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Without a doubt, the Chinese central bank (PBoC) is still the leading single entity that is driving up the gold price to record highs, year-to-date by more than 55 percent. In the third quarter of 2025, the PBoC’s gold purchases (reported and unreported) accounted for 118 tonnes, up 39% MoM and 55% YoY, according to my long-time methodology1 (now copied by Goldman Sachs, Bloomberg, MarketWatch, The Washington Post, TIME magazine, Financial Times, Financiele Dagblad, and El País, to name a few). Chart 1. Reported central bank gold buying versus estimates by the World Gold Council on central bank gold buying...

How did more than $3 million in Civil War era gold coins end up in a farm field, somewhere in Kentucky? Everyone from the Washington Post to USA Today to major TV news networks covered this story last summer when it first broke, but in this segment you'll hear for the first time from the Lexington coin dealer who brokered the sale of the coins when he was first approached by the farmer who literally stumbled upon them. You'll also hear from a UK professor about why she thinks the coins were buried in the first place, and from some...

WASHINGTON — The Trump administration has finally released its hotly-anticipated “gold card” allowing deep-pocketed foreigners to purchase US visas. Trump told reporters at the White House that it would function “somewhat like a green card” letting foreigners become instantly eligible for permanent residency status to work in America. Individuals have to pay $1 million to US Treasury coffers, while companies will have to fork over $2 million to keep employees. The Department of Homeland Security will conduct a background check on all applicants to make sure they are qualified. After five years, any gold card-carrying permanent resident can apply for...

A lost 16th-century ship buried deep in a Namibian desert has stunned archaeologists with a treasure haul that rewrites the story of early global trade. In Namibia’s remote Sperrgebiet—a name that translates from German as “forbidden zone”—miners looking for diamonds stumbled upon something far more valuable: the buried wreck of a 16th-century Portuguese carrack, laden with gold, ivory, and copper. Preserved beneath the hyper-arid sands of the Namib Desert, the ship, identified as the Bom Jesus, disappeared in 1533 while en route to India. Discovered in 2008 within a high-security mining concession near Oranjemund, the site quickly drew attention from...

JP Morgan moved its entire Gold trading desk from New York to Singapore LAST THURSDAY!!! What is going on???

New York futures out of action probably doesn’t help. But silver hits new highs in volatile conditions. In this report, we look at the factors driving gold and silver higher still. During Thanksgiving week (US markets closed on Thursday) the bullish running has been made in Asia. In European trade this morning, gold was $4,173, up $90 from last Friday’s close. Silver at $53.85, up $3.87 on the same time scale was making the running. Overnight in Shanghai, spot silver spiked as high as $55.13 surpassing previous highs, and the February future closed at $56. The situation is complicated by...

Kitco News) - Central bank gold purchases and investment demand have been two key factors driving gold prices to record highs this year, but one investment firm is looking at another segment of the gold market that is starting to attract significant attention. For years, many analysts have expected tokenized gold to be the next evolution in the precious metals space, and it appears its time has come, as Tether Limited, the leader in cryptocurrency stablecoins, has become a major player in the sector. Fahad Tariq and Andrew Moss, equity analysts at Jefferies, recently published a report on Tether’s growing...

Trading gradually resumed after coming to a standstill on the Chicago Mercantile Exchange on Friday, as a cooling issue at one of its data centers impacted traders across the globe.

Governments assume they can print as much currency as they like and it will be accepted by force. However, the history of fiat currencies is always the same: first governments exceed their credit limits, then ignore all the warning signs and finally see the currency collapse. Today, we are living the decline of developed economies’ fiat currencies in real time. The global reserve system is slowly but decisively diversifying away from a pure fiat currency anchor towards a mixed regime where gold plays the dominant role, not fiat currencies. IMF COFER data show that, while the US dollar still dominates,...

Russia’s Central Bank has for the first time begun selling physical gold from its reserves as part of Finance Ministry operations to fund the state budget, the Bank said on Wednesday. The move mirrors previous transactions involving gold from the National Wealth Fund (NWF), which until now were largely virtual. In those operations, the government sold gold to the Central Bank, keeping bullion in the country’s reserves. Russia’s gold holdings exceed 2,300 tons, the fifth-largest reserves in the world. “With domestic gold market liquidity having increased in recent years, the Bank of Russia now conducts equivalent operations on the domestic...

“[T]he Chinese have now taken delivery of a bunch of physical New York gold in response to that arb.” Housekeeping: The following is informed conjecture into the Gold markets based on history, experience, and sources with access to certain pieces of information. None of this is guaranteed. But we’ve done these type analyses before and have been proven correct over time more than once. Prior examples in footnote.1 This is a behavioral framework based on market structure analysis and experience for the reader to make their own inferences.. It is how things have been done ( by us and others)...

A Credible Audit of U.S. Bullion Holdings Remains Elusive When it comes to U.S. gold reserves, secrecy prevails over transparency. Attempts to authorize a comprehensive, independent audit of the nation’s gold reserves have proven elusive and futile for decades. The last two prominent audits, conducted 72 and 51 years ago, respectively, were far from thorough or free of government influence. The 1953 gold audit was commissioned by Treasury Secretary George M. Humphrey shortly after President Dwight D. Eisenhower took office. While often cited as an independent undertaking supervised by representatives of the presumably nonpartisan General Accounting Office (GAO), the audit’s...

S.3218 - A bill to provide for the first credible audit of gold owned by the United States in decades, to upgrade the purity of gold to meet global market standards, and to conduct subsequent audits every 5 years. Summary: S.3218 — 119th Congress (2025-2026)

The Plan to Link the Dollar to Gold Again on July 4th, 2026 | Interview with Judy Shelton

China has hit the jackpot, once again, after discovering one of the largest deposits of gold ever recorded in the country’s history. Off the back of surging gold prices, the discovery could be worth upwards of $192 billion. China’s Ministry of Natural Resources reported that the Dadonggou deposit in the northeastern province of Liaoning contains about 2.586 million tonnes of gold ore, according to Chinese state media. With an average grade of 0.56 grams per tonne, this totals around 1,444 tonnes of gold. Some media reports have claimed the load could be worth over $192 billion at current prices. To...

According to a Live Science report, a 2,200-year-old gold coin was discovered by a metal detectorist in eastern Germany. Known as "rainbow cups" for their curved shape and the folklore that treasure can be found where a rainbow touches the ground, such coins were minted by the Celts, who did not inhabit this region. Only two other Celtic coins have been found in the German state of Saxony, and are thought to have been obtained through trade between the Celts and Germanic-speaking people. Saxony state archaeologist Regina Smolnik said that this rainbow cup is in excellent condition, and was therefore...

(Kitco News) – Italy is considering a one-off levy for households to declare gold that is being held off the books – a move that could raise over 2 billion euros, or $2.3 billion, according to an amendment to the 2026 budget seen by Reuters. The proposal would allow individuals to pay a one-time tax of 12.5% to certify the market value of their bullion, gold jewelry, and collectible coins for which purchase records are missing – the same rate levied on government bonds. Under the proposal, the certification must be done by June 2026. Under current rules, the lack...

Daiji World reports that workers restoring a Shiva temple near the Javvadu Hills in India’s southern state of Tamil Nadu discovered 103 gold coins dated to the Chola period, which spanned the ninth through the thirteenth centuries A.D. The coins had been neatly stacked in a pot and buried beneath the temple floor. The temple is thought to have been built during the reign of King Rajaraja Cholan III, between 1216 and 1246. Temple wealth flourished during the late Chola period, when gold-based trade networks were active across South India, according to researchers from the Hindu Religious and Charitable Endowments...

Gold has entered its third major breakout in the past half-century, and investors are divided on what’s really driving it. The last two run-ups in the 1970s and early 2010s ended badly for late buyers. Yet this year’s explosive move has sparked a wave of optimism rooted in one assumption: this time is different.That phrase has a dangerous history. Carmen Reinhart and Kenneth Rogoff used it as the title of their book on recurring financial disasters, a reminder that bubbles often disguise themselves as “new eras.”Gold, traditionally viewed as the antidote to reckless governments and unstable currencies, has doubled over...

Quote of the week: “Inflation is when you pay fifteen dollars for the ten-dollar haircut you used to get for five dollars when you had hair. “ - Sam EwingThe ‘debasement trade’ has been gathering momentum all year, but it's really gathered momentum in the financial media lately. And then just to keep everyone on their toes, the gold price took a tumble on Tuesday. So what is the debasement trade? Is it real, and should you be following it?In this piece, we’ll unpack what debasement really means, why it’s driving markets today, and how to think about real assets,...