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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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Gold and Silver Are Sending a Message to the Market Tuesday, September 23, 2025, 9:24 am ET Let's talk about gambling instead of stocks today. Have you ever lost a couple hundred dollars at a race track or blown a wad of cash betting sports over a weekend or dropped a grand or two in Las Vegas, or, worse yet, playing online poker or other games? If you haven't, you might want to consider buying some gold or silver, and doing it soon, if not right now. The reason is that losing money at the track or online or even in Vegas, baby! is gone. Gone. Forever. You may believe that you can win it back, but the reality is that you have to put up more of your own capital to do so. It's a trap most compulsive gamblers fall into without even knowing it. You never win it back. The odds are stacked against you. The best you can hope for is to lose a little less. So, there's gold and silver. Easy to buy, relatively safe to have shipped by the U.S. Postal Service or purchased from a local dealer, and quite simple to store at home in a safe place. The great thing about precious metals is that they never lose, or, to put it more succinctly, you can never lose them (unless, as the joke goes, you have a tragic boating accident and your bullion has found its way to the bottom of a lake or ocean). The price of gold or silver can go down, but, that's not been the case lately, and, even if the price does go down, a quick check of your socks drawer will reveal the truth about precious metals: they're still there. Gold, which continues to set all-time highs against the dollar and every other fiat currency day after day, this morning hit $3,828.20 on the COMEX. Silver hit $44.72. A month ago, they were $3,417.50 and $39.21, respectively. They've gained 11.7% and 13.7%, with silver the big winner. Year-to-date, gold is up 44%; silver 52%. If you bought either at the end of last year or early in January of 2025, you're ahead enormously. Long-time stackers who were buying gold at $700, $1100, or even $1800, and silver at $7, $14, or $21, are sitting literally on a pile of gold (or silver). The kicker is that it's still not too late. Measured against the U.S. dollar or any other fiat currency - which is all of them - they continue to rise. Stocks keep going up as well, but those digits you see on your computer screen, be they five, six or even eight figures large, are subject to change, and those are changes over which you have absolutely no control. The gold and silver in your closet, or at-home safe is never going to change. They're always going to be worth something and they will always and forever be bars, rounds, or coins of set weights, be those grams, ounces, or, if you're one of the lucky ones, pounds. The chance that gold or silver will be worth less in a day, a week, a month, a year, or beyond is very slim. The precious metals, including palladium and platinum, continue to reflect the realities of modern government finances, which are, today, deeply indebted, losing value (inflation), and likely to be replaced by something other than dollars, yen, euros, francs, lira, yuan, rupees, etc. Something more solid. They'll be replaced by gold and silver will be along for the ride. That's the message precious metals are sending to the markets. Are you listening? As the gambling horde of investors, speculators, and shiftless managers readies for another day of paper-chasing, stock futures are flat, with only the Dow futures up around 50 points. Gold and silver are already up more than one percent each.
At the Close, Monday, September 22, 2025:
Sunday, September 21, 2025, 12:30 pm ET Break out the apple cider and pumpkin-spiced lattes. The autumn equinox of will occur at 2:19 pm ET on Monday, September 22. Tomorrow, in most books. The one constant in this world is change, but whether the U.S. economy sees any is debatable. It's more likely that the U.S. and its vassal states in Europe will simply carry on with their fraudulent narrative of winning in Ukraine, Gaza is not genocide, congress works for the good of the people, and the rest of the useless claptrap promoted by the mainstream media. At least the unfunny Jimmy Kimmel is gone. Not really a bargain exchange for Charlie Kirk, but the conservatives will take it as a win. Maybe the networks will come to the realization that people don't want to be fed a constant stream of political "gotchas" night after night, the overriding theme being conservatives are bad, Orange Man Bad, Russia bad. The U.S. government faces a possible partial shutdown on October 1, should the congress not rush yet another continuing resolution to the president's desk before the end of the fiscal year. It's not like the country is going broke - it already is - because the Treasury can just keep borrowing, even if there are no buyers for its debt. The Federal Reserve will buy it at any price. The usual charade of "crisis" Washington isn't even being promoted this year. The Dems and Reps will just get together, as they always do, and pass some bill loaded with excess spending, earmarks and pork to keep the lights on until November 22 or thereabout. It's nonsense, like just about everything else coming out of the nation's capital is. Otherwise, it's business as usual as September winds down.
Stocks gained as the week progressed, in line with the FOMC cutting the federal funds rate by 0.25%, to 4.00-4.25%. Ho-hum. It's not like what banks charge each other overnight to balance their books is going to have any kind of impact other than on Wall Street. Imagine the interest rates on credit cards dropping 0.25%, from 23.50% to 23.25%. Whoop-de-doo! People aren't going to rush out and spend more just because their monthly payment drops a couple of dimes. For the Week: As expected, the Dow Transports were tilted to the downside, however slightly. The Transportation Average has still not confirmed all the new highs on the other indices. A top will be put in soon, though not right away. The Shiller PE (CAPE) closed the week at 39.95. It's headed past 45, so figure on another 500 points on the S&P before the bubble begins to deflate. All of a sudden, liquidity will dry up and stocks will take a dive. It's a slow process. Proceed accordingly. The week ahead offers little in the way of indicators concerning the state of the U.S. economy, the most salient releases coming on Wednesday, with Building Permits and New Home Sales and the EIA weekly report on oil and gas supplies. Thursday will be the most impactful, with the final estimate of 2nd quarter GDP, monthly PCE, weekly jobless claims, August durable goods, and existing home sales. On Friday, the PCE Index comes out, which may serve as some indication of current and forecast inflation, and the University of Michigan consumer survey. Thus, most of the focus will be toward the end of the week. Expect Monday and Tuesday to be fairly boringm more of the same, with maybe some action later in the week. The possibility of a government shutdown will be downplayed and might rear up the following week. Otherwise, figure on stocks continuing to blip higher. Treasury Yield Curve Rates
With the FOMC cutting the federal funds target rate down to 4.00-4.25%, short term yields fell, as yields on longer-dated maturities rose as the yield curve begins to unclench. There is the possibility of normalizing the Treasury yield curve at some point, possibly upon further rate cuts. The Fed will be pushed kicking and screaming into cutting the interest rate again at least one more time this year - probably twice, in November and December, and probably down another 50 basis points before Chairman Powell's term ends in May. The total of one percent lopped off the federal funds rate will be a boost to the moribund economy. When a new Chairman is appointed by Trump, interest rates will be pushed down even lower, ushering in another massive round of inflation. 2026 is shaping up to be exciting with regard to economies and currencies. By mid-year, one-month bills could be as low as 3.00% and the 30-year bond upwards of 5.25%. Spreads, post the rate cut were active, with 2s-10s remaining high at +57, while full spectrum galloped 16 basis points higher to +56. Banks, if they can remain solvent, should react positively to wider, deeper spreads. Short-term money is becoming cheaper. Every known shady operator is looking to hawk debt. It's like candy. Tastes good, but rots your insides. Spreads: 2s-10s
Full Spectrum (30-days - 30-years)
WTI crude oil closed out the week at $62.36, up slightly from last week's Friday New York close of $62.11. It's not going anywhere, but maybe down, short term, because there's too much oil and not enough demand. The U.S. is pumping at near-record levels, the Saudi's and OPEC have raised their production quotas and Russia's just happy selling theirs to China and India, the latter reselling some of it to Europe. RBOB, which is the wholesale price of gasoline, or petrol, has been rangebound between $1.90 and $2.32 per gallon for a year. It closed Friday at $1.91. If it should continue to fall below that baseline, prices at the pump could see a return to widespread sub-$3 gas across America, except the West coast, primarily due to taxes and over-regulation. Gas prices have leveled off over the past month and are two cents higher this Sunday morning, the national average is $3.17, according to Gasbuddy.com. State-by-state numbers show California remaining on top, at $4.66 per gallon, followed closely by Washington ($4.62) and joined in the $4 club by Oregon ($4.23). The lowest prices remain in the Southeast, with Oklahoma ($2.64) adging out Mississippi ($2.68). The Northeast and Midwest, out to Michigan and Illinois, remain above $3.00, with neighbors Ohio and Indiana each at $3.04. Virginia ($2.99), West Virginia ($2.98) and Kentucky begin an ark that extends through Missouri, Kansas, Iowa, to the Dakotas, and Wisconsin of sub-$3 states, with Minnesota ($3.05) the lone exception. Illinois is at $3.37, and Michigan at $3.14. The lowest in the Northeast is Vermont ($3.05); the highest, Pennsylvania ($3.33). All the rest, from Maine to Maryland, are somewhere in between. Sub-$3.00 gas can be found in 21 states, down one from last week, exclusively concentrated in the South and Midwest. The entire Southeast, with the exception of Florida ($3.10) is under $3.00 a gallon. Bitcoin This week: $115,734.60 The Ponzi has stalled. Bitcoin is down 7.2% since the mid-August high of 123,332. Over the same period, gold is up 12% and silver has made a gain of 15%. There's either going to be a concerted effort by the whale-holders of bitcoin to get the price higher, or the scheme is going to begin to collapse. There may be a sucker born every minute, but after a while, every scam is exposed and after 16 years of bitcoin and crypto nonsense, recently exacerbated by high-profile people pushing crypto and losing, this one is getting a bit (pun intended) long in the ledger. Face it, you diamond-handed YOLO hodlers, bitcoin and crypto is simply crap, a make-believe fantasy constructed by the same people luring people into digital dollars, stablecoins and programmable CBDCs. It's not going to work, even though in the interim, some investors, like President Trump's sons, Don Jr. and Eric, who have been spearheading various schemes, will make loads of money, invest it elsewhere or lose most of it. Precious Metals Gold:Silver Ratio: 85.76; last week: 86.24 Per COMEX continuous contracts: Gold price 8/22: $3,417.20 Silver price 8/22: $39.39 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) remained rose to a new record high since Money Daily began recording in 2021, of $48.83, a gain of 68 cents from the September 14 price of $48.15 per troy ounce. Gold and silver continued to move higher, with silver leading the way over the near term. Year-to-date, gold is up 40.32%; silver, 46.89%. Say goodbye to the COMEX and the London price fix. While they'll continue to operate, those old school pricing mechanisms are being gradually overtaken by honest price-setters with settlements in physical metal in Shanghai and soon, St. Petersburg and Dubai, as the West gives away authority to BRICS-related entities. Gold is already at record-high prices everywhere in the world. Silver will break through $50 an ounce soon enough, quite possibly by the end of the year. If silver reaches $50 before January 1, 2026, there's every possibility for $60 over the next year, as that would amount to a mere 20% gain. WEEKEND WRAP The West is broken. The East is rising. Act accordingly. At the Close, Friday, September 19, 2025: For the Week:
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