Well, it looks like the fun's over for the silver stackers and gold bugs.
The fiat money cartel is back in business, sending gold down $125 prior to the opening bell ($4,233.70) and slaughtering silver, sending it back below $50, to as low as $49.50. Silver spot was as high as $54.47 on Friday, but was sent down more than five percent later on the day and another five percent this morning.
Sorry to say, but F--K these people. Gold and silver are completely rigged by the COMEX and LBMA cultists, who have suppressed the price of real money for decades. They are obviously desperate to convince people to not hold precious metals and opt instead for worthless dollars, euros, yen, and pounds, paper debt instruments conjured out of thin air.
Sick bunch, really.
In the meantime, stocks were bought on Monday as if they were rarities. Yes, you too can own one billionth of Apple or Google or Amazon.
Or, maybe you'd like some crypto. Bitcoin bounded as high as $111,294 yesterday, dropped to $107,575 this morning and is resting quietly at $108,853.56. And everybody knows bitcoin is going to $200,000 or maybe $1,000,000 very soon, as soon as the U.S. government starts adding to the bitcoin strategic reserve.
Utter BS.
Stocks look to have another golden day, with loads of earnings coming in suggesting a solid, robust economy.
Shut up and keep buying.
At the Close, Monday, October 20, 2025:
Dow: 46,706.58, +515.97 (+1.12%)
NASDAQ: 22,990.54, +310.57 (+1.37%)
S&P 500: 6,735.13, +71.12 (+1.07%)
NYSE Composite: 21,598.17, +186.71 (+0.87%)
Since people like noise in its various forms, great effort is made to make noise the prominent feature of what's considered "news."
Like rap music, it's jarring to the senses. Government (even when it is shut down or otherwise inoperable, like the last 300 years), the billionaire-funded "No Kings" rallies, Israel's ceasefire violation in Gaza, stocks, and sporting events dominate. At least sporting events have some redeeming qualities. People get paid to play them. Advertisers pay money to show their products on broadcasts. Stocks, too. You can make or lose money on them.
Government adds nothing. Other than rare moments when some government funds worthwhile activities like building roads or bridges, it's generally worthless and actually a drain on human productivity. Yet, because large numbers of people populating the planet are incapable of self-governance, there it is, forever and always.
Stocks
Last week, banks dominated earnings. In the week ahead, a variety of tech, Dow components, and other industrials and major corporations take the stage.
Earnings will be in focus this week. Here are a few of the more prominent companies reporting third quarter results:
Tuesday, October 14: (before open) 3M (MMM), Coca-Cola (KO), Lockheed Martin (LMT), Northrop Grumman (NOC), GE Aerospace (GE), Pulte (PHM), Philip Morris (PM), General Motors (GM); (after close) Capital One (COF), Texas Instruments (TXN), Netflix (NFLX), Mattel (MATT)
Wednesday, October 15: (before open) AT&T (T), Winnebago (WGO), Hilton (HLT), Boston Scientific (BSX) ; (after close) IBM (IBM), Tesla (TSLA), SAP (SAP), Kinder Morgan (KM), Lam Research (LRCX), Alcoa (AA)
Friday, October 10: (before open) Proctor & Gamble (PG), General Cynamics (GD), Flagstar (FLG).
The Shiller PE (CAPE) closed out the week at 39.79, down from October 8th's 25-year high of 40.32 (since the dotcom bubble, December, 1999, 44.14), but higher than last Friday's 39.09.
Treasury Yield Curve Rates
Date
1 Mo
1.5 mo
2 Mo
3 Mo
4 Mo
6 Mo
1 Yr
09/12/2025
4.24
4.24
4.20
4.08
4.02
3.83
3.66
09/19/2025
4.19
4.16
4.14
4.03
3.98
3.81
3.60
09/26/2025
4.22
4.20
4.17
4.02
4.00
3.83
3.67
10/03/2025
4.24
4.17
4.11
4.03
3.96
3.82
3.64
10/10/2025
4.19
4.16
4.10
4.02
3.96
3.81
3.60
10/17/2025
4.18
4.15
4.08
4.00
3.95
3.79
3.56
Date
2 Yr
3 Yr
5 Yr
7 Yr
10 Yr
20 Yr
30 Yr
09/12/2025
3.56
3.52
3.63
3.81
4.06
4.65
4.68
09/19/2025
3.57
3.56
3.68
3.88
4.14
4.71
4.75
09/26/2025
3.63
3.66
3.76
3.96
4.20
4.74
4.77
10/03/2025
3.58
3.59
3.72
3.90
4.13
4.69
4.71
10/10/2025
3.52
3.52
3.65
3.83
4.05
4.60
4.63
10/17/2025
3.46
3.47
3.59
3.78
4.02
4.58
4.60
With the next FOMC meeting less than two weeks away (October 28-29), yields are front-running the expected 25 basis point cut (maybe 50) and another one in December (Dec. 9-10). Divining the Fed's tea leaves, it's obvious that somebody thinks the U.S. economy is not great, despite inflation figures - which will be revealed this week - remaining well above the two percent target.
The Fed has pretty poor aim. With all the monetary tools at its disposal, it can't even hit its own targets. Time for them to go.
The question remains: Why are yields falling and money moving rapidly into gold, silver, and fixed income while the stock market continues to rally? The answer might have something to do with size. Fixed income markets are orders of magnitude larger than those of stocks. When it comes to gold and silver, there's a reason they're called "precious" metals, and stocks are just called "stocks."
2s-10s spreads expanded out to +56 while full spectrum narrowed to +42. Demand for treasuries remains strong, despite BRICS and de-dollarization efforts, the slack pick-up home grown.
WTI crude oil closed out the week at $57.25, marginally down from last Friday's closing price of $57.84, hitting a low of $56.33 midday Friday.
Money Daily has been correctly called the oil price decline for the past year at least, citing slack demand and oversupply. Markets remain in general denial about the health of the global economy, most prominent in Western economies.
The lower price for crude oil, running counter-cyclical to inflation and to gold and silver, is indicating recessionary forces at work. Much of Europe has been in recession for the better part of the past two years, led by Germany and France, whose economies are nearly dormant.
European economies in the largest countries - Germany, France, Italy, England - continue to hide the truth of their imminent demise. Energy prices are already too high for the general public, so a return to economic conditions along the lines of the Dark Ages is likely to occur within years. Europeans may not realize that through the mechanics of the European Union, the continent - plus England - has barely escaped feudalism.
The breakdown in oil prices has sent retail gas prices plummeting. U.S. gas prices slumped lower on Sunday, the national average at $3.01, according to Gasbuddy.com.
State-by-state numbers show California remaining abysmally high, at $4.64 per gallon, followed by Washington, down five cents ($4.42). Oregon ($4.00), was down nine cents on the week. The lowest prices remain in the Southeast, with Oklahoma ($2.45) exceeding the price of a year ago by 22 cents to the downside, the lowest prices found in Muskogee County, outside of Tulsa, at $2.34. Arkansas and Texas follow, at $2.56, then, Mississippi ($2.58). The remaining Southeast states are all below $2.76 (Georgia), with Florida the exception,, though it was also down sharply from a few weeks ago, holding steady this week, at $2.88.
Most of the Northeast found some relief, led by Delaware ($2.91), New Hampshire ($2.93), New Jersey and Rhode Island ($2.95), Massachusetts ($2.97), Maryland ($2.98), and Connecticut ($2.99). Pennsylvania ($3.21) remans the highest. New York is lower, at $3.09.
Virginia and West Virginia ($2.90) were both lower, and Kentucky ($2.64) dropped eight cents. Ohio ($2.91) was slightly higher than last week, and Indiana ($2.85) was unchanged. Michigan ($2.77) fell sharply. Illinois ($3.09), was down another 11 cents, and is the only midwest state above $3.00. All midwest states from Wisconsin (lowest, at $2.62), Minnesota, and North Dakota south to Missouri, Kansas, and Colorado ($2.82) are well below $3/gallon. Wyoming ($2.88).
Sub-$3.00 gas can be found in 35 states, up another five from last week, concentrated in the South and Midwest and adding in the Northeast. The entire Southeast, out to New Mexico ($2.71) is under $3.00 a gallon. Gas in next door neighbor New Mexico is $3.41, making border hops appealing to cost-conscious drivers nearthe border, the 50-70-cent gap difficult to ignore. Taxes are mostly to blame for the wide divergence.
Bitcoin (fake money)
This week: $106,748.23
Last week: $112,895.70
2 weeks ago: $122,985.87
6 months ago: $85,115.07
One year ago: $68,179.25
Five years ago: $14,832.34
Bitcoin got clubbed again, hitting a low of $104.007.48 on Friday (Oct. 17). So much for it being a store of value, one of the many indicators for being actual money that it does not share with gold and silver. Anybody who has held onto bitcoin for more than a year should be happily taking profits and buying actual hard assets, or maybe food, because, despite the usual morons saying that the charts show the vaporware crypto coin going to $200,000, $400,000, or a million, the glory days are becoming smaller and smaller in the rear-view mirror. Bitcoin seems to be aging about as well as 50,000 mile tires.
Stackers and goldbugs who have been holding for three years or longer have made enormous profits in just the past 18 months. Some anecdotal evidence suggests that some have decided to part with some of their holdings, cashing in at or near all-time highs.
Meanwhile, the retail side of the equation, most prominent in silver pricing, is just kicking into a higher gear. From the results of Money Daily's weekly Sunday price survey on eBay, it is plain to see that even Friday's cram-down on silver's COMEX and spot price (which Andy Schectman, among others, claims is broken) was largely ignored by buyers and sellers alike. The lowest price for single-ounce silver bars or coins was somewhere north of $55, with a good number of items fetching prices above $60. Gold was led by Gold Eagles and Indian Heads.
Perhaps the most intriguing commentary of this past monumental week comes courtesy of Kitko's Jeffery Szafron and his interview with Scottsdale Mint CEO Josh Phair, in which Phair begrudgingly divulges his prediction for the gold price, based on observations and calculations of the deceased Jim Sinclair, who was known during his life as "Mr. Gold."
The Phair-Sinclair prediction calculus for the derivation of the eventual price of gold is to divide the amount of foreign debt by the number of ounces of gold in U.S. possession, the result revealing gold's true value. Phair claims that this formula has worked out twice in his lifetime and argues that it can happen again. Video Link
Based on the latest available data from the U.S. Treasury, foreign creditors hold approximately $8.5 trillion in U.S. debt. Backing that figure with the nation’s stated gold reserves of 261.5 million troy ounces implies a gold price of over $32,500.
Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):
Item/Price
Low
High
Average
Median
1 oz silver coin:
55.99
68.45
58.90
57.98
1 oz silver bar:
57.00
62.41
58.86
58.40
1 oz gold coin:
4,331.59
4,717.30
4,512.91
4,461.91
1 oz gold bar:
4,250.00
4,517.30
4,433.58
4,457.54
The Single Ounce Silver Market Price Benchmark (SOSMPB) reached another new record high since Money Daily began recording in 2020, of $58.54, an explosive gain of $3.76 from the October 12 price of $54.78 per troy ounce.
For newbies, buying silver at $50 an ounce or slightly higher might be worthwhile and only available briefly. Online retailers have prices well above spot, which is unlikely to fall much unless there's a major global recession. Even then, your dollars, yen, euros, or pounds are likely to be worthless. Your silver, otherwise, will have real value.
WEEKEND WRAP
Gold. Silver. Maybe some Lead and copper.
At the Close, Friday, October 17, 2025:
Dow: 46,190.61, +238.37 (+0.52%)
NASDAQ: 22,679.97, +117.44 (+0.52%)
S&P 500: 6,664.01, +34.94 (+0.53%)
NYSE Composite: 21,411.46, +34.49 (+0.16%)
Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2025, Downtown Magazine Inc., all rights reserved.
That was the line made famous in the film, "All the President's Men," starring Robert Redford and Dustin Hoffman. The movie was based on the book by the same name, authored by Washington Post reporters Bob Woodward (Redford) and Carl Bernstein. The essence of the infamous line was that during the Watergate scandal involving president Richard M. Nixon, Bob Woodward (Redford) and Carl Bernstein (Hoffman) attempted to track the flow of campaign contributions to uncover one of the biggest scandals in political history.
That was in the early 1970s. More than 50 years hence, Washington is more scandalous than ever, money is at a scale that dwarfs the piddling amounts that changed hands just after Nixon closed the gold window and took the world off the gold standard. The difference today is that while there may be no scandal or multiple ones, money, or rather, the flow and nature of money holds clues to the future of economics, politics, society, and the world.
Here are a few clues. Banks have lots of it. Money is flowing into gold and silver. Money is flowing out of bitcoin and crypto.
This tells us that money is on the move and also that its nature is changing. As Mike Maloney of goldsilver.com so frequently points out, money is a misnomer for what people use to buy and sell things. The correct and preferred term is "currency," and in that regard, fiat currencies - dollars, yen, euros, pounds - are being traded for actual money, which is gold, and silver.
It's useful to note that gold and silver have been considered money in countries around the world for literally thousands of years. Only recently has fiat currency, created out of nothingness by central banks like the Bank of England, the ECB, and the U.S. Federal Reserve, been cherished and regarded as ultimate reserve currencies. These currencies, backed by nothing more than faith and trust in various governments and their central bank issuers, are rapidly losing what little is left of their purchasing power. In a word, they are dying and will, at some point, no longer be used to buy and sell goods and services. Their replacements - as hard as it is to believe by the global population blinded by normalcy bias - are gold and silver.
This transition doesn't happen overnight. It takes, years, even decades, before the conversion from bad money to good makes a full trip. Gresham's law tells us that bad money drives out good. Currency of lower intrinsic value (bad money) will be used for transactions, while the currency with higher intrinsic value (good money) will be saved or exported. That is exactly what is happening with the price of gold and silver.
Look at it this way: The price of gold and silver aren't actually going up; the purchasing power of the currency by which people - hopefully you - are buying them is going down.
As far as bitcoin and crypto, which aren't money or even currencies, are concerned, it looks to be dead.
This all becomes a heck of a lot easier if you pay attention.
Oh, BTW, those regional banks like Zions (ZION), Western Alliance (WAL), Flagstar (FLG), and Banc of California (BANC) are in trouble again, this time for making loans to shady people, which, if there's anything that defines banks throughout history, is what they usually do, because, as a whole, bankers are willfully, woefully stupid and cheat each other and their customers with cavalier disregard for moral behavior.
In any case, it being Friday, it's customary to see how the various indices have fared thus far. For the week, through Thursday's close, the Dow is up 472 points, the NASDAQ is up 358, and thre S&P 500 is ahead some 76 points.
A close look at the overnight silver spot chart showed that around 1:32 am ET, silver spot set down a key reversal with a hammer pattern in place that marked a continuation of the uptrend begun Monday. Since that hammer appeared, silver has not traded below 52.48.
Should the closing level of 52.69 hold through Thursday's expected "bear raid" that occurs regularly just before the cash market for U.S. stocks opens (9:30 am ET), it's very likely that spot silver may have established a new bottom.
Everything else - stocks, interest rates, oil prices - at this point, is noise. Gold and silver spot prices are the only charts and prices that require attention. Continuation of the explosive uptrend is indicative of a complete reversal of fortunes in global financial markets.
There exists ample supporting evidence in other areas, such as the skittishness in stocks, jumping one way or another on tweets from the president, especially those concerning trade with China. The White House narrative, as clouded and murky as it has become, illustrates just how badly the major indices are juiced by High Frequency Trading (HFTs), algorithms keyed to headlines, and programmatic trading.
Adding to the bad mix on Wall Street are the Zero Days to Expiration (0DTE) options, operating as sentiment leaders on a minute-to-minute basis.
Bitcoin is another secondary indicator, continuing to bounce off $110,000 since September 26 with coincident near-bottoms stretching back to the May 21. Holding that level appears to be a key element of the crypto narrative. A significant break below it could trigger a waterfall effect, sending prices back to $92,000, which would make the trade even for the year, or, just below $70,000, the one year out level. Bitcoin's pattern from November of last year to the present is creepily similar to that of November 2020 to November 2021, wherein bitcoin ramped from $14,000 to an eventual peak above $64,000 with a double top firmly in place. After that, through June of 2021, the price of bitcoin continued to fall precipitously, eventually bottoming around $16,000 in November, 2022.
Should the same condition develop, expect losses in bitcoin of 40-60% over the next six to eight months, with a bottom setting somewhere in a range of $54-65,000. The drop, despite ending at a much higher level than the 2021 iteration, would be no less devastating to long-term, "diamond hands" hodlers. Anything below that level could trigger repudiation of the entire crypto space.
It's not by accident that precious metals and crypto have been diverging since earlier this year. Bitcoin has stalled and dropped while gold and silver continue to advance.
Another area of interest worthy of attention are one ounce silver coin and bar auctions on eBay. Observations over the past 24 hours show these auctions routinely closing at prices above $55, with some as high as $64 to $65 for non-numismatic coins, the idea being that a particular year of American Silver Eagle or Canadian Maple or other popular coin or bar might be worth more to an individual to complete or continue to build a consecutive run, not unlike comic books or other periodicals.
As the morning progresses toward the opening bell, stock futures are modestly higher, which is the usual case, especially during earnings season, which is almost entirely meaningless in the current context.
Gold is off to the races again, above $4,235, though silver is being threatened by the bears again, knocked down to $52.80 at 8:45 am ET, as the usual morning bear raid commences, but as of this writing, the aforementioned level of $52.48 has not been breached and has actually not even come close to being a low.
The idea that silver does not follow gold's lead higher is ludicrous and indicative of the desperation in London as their vaults are being emptied by dealers and buyers standing for delivery. The LBMA and COMEX riggers are not long for this world. They will be euphemistically "carried out on stretchers" before his episode in precious metals is resolved.
Fascinating times...
At the Close, Wednesday, October 15, 2025:
Dow: 46,253.31, -17.15 (-0.04%)
NASDAQ: 22,670.08, +148.38 (+0.66%)
S&P 500: 6,671.06, +26.75 (+0.40%)
NYSE Composite: 21,570.92, +70.67 (+0.33%)
The federal government, whatever form it may take while it is supposedly "shut down", does have its priorities. First and foremost, it appears, is to keep the military industrial complex operational.
Less than a week ago, though scantily reported in the MSM, the Senate voted to fund the military at $925 billion in fiscal 2026. The passage paves the way for reconciliation with the House and also included $500 million for Ukraine. The bill received overwhelming support.
While a stand-alone bill to pay military service members, civilian workers and contractors did not make it to the floor, President Donald Trump directed the Pentagon to use research and development funds to pay the troops if the shutdown persists, according to Reuters. Paychecks are due on the 15th, i.e., today.
As Americans are well aware, war is an essential function of the government. The shutdown is in its 15th day.
Elsewhere, Wall Street continues to carry on as usual. The Dow Industrials made a 1000-point round trip on Tuesday, dropping 500 in the opening half hour, rising 500 above the prior close later in the day, to end up nearly 0.50% higher. The NASDAQ and S&P were less fortunate.
Bank earnings buoyed the market in general, though tech continued to be skittish.
Companies reporting third quarter earnings Wednesday before the opening bell included Morgan Stanley (MS), Synchrony Financial (SYF), Citizen's Financial (CFG), First Horizon (FHN), Bank of America (BAC), ASML (ASML), Progressive (PGR), Abbott Labs (ABT).
Bank earnings continue to be a bright spot. Morgan Stanley (MS) and Bank of America (BAC) reported record revenues in the quarter. Both stocks are up three to four percent pre-market.
ASML (ASML) missed on the revenue side, but investors are apparently reassured by the company's forecast, sending shares higher by four percent. The company manufactures equipment used in chip-making.
Ahead of its investor day presentation, Dollar Tree (DLTR) reiterated its forcast for growth of 10% over the coming 12 months. Shares of the discounter are up seven precent prior to the bell.
Ahead of the open, stock futures are higher. Dow: +238; NASDAQ: +255; S&P: +52.
Crude oil is likely to remain under pressure for some time and gas prices should continue to fall. The IEA forecast a global glut of 4 million barrels a day in 2026.
What's really important is spot silver priced at $52.50 and gold at $4,185. Silver broke above $53 overnight, and gold traded above $4,200. Suppression efforts continue in vain. They only forestall the inevitable.
At the Close, Tuesday, October 14, 2025:
Dow: 46,270.46, +202.88 (+0.44%)
NASDAQ: 22,521.70, -172.91 (-0.76%)
S&P 500: 6,644.31, -10.41 (-0.16%)
NYSE Composite: 21,500.25, +118.46 (+0.55%)
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