WEEKEND WRAP: Nailed It! Silver Changed Everything; Price Projections as High as $500 or More; COMEX, LBMA Being Shattered by Physical Pricing

Silver finished the Friday trading session in New York at $79.274 spot, up $7.43 an ounce, 10.34% on the day.

It's rare to see any commodity up 10% in one trading session, that kind of move usually reserved for meme stocks, or companies reporting breakthroughs (biotechs) or whipping earnings estimates (tech). To see silver do it from levels already at all-time highs was remarkable, stunning, and unprecedented. There are multiple reasons that the price of silver ended 10 percent higher on Friday than on Wednesday, with Christmas Day intervening. Those will be examined in this edition of the WEEKEND WRAP. The move touched all other asset classes and had much to do with geopolitics, supply-demand dynamics, and the future of money itself.

A few months ago, Money Daily made the bold statement that everything would change once the price of silver surpassed $50. What "everything" meant was quite literal, meaning that silver's escape from an extended period of demonetization and price suppression - dating back as far as 1873 - would change perception, from an industrial metal with limited monetary properties to a strategic precious metal essential to industry, military applications, electronics, finance, and entire economies.

The price of silver had twice before reached $50 an ounce, once in 1979 and again in 2010. When the infamous Hunt brothers attempted to "corner" the silver market, a tale of financial intrigue now seen, thanks largely to research performed by goldsilver.com's Mike Maloney, as integral to the inflationary pressure on the U.S. dollar and its eventual relief, taking the price of gold down along with it. Simply put, according to Maloney, the Hunts became convenient scapegoats as Fed Chairman Paul Volker saved the country and the dollar's reserve currency status by beating down the price of its two main competitors, gold and silver. When the CME announced that silver futures orders could be liquidation (sell) only, the price fell from near $50 an ounce in December 1979 to less than $15 by May 1980 and continued to languish in a range of $4 to $15 for the next 30 years. It brought gold down along with it, saving the reserve currency to fight another day.

In 2010-11, in the aftermath of the Great Financial Crisis (GFC), when once again, dollar supremacy was on the line, silver rocketed to near $50 an ounce on the COMEX in May, 2011, and once again it was not allowed to continue its hyperbolic path, shut down by the CME raising margin requirements on silver and other metal (gold, platinum, palladium) futures five times between November, 2010 and September 2011. With trading in COMEX futures largely the bailiwick of professional speculators and insider price suppressors, the gambit washed out the weak hands and cut the price of silver roughly in half within months and by 2015 had found a range between $13 and $20, which persisted more or less until the pandemic in 2020.

By mid-2022, silver began to show renewed signs of life, rising in fits and starts, but finally breaking above $30 an ounce in 2024 and forming a base between $30 and $35 from May '24 through August '25. And then, the lid came off. By late September, 2025, $50 had been breached, and, after a brief consolidation, by November, it was soaring and that gets us to where we are today.

It must be understood that beyond the COMEX and LBMA suppression hijinks, there has been a largely overlooked supply shortage now in its fifth year. There simply has not been enough silver mined to meet industrial, commercial (jewelry, cutlery, ornamental), and monetary demand (bullion). The supply shortage is the main reason for silver's price gains and also the inability for the COMEX and LBMA to tamp down prices via naked shorting, spoofing, or other means (like shutting down their servers a few weeks ago due to "cooling issues"). The physical side of the market has superseded the paper derivative market. COMEX futures have become irrelevant. Industrial users are willing to pay whatever price is offered to get their hands on silver needed to keep their businesses operational, and this involves everything from military contractors to EV manufacturers to chip makers and all manner of electronic-related businesses who cannot compete or survive without the essential element, silver.

From a strictly mathematical perspective, the price of silver at nearly $80 an ounce ($81.99 in Shanghai) is hardly remarkable given its history. In the 1979 leap forward, silver rose to $48 an ounce from a base of around $1.35 that had persisted since 1964, when the United States took 90% silver coins out of circulation. That's a gain of 3,555%. The 2010-11 rise began off a base of about $5.00 an ounce, again rising to $48. That's a 960% move. If the base for the latest move is $15 an ounce, a 960% move put silver at $144, while a $3,555% move puts it at $533. It may be reasonable to assume the overall gain would be somewhere within that range. Currently, using $15 as the base and $80 as the current price, it is already a 533% gain.

In an algebraic sense, the 533% gain could be considered in line with projections, from 3,555% in 1979; to 960%, 30 years hence; to $533 14 years along. Could that be the case? Has silver already topped out or is close to it? By some standards, that would make sense, but there are other factors affecting the math.

Among factors that may influence the price of silver beyond the supply shortage in weeks, months, and years ahead, are the gold:silver ratio, stockpiling by central banks and sovereign wealth funds, re-monetization, de-dollarization, and silver as "money good" collateral.

Let's examine each of these elements briefly.

Gold:Silver Ratio

The Roman Empire officially set the ratio at 12:1. In medieval Europe, it fell to 9.4:1 in 1350 but climbed back to 12:1 in the 1450s. The U.S. government fixed the ratio at 15:1 with the Coinage Act of 1792. It has only been at these obscene levels above 40 or 50 and as high as 104 for the last 120 years or so, following the so-called "Crime of '73", the Coinage Act of 1873.

What determines the gold:silver ratio, or at least used to, is the amount of each metal mined annually, both of which increase in proportion to population growth, about two percent per annum, or less, lately. Another rough calculus would be the amount of available metal, which would send the ratio "in extremis" since silver gets used up in industry while gold is normally kept in safe-keeping as generaltional wealth. There would be much, much more "available" gold than silver, flipping the ratio on its head, so that calculation remains in the realm of the theoretical for the time being.

In 2024, there were roughly 3,300 metric tons of gold and 25,000 metric tons of silver mined, yielding a current gold:silver ratio of 7.58, a far cry from the current 57.18 and even further from the 80+ ratio that has been the de facto false, paper-inspired ratio the past few years. Would the ratio be rationalized and normalized at 7.58, the price of silver today would be $598. Even at a number more palatable to the COMEX and LBMA riggers of 20:1, silver would be priced today at $266.65.

The ratio is falling, and falling fast. the GSR was 85.76 on September 27, just before silver went parabolic. On this metric, the price of silver is still well below its eventual normalized price in comparison to gold.

Stockpiling

While silver is not a tier 1 asset as gold is, central banks and sovereign wealth funds are beginning to appreciate its usefulness as a reserve asset. The three major BRICS nations, Russia, China, and India, have all been heavy purchasers of silver the past few years. Russia allocated approximately $535 million for precious metals acquisition in its 2025-2027 federal budget, explicitly mentioning silver alongside gold and platinum. Saudi Arabia recently acquired over 900,000 shares in the iShares Silver Trust (SLV). Silver has been used as currency in China and India for thousands of years prior to the current fiat regime. Citizens of both countries are strongly encouraged by the government to purchase and hold both gold and silver.

The adoption of silver as a central bank asset provides flexibility, leading inexorably towards...

Re-Monetization of Silver

Undoubtably, the loudest voice for silver as money has been Mexican businessman and Austrian economist, Hugo Salinas Price, founder of Mexican Civic Association Pro Silver, which has been advocating for silver as money in Mexico since 2001. Since Mexico is the leading silver producer in te world, it would make perfect sense for the nation to take a good, long look at the potential for silver as money. With prices on the rise, Mexico could conceivable lift millions of peasants out of poverty and establish a solid middle class foundation with silver as its base. The very same argument could be made for China, India, Peru and a host of other African and Asian countries with either large in-ground reserves or silver already in the hands of citizens.

De-Dollarization Its no secret that one of the tenets of BRICS ideology has been encouragement of bi-lateral trade between partners and "friendly" nations, eschewing the need for dollar-based transactions. China has been developing a gold-for-yuan settlement system within the BRICS ecosystem, readying vaulting facilities in Hong Kong, Dubai, and elsewhere. The BRICS countries and their "associates", which number upwards of 70 countries, comprise the largest trading block in the world, dwarfing the G7 in population and Producer Price Parity (PPP). As opposed to GDP (Gross Domestic Product), which measures a country's economic performance, PPP (Purchasing Power Parity) adjusts for cost of living differences, providing a more accurate comparison of living standards across countries. Countries don't need U.S. dollars to conduct trade outside the U.S.. African nations have been quite vocal about this in recent years and have some pan-Afican trading models already functioning. With assistance from China, gold - and possibly silver and other commodities - will likely play a larger role in trade and finance in years to come.

Silver as Collateral

Everybody needs money for basic expenses, household needs, business expenses. That's a given. Beyond the need for money, or currency, are larger purchases, business expansion, or unusual expenses which require financing. This is where India's recent legislation to allow silver as collateral for loans comes into play. Silver will be accepted as collateral for loans, alongside gold, beginning April 1, 2026.

Elsewhere, vaulting companies such as Money Metals Exchange are offering collateralized lines of credit, similar to HELOCs or home equity lines of credit, wherein one ships the precious metal - gold or silver - to the institution for safe-keeping, receiving the funds within days without a traditional credit check and repayment of the loan on a revolving basis, i.e., interest only or interest and principal, the choice belonging to the borrower, not the lender. This revolving credit facility is becoming known as a MELOC (Metals Equity Line of Credit).

While collateralized loans of gold and silver don't qualify as making precious metals money, they accomplish the next best thing, making precious metals available for liquidity and/or credit.

Conclusion

There are an assortment of forces at work driving the price of silver - and gold - to record heights. The examples above may merely scratch the surface of what appears to be a fundamental shift in global finance, from debt-based money to physical-based money, with gold, silver, and other hard commodities as "money good" backing. As this shift in economics becomes more prevalent, precious metals and other hard assets should appreciate in relation to pricing in fiat currencies, which have been undermined by spendthrift governments, low interest rates, inflation, and assorted maladies associated with corrupt systems.

Hard assets and honest money are quietly replacing fiat currencies, which are in terminal decline. This shift will not happen overnight, but the recent gains in the prices of gold and silver are a positive indicator that a new, or at least a parallel, system is evolving, and its roots are mostly in the East, in the BRICS countries and the Global South.

Stocks

Santa Claus came and went and with it the infamous rally, maybe. There are still three more trading days remaining in 2025, but Friday's flat-line on the majors suggests something may have changed, or, the lack of sustained upside momentum might be due to very thin trading overall. Monday and Tuesday will be the most telling, though markets appear to be heading toward a dull finish since they're already at all-time highs. Some last minute tax-related selling could take some of the shine off Santa's sleigh, but there's more likelihood of that happening the first few weeks of January and even beyond. Capital gains on stocks sold in early 2026 won't hav to be paid until a year later. It's like getting an interest-free loan on your tax remittance and there are surely accountants who would advise taking advantage of that rare, little gift.

The Dow Jones Transportation Average continued to flirt with its all-time high (17,754.38, November 25, 2024), closing at 17677.54 on December 22 and since has pulled back, closing at 17,647.24 on Friday. This keeps the three or four extant Dow Theorists remaining in the camp that believes the rally on the Industrials is not indicative of a primary trend, which remains bearish since the Transports have not confirmed. The transports are notably well above their 50-day moving average as they attempt to convince the final die-hards in the Dow Theory regime.

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
11/21/2025	4.03	4.01	4.00	3.90	3.84	3.75	3.62
11/28/2025	4.05	3.97	3.99	3.88	3.86	3.74	3.61
12/05/2025	3.82	3.78	3.77	3.71	3.73	3.68	3.61
12/12/2025	3.76	3.75	3.75	3.63	3.64	3.58	3.54
12/19/2025	3.71	3.71	3.72	3.62	3.64	3.60	3.51
12/26/2025	3.70	3.69	3.72	3.64	3.66	3.58	3.49

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
11/21/2025	3.51	3.50	3.62	3.82	4.06	4.67	4.71
11/28/2025	3.47	3.49	3.59	3.78	4.02	4.62	4.67
12/05/2025	3.56	3.59	3.72	3.90	4.14	4.75	4.79
12/12/2025	3.52	3.58	3.75	3.95	4.19	4.82	4.85
12/19/2025	3.48	3.53	3.70	3.91	4.16	4.77	4.82
12/26/2025	3.46	3.54	3.68	3.89	4.14	4.76	4.81

Yields remained moored within recent ranges. If anything, recent gains in gold and silver would be an inducement to exit "safe-haven" treasuries in favor of even safer havens with potential for appreciation against debasing currencies. While just about every bond fund manager is looking for lower yields, the opposite could occur for any number of reasons, the most pronounced being runaway spending by congress and the president and lack of foreign buyers, or even, foreign sellers.

2s-10s spread held at +68. Full spectrum did the same, +111.

Spreads:

2s-10s
2025
1/3: +32
1/10: +37
1/17: +34
1/24: +36
1/31: +36
2/7: +20
2/14: +21
2/21: +23
2/28: +25
3/7: +33
3/14: +29
3/21: +31
3/28: +38
4/4: +33
4/11: +52
4/17: +53
4/25: +55
5/2: +50
5/9: +49
5/16: +45
5/23: +51
5/30: +52
6/6: +48
6/13: +45
6/20: +48
6/27: +56
7/3: +47
7/11: +53
7/18: +56
7/25: +49
8/1: +54
8/8: +51
8/15: +58
8/22: +58
8/29: +64
9/5: +59
9/12: +50
9/19: +57
9/26: +57
10/3: +45
10/10: +53
10/17: +56
10/24: +54
10/31: +51
11/7: +56
11/14: +52
11/21: +55
11/28: +55
12/5: +58
12/12: +67
12/19: +68
12/26: +68

Full Spectrum (30-days - 30-years)
2025
1/3: +38
1/10: +54
1/17: +41
1/24: +40
1/31: +36
2/7: +32
2/14: +32
2/21: +31
2/28: +13
3/7: +24
3/14: +25
3/21: +23
3/28: +26
4/4: +5
4/11: +38
4/17: +44
4/25: +40
5/2: +41
5/9: +46
5/16: +52
5/23: +68
5/30: +59
6/6: +69
6/13: +67
6/20: +69
6/27: +66
7/3: +51
7/11: +59
7/18: +65
7/25: +55
8/1: +32
8/8: +37
8/15: +44
8/22: +41
8/29: +51
9/5: +49
9/12: +40
9/19: +54
9/26: +55
10/3: +47
10/10: +43
10/17: +42
10/24: +48
10/31: +61
11/7: +69
11/14: +70
11/21: +68
11/28: +62
12/5: +97
12/12: +109
12/19: +111
12/26: +111

Oil/Gas

WTI crude closed out the week at $56.93, not materially different from last week's Friday close of $56.54. There's oversupply everywhere, indicative of slowing economies, at least in the West. High-seas piracy is a clumsy attempt by the Trump administration to boost the price of crude oil. All it actually accomplishes is smearing the face of U.S. foreign policy with more greasepaint. Swashbuckling has never been an advisable policy and never will be. Shame, shame, shame.

The U.S. national average for gas at the pump fell to $2.79, the lowest price in roughly five years and another three cents lower than the prior week, according to Gasbuddy.com. Given the current state of play, gas prices should continue to decline over the near term.

California remains the highest in the lower 48 states, at $4.25 per gallon, but even that figure is down substantially from six months and a year ago. Washington ($3.85) is down another seven cents, leaving the Golden State alone in the $4+ club. Oregon ($3.42), was down another six cents. The lowest prices remain in the Southeast, with Oklahoma catching down six more cents to $2.18,, a multi-year low. Arkansas ($2.33) and Colorado ($2.32) were nearby. Texas ($2.33), Louisiana ($2.38), and Tennessee ($2.39) follow, each marginally lower. The remaining Southeast states are all below $2.64 with the exception of Florida ($2.73).

In the Northeast, prices remain slightly elevated, though now part of the general decline. Only Vermont ($3.06), Pennsylvania ($3.05), and New York ($3.04) are above $3.00.

In the midwest region, where the price relief has been significant, Illinois ($2.91) remains below $3.00 for a second consecutive week. At the low end were Colorado ($2.32), Iowa ($2.35), and Nebraska ($2.42).

Sub-$3.00 gas was reported in fully 40 states, the same as last week and up 14 over the past three weeks. Arizona may be the next to fall, checking in at $3.03 this week. Not including Alaska and Hawaii, there are just eight states with gas prices above $3.00 and just one, California, over $4.00.

Bitcoin

This week: $87,661.04
Last week: $88,044.85
2 weeks ago: $89,338.22
6 months ago: $102,394.40
One year ago: $96,193.61
Five years ago: $26,449.16

This is dead money. Actually it's not even money. It's pure speculation in a vacuum. Michael Saylor's Strategy (MSTR) gambit is down 45% year-to-date. Prospects for a repeat performance in 2026 are very good. In fact, with bitcoin's price headed below $30,000, the losses may be even greater. Whatever befalls the company, Mr. Saylor will surely get his, just as John Law got his share of the loot before his Mississippi bubble burst. At one time the wealthiest man in Europe, Law died penniless in Venice. Saylor should be so fortunate.

Precious Metals

Gold:Silver Ratio: 57.18; last week: 64.54

Futures, per COMEX continuous contracts:

Gold price 11/28: $4,256.40
Gold price 12/5: $4,227.70
Gold price 12/12: $4,329.80
Gold price 12/19: $4,368.70
Gold price 12/28: $4,562.00

Silver price 11/28: $57.08
Silver price 12/5: $58.80
Silver price 12/12: $62.08
Silver price 12/19: $67.39
Silver price 12/28: $79.68

SPOT:
(stockcharts.com)
Gold 11/28: $4,216.71
Gold 12/5: $4,196.63
Gold 12/12: $4,297.29
Gold 12/19: $4,337.83
Gold 12/26: $4,533.00

Silver 11/28: $56.37
Silver 12/5: $58.28
Silver 12/12: $62.01
Silver 12/19: $67.21
Silver 12/26: $79.27

The past two weeks, and the entire year for that matter, have been simply incredible for silver. Friday close to Friday close spot rose $12.06, exactly the same as Money Daily's weekly gold and silver survey results and the SOSMPB below, indicating that buyer's on eBay know a good deal when they see one, even if its at record high prices. Gold has gained the past three weeks and continues to make all-time highs. Consolidation appears to be an afterthought.

The gold:silver ratio continues to descend. When it hits 50, fiat money will begin to disintegrate more rapidly. By the time it gets back to historic levels of 20:1 or 15:1 or 10:1, fiat currencies will be absolutely worthless, sending the world into an economic depression. Give it a few more years, or months, or maybe weeks. Gold and silver were covered extensively in the opening commentary. No need to rub it in on the no-metals horde, which, incidentally, is roughly 90% of the population in the U.S.. Asian nations have much higher percentages of gold and silver ownership.

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:	74.99	94.95	84.73	86.00
1 oz silver bar:	79.99	92.74	86.03	86.23
1 oz gold coin:	4,654.88	4,870.47	4,765.43	4,736.12
1 oz gold bar:	4,697.85	4,853.34	4,752.21	4,740.91

The Single Ounce Silver Market Price Benchmark (SOSMPB) delivered, for the fifth straight week, what can only be described as a monumental gain, the first time marking over $80, to $85.75, up an incredible $12.06 from the December 21 price of $73.69 per troy ounce. The small-denomination, physical market continues to add premia over spot and derivative market pricing. The continued survey of prices on eBay indicate that the public is beginning to take notice but the activity has not yet reached mania stages.

WEEKEND WRAP

Got silver?

Happy New Year!

At the Close, Friday, December 26, 2025:
Dow: 48,710.97, -20.19 (-0.04%)
NASDAQ: 23,593.10, -20.21 (-0.09%)
S&P 500: 6,929.94, -2.11 (-0.03%)
NYSE Composite: 22,246.56, +17.45 (+0.08%)

For the Week:
Dow: +576.08 (+1.20%)
NASDAQ: +285.48 (+1.22%)
S&P 500: +95.44 (+1.40%)
NYSE Composite: +322.63 (+1.47%)
Dow Transports: +89.28 (+0.51%)

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.

Merry Christmas, Happy Holidays; Gold, Silver Higher After Holiday Pause; Santa Claus Rally in Full Swing; U.S. Bombs Nigeria, Bans Chinese Drones

Merry Christmas.

Gold and silver continue making new highs, day after day. Americans interested in their own well-being have roughly 18 months to two years to acquire assets and then figure out how to smuggle move them to other jusidictions. That may sound like hyperbole, but the warning signs that the United States is becoming very much a rogue superpower can be found everywhere, with only limited research. The time to find a safe haven is limited and growing short. It's best to find a safe place for you and your family before SHTF, because once it does, there will be no escape.

Over the past few days, while the U.S. is busying itself in the Caribbean, seizing oil tankers and purporting to overthrow Venezuelan leader, Nicolas Maduro, across the Atlantic, the Trump administration chose Christmas Day to launch attacks on suspected ISIS strongholds in Nigeria, ostensibly to limit their ability to attack Christians living in the African nation. The FCC banned Chinese drone manufacturers DJI and Autel from the U.S. market on national security grounds.

The Department of Justice says it found a million more documents related to Jeffrey Epstein. Many of the documents already released have been heavily redacted, prompting many observers to wonder who exactly is being protected. It's a high probability that many high-level eexcutives and government figures were involved in the affairs of the mysterious Mr. Epstein and his ties to foreign govenments and human trafficking.

Moving on, the price of silver on the international spot market reached as high as $75.67 since 6:00 pm December 25 when the market reopened after the holiday. Gold set a new high mark at $4531.00. Both are expected to continue rising until the paper market suppression at the COMEX and LBMA are finally broken. Traders in precious metals and other valuable commodities should prepare for rule changes at the Chicago Mercantile Exchange (CME), limiting contract size while increasing margin requirements in an effort to staunch the rising prices. As of this morning, the price of an ounce of silver in Shanghai, in U.S. dollars is $81.99, the rather extreme premium over U.S. pricing suggesting that silver is in high demand and that any metal available in quantity should be moving from the West to the East, though that's easier said than done as supplies are low and being hoarded.

Beyond that, China will be imposing strict controls on silver leaving the mainland on January 1 which will effectively send prices to even higher levels. Analysts who have been predicting "triple digit" silver in 2026 may get their wish much sooner than expected.

With just four more trading days in which to square up stock portfolios, U.S. market observers continue to contemplate the ongoing Santa Claus Rally™, which should swing into high gear over the remaining sessions in 2025 and possibly extend into the first few sessions in January.

Stocks are already at or near all-time highs, so a rally from current levels will surely appease the president and millions of 401k participants who have seen their wealth increase dramatically during 2025 without lifting a finger. Who knew becoming rich would be so easy?

Notably, to Dow Theorists, not wearing a suitable rally cap is the Dow Jones Transportation Average, which continues to flirt with the all-time closing (bubble) high of 17,754.38 on November 15, 2024, the average closing at 17,669.42 on December 24. Failure to surpass the previous high implies that the massive rally off the "liberation Day" lows in April on the Dow (and, by inference, the other major averages) is cyclical in nature rather than secular, the primary trend remaining on the bearish side. While Dow Theory may have a point, it hasn't helped short term traders who may have missed out on a substantial rally of more than 11,000 points on the Dow, but, hey, it's only money.

With the opening bell due to ring in less than half an hour, stock futures are fairly flat, gold and silver are bid, and crude oil is coming down off a earlier high of $58.84.

Happy holidays, especially to silver stackers and gold hoarders. May the New Year be as kind as the one at an end.

Tyrannide delenda est.

At the Close, Wednesday, December 24, 2025:
Dow: 48,731.16, +288.75 (+0.60%)
NASDAQ: 23,613.31, +51.46 (+0.22%)
S&P 500: 6,932.05, +22.26 (+0.32%)
NYSE Composite: 22,229.11, +77.39 (+0.35%)

Silver Skew: Shanghai Price: $78.55, New York: $71.67; 3Q GDP Pretty Much Bogus; 4Q to Come in Under One Percent

Unsure when traders on the U.S.-based COMEX and bullion banks at London's LBMA will run out of money trying to keep the price of gold and silver down, but, between keeping stocks floating at nose-bleed levels and shorting precious metals, the price tag for some large banking interests is surely in the tens of billions of dollars and possibly orders of magnitude higher. This is what happens when counterfeit is used as currency as opposed to real money, which is gold and silver. Unscrupulous dealers find nefarious means by which to steal the wealth of others, such as intentional inflation, devaluation of the currency, purposeful naked shorting of other currencies, and plenty of other insider tricks.

Americans don't seem to care much that they're being systematically made poorer by a variety of methods. As long as the 401k keeps going up, they're fat and happy. The incredible gains in gold and silver over the past two years don't register with them, quite the opposite from much of the rest of the world, especially in China, India, Russia, and the Middle East, where the value of precious metals is well understood and engrained into the culture.

When a Chairman of the Federal Reserve - Ben Bernanke - was asked whether or not he thought gold was money by Ron Paul, then a House representative from Texas, his answer was "No." When Paul asked him why the Fed kept gold on its books, Bernanke's response was, "tradition." The clip from 2011 below is real, has not been altered and points up the vast differences in perspectives when it comes to economy and money between regular people (Ron Paul, for instance) and counterfeiters (Bernanke, et. al.).

Currency that can be produced by typing numbers into a computer, the so-called practice of creating "money out of thin air," is not money at all. It is counterfeit, but, so long as everybody accepts it as real, it operates as a medium of exchange. When it comes to being a store of value - one of the essential elements of money - fiat currencies, like the pound, yen, euro, and dollar fail miserably, the purchasing power refected as inflation. This is why gold and silver prices have been soaring. Nothing about an ouce of gold or silver has changed, only the price, in depreciating currencies, has.

As gold and silver will continue to soar in price against failing fiat currencies the world over, another factor has come into play. Arbitrage is rapidly developing between various gold and silver hubs and exchanges. Spot prices, which most people refer to when speaking of gold or silver prices, aren't actually global. As of this morning, December 24, the price of an ounce of silver at the Shangai Metals exchange is 78.55 Us$, while it is somewhere in the range of $71.67 on the COMEX in New York.

This sets up a unique arbitrage situation, though it is difficult to imagine buying silver in New York and then moving it to Shanghai to sell it at a higher price, but that is certainly being entertained, if not already happening in practice. While there have not been sightings of planeloads of silver leaving JFK for the Far East, rest assured that a persistent price differential will raise more than mere eyebrows. If silver is worth more in China, or Singapore, or Dubai, than it is in New York, guess where all the silver is going? Eventually, the physical price (Shanghai) will become preferred over the paper price (New York).

Americans don't understand what is happening because they are in a bubble of currency and stock market madness. The Shiller PE stands at 40.59, second-highest ever. The media does not report on news that might make people think the U.S. is not the mightiest nation on the planet and that Russia, China, India and elsewhere are mere backwaters. The opposite is becoming more the norm every day.

A few words about yesterday's 3rd quarter GDP figure of 4.3%. First, GDP is a horrible representation of the wealth of a nation. In the U.S., as in other developed nations, it takes into account government spending, which produces nothing. Second, the BEA makes up most of the numbers, just like the BLS and their CPI and employment numbers. Everything is massaged and seasonally adjusted and later, quietly, so as not to upset the natives, revised.

Third quarter GDP was largely the result of consumer spending we have been led to believe. If spending more on insurance and health care is the sign of an improving economy, then the third quarter was awesome, because that where the largest increases were seen, supposedly. The report was late, the methodology flawed, and, besides, a strong economy goes against the grain of the current narrative that the economy is weak and needs rate cuts by the Federal Reserve.

Both of those things cannot be true at the same time, but, as usual, Wall Street whistled past the grave, calling the dated findings, "stale" and expect the 4th quarter to be horrible, with GDP up less than one percent.

Chew on that while you're unwrapping your Christmas trinkets.

Short session today, closing at 1:00 pm ET.

Trade hard, Merry Christmas!

At the Close, Tuesday, December 23, 2025:
Dow: 48,442.41, +79.73 (+0.16%)
NASDAQ: 23,561.84, +133.01 (+0.57%)
S&P 500: 6,909.79, +31.30 (+0.46%)
NYSE Composite: 22,151.72, +40.41 (+0.18%)

COMEX Price-Suppression Shattered: Silver, $70; Gold $4500; U.S. 3rd Quarter GDP: 4.2%; More Hilarity to Come

It has been a long time coming for precious metals, but the massive 2025 breakout in gold and silver appears to be only the first salvo in the war between fiat currencies and honest money.

As Matthew Piepenburg points out in painstaking detail, despite a middle-of-the-night increase in margin requirements for silver futures on December 12 that would have forced selling, silver buyers instead stepped up, not only buying at the lows, but eventually sending the price higher only days later.

In 1980, a similar and overnight re-pricing of levered contracts took 50% off the silver price due to a massive sell-off in PAPER silver.

By May of 2011, the same tactic successfully crushed the metal when five consecutive margin hikes sent the silver price down in a matter of days from $49 to $33. Thereafter, PAPER silver stayed low for years to come. The COMEX had won.

Since then, similar margin hikes of 10% occurred in February of 2010, followed by an 11% hike in October. In both instances, silver dipped by 1.8% to 3.3% and then rose by 9% and 18% respectively, within 30 days. We saw similar patterns in August of 2020.

The COMEX had lost. Classic shakeouts were followed by major moves to the upside.

On December 12 of this year, unnoticed by most headlines and investors, the same trick failed yet again just as the metal closed at $62.50.

The 10% margin hike this month didn’t shake silver. 67 million ounces of paper silver sold off in minutes, only to be absorbed by purchasers of the physical metal. Less than a week later, silver was at new highs above $66.00.

As of this Tuesday morning (today), silver hit a fresh all-time high of $70.71 and at 9:00 am ET stands at $70.35.

Gold, which is being slammed lower on news that U.S. 3rd quarter GDP was a remarkable +4.2% (more below), was stopped just short of $4,500 per ounce this morning and is presently trading around $4,472. This follows gold's $100+ move on Monday to all-time highs.

Effectively, if the $72.67 price in Shanghai is to be believed (and there's no reason it shouldn't be) there now exists an enormous arbitrage opportunity in silver of somewhere between $2 and $3 a troy ounce. And, while that may sound enticing to carry trade enthusiasts, it's unlikely to last long, if it materializes at all, because the COMEX has lost its ability to set prices on not just silver, but almost all commodities. Trust has been shattered, confidence lost. That function is rapidly moving to Shanghai, Singapore, Dubai, St. Petersburg, and Istanbul.

With U.S. stocks markets already open (sorry, running late here), stock futures were negative following the relase of 3rd quarter DGP (4.2%). The thought of an expanding U.S. economy - as ridiculous as that may be on the surface - goes against the narrative for further rate cuts at the Fed. There would be more rationality in raising rates than lowering them if the economy was expanding.

There isn't time this morning to examine the inner details of the BEA's GDP estimate [PDF], this line stands out:

Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $166.1 billion in the third quarter, compared with an increase of $6.8 billion in the second quarter.

More tomorrow. For now, enjoy your F&G™ Santa Claus Rally.

At the Close, Monday, December 22, 2025:
Dow: 48,362.68, +227.79 (+0.47%)
NASDAQ: 23,428.83, +121.21 (+0.52%)
S&P 500: 6,878.49, +43.99 (+0.64%)
NYSE Composite: 22,111.31, +187.38 (+0.85%)

End of Empire Economics: Tariffs, Piracy, Tech, Power Grid Generation, AI, Refund Checks, GDP, Debt, and Borrowing; Silver Soars to Record High; 3Q GDP Arrives Tuesday

Sick of it all yet?

As the empire of lies sinks slowly into the morass of unchecked criminality, lost economic data, doctored files, and still, NOT A SINGLE PROSECUTION OF ANY ELECTED OFFICIAL IN WASHINGTON D.C., Americans are quietly separating themselves from all association with government, banking, and for some, reality itself.

It has become, especially over the past five years, increasingly difficult for sane people to live ordinary lives in the United States. In some European countries, it's even worse. People are jailed for criticizing government policies, Islam, Ukraine, transgenderism or anything else the modern-day fascists in the UK, France, and especially Germany can deem hate speech or simply disallowed speech.

Next, thought crimes.

Gold and silver continue to send a message that few are capable of deciphering. The money, the almighty dollar, trillions conjured out of thin air, is failing. Grocery shopping alone will verify that fact. In the meantime, the president boasts, congress rots from within, and the institutions that were once revered by the public - Treasury, the Federal Reserve, State Department, and others - are reviled as mere facades, dishonest representations in denial of America's decline.

This week the financial markets gleefully welcomed CPI results from October and November that showed inflation ebbing, even though there was no actual data presented for those two months. Inflation, according to the most on-their-face bogus reports ever from the BLS - which is saying a lot coming from those serially-incorrect number crunchers - fell on an annual basis from 3.0% to 2.7%. While that may be all fine and dandy, real world experience reads differently.

The government and media don't want Americans to read or see or hear about record numbers of small business bankruptcies, rapidly increasing credit card and auto loan delinquencies and defaults, evictions, student loan defaults, and the breakdown of the consumer economy. No, they want your focus to be on tariffs, or Russia, or China, the sworn enemies of the deep state which should be yours as well.

“War is when the government tells us who the enemy is. Revolution is when we figure it out for ourselves.” — Benjamin Franklin

Here are just a few nuggets:

U.S. households collectively carry about $18.6 trillion in total debt, according to the latest data from the Federal Reserve Bank of New York.

About 19.17 percent of the people in Minnesota had credit card accounts that were delinquent in the second quarter. That's nearly one in five.

Ameicans are still awaiting third quarter GDP results, now that the fourth quarter is nearly over. The first look arrives Tuesday, if one is to believe the BEA:

BEA will release two estimates of third-quarter GDP, instead of the usual three estimates over three months:

The advance estimate of third-quarter GDP, originally scheduled during October, was canceled.

Dec. 23: Initial estimate of third-quarter GDP, including the preliminary estimate of corporate profits (replaces the typical advance and second estimates).

Jan. 22: Updated estimate (replaces the typical third estimate).

GDP (Advance Estimate), 4th Quarter and Year 2025 will be rescheduled. These data were originally scheduled for release on Jan. 29, 2026. Sufficient source data will not be available in time for the original release date.

Gross Domestic Product by State and Personal Income by State, 3rd Quarter 2025 will be released on Jan. 23, 2026, at 8:30 a.m. These data were originally scheduled for release on Dec. 22.

If 3rd quarter GDP isn't at least three percent (3.0%), look out below, but there's reason to believe it will come in very close to that figure, because the preferred narrative requires growth, whether there is or isn't any. With the first quarter of 2025 at -0.6, and the second quarter boasting growth of 3.8%, even if Q3 and Q4 come in at 3.0% each, that still only gets full year GDP to 2.3%, which is pretty dull, though it does provide a great jumping off point for 2026 and the president's goal of keeping the House and Senate in the midterms. Barring shutdowns or disruptions, the economic releases for 1Q, 2Q, and the initial estimate for 3Q 2026 will be out prior to the November elections.

Bankruptcies are up across-the-board in the U.S.:

According to data through November from Epiq Bankruptcy Analytics, 2,221 companies had sought temporary protection from creditors or had simply ceased operations under Subchapter V rules. Those measures were created in 2019 to make it easier for small businesses to declare bankruptcy. That 11-month total for 2025 was 8 percent higher than the number of the same filings for all of 2024.

More broadly, bankruptcies filed by U.S. companies of all sizes increased by nearly 6 percent during the 12 months that ended September 30, according to the quarterly report by the Administrative Office of the U.S. Courts. When non-business filings were added, the tally reached 557,376, or 10.6 percent more than the year before — the highest volume since 2020.

The government's tariff revenues in November ticked down for the first time since President Trump began implementing his historic duties, according to new totals from the US Treasury Department.

The agency's monthly statement for November, released on Wednesday, saw a reading of $30.76 billion in customs duties collected, following an October reading of $31.35 billion.

In a recent address, President Trump claimed to be using tariff revenues to send members of the military a check for $1,776, a "warrior dividend", when actually, the money was already appropriated by congress in the form of military housing subsidies. The president just spent more money the government doesn't have.

Not to sound all gloom and doom, prices will come down, because hyperinflation is normally followed by a general economic depression.

In the meantime, the U.S. military is busy rounding up sanctioned oil tankers near Venezuela. On Saturday, a second tanker was seized by the U.S. Coast Guard, while the first one, known as "the Skipper" (and Gilligan, too?) is headed to Galveston, ostensibly, its oil to be offloaded and sent to U.S. refineries. This is great for drivers, who want to see prices at the pump drop even further. Using stolen oil - which, according to the president's very own pretzel logic, was stolen from the United States even though it came from beneath Venezuelan soil - helps Make America Great Again (MAGA).

Theft and high seas piracy have made a big comeback at the end of 2025, a trend which is likely to continue in 2026. One wonders why anybody would have to steal oil, though, being there's a huge glut on world markets. Americans are told that fishing boats are blown to smithereens, but oil tankers are seized, because, besides making a huge mess in the ocean, that oil was going to be used to support "narco-terrorism", whatever that is. Besides, Venezuela's president Maduro is a bad guy, so is Putin, but Xi Jinping, well, he's just "tough."

Treasury Secretary Bessent was out boasting about how Americans would be getting large tax refunds in 2026, thanks to Trump's economic policies. While that certainly should be the case, taxpayers need to be reminded that their refunds are money they unwittingly loaned to the government interest-free, which is a better deal than the Treasury Department gets from the Federal Reserve, foreigners, primary dealers and private sources, which buys government debt at about four percent.

Lately, all the talk has been about AI, data centers, enhanced power generation and grid expansion. Gas generators are filling the void until utilities can ramp up to meet increasing data center needs. Expanding and updating the U.S. electric grid is long overdue. Who knew all it took was big tech to discover they needed more power to get it done. This is an area of positive development.

On the backend of this massive AI/tech/power buildout there remains plenty of doubt about eventual return of capital. Big tech is shelling out hundreds of billions to facilitate their AI dreams, though nobody has yet made any realistic case for revenue even coming close to costs.

With congress in recess until around January 6, there was no resolution on expiring health care subsidies, which were supposedly the whole point of shutting down the government from the first of October to mid-November. If healthcare still isn't resolved to Democrat party satisfaction, why is there no screaming and yelling in congress? That seems to make the point all by itself. The government shutdown was planned by both parties specifically to hide horrific economic conditions from the American public, and they've succeeded, with another shutdown possible at the end of January, when the money they approved in November runs out. They'll need another continuing resolution to avoid a shutdown and another round of lost or misplaced economic data, which seems to be the whole point.

At the end of the day, the government still cannot control spending. The federal deficit will come in close to $2 trillion this year, despite claims that tariff revenue will cut into that gaping hole. Revenue from tariffs will amount to roughly $300-400 billion, a drop in the bucket of the $7 trillion in government spending. Further, if individual income taxes are down, all the tariffs accomplish is moving money from one source to another. The government gets tariffs, the people pay more for goods and services, but get a tax break. At best, it's a wash.

With U.S. government debt growing at a rate of about $3 million a minute ($180 million an hour, $4.3 billion a day), the federal debt should reach $40 trillion right around the 2026 midterm elections. Will any of the candidates for Senate or House seats make it an issue? Unlikely, since they're all partly to blame for it, passing spending resolutions uncovered by revenue, continuing to borrow like spendthrift sailors on shore leave.

Eventually, all that debt is supposed to be paid back, but it never will be. At some point, people notice, other countries notice, and the U.S. can't just go on bullying and borrowing. In the distance, a piper is playing and when he arrives, he will want to be paid.

Stocks

Stocks had a ho-hum week thanks to completely bogus numbers from the BLS, which cited inflation (CPI) falling from 3.0% to 2.7% on an annualized basis. The bean conters who failed to provide data for October and November somehow managed to conjure up a number that would be palatable to the government and Wall Street, which lapped it up like kittens on buttermilk. Stocks were down significantly through Wednesday, but perked right up on giddy anti-infaltion talk.

Still, gains for the week were negligible on the NASDAQ and S&P with the Composite and Dow lower. Thus far in December stocks haven't had much to cheer about, with the Dow the only major to the upside, about 418 points, the NASDAQ down 60 and the S&P off 22. There are seven trading days left in the year. For all you Grinches and Scrooges, Christmas is Thursday and the market is closed. Stocks will trade only until 1:00 pm ET on Wednesday, December 24 (Christmas Eve).

The Dow Jones Transportation Average continued to flirt with its all-time high (17,754.38, November 25, 2024), closing at 17620.19 on December 11 and since has pulled back, closing at 17557.96 on Friday. This keeps the three or four extant Dow Theorists remaining in the camp that believes the rally on the Industrials is simply fairy dust and not indicative of a primary trend, which remains bearish since the Transports have not confirmed the change in primary trend. The transports are notably well above their 50-day moving average while the others are nestled just above theirs.

While they may be technically right, they've managed to miss out on about 4,000 points on the industrials since the end of November, 2024, which was when the Transports peaked and retreated. Should the Trannies tack on another 200 or so points and hold them, there might be reason to believe that stocks will be off to the races in 2026. The highly anticipated "Santa Rally" which usually occurs the last two weeks of the year may be highly dependent on how well the BEA can fake 3rd quarter GDP on Tuesday.

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
11/14/2025	4.04	4.02	4.01	3.95	3.88	3.80	3.70
11/21/2025	4.03	4.01	4.00	3.90	3.84	3.75	3.62
11/28/2025	4.05	3.97	3.99	3.88	3.86	3.74	3.61
12/05/2025	3.82	3.78	3.77	3.71	3.73	3.68	3.61
12/12/2025	3.76	3.75	3.75	3.63	3.64	3.58	3.54
12/19/2025	3.71	3.71	3.72	3.62	3.64	3.60	3.51

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
11/14/2025	3.62	3.61	3.74	3.92	4.14	4.73	4.74
11/21/2025	3.51	3.50	3.62	3.82	4.06	4.67	4.71
11/28/2025	3.47	3.49	3.59	3.78	4.02	4.62	4.67
12/05/2025	3.56	3.59	3.72	3.90	4.14	4.75	4.79
12/12/2025	3.52	3.58	3.75	3.95	4.19	4.82	4.85
12/19/2025	3.48	3.53	3.70	3.91	4.16	4.77	4.82

Yields were static for the week, with the only discernible movement in notes, lower by three to five basis points on the week between 2-year and 10-year maturities.

With no commitment by the Fed to do anything in January in terms of cutting rates, the entire yield curve still suffers from inversion, as 1-month and 5-year yields are essentially the same. Spreads widened slightly, with full spectrum at +111 and 2s-10s at +68, both long-term highs, making loan origination more art than science and completely selective, requiring diligence and high credit-worthiness.

Spreads:

2s-10s
2025
1/3: +32
1/10: +37
1/17: +34
1/24: +36
1/31: +36
2/7: +20
2/14: +21
2/21: +23
2/28: +25
3/7: +33
3/14: +29
3/21: +31
3/28: +38
4/4: +33
4/11: +52
4/17: +53
4/25: +55
5/2: +50
5/9: +49
5/16: +45
5/23: +51
5/30: +52
6/6: +48
6/13: +45
6/20: +48
6/27: +56
7/3: +47
7/11: +53
7/18: +56
7/25: +49
8/1: +54
8/8: +51
8/15: +58
8/22: +58
8/29: +64
9/5: +59
9/12: +50
9/19: +57
9/26: +57
10/3: +45
10/10: +53
10/17: +56
10/24: +54
10/31: +51
11/7: +56
11/14: +52
11/21: +55
11/28: +55
12/5: +58
12/12: +67
12/19: +68

Full Spectrum (30-days - 30-years)
2025
1/3: +38
1/10: +54
1/17: +41
1/24: +40
1/31: +36
2/7: +32
2/14: +32
2/21: +31
2/28: +13
3/7: +24
3/14: +25
3/21: +23
3/28: +26
4/4: +5
4/11: +38
4/17: +44
4/25: +40
5/2: +41
5/9: +46
5/16: +52
5/23: +68
5/30: +59
6/6: +69
6/13: +67
6/20: +69
6/27: +66
7/3: +51
7/11: +59
7/18: +65
7/25: +55
8/1: +32
8/8: +37
8/15: +44
8/22: +41
8/29: +51
9/5: +49
9/12: +40
9/19: +54
9/26: +55
10/3: +47
10/10: +43
10/17: +42
10/24: +48
10/31: +61
11/7: +69
11/14: +70
11/21: +68
11/28: +62
12/5: +97
12/12: +109
12/19: +111

Oil/Gas

WTI crude closed out the week at $56.54, down almost a buck from last week's $57.53, but not before cratering to $54.97 on Tuesday. Oil continues to resist buying in on the economic expansion narrative. There's oversupply everywhere, indicative of slowing economies.

The U.S. national average for gas at the pump fell to $2.82, the lowest price in roughly five years and another seven cents lower than the prior week, according to Gasbuddy.com. Given the current climate, gas prices should continue to decline over the near term.

California remains the highest in the lower 48 states, at $4.27 per gallon, down 8 cents on the week and 39 cents over the past five weeks, followed by Washington ($3.92), leaving the Golden State alone in the $4+ club for the first time in two years. Oregon ($3.48), was down 10 cents. The lowest prices remain in the Southeast, with Oklahoma holding steady at $2.24, up just one cent from last week's multi-year low. Arkansas ($2.35) and Colorado ($2.37) were nearby. Louisiana ($2.40), Mississippi ($2.42) and Texas ($2.43) follow, each marginally lower. The remaining Southeast states are all below $2.71 with the exception of Florida ($2.86).

In the Northeast, prices remain slightly elevated, though joining a general decline. Only Pennsylvania ($3.10), Vermont ($3.07) and New York ($3.05) are above $3.00.

In the midwest region, where the price relief has been significant, Illinois ($2.90) finally dropped below $3.00. At the low end were Colorado ($2.37), Iowa ($2.44), and Wyoming ($2.45).

Sub-$3.00 gas was reported in fully 40 states, a gain of four from last week and up 14 over the past two weeks. Not including Alaska and Hawaii, there are just eight states with gas prices above $3.00 and just one, California, over $4.00.

Bitcoin

This week: $88,044.85
Last week: $89,338.22
2 weeks ago: $90,860.37
6 months ago: $102,394.40
One year ago: $96,193.61
Five years ago: $26,449.16

Bitcoin remains in a range below $90,000. Every time it appears to be on the move to the upside, it pulls back. That's probably because of its cyclical nature and declining utility as a liquidity provider, heading to $30,000 or lower.

Precious Metals

Gold:Silver Ratio: 64.54; last week: 69.30

Futures, per COMEX continuous contracts:

Gold price 11/21: $4,099.20
Gold price 11/28: $4,256.40
Gold price 12/5: $4,227.70
Gold price 12/12: $4,329.80
Gold price 12/19: $4,368.70

Silver price 11/21: $50.33
Silver price 11/28: $57.08
Silver price 12/5: $58.80
Silver price 12/12: $62.08
Silver price 12/19: $67.39

SPOT:
(stockcharts.com)
Gold 11/21: $4,063.98
Gold 11/28: $4,216.71
Gold 12/5: $4,196.63
Gold 12/12: $4,297.29
Gold 12/19: $4,337.83

Silver 11/21: $49.97
Silver 11/28: $56.37
Silver 12/5: $58.28
Silver 12/12: $62.01
Silver 12/19: $67.21

If you thought last week was good for silver, this week was simply awesome, with the spot price rising from $62.01 to $67.21, Friday close to Friday close. Gold has gained the past three weeks and appears ready to strike out above $4,355, the all-time high. Consolidation appears to be complete. If gold gains over the next two weeks, silver is likely to close out the year at $70 or higher, a price target the brokerages have labeled for 2026. They're completely anti-gold and anti-silver as policy, so many of their analysts are likely to be biting their lips, having missed out on mammoth profits.

The gold:silver ratio continues to descend. When it hits 50, fiat money will begin to disintegrate more rapidly. By the time it gets back to historic levels of 20: or 15:1 or 10:1, fiat currencies will be absolutely worthless, sending the world into an economic depression. Give it a few more years, or months, or maybe weeks. None other than Mike Maloney recently opined that he expects the gold:silver ratio to fall to a low of 20:1, or even 10:1, which would accelerate silver's price seven-fold over gold's advances.

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:	65.00	79.99	72.99	72.00
1 oz silver bar:	67.99	81.75	74.75	75.00
1 oz gold coin:	4,479.50	4,659.50	4,548.73	4,532.99
1 oz gold bar:	4,350.00	4,599.50	4,526.63	4,530.01

The Single Ounce Silver Market Price Benchmark (SOSMPB) delivered, for the fourth straight week, what can only be described as a monumental gain, the first time marking over $70, to $73.69, up an incredible $5.54 from the December 14 price of $68.15 per troy ounce. The small-denomination, physical market continues to add high premia over spot and derivative market pricing, making a mockery of the COMEX price-rigging.

WEEKEND WRAP

For anybody not paying attention, silver, while not quite currency, might as well be, as it is at price levels to be regarded as money and not simply an industrial metal. One-ounce silver coins like Eagles, Maples, Kookaburras, Libertads, and Pandas will just about cover a week's groceries today. Two years ago, those same coins were selling for $25 at dealers worldwide. Today, an ounce of silver gets you more than 20 gallons of gas, which is amazing and alarming at the same time, because back in 1963, five silver quarters would only buy about five gallons, and gas was supposedly cheap then.

So, is silver in a bubble or is the entire economy upside-down? We’ll take the latter on that one.

The floating fiat currency era is coming to an end. The price suppressors no longer work as the world has discovered the scam after more than 50 years.

It's about time.

Merry Christmas, stackers.

At the Close, Friday, December 19, 2025:
Dow: 48,134.89, +183.04 (+0.38%)
NASDAQ: 23,307.62, +301.26 (+1.31%)
S&P 500: 6,834.50, +59.74 (+0.88%)
NYSE Composite: 21,923.93, +116.06 (+0.53%)

For the Week:
Dow: -323.16 (-0.67%)
NASDAQ: +112.45 (+0.48%)
S&P 500: +7.09 (+0.10%)
NYSE Composite: -80.42 (-0.37%)
Dow Transports: +53.39 (+0.31%)

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.