Gold, Silver and a Growing Revolt Against Unsound Money

Gold and silver finished out another volatile week with both metals moving higher Friday, as investors digest softer inflation numbers, a weakening U.S. dollar, and growing evidence that the Federal Reserve may be able to stay on the sidelines.

The big driver this week has been inflation.

July's Consumer Price Index rose just 0.1 percent for the month, while the Producer Price Index came in flat. Those relatively benign numbers helped ease fears that inflation was about to force the Fed into another round of tightening.

That sent gold surging to a two-month high above $4,400 an ounce earlier this week before profit-taking knocked prices back on Thursday. Gold dropped more than one percent during that session, but buyers quickly returned on Friday as the dollar weakened.

The market has now substantially reduced the odds of a September Fed rate hike. Reuters reports that those odds have fallen to roughly 31 percent, versus 55 percent just a week ago. That's a meaningful shift in expectations, and it's generally supportive for precious metals.

Silver, meanwhile, continues to be the more explosive of the two metals.

After briefly pushing above $67 an ounce following the CPI report, silver pulled back toward $64 before rebounding here on Friday. Even after that volatility, silver remains up roughly 13 percent over the past month and more than 70 percent from a year ago.

But perhaps the most interesting development isn't the daily price action at all.

Central banks continue accumulating gold as they diversify reserves away from traditional government debt and the dollar. Reuters noted this week that central-bank buying remains an important force behind the renewed gold rally.

And there is an interesting contradiction developing in the bond market. Inflation is cooling in the short run, but investors remain nervous about enormous government deficits and the long-term purchasing power of government debt. A Treasury auction this week produced the highest 30-year yield in 25 years.

That combination may ultimately be the bigger story for gold.

Markets can debate whether the Fed hikes, cuts, or stands pat at its next meeting. But Washington's debt continues growing regardless.

And that fundamental case for owning sound money hasn't changed.

As for the specifics of the weekly price action, gold is up back up above $4,400 – at least as of this moment. The yellow metal currently checks in at $4,402, good for a weekly gain of around $50 or 1.1%.

Silver is following up last week’s explosive double-digit percent gain with another 2.1% advance here this week. The white metal is up nearly $1.50 and checks in at $65.64 an ounce.

Platinum is little changed this week and comes in at $1,754, but its sister metal palladium is taking it on the chin a bit. The industrial metal is off $60 or 4.3% since last Friday’s close.

Well, before we move to this week's special interview, I want to highlight some important progress on the public-policy front – because Money Metals doesn't just buy, sell, store, and lend against precious metals – we’re also working to promote legislation that benefits gold and silver investors, and our nation as a whole.

This week, Money Metals and our partners at the Sound Money Defense League named three state lawmakers as the 2026 Sound Money Legislators of the Year: Maryland Delegate Wayne Hartman, Maryland Senator J.B. Jennings, and Alaska Representative Kevin McCabe.

These aren't merely symbolic awards. They recognize legislators who delivered tangible victories for precious metals owners.

In Maryland, Hartman and Jennings led the successful effort to restore the state's sales-tax exemption on precious metals after lawmakers effectively eliminated it in 2025. The consequences of that tax were dramatic. Maryland coin and bullion dealers testified that some lost more than 70 percent of their business almost overnight, as customers simply took their purchases elsewhere.

The Sound Money Defense League worked directly with legislators on the bill language, supplied research and talking points, mobilized thousands of Maryland citizens, and even testified in Annapolis. The result was a reversal of a damaging policy and a significant victory for Maryland investors and businesses.

Meanwhile, in Alaska, Representative Kevin McCabe spent years working with the Sound Money Defense League to enact House Bill 1. The new law prevents local governments from imposing sales taxes on gold and silver coins, bars, and rounds – and it reaffirms gold and silver's status as constitutional money.

And this is part of a much bigger effort.

Money Metals has been working for years to advance pro-sound-money legislation state by state – eliminating discriminatory taxes on precious metals, recognizing gold and silver as money, promoting the creation of state gold reserves, and removing legal barriers to owning and using precious metals.

Today, 45 states have fully or partially eliminated sales taxes on purchases of precious metals. Just five states still impose sales taxes on all such purchases: Washington, Hawaii, New Mexico, Maine, and Vermont. Those states are increasingly becoming the exceptions rather than the rule.

So, while we spend plenty of time discussing the gold and silver markets, we're equally proud of the work happening behind the scenes.

Sound money isn't just an investment idea. It's a policy agenda – and Money Metals intends to keep leading the fight to advance it.

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