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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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Friday, September 5, 2025, 9:15 am ET Stocks made outsized gains on Thursday, possibly on the realization that if the Supreme Court rules in favor of the trade court that said Trump lacked the proper authority to impose sweeping tariffs on most countries in the world, the result could trigger a ruling that the U.S. must rebate all the tariffs collected, some $128 billion or more. That would likely be net positive for not just the companies that paid the tariffs, such as large retailers like Walmart, Target and others, but could also result in lower prices for many imported goods. A ruling is expected by October 14, though chances are good that the nation's top court could rule well before that date. For now, the tariffs remain in place and the situation is fluid. With the week drawing to a close, stocks could go either way on Friday, depending on how traders interpret the August Non-farm Payroll data, released by the BLS at 8:30 am ET. Through Thursday, the Dow is ahead by just 76 points, the NASDAQ is up 252, and the S&P, which set another record close Thursday, is up 53 points. The news from the BLS was sobering, if not a sad approximation of the current employment condition of the United States, showing a mere 22,000 jobs created in August, well below trend and expectations. June was revised from 27,000 to -13,000, marking the first negative print since 2020, at the height of the pandemic. The unemployment rate remained steady at 4.3%, near historic lows. Futures responded in a positive manner to the news. The twisted Wall Street logic posits that if the economy is weak, the Fed will likely raise rates at their next FOMC meeting in less than two weeks (Sept. 16-17), which would be good for stocks since companies would have lower carrying costs (interest) on borrowings for share repurchases (buybacks). So, let's be straight about this. If people don't have jobs, the top 10% of American adults who own the majority of stocks in the U.S. will profit, exceedingly well. The top 1%, who don't need jobs, or more money, will do even better. OK, got it. Super! At the same time, on the BLS release, gold and silver leapt higher. The calculus for precious metals is a little bit more understandable than the Wall Street stock market take. If interest rates are lower, more people will be looking for alternatives to fixed income vehicles like treasuries or corporate bonds. Gold and silver, which have absolutely zero counter-party risk (unless you are in the habit of inviting known thieves into your home or anywhere near where you store your metals) and are time-tested stores of value over the short and long term. The added bonus for precious metals is that they have been appreciating in value against all manner of fiat currencies, especially the Japanese yen, where the price of gold has tripled in the past three years. As it is, gold has essentially more than doubled in the U.S. and silver has doubled in less time, hitting a low below $20 in March, 2023. as of 9:00 am ET, both metals are up sharply. Gold hit a high of $3,643, silver, $41.92, both on the COMEX continuous contract. An economy with no job growth is just dandy all around... well, except for working-class people, but, uh, who needs them? We have AI. Trump will fire the new head of BLS (not sure who it really is, they keep changing so fast) in 3...2...1...
At the Close, Thursday, September 4, 2025:
Thursday, September 4, 2025, 9:25 am ET As Western economies slide further into irrelevance due to belligerent government policies that ignore historical precedents and cannot fathom the emerging economies of Asia and beyond, expect stocks manipulation to become even more extreme than usual. The effort to maintain a positive narrative includes stock prices that seldom decline, led by tech wunderkinds such as Alphabet (Google), Amazon, Nvidia, Apple and the rest of the "Magnificent Seven", and stocks selected by Wall Street brokerages and "whales" which control more then 80% of all trading through black pools, Zero-days-to-expiry (0DTEs) options, and other market-distorting vehicles. Wednesday's trading was a perfect case in point. Just before 2:00 pm ET, the Dow Industrials were down more than 300 points, but, in the final two hours of trading, "buy the dip" investors - which are, in reality, market makers and mega-banks - saw fit to boost share prices of the 30 blue chips to a close down just 24 points, the final 200 points made up in the last half hour. The NYSE Composite saw a similar late-day rise, while the S&P 500 made almost all of its 32-point gain in the last half hour of the session. The NASDAQ, home to the tech darlings, was positive all day, but stitched on nearly an additional 100 points in the final 30 minutes. There's very little about "the markets" - any market - that is real. Consider gold and silver's moves on Wednesday to be just another prime example of the lengths at which traders on the COMEX and CME will go to suppress the emergence of real money. Silver, squeezing the shorts, had rocketed to a new high of $42.19 on the COMEX continuous contract early in the day, but, overnight, magically, shed nearly a dollar, dropping as low as $41.29. Gold reached a record high on Wednesday, topping out above $3,637, though it slipped back as low as $3,584, a 50-dollar-plus decline to satisfy the mendacious desires of the fiat money cabal. Similar chart oddities have become commonplace. Individual stocks gain 10 to 20 percent in a day on a routine basis these days, defying logic and fundamental analysis in favor of quick profit turns by insiders and slick traders. On top of the obvious end-of-day tape-painting, which has become a staple of U.S. stock markets, government data, from sources such as the BLS and Commerce Department, are wildly flawed, massaged by various qualifiers to produce data that is more palatable to the elites and fed like pablum to the masses. The American public is led to believe that stocks are golden, companies are robust money-printing machines and that their passive investments in retirement accounts can only go one way. Up. As for the crypto fad, it's simply a trade, having no real value, based on theories and the belief that bitcoin, ethereum and the thousands of other alt-coins actually can be money. They can't, they won't, and the entire universe of hodlers and diamond-handed speculators will eventually be wiped out. Meanwhile, back in the real world, the ADP Employment Report, which is not a government agency, released Thursday morning, showed an August gain of 54,000 jobs in the private sector, well below sustainability in the labor market and well below expectations. Wall Street will likely shrug it off as inconsequential, focusing on pricey stocks in the bubble economy. It's a cruel world. Wall Street and government mouthpieces would have you believe that the U.S. is winning the war in Ukraine, Gaza is not genocide, the BRICS are out to get us, tariffs won't cause price inflation, and the streets of American big cities are paved in gold... well, paper gold, anyway. The reality is, of course, nothing of the sort. It's all a dreamscape.
At the Close, Wednesday, September 3, 2025:
Tuesday, September 3, 2025, 10:47 am ET
 Sputnik photo Ediotr’s Note: Just as today’s missive was about to be published, an internet outage prevented that event. Luckily, it lasted a little over an hour before being restored. Sorry for the delay. Take a good, long look at the photo above. It portrays the leaders of India and China, the two most populous nations on planet Earth, meeting to shake hands in a spirit of cooperation at the SCO (Shanghai Cooperation Organization) this past weekend in Tianjin, China. It is the future. Nowhere to be seen are any signs of American influence. Russia, though not present, stands in concert with these great nations. Russia supplies both countries with natural resources, particularly oil, as in energy. Energy to fuel industries, commerce, progress. Because of its belligerent attitude, the United States will never be a part of the unity of purpose that emerges from the East, nor will Europe. The West sanctions and threatens. The East trades and cooperates. Therein lay the difference in culture that will translate into finance and prosperity. The United States is a failed empire with a failing currency, operated by elected leaders who have been busy raiding what's left of the loot. They'll get most of it, but it won't be satisfactory. The American people will get crumbs, crime, and crack-laced fentanyl, if they're lucky because the future belongs to Asia and the Global South. Western leaders do not understand cooperation. They only understand brow-beating, fakery, theft, and skullduggery, and that's why they - and the populations of the USA and EU and the UK - are losing. Americans, those that are smart enough and have the means, will escape the coming collapse, already well underway. The rest will be either cannon fodder or swept up in raids or terror or financial ruin. The only way Americans could have escaped such a fate was to have jettisoned the "leadership" many years ago, but, because Americans are lazy, stupid, and gullible, it never happened, and this is what they now have: a failing government, $37 trillion in debt, an economy running on AI fumes and broken promises, propagandized to the max, supposing that everything is just fine, as long as President Trump can deport the illegals and slap tariffs on everything that comes onto the shores. Trump, the ultimate poseur, has been a massive disappointment and is likely to remain so. He hasn't fixed anything on the international stage, where work needs to be done. He's considered a buffoon by the likes of Putin, Xi, Modi, and Brazil's Lula. He can't get it done. He's too busy self-promoting and diving headlong into crypto. An online poster said something to the effect that "when America loses reserve currency status, it's over." Well, that's already happened. Gold is now the reserve currency of the world and there's no going back. The almighty greenback, backed by nothing other than the full faith and credit of the United States (or the Federal Reserve, take your pick) is waning. Gold, and silver, are rising. As congress returns from a month-long holiday, it has become apparent that a continuing resolution will be needed to avoid a US government shutdown on October 1st, as there is no way congress can realistically pass 12 spending bills by then as there are just 14 legislative days left before the new fiscal year (2026) begins. Maybe these elected representatives might have better spent their time crafting appropriate legislation and preparing an actual budget - something they haven't done for at least 30 years - than vacationing at their gated, beach-front mansions. Treasury yields advanced on Wednesday, with the benchmark 30-year debt approaching five percent. Yields on UK 30-year bonds increased to 5.75%, already the highest since 1998, while Japan’s 20-year notes climbed to the highest in 25 years. The yield to maturity on Bloomberg’s global gauge of government bonds maturing in a decade or longer climbed to the highest level since July 2009. The bond market is signaling that demand for Western economies' debt is waning. BRICS, and countries aligned with them, no longer believe that Western nations are creditworthy. Tuesday's trading was revealing, extending the drawdown in stocks from Friday. The three-day weekend had little effect on sentiment. The bear market has resumed. September is traditionally one of the worst months to own stocks. With the opening bell less than half an hour away, stock futures are mixed but sliding lower. Dow futures are down 110; NASDAQ futures are up 150 in typical dead cat bounce style; S&P futures are ahead by 21 points. Two companies that reported earnings before the bell are notable. Macy's (M) beat earnings estimates, returning 41 cents adjusted vs. 18 cents expected. The company issued improved guidance sending shares 15% higher in pre-market trading. Rather amusing for a stock that's been traing in the low teens and is down 20% year-to-date. On the flip side was Dollar Tree (DLTR), which posted adjusted per-share earnings of 77 cents, well above analyst expectations for 42 cents. Forward guidance was not encouraging, however, sending shares in the pre-market down about seven percent. Dollar Tree has been a stellar performer Anybody still unconvinced that markets are rigged should take the time to watch Jeremy Szafron's Kitco News interview with Bert Dohmen:
At the Close, Tuesday, September 2, 2025:
Sunday, August 31, 2025, 1:24 pm ET Editor's Note: Due to time global developments, time constraints, and physical obligations (holiday weekend happenings) this edition of the WEEKEND WRAP strayed somewhat from the usual format. Follow developments beginning Tuesday (9/2) when markets re-open. - FR The last week of August, in advance of the U.S. Labor Day three-day weekend holiday, was consequential in a number of areas, but mainly in international finance and precious metals. This post, while striving to be as circumspect as possible, cannot possibly cover all of the issues adequately. Readers are advised to follow the links provided.
There were three big developments this week concerning precious metals: The global importance of that third item cannot be understated. In essence, the U.S. dollar is no longer the world's reserve currency. It has been replaced by GOLD. De-dollarization by a wide swath of mostly BRICS-aligned nations buying gold, combined with the rising price of gold and the declining value of U.S. treasuries pushed the value of central bank holdings of gold past those of U.S. cash and U.S. debt obligations held mainly in Treasury bills, notes, and bonds. It bears repeating: the US$ is no longer the world's reserve currency. Gold is, and that trend is still in an early stage of development. This was first reported by Otavio (Tavi) Costa on August 29, via X, citing Bloomberg as a source, so this is surely not alt-media hyperbole.
The ramifications of this development are monumental, epochal and ongoing. Anybody who has not seen this development coming over the past few years and made no adjustments to portfolio allocations has nobody to blame but themselves, financial advisors be damned. On that note, there is a growing trend among wealth managers (even big ones like JP Morgan Chase) to advise clients to allocate five or more percent of their portfolios to gold, which, in the infinite wisdom of such leeches on the financial system, would be to derivatives, such as the GLD ETF or other such "paper" vehicles. While the paper chase may be fine for high net worth individuals, it's not the real thing, as in bars or coins, stored in a vault, preferably in one's own possession or with reliable access to. As events unfold, rich folks can thank their otherwise "brilliant" advisors for missing out on gold more than doubling in price over the past three years. Increased buying at this juncture is exactly what gold needs to become a complete precious metals mania, similar to the late 1970s. Moving on... A federal appeals court ruled Friday that President Donald Trump had no legal right to impose sweeping tariffs on almost every country on earth but left them in place until October 14, in anticipation of what will likely be an expedited Supreme Court hearing on the matter. With the October 14 date in mind, there are other key events between now and then, including the September 16-17 FOMC meeting, at which the committee members are expected to cut the federal funds rate from its current 4.25-4.50% level by 25 or 50 basis points. As events unfold, odds may lean for the 50 basis point cut, especially if weakness in tech stocks that emerged this past week continues. Prior to the Fed meeting is Friday's August Non-farm Payroll release from the BLS, which may put U.S. labor conditions in a more transparent light. Expectations for a light reading of less than 100,000 new jobs and possibly a negative number could add fuel to the rate-cut fire. The 30th of September marks the end of the 2025 fiscal year and one of the largest deficits in the history of the federal government, currently standing at 1.63 trillion through the end of July, according to the U.S. Treasury. The U.S. congress comes back to the nation's capital after its usual August recess, a development that is certain to be significant, given the weight of issues now before Washington lawmakers. From tariffs to Ukraine, the Middle East, immigration and crime issues, the blathering from the corruption center of the Western world is certain to be non-stop and full of finger-pointing, posturing, and laced with invectives. As another unacceptable deficit is thrust upon American taxpayers, the cretins who assume to be in control will do little to remedy any of the conditions that face the country. The following was derived and parsed from an AI query, so, please, do your own due diligence.
U.S. tariff policy, if they stand after October 14, will have profound effects on U.S. exports. A bipolar economic world is evolving in its face. Stocks U.S. stocks began catching down to the rest of the world on Friday, taking an abrupt U-Turn that was mostly reflected in the NASDAQ, but barely caused a scar on the weekly figures. Any sane person would expect that to mark the continuance of the bear market sentiment that Dow Theorists understand to be still in place. Friday and the weekly drop was led by the Dow Transports, which now can be reliably considered a leading indicator. The often overlooked Dow Jones Transportation Average has been between a bear market (-20%) and a correction (-10%) for most of 2025 and displayed its usual weakness this past week. Wall Street, considering the cloudy environment in which it operates, will probably take the long holiday weekend to sharpen their salesmanship tactics, trying to convince those already not "all in" that stocks are the best investments ever. This ride is about to get a little bumpier. The economic calendar will be dominated by employment, with ADP private payrolls out on Wednesday and the BLS Non-farm Payroll for August hitting pre-market on Friday.
The yield curve remained partially inverted with the nexus (low point) at 2-and-3-year maturities. Chairman Powell's Jackson Hole speech had "legs" which spread into treasuries from 30-day bills out to the 10-year note, after which the curve rapidly elevates. Spreads widened significantly, with 2s-10s reaching +64, an extreme level, the highest since Money Daily began recording. Full spectrum advanced back to prior levels, at +51, as yields at the short end fell and those at the long end rose. Spreads:
2s-10s
Full Spectrum (30-days - 30-years)
WTI crude oil closed out the week at $64.01, a dollar below the high of $65.04 on Monday, but nearly unchanged from the prior week's close at $63.77. Fundamentals do not support price increases almost anywhere in the world. Crude has hovered between correction and bear market since the January 15 peak of $78.71. Because oil is not subject to tariffs and most people, after basic necessities like rent, mortgage payments, and food, cannot afford excessive fuel purchases (demand destruction), a supply glut is possibly building. After Labor Day, leisure driving tails off significantly, so demand will slow, reducing the need for crude. It's the one bright spot in an overall dismal situation, wherein the government receives all the benefits (money) from the tariffs and consumers pay via increased prices. The tariffs will ultimately be seen as bad public policy resulting in global chaos or depression. Gas prices have leveled off over the past month and remain near the low end, but were up about four cents, to $3.18 on Sunday, as Gasbuddy.com reports. Leave it to the price-gouging energy giants to rip prices higher even with plenty of cheaper fuel already in gas station tanks. The disturbing hubris of the elites never ends. State-by-state numbers show California remaining at the top, up six cents, at $4.59 per gallon. The lowest prices remain in the Southeast, with Mississippi the cheapest, at $2.71. The Northeast and Midwest, out to Michigan and Illinois, are all $3.00-plus. Sub-$3.00 gas can be found in 20 states, the same as last week, exclusively concentrated in the South and Midwest, most marginally higher.
This week: $108,241.07 Bitcoin took a beating this week and has not performed nearly as well as precious metals over the past month, highlighting the difference between "digital gold" and the real thing.
1 month performance (July 30 - August 29, 2025)
Gold:Silver Ratio: 86.28; last week: 86.75 Per COMEX continuous contracts:
Gold price 8/1: $3,416.00
Silver price 8/1: $37.10 It's possible that the gains in gold and silver on Friday, adding to the already rapidly-advancing price structure, may be the beginning of a mania for precious metals. Be on the lookout (BOLO) for print, TV, radio, and internet ads hawking gold or willing to buy gold, as those are adequate signals that the general public has been awakened. There's little doubt that the usual suspects will try to suppress prices in coming days and weeks, but it appears that their efforts are increasingly less effective and soon to fail. The wheels of the Western economic wagon have been falling off since 2008 and accelerated with the pandemic. We are witnessing wholesale dollar destruction on a grand, global scale. Now the wagon itself is beginning to splinter, eventually ending up in pieces on the dirt road of economic, political, and social calamity. Stack harder. Sunday's survey on eBay displayed higher prices for gold in particular. It appeared that silver had already peaked last week, but that now appears to have been only a disguise for the coming hyperbolic move to record levels. The focus is clearly on gold, but silver's move on Friday was dramatic and a welcome development. 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 modestly for the week, albeit to a new record high since Money Daily began recording in 2021, of $46.88, a gain of $0.18 from the August 24 price of $46.70 per troy ounce.
It's kind of disturbing that Americans celebrate "Labor Day" just as congress returns from a month-long holiday. In a just and righteous world, American workers and small business employers would take all of September off and refuse to pay taxes. Sadly, American exceptionalism has been supplanted by elitism, foisted upon the public by inflation and propaganda. We must do better.
At the Close, Friday, August 29, 2025:
For the Week:
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