July 25, 2026
In this episode of the Money Metals Midweek Memo, host Mike Maharrey argues that investors should look beyond daily headlines and recognize the long-term patterns reshaping financial markets. Drawing parallels between hockey goalies who rely on pattern recognition...
July 24, 2026
Gold has proven unusually volatile since early June, violently buffeted by outsized chop with a heavy downside bias. That has fueled considerable technical damage and greatly ramped bearish sentiment. Gold’s periodic big down days sure looked futures-driven due to...
Precious metals surged to start the week but rolled over as Middle East tensions intensified. The rally in crude oil prices back towards $92.00 is adding upward pressure to both the U.S. dollar and the 10-year Treasury yield.
The American empire was crumbling slowly and then all at once. Its population has gotten older over the last two decades as boomers retire, their economy is sinking and labor market flat with 105 million Americans not working. Now the Iran war has shattered the...
This week, we are finally getting some movement in the PM complex. It’s still too early to know for sure if the bounce this week is the real deal or another short-covering rally, but on the minute charts, there is some bullish price action taking place, which shows...
Markets continue to follow the roadmap we've been discussing over the past few sessions. While buyers managed to spark short-term rebounds across several instruments, most of those moves stalled exactly where they were expected to - at major resistance levels. Until...
If markets dropped 35% tomorrow, would you know exactly what to do? Most people wouldn't — but this rotation strategy has helped others dramatically limit those kinds of losses. See how it works while you still have time to act...
July 23, 2026
Many central banks are stacking gold. However, there is a notable seller – Russia. This underscores the fact that governments hold gold for a reason.
Never in my 30+ years in the markets have I seen a monetary, precious metal and risk-asset setup more obvious yet more deliberately ignored than today.
Over the past twelve months, the Fed and other regulators have published multiple pieces highlighting major risks to the banking system - often in sharp contrast to what bank CEOs and large-banks analysts are saying.
Several of China's major banks are set to end retail leveraged "paper" gold and silver trading services on July 24, with some analysts saying this will finally be the big bang in the gold market. Is that likely to happen?
You can add Tanzania to the list of countries expanding their gold reserves. According to a statement by Bank of Tanzania Governor Emmanuel Tutuba, the country has increased its gold holdings by 28 tonnes over the last 18 months. The newly acquired gold is valued at...
July 22, 2026
When the price of gold peaked at $5,500 in January, it was technically overbought. Now the dynamics have flipped, with gold “massively” oversold.
July 21, 2026
Markets started the week with buyers showing more confidence across several asset classes. While a few important technical barriers are now being tested, most of the bigger moves still depend on confirmed daily closes above or below key levels. Until those...
Amateur gold investors in the West are terrified of higher rates because they erroneously treat the Fed as if it is the bond market. In the big picture, the Fed is about as useful to the average US citizen as a soup kitchen is to the richest residents of Monaco.
Gold equities remain inexpensive relative to bullion, with companies now holding strong net cash positions, generating robust free cash flow, and likely to increase capital returns, according to Scotiabank.
Gold and silver spent another week under pressure, extending the pullback that has frustrated many precious metals investors over the past several weeks. Gold finished the week just above $4,010 an ounce, while silver fell more sharply to around $56, continuing its...
There is evidence that underlying bond market dynamics have shifted toward a long-term bearish setup that will mean higher long-term interest rates despite central bank mechanizations. This has ramifications for an economy that is addicted to cheap, easy money and may...
July 20, 2026
This was the weekend the war was supposed to matter. Three American service members were killed. The United States ran its ninth night of strikes on Iran and began reaching beyond military targets. Iran launched a fresh wave of missiles, hit a major oil facility in...
Last week delivered several important technical tests, but very few decisive answers. Across most markets, buyers and sellers are still fighting around the same key support and resistance zones we've been highlighting in recent reports. While a few assets confirmed...
Gold stocks have had a tough summer, pounded lower by their metal’s periodic sharp selloffs. Mired in its low-interest low-volume summer doldrums, gold has suffered big hits on flaring Fed-rate-hike fears and Trump’s war re-escalating. Resulting persistent weakness...
As the economist Milton Friedman famously summarized, “Inflation is always and everywhere a monetary phenomenon.” It is an artificial expansion of the intermediary medium, causing the nominal price of real commodities to skyrocket.
Here are today's videos and charts.
Aside from the next month or two, there's absolutely nothing to worry about. Beyond that, I have no worry about gold and silver. They're in a secular bull market and they're going to move much, much higher over the next couple of years, 5 years, and 7 to 10 years as...
Artisanal and small-scale mining (ASM) is becoming an increasingly important source of global gold supply. Artisanal mines are small-scale operations generally run by individuals, families, or small groups using simple tools and minimal mechanization.
July 19, 2026
Since the Dow Jones entered scoring position in November 2023, it has generated ninety-five new all-time highs, or daily closes on the 0.00% line in its BEV chart below. The last on Monday, July 6th. All those new all-time highs have pushed the Dow Jones up from 37,...
Given the last two weeks our having become more stridently Gold bullish in seeking a near-term number of 4404. Rather, Gold continues hoping to cope with its ongoing negative downslope. Priced at 4129 per our prior penning, this past week the yellow metal got floored...
It has been another challenging week for precious metals investors, with both gold and silver coming under heavy selling pressure as markets focused less on geopolitical turmoil and more on what that turmoil could mean for inflation and Federal Reserve policy.
July 18, 2026
Gold sector cycle is down. Trend is up for USD and down for gold & gold stocks. Stay out for now.
The recent price action in precious metals has been surprising, considering the weaker dollar and the massive downside surprise in June CPI. In my view, those developments alone should have propelled gold easily above $4,100. So, what drives the current weakness? My...
July 17, 2026
Tariff refunds and a jump in spending driven by higher interest expense drove yet another big budget deficit in June. Last month, the Trump administration spent $120.3 billion more than it took in. That was a 545 percent increase over the June 2025 deficit (a $27...