Key Takeaways Seigniorage is the government’s profit from issuing currency — effectively an inflation tax on every dollar you hold. A $100 bill costs only a few cents to produce; the government captures the difference as seigniorage. Under the classical gold standard (roughly 1880–1914), inflation was minimal. After 1971, when the dollar was no longer … Read more

Key Takeaways The gold-silver ratio closed Friday at 69.3:1 — its highest weekly close since the Iran conflict peak weeks. This was driven by aggressive Fed repricing after the June 17 FOMC, which pushed September rate-hike odds from roughly 29% to about 68% in a single week. Thursday’s PCE data (headline 0.4% MoM, core 0.3% … Read more

Strong GDP growth typically pushes gold prices lower because it increases the likelihood of interest-rate hikes from the Federal Reserve. Higher interest rates raise the opportunity cost of holding non-yielding assets such as gold. On June 25, 2026, three economic releases underscored that dynamic: the advance Q1 GDP estimate was revised to 2.1%, initial jobless … Read more

Key Takeaways Allocated physical gold has carried a 0% risk weight in bank capital rules since 1988, the same treatment as cash and top-rated government bonds. [LBMA, May 2025] Despite that capital treatment, gold is excluded from the High-Quality Liquid Asset (HQLA) list and cannot count toward the 30-day liquidity buffers required under Basel III. … Read more

Key Takeaways May PCE showed 4.1% headline inflation and 3.4% core inflation, matching consensus — a result that allowed gold to recover above $4,000 after a midweek low of $3,964. Gold’s rebound on a relatively hot inflation print illustrates the “priced in” dynamic: when markets already reflect the risk of rate hikes, an expected data … Read more

KEY TAKEAWAYS The gold-silver ratio reached about 67:1 on June 24, 2026 — the widest level since the peak weeks of the Iran conflict. Gold is down roughly 1.7% and silver down about 5.4%; the divergence reflects rate-hike concerns outweighing the Iran peace dividend for metals. Nine of 18 FOMC officials project at least one … Read more

Key Takeaways Gold: $4,117.66 / oz — down $73.53 (−1.75%) as of ~8:30am ET, June 23, 2026 (live price) Silver: $61.91 / oz — down $3.18 (−4.88%) same time Why the gap: Silver is driven by two demand engines; today only one is being pressured. The catalyst: Bank of America projected 75 basis points of … Read more

Key Takeaways Gold’s demand rests on four pillars — ETF investors, Chinese physical buyers, Indian bar-and-coin consumers, and central banks. It is uncommon for three of these to pull back at once; that is what we are seeing now. Central banks bought a net 244 tonnes in Q1 2026, above the five-year average and at … Read more

Key Takeaways Vault insurance should be underwritten by Lloyd’s of London syndicates. Coverage must be per-occurrence, not aggregate, so one client’s claim does not reduce availability for another’s. UL Class 3 under UL Standard 608 is the highest physical security rating and requires two hours of sustained attack resistance with industrial tools. London underwriters should … Read more

Gold fell below $4,000 per ounce today for the first time since November, prompting many headlines declaring the end of the so‑called “debasement trade.” The argument driving those headlines is straightforward: the Federal Reserve signaled more tightening, real yields turned positive, the dollar strengthened, and bullion has dropped roughly 28% from its January high. That … Read more