current Shiller PE Ratio: 38.80 +0.42 (1.10%) 4:00 PM EDT, Tue Aug 12 Once again, this measure of economic performance stands at the second-highest level in history. In order to achieve any significant memorial in the annals of American enterprise, the S&P 500 needs only to exceed 7,200 this year, which it is likely to do. Then, the most preposterous valuations of equity markets ever will become a reality from which there is no escape, no excuse, and no apology. It is the only logical place for U.S. stocks to go. Only then, and after the ultimate correction, which is as probable as the sun rising in the east, will there be cause for change in the manner in which the United States - and the rest of the world - operates in financial markets. The "markets" as they used to be known, serve ultimately the richest of the rich, the upper one percent of the wealthiest interests on the planet. The corporate titans and their multi-million dollar salaries will have their Nirvana, perhaps multiple exogenous experiences that separate them from the rest of the plebeian horde. Why not? It can't get much more horrible than 90 percent of the people in a country impoverished, their wealth stolen by a combination of taxation, theft, extortion, subjugation, and inflation, the most insidious villain of them all. Conditions in various parts of the rest of the world are even more miserable. Europe remains the gold standard for government incompetence at the expense of the masses. Thankfully, America is large and very dynamic. Financial engineering, tokenization of the currency, surveillance of everything that moves can only go so far. There is a quiet but growing resistance to laws, regulations, the Nanny State, and government in general at all levels. A larger movement is occurring in Washington, D.C. It may have been in 1962, or 1971, or 2001, or 2008 that people turned their backs on the government of the United States. Whatever the start date is immaterial. It is an ongoing revolution. The current system of debt-based currency and slavish conditions for the general working population are nearing an end. Maybe not today, maybe not even in ten years, but the direction is clear. The system put in place by an irresponsible congress in 1913, establishing the Federal Reserve System and a national income tax - both clearly unconstitutional - are going to end and that end is not likely to be a pleasant one for many. It's probably going to take longer than most people think, so there is still time to make arrangements for the funeral of the U.S. dollar and its hegemonic relationship with the rest of the world. That said, markets continue to stumble forward. The U.S. economy, a shadow of its former self, is entirely overvalued by the snake oil salesmen of Wall Street and the prostitutes in congress, who have benefitted from it the most. The time draws near for significant change. The S&P and NASDAQ both set new highs on Tuesday, and futures are pointing to another extremely positive open. Dow futures are up 154 points; NASDAQ futures ahead by 85, and S&P futures are 18 points higher. Should the meeting between Trump and Putin be a success, expect the stock market to move much higher, especially if the fighting actually ceases. Even if the meeting only establishes a framework for peace in Ukraine, it would serve as a positive development. Gold and silver are recovering after President Trump posted on social media that gold will not be subject to tariffs, which implies that silver will neither. The White House last week noted that there would be clarification on the tariff status of gold imports. Trump's posting, though completely out of any context may be all that's offered given the frantic conditions in D.C. Until then, it appears that the only reasonable strategy for the bulk of investors is to buy stocks with both hands.
At the Close, Tuesday, August 12, 2025: Here's the full, very informative Duran podcast from Tuesday night:
Tuesday, August 12, 2025, 9:25 am ET On the heels of a solid week of gains, institutional investors took some money off the table Monday, sending stocks to small losses on the major exchanges. Perhaps looking ahead to Tuesday morning's CPI reading for July, they were probably right in doing so, because when the numbers were announced an hour before the opening bell, the data showed that inflation rose by the most in six months. The latest data from the Bureau of Labor Statistics - the same government agency that routinely fudges employment numbers in their monthly non-far payroll releases - showed that "core" inflation, which excludes food and energy costs, rose 3.1% over the past year in July, ahead of June's 2.9% increase and an indication that tariffs are indeed causing some upwards price pressure. Monthly core prices increased 0.3%, also ahead of last month's 0.2% gain, at the highest level in six months. Increases in shelter and food costs were offset only by lower fuel costs as gas prices moderated in July. This data in no way, shape, or form gives the Federal Reserve any rationale to lower interest rates, as President Trump continues to urge. If anything, the FOMC, at their September meeting may consider raising the federal funds rate to slow down inflation, which has apparently now-reignited. While interest rates are considered the Fed's most effective weapon in its war against inflation (don't be fooled, they love inflation. Just look at the last 112 years), it's more likely to further strangle the economy, which, according to anecdotal evidence, has been slowing for the better part of a year. As usual, upon the release of the BLS data, stock futures exploded to the upside, because on Wall Street, any news - good or bad - is a reason to rally. The fact that the CPI data for July was close to expectations does not imply that it was necessarily good, but the horde of traders and speculators that populate lower Manhattan would like retail investors to believe the economy is booming and those higher prices at stores and restaurants are but figments of their overactive imaginations. What a load of hogwash are these so-called "markets." Should stocks open higher, as the futures are presaging, there's a very good possibility or strong probability that they will reverse course and end lower for a second straight session. With a half hour until the open, Dow futures are higher by 250 points; NASDAQ futures ahead by 153; and, S&P futures galloping upwards by 36 points. Interestingly, after being slapped down on Monday in a massive short-selling spree on the COMEX, gold is beginning to show signs of life before the opening bell, down only $4.00 at $3,400. Gold advocates and traders in precious metals are still awaiting word from the administration concerning the recent ruling that 39% tariffs would apply to 1 kilogram and 1000-troy-ounce gold bars, those most-often required for trade and futures gamesmanship. President Trump signaled on Truth Social yesterday that gold would not be tariffed, but the post fell on deaf ears. Gold did not budge at all, probably because the market now understands that Trump's big mouth and social media posts are meaningless, and more than likely designed only to move markets so that insiders can capitalize. The messaging is clear as day: "Buy more stocks, people. By no means should anybody buy gold, or, dread, silver. Who needs ancient relics or pet rocks, anyhow?" Additionally, members of Trump's administration are slowly beginning to walk back the importance of the "conference" with Putin, slated for Friday, somewhere in Alaska. It's a big f--ing state, people. Good chance it won't happen at all, and besides, between neocon influence, Europe's steady recalcitrance, and Zelensky's refusal to accept reality, the chances for any kind of breakthrough are practically nil. Carry on. Nothing to see here. Absolutely nothing.
At the Close, Monday, August 11, 2025:
Sunday, August 10, 2025, 9:20 am ET With most of the unwashed masses focused on a meeting this coming Friday in Alaska between President Trump and Russia's Vladimir Putin, the instability from Trump's tariffs was interrupted by a sublime sense of calm late in the week. Those expecting the U.S. President and Russia to make any kind of lasting deal on ending the conflct in Ukraine are likely to be disappointed by this time next week. Neocon and European grumblings have already been received, Zelensky called the proposals "dead", but the mainstream media will continue to push the hope and change rhetoric all the way to the summit, which means that happiness, flower petals, skittle-pooping unicorns, and AI hype is likely to dominate trading and noise in the week ahead. Stocks aren't yet high enough for anybody to back off or jump off the "America First" bandwagon. Tariffs have just scratched the surface of American exceptionalism, which is soon to be measured by how high prices for manufactured goods, cars, coffee, gold, and many non-essentials can go. Somebody once said, "a little inflation is a good thing." It was probably some dunce like George W. Bush or other self-absorbed political nitwit. A little inflation being a good thing means two to three percent, which is touted by the Federal Reserve, most all members of congress, presidents dating back to LBJ, and most media commentators doubling or tripling the price every 15 to 20 years, so that after 50 years - that would be 1975 in this case, prices for anything and everything in the United States have at least increased by 10-12 times. The average sale price of a new car in 1975 was under $5000 in 1975. Today, it's $48,000. A gallon of gas was around 50 cents. Today, $3.13 and up, except in the southeast. A house cost, on average, $42,000. Today, it's 10 times that. A postage stamp was 10 cents in 1973. The USPS just raised the price to 73 cents. In a few years it is sure to be over a dollar. The price of a dozen eggs in 1975 compared to today... don't ask. America is exceptional in one regard. Exceptionally easy to fool and abuse by the elite governing class. Weimerica approaches.
U.S. stocks had a solid week with all the majors sporting gains. The S&P closed Friday just pennies from a new all-time high, while the NASDAQ closed out the week at a record level (21,450.02). Notably, the Dow Jones Industrials and Transports continue to lag, neither making new highs since December 4 for the Dow, and November 25 for the Trannies. Old hat Dow Theory purports that these indices remain in a primary bearish pattern. Effects on the rest of the market are not correlated. Either investors have cooled on these small indices (the Industrials are only 30 stocks; the transports but 20) or the Magnificent 7 and the NASDAQ are heading in a 1999 direction, straight off the page. It's an odd comparison, similar to the dotcom era "new economy vs. old economy" trope, but the suggestion is that not everything in the U.S. economy is experiencing smooth sailing. The NASDAQ and S&P, in particular, carry some of the most extreme valuations seen since the crash of 2008. The Shiller PE (CAPE) ended the week at 38.45, just below the October 2011 reading of 38.58, the second highest ever. Considering prospects for end of summer trading to be genuinely positive, the CAPE should continue to approach the bubble levels of the dotcom boom, which peaked at the highest level ever, 44.19, in November 1999. For the week, Mag7 stocks were led by Apple's 12% gain, but Palantir (PLTR) outshone them all after releasing second quarter earnings with an 18% surge in share price. The company shows trailing earnings of 46 cents, putting this tech darling at a PE of 406, quite speculative, but that's just how Wall Street rolls these days. Stocks reporting this week will not be among the most important as earnings season for second quarter results is nearly at an end. Here's the short list: Monday (before open) Barrick (B), Diversified Energy ((DEC); (after close) AMC Entertainment (AMC), Plug Power (PLUG), GoPro (GPRO) Tuesday (before open) Cardinal Health (CAM), Paysafe (PSFE) Circle Internet Group (CRCL); (after close) CAVA (CAVA), H&R Block (HRB); Zevra Theraputics (ZVRA) Wednesday (before open) Endeavour Silver (EXK), Innoviz Technologies (INVZ); (after close) Cisco (CSCO), Red Robin (RRGB), Equinox Gold (EQX), Aethlon Medical (AEMD) Thursday (before open) JD.Com (JD), John Deere (DE), Advance Auto Parts (AAP), Birkenstock (BIRK)First Majestic (AG) ; (after close) Applied Materials (AMAT), Sandisk (SNDK), Gambling.com (GAMB) Friday (before open) VolitionRX (VNRX); BitFuFu (FUFU), Flowers Foods (FLO). The economic data calendar will be fairly busy with the focus on Tuesday's July CPI and Thursday's PPI. On Wednesday, the weekly EIA report is released with crude and distillate output and U.S. rig counts. Thursday also has weekly unemployment claims before the open. A load of data drops on Friday, including July Retail Sales, Export Prices, Industrial Production, Capacity Utilization, and the University of Michigan Consumer Sentiment Survey.
With everybody jumping back into stocks, Treasury yields declined modestly, the most pronounced a seven basis point move on 2-year and 5-year notes, to 3.76% and 3.84%, respectively. The spread on 2s-10s remained elevated at +51, while full spectrum widened to +37. The yield curve remains inverted from 30-days out to 10 years, sloping lower to 3-year notes, then rising from 3.84% on 5-year notes out to 4.85% on the 30-year bond. Since purchases of treasuries are going to soon be (already happening) done by stablecoins, the entire treasury complex may soon become largely irrelevant, but not until everybody is suckered into the most massive Ponzi scheme ever created. Spreads:
2s-10s
Full Spectrum (30-days - 30-years)
WTI crude oil closed out the week near the lows, at $63.35, a loss of nearly $4.00 from last Friday's close of $67.26. Crude's decline was tied primarily to a heavily-publicized meeting between America's President Trump and Russian President Vladimir Putin, scheduled for this coming Friday, the 15th, somewhere in Alaska, though the exact location has yet to be revealed, the purpose of which is to end the conflict in Ukraine with some sort of deal. Oil's price decline may prove to be very temporary, depending on the outcome of the top-level discussions. Gas prices have leveled off over the past month and remain near the low end. Gasbuddy.com reports the national average for a gallon of unleaded regular gas at the pump at $3.12, just a penny lower than the past two weeks. As usual, California has the highest prices in the country, $4.48, up one cent on the week. Oklahoma ($2.66) has the lowest prices at the pump, followed closely by Mississippi ($2.67). Texas is next at $2.68. South Carolina comes in at $2.76, followed by Tennessee and Alabama at $2.77 on Sunday. Arkansas ($2.78) is lower than North Carolina ($2.86) and Georgia ($2.88), while Florida ($3.02) ia up a dime from last week. Pennsylvania ($3.23) was a penny cheaper this week, leading the northeast. All northeast states are above $3.00, from New Hampshire ($3.01) to Maryland at $3.16. Midwest states were topped by Illinois ($3.37), the price dropping seven cents on the week. Kansas ($2.85) is the lowest in the region, followed by North Dakota ($2.86), Missouri and Wisconsin ($2.87). Other states n the region below $3 include Iowa ($2.90), Nebraska ($2.92), South Dakota and Kentucky ($2.93), Ohio ($2.94), Minnesota ($2.95). Indiana s at $3.13 and Michigan the highest in the region at $3.23. Along with California, Washington ($4.49) is the only other one above $4, as Oregon remained a few cents below, at $3.97. Nevada ($3.73) was up two cents. Arizona ($3.17) is stable, but is still priced more than 30 cents higher than neighboring New Mexico at $2.83. Idaho ($3.53) was up a dime, while Utah ($3.33) was virtually unchanged. Sub-$3.00 gas can be found in 21 states, equal to last week.
This week: $118,483.10 Bitcoin and all crypto coins, alt-coins, and stablecoins are all frauds. So are Federal Reserve Notes, which are basic counterfeit. So, enjoy living in a fake world. See directly below about real money.
Gold:Silver Ratio: 89.80; last week: 92.08 Per COMEX continuous contracts:
Gold price 7/11: $3,370.30
Silver price 7/11: $39.08 After silver was severely beaten down on the COMEX last week, it recovered some ground, gaining $1.41 per ounce this week. Of course, COMEX prices being about as reliable as BLS employment figures, prices elsewhere in the world, especially on the Shanghai Futures and Metals Exchanges, are at a premium by comparison. Silver actually rose above $41 per ounce in Shanghai on July 27 and closed out this week at $40.05. Comparing the Shanghai price to spot is even more extreme. Spot silver stood at 38.27 at Friday's market close. In coming months, expect prices for both gold and silver to become less reliant on COMEX and London Fix prices, as the world diverges into BRICS vs. Western economies. Russia's Saint-Petersburg International Mercantile Exchange (SPIMEX) has announced plans to sell gold futures contracts by the end of the year. Clouding the precious metals complex even further from the normal price-suppression tactics was a tariff announcement from the Trump administration on Thursday (8/7), reclassifying 1 kilogram and 100-troy-ounce Swiss gold bars and placing a 39% tariff on them. Shipments of these standard bars were immediately halted by suppliers as the price on the COMEX shot to record levels over $4500 an ounce. On Friday, the administration said it would issue a "clarification" in coming days. Reeking of blatant market manipulation, dealers in Swiss bars will not ship to the United States until they're assured of the tariff impact. Previously, those standard bars had been exempt from tariffs. The markets are not fond of disruptions such as this and if the Trump administration continues to toy with price discovery in such a manner, the entire structure of the COMEX and trading on the CME setting global prices will become extinct, which, after all is said and done, would be the preference of most gold and silver advocates. 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) rose over the course of the week, to $44.73, a gain of 82 cents from the August 3 price of $43.91 per troy ounce.
Prepare. Buy as much gold, silver, ammo, liquor, cigarettes, seeds, gas, and storable food as possible. The levels of stupidity and gullibility have reached epic proportions in the United States. Inflation has not subsided and is not likely to any time soon. Hope is not an investment strategy.
At the Close, Friday, August 8, 2025:
For the Week:
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