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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, September 27, 2026, 2:32 pm ET In case any more proof was needed that equity markets remain grossly overvalued, this week's action on the NASDAQ sent home the message, clearly and loudly, closing at new all-time highs on Monday (27,122.09) and Tuesday (27,244.28) before giving a little back as the week progressed. The Shiller PE ended the week at 41.48, a bit lower that recent highs, but still the second highest ever, behind the measure of 44.19 recorded at the height of the dotcom bubble (December 1999). It bears noting the Shiller Mean: 17.42, and the Median: 16.13, observing that stocks are generally 3X overpriced on a measuring tool that dates back to 1871. Perhaps, as some suggest, the world, and, especially the United States, entered a new epoch at the turn of the century. If true, then stocks are supposed to carry extreme valuations. If not, reversion to the mean might be a painful experience. It also bears noting that the purchasing power of the dollar has undergone severe decline in the current century, so much that a stock that may have been worth $30 per share in 1990 is now worth $100 in devalued dollars. That would explain much of the upside tendencies to which the markets have grown accustomed. It does not explain, however, why gold has been revalued, in U.S. dollars, from less than $300 in the late 1990s to the current valuation of roughly $4400, a nearly 15-fold increase. That said, buying and holding gold would be the more fruitful investment. In 1996, the S&P 500 was roughly 1000. Today's price above $7,700 is not quite an 8-fold gain. A NASDAQ price of 2,000 in 1998 returned closer to gold's mark, a roughly 14-fold increase. We should all be rich. How markets will continue to play out through the midterms and beyond represents only a small snapshot of the longer term. It is likely time to stay the course, no matter one's investment preferences. With dollar depreciation accelerating, holding anything other than cash will probably be tradable for food or energy at some future point. This comes as a reminder that the best investors are those who choose carefully and do not deter from their chosen paths. Stocks As noted, it was a darn good week for the NASDAQ, particularly in Mag7 and semi-related stocks. The AI push continues to fire up markets. Whether AI is eventually a boon or a bane, the money being thrown into it is serious, despite some setbacks, such as Oracle's troubles at a New Mexico build. While the rise on the NASDAQ appears relentless, the Dow has struggled to keep pace. Year-to-date, the Naz is ahead by 16.46%, with the Dow lagging, up only 7.83%, less than half the gain. Though the NASDAQ rip may be a bit noisy, Dow stocks have suffered because of the rise in long-term interest rates, which are competing with dividend-bearing stocks, typical of the Dow 30 blue chips. It's a case-in-point of speculation running hotter than investing and it will continue... until something breaks, if allowed to. Heading into the midterms, the usual games are expected to continue, with back-and-forth with Iran and Ukraine leading the headlines. The Republican party's leader, President Trump, is likely to pull a rabbit out of somewhere for an October surprise that will leave Democrats crying in their non-alcohol beers. The stock market will love it. The press will loathe it. Most people will barely notice, and those that do will understand it for what it is, a cheap trick to garner support. Thus, at least until November 3rd, expect stocks to continue ramping higher. That's not a prediction. It's simply a judgement call based on current non-realities. The week ahead, which splits the end of the fiscal year and the 3rd and 4th quarters on Wednesday and Thursday, offers a few tasty tidbits of economic data. Possibly the most impactful won't appear until Friday, when the BLS releases Non-farm payrolls for September. Prior to that, Tuesday offers the monthly JOLTS data. On Wednesday ADP releases its monthly employment report. The PCE price index and the third estimate of second quarter GDP are also out on Wednesday. S&P Global Manufacturing PMI and weekly unemployment claims are out on Thursday. Relevant data releases can be found at Trading View. Treasury Yield Curve Rates
Treasuries had one of the most volatile weeks in years this past week, especially the 10-year note and 30-year bond, with yields rising to multi-year highs, though that did not seem to be particularly worrisome to equity investors. 2s-10s expanded to +36, 11 basis points higher than last week's tighter +25. Full spectrum continues at the high end of the range, up to +145. A steepening curve often reflects markets' belief in stronger growth, higher inflation, or greater government borrowing needs. The evident danger appears to be at the long end, which doesn't seem to want to stop pricing in high inflation and persistent government spending. The economy continues to be galloping right along. Warsh and the Fed made the first move to get that horse back in the bridle, but the bond vigilantes are doing what they do, bidding prices lower and yields higher. Spreads:
2s-10s
Full Spectrum (30-days - 30-years) Oil/Gas Conditions in the Middle East continue to erode, with Iran targeting more vessels and the U.S. maintaining its blockade. Some reports are suggesting that more oil is flowing out of the gulf region, with Saudi Arabia picking up most of te slack. The veracity of these reports is questionable, but the price of crude has fallen, which, in the larger scheme of things, doesn't really matter much. Average price for a gallon of unleaded regular gasoline in the U.S. was $4.46 last week and $4.45 this week, remaining near the highest Sunday price in over four months. Peace prospects in the Middle East are off the table, oil flows remain disrupted, and the president is getting serious heat from party members concerning the upcoming midterms, which Republicans are now hoping that gas and diesel prices moderate over the next five weeks. Gas prices in key states:
California (leader): $6.35 (+0.20) On Sunday, September 27, there are forty-seven (47) states with average prices at or above $4.00, with only three (3) below the $4 threshold (Texas, Louisiana, Mississippi), not including Hawaii ($5.56) and Alaska ($5.05), with four above $5 (California, Nevada, Oregon, and Washington) and one, California, above $6.00. The Southeast has maintained as the lowest region overall over the past 14 weeks, but now, a gallon of unleaded regular is averaging above $4.00 ($3.89-4.17) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region second, prices ranging higher, from $4.12 to $4.33. Exceptions include Florida in the Southeast and Michigan and Illinois in the Midwest. All Northeast states, from Delaware and Maryland all the way to Maine, continue to average well above $4.00. Bitcoin
This week: $84,540.25 Crypto had a solid week to the upside, especially bitcoin, which ramped to its highest level in nine months. Precious Metals Gold:Silver Ratio: 66.64; last week: 66.09 Futures, per COMEX continuous contracts:
Gold price 8/28: $4,504.10
Silver price 8/28: $67.09
SPOT: (stockcharts.com)
Silver 8/28: $66.34 Gold and silver continued to be under pressure, though both may be setting up bases that would suggest higher prices in the medium term. Conditions continue to suggest allocation of cash toward PMs. Futures prices being higher than spot, suggests that the purposeful suppression of prices in precious metals has exceeded the patience of buyers. 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) lost ground during the week, ending at $74.58, a decline of $1.43 per troy ounce from the September 20 price of $76.01. WEEKEND WRAP
At the Close, Friday, September 25, 2026:
For the Week:
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