Fed holds steady: Gold and silver shine brighter than ever
Posted on — Leave a commentFederal Reserve Holds Interest Rates Steady
As expected, the Federal Reserve held interest rates steady at Wednesday’s meeting, as the dynamic rush into the safety of precious metals continues this week. Fed policymakers are grappling with above-target inflation and a weakening labor market, and decided to shift into a holding pattern on monetary policy after three interest rate cuts in 2025. The official Fed Funds rate remains at 3.50-3.75%.
Historic Run In Precious Metals Picks Up Speed
Gold raced to a new record high above $5,300 on Wednesday as the U.S. dollar – the world’s premier reserve currency – plunged to a four-year low. Silver set a new record above $115 this week.
Precious metals are in the midst of a spectacular uptrend, driven by political and military risks, macroeconomic uncertainty, a move away from U.S. assets, including the dollar and treasuries, and by investors hedging against stock market risk. These are long-term structural portfolio shifts that are driving metals higher.
Investor Flight From Treasuries Into Bullion
In today’s super-charged geopolitical environment, with Venezuela in the headlines one day, then Greenland, then Iran, gold has become the insurance policy that everyone wants to have. As the U.S. government drowns in debt, a structural shift in investment demand began last year. The U.S. dollar is weakening as some major investors begin to question the safety and reliability of assets like Treasuries and are switching to bullion, with strong precious metals demand coming from sovereign wealth funds and institutional investors.
What’s Next For Precious Metals
Gold is seen running further after topping $5,300 for the first time in history this week. Most analysts expect the record-setting run in gold to continue toward $6,000 this year, fueled by growing global tensions, relentless central bank demand, and strong demand from institutional and retail investors.
A meaningful end to the precious metal’s uptrend would require a dramatic shift to a more stable global geopolitical and economic environment, which isn’t in the forecast any time soon. So, what lies ahead?
The London Bullion Market Association’s annual precious metals forecast survey shows analysts projecting gold rising as high as $7,150 and averaging $4,742 in 2026.
Goldman Sachs raised its December 2026 gold price forecast to $5,400 from $4,900.
Bank of America says gold could reach $6,000 by mid-2026.
Looking at silver, Bank of America notes that current gold-silver ratio readings suggest silver can still outperform gold, with a first target at $135 an ounce.
Now Is Not the Time to Stand on the Sidelines
Current market conditions present a strategically sound opportunity to enhance your allocation to gold and silver. In a fast-evolving global landscape, precious metals remain one of the few assets with the proven ability to preserve and protect capital across generations. If you’ve been standing on the sidelines, now is the time to act. The world is changing fast. Call Blanchard today to discuss the options that are best for your unique financial situation and goals. We stand ready to assist.
The Norfolk Half Dollar and the Power of Civic Memory
Posted on — Leave a commentIn the early decades of the United States, coinage was more than a medium of exchange. It was a statement of identity. Long after independence had
been secured, Americans continued to use coinage to define who they were, where they came from, and what they chose to remember. The 1936 Norfolk Bicentennial Half Dollar stands as one of the clearest examples of this tradition, using silver not simply to mark value, but to preserve the legacy of one of America’s oldest port cities.
Struck during the height of the classic commemorative era, the Norfolk Half Dollar reflects a mature nation looking backward. It commemorates a city whose roots predate the United States itself, and it does so with symbolism that reaches deep into the colonial period. This is not a coin about expansion or conquest. It is a coin about continuity.
A City Older Than the Nation
Norfolk, Virginia traces its origins to the early 17th century, long before independence was imagined. Officially designated a borough in 1736, the city grew as a center of maritime trade, shipbuilding, and transatlantic commerce. Its location along the Chesapeake Bay made it a vital link between the American colonies and the wider world.
By the 1930s, Norfolk had become a modern American city, but its leaders sought to commemorate the deep historical roots that shaped its identity. The bicentennial of its borough charter provided the opportunity. Congress authorized a commemorative half dollar to mark the occasion, formally linking local history with federal coinage.
Commemorative Coinage Comes of Age
The Norfolk Half Dollar was authorized at a time when commemorative coins had become a popular means of funding celebrations and memorializing regional milestones. Unlike the experimental coinage of the 1790s, these issues were struck by an established Mint using standardized processes. Yet they retained a sense of purpose beyond commerce.
Although the coin bears the date 1936, it was struck in 1937, a reflection of the legislation that required all pieces to display the anniversary year. This detail, seemingly minor, reinforces the commemorative intent. The date on the coin is not about when it was made, but about what it was meant to remember.
Design as Historical Narrative
The design of the Norfolk Half Dollar functions as a visual history lesson. Every element was chosen to communicate the city’s economic foundations and civic authority. Rather than relying on abstract imagery, the designers embedded Norfolk’s story directly into the coin.
Obverse: The obverse features the official seal of Norfolk. At its center is a three-masted sailing ship under full sail, symbolizing the city’s maritime strength and its dependence on trade and navigation. Beneath the ship appear a plow and sheaves of wheat, representing agriculture and the wealth of the surrounding land. The Latin motto, translated as “Riches from land and sea,” ties these elements together. It is a concise statement of how Norfolk prospered, and why it mattered within the broader colonial and early American economy.
Reverse: The reverse presents one of the most striking and unusual symbols ever placed on a United States coin: the Norfolk Royal Mace. This ceremonial object, a symbol of municipal authority, dates back to the city’s colonial governance and prominently features a British crown. Its inclusion was intentional and provocative. Rather than erasing colonial history, the coin acknowledges it. The mace serves as a reminder that American cities did not emerge in isolation, but evolved from earlier systems of law and order that shaped their institutions.
Mintage, Distribution, and Survival
Congress authorized up to 25,000 Norfolk Half Dollars, but public demand proved softer than anticipated. Many unsold coins were eventually returned to the Mint and melted, leaving an estimated net distribution of approximately 16,900 pieces.
This limited survival places the Norfolk Half Dollar among the scarcer issues of the classic commemorative series. Unlike heavily circulated early federal coins, however, many examples were preserved in uncirculated condition, having been sold directly to collectors rather than released into commerce.
Why the Norfolk Half Dollar Still Matters
The Norfolk Bicentennial Half Dollar matters not because it filled a monetary need, but because it filled a cultural one. It represents a moment when Americans chose to honor local history through national coinage, embedding memory into metal.
For modern collectors, the coin offers more than silver content or aesthetic appeal. It provides a tangible link between colonial America and the federal era, between British authority and American independence, and between a city’s past and its continued presence.
Like the earliest coins of the Republic, the Norfolk Half Dollar tells a story. It reminds us that coinage has always been about more than commerce. At its best, it is about identity, continuity, and the decision to remember where we came from.
Stocks Plunge, Gold Rockets Over $4,800 As Wall Street’s Fear Gauge Jumps 8%
Posted on — Leave a commentThe Dow Jones Industrial Average sank 800 points Tuesday, over 1.5%, as a global stock sell-off deepened following intensifying U.S. threats over ownership of Greenland, which is a territory of Denmark, a NATO ally.
President Trump announced a 10% import tariff starting February 1 on all goods sent to the U.S. from eight NATO nations—Denmark, Norway, Sweden, France, Germany, the U.K., the Netherlands and Finland. Those eight nations recently sent troops to Greenland for military exercises there. On June 1, the U.S. tariffs are set to rise to 25%. European nations are considering retaliatory tariffs that could cover items from Boeing airplanes to Kentucky bourbon.
Markets React
Gold rocketed to a record high above $4,800, silver also reached a new all-time peak, while the U.S. dollar tumbled, and Wall Street’s Fear Gauge, the CBOE Volatility Index or “VIX,” jumped 8%, topping the 20 level.
The tech-heavy NASDAQ Index plunged 2%, and the S&P 500 lost 1.8%. Bitcoin also fell, dropping below $90,000, while smaller cyber tokens like Ether and Solana fell 7% and 5.3%.
All in all, investors around the world widely dumped stocks and U.S. Treasuries, while turning to the safety of precious metals as global markets adjust to a shifting political and military order. President Trump’s comments around taking ownership of Greenland have turned the post-war international rules-based order upside down.
What’s At Stake
Investors are piling into the safety of precious metals as a hedge against worst-case scenarios, including a breakdown of the NATO alliance, a full blown trade war between the U.S. and Europe or even a European inspired market volatility event intended to pressure the U.S. to back down from Greenland aspirations.
Global leaders are meeting in the Swiss alpine town of Davos this week for the annual World Economic Forum.
What Global Leaders Are Saying
At the forum this week, Canadian Prime Minister Mark Carney said middle-power countries need to stop pretending the rules-based order is still functioning. The Prime Minister urged nations to rally together against threats from great powers.
French President Macron warned of a shift to a “world without rules.”
European Commission President Ursula von der Leyen said of the new Greenland tariffs: “The European Union and the United States have agreed to a trade deal last July. And in politics as in business – a deal is a deal. And when friends shake hands, it must mean something.”
U.S. Treasury Secretary Scott Bessent downplayed claims that Europe would dump U.S. Treasuries in retaliation for the Greenland-inspired tariffs.
Why Investors Are Turning to Gold
For hundreds of years, people have turned to the safety and security of gold and silver during times of war, political unrest, and economic uncertainty. In today’s modern world, gold retains its status as a currency without a country. Gold has recognized value in every nation on the planet, is easily transportable, and is a highly liquid market, meaning it can be sold at any time. What’s more, gold—unlike the U.S. dollar—is not attached to any government’s monetary aspirations, printing presses or debts and liabilities.
That’s why central banks, hedge funds and individual investors have been pulling funds out of risky assets like stocks and moving money into the safety of metals. The latest geopolitical trigger point—Greenland—has driven a fresh up leg in the historic precious metals run.
Gold $5,000 the Next Big Target for the Precious Metal
Wall Street firms expect the record-setting run in gold and silver will continue this year. A recent survey of Wall Street firms projected an average of 17% gold gains in 2026. The next big target for gold lies at $5,000 an ounce. Several firms, including UBS, Yardeni Group, and Jeffries Group, see potential for the yellow metal to climb to $5,400 or even $6,000 or beyond this year.
Markets are moving. Stocks are selling off. There’s still time to rebalance your portfolio and reduce your exposure to stocks before today’s sell-off becomes a full-blown market crash. Gold and silver are in uptrends and are still climbing. Call Blanchard today to explore how an increased allocation to precious metals can help protect and grow your wealth for today and tomorrow. Explore the buying process here.
Metals Hit New Records in January, Explosive Rally Continues
Posted on — Leave a commentGold and silver stormed to new record highs in mid-January, as investors continue to look for alternatives to traditional assets. Gold hit another fresh record at $4,728.90 an ounce and silver touched $94.
Investors are trading paper dollars for precious metals as geopolitical uncertainty climbs as European troops are deployed to Greenland amid President Trump’s calls to take over the island, and violent protests continue in Iran. The post World War II order is shifting quickly, with the recent U.S. action in Venezuela and the strong interest in taking over Greenland.
Throughout history, precious metals have served as a safe-haven investment during times of political and military turmoil. Owning physical precious metals gives investors access to a liquid asset that is outside the traditional financial system and outside the U.S. sphere of influence. At a time when the U.S. dollar is falling and U.S. government debt is climbing, investors are trading out of dollars and into the known safety of gold and silver.
Renewed threats to Federal Reserve independence have also helped gold hit new highs this month. The Department of Justice threated the Federal Reserve with a criminal indictment. This boosted concerns the White House’s pressure campaign to lower interest rates could keep inflation higher for longer.
If the Federal Reserve were weakened as an institution and becomes susceptible to political pressions, it could open the door to a period of long-term U.S. dollar weakness and higher inflation—in that environment, precious metals are especially attractive as a store of value.
Looking ahead, the blistering precious metals rally shows no signs of losing steam. Numerous banks are calling for gold to hit $5,000 or higher in 2026 including HSBC, Bank of America and JP Morgan. The outlook for silver remains strong, with Bank of America projecting gains to $135 or even $309 per ounce, depending on how specific macro scenarios play out.
Gold and silver are hitting records as investors hedge against geopolitical stress, a weaker dollar, and concerns over bubbles in risky assets like the stock market. Central-bank and institutional demand for gold has been robust. Silver faces persistent supply deficits alongside strong industrial use, especially in energy and electronics, which will help support higher prices ahead.
The world is changing fast. Seemingly every day, old norms are slipping away, opening the door to a different world ahead. While uncertainty may reign on the global stage about what lies next, the certainty of owning precious metals comes with a 5,000 year track record of safety, store of value and wealth building opportunities. Markets are moving. Don’t delay. Acting today to increase your allocation to precious metals can help preserve and grow your wealth for tomorrow.
Will the Stock Market Crash This Year?
Posted on — Leave a commentAs Benjamin Franklin famously quipped, the only things certain in life are death and taxes. We could add one more to Franklin’s list: the stock market will crash again. Will it be 2026? Nobody knows.
But just as the sun rises in the east and sets in the west, sooner or later the stock market will crash again.
In the past 200 years, the U.S. stock market has seen 11 major crashes (drops of 40% or more). Since 1929, there have been 27 bear markets (drops in the stock market of 20% or more). The worst stock market crash occurred in 1929—which saw the Dow Jones Industrial Average drop 89% from peak to trough. What’s more—it took 25 years for the Dow to return to its pre-crash high—hitting that level in 1954.
More recently, during the dot.com crash from 2000-2002, the technology-heavy Nasdaq index lost 78% of its value. It took 15 years for the Nasdaq to get back to breakeven and climb above its 2000 high.
Could you wait 54 years or even 15 years for your stock positions to get back to break even? That’s a long time.
As an investor, there’s little you can do to prevent a stock market crash. Market timers have also proven over the decades, it’s also nearly impossible to predict when a crash will happen.
What you can do as investor is accept the idea that the odds are that another crash will happen—and you can prepare now for it with an increased allocation to precious metals. Gold has a proven history of climbing when stocks fall. Here’s a look at a few events in recent decades.
When crisis’s hit, investors exit out of risky assets like stocks and head to the safety and precious metals like gold and silver. When’s the best time to prepare for a storm that is coming? Not when the thunder and lightning is flashing in the sky—but before the storm comes. That means today is the best time to prepare for a coming downtown in stocks.
You can fortify your portfolio today with an increased allocation to precious metals to help protect and grow your wealth even when the next financial storm takes stocks sharply lower. Recommendations on how much to allocate to precious metals range from 5% to as high as 20-30% of your portfolio depending on your age, your risk tolerance level and when you will need to use the money. The sooner you may need to use the money, the higher your allocation to metals could be – as gold preserves your wealth when a stock market crash dissolves your wealth.
All the headlines warning that the stock market is in an AI bubble may or may not be true. There’s little you can do about which way the stock market will go this year. But, you can take action today to protect, preserve and grow your wealth no matter what lies ahead. Reach out to Blanchard at 1-888-528-3464 to talk with a portfolio manager about current market conditions, your investment options and if an increased allocation to precious metals is right for you. We’re here to help.
Why Physical Gold and Silver Still Matter in an Uncertain World
Posted on — Leave a commentFor many years, Blanchard has had the privilege of working with thoughtful, disciplined investors who take a long-term view of wealth. One of those clients is Dr. Doroghazi, a cardiologist, author, and the longtime voice behind The Physician Investor Newsletter. Dr. Doroghazi has worked with Blanchard and his portfolio manager, Stephen Davidson, as his trusted source for physical precious metals, relying on our guidance, access, and execution. That long-standing relationship reflects the disciplined, long-term approach Dr. Doroghazi brings to every aspect of investing. Dr. Doroghazi has spent decades studying markets, history, and human behavior. His book, The Physician’s Guide to Investing, earned rare praise from Warren Buffett, who said it “should be required reading at med schools.” Since 2006, his weekly newsletter has helped thousands of physicians think clearly about investing through cycles of boom, bust, and uncertainty.
We recently sat down with Dr. Doroghazi to discuss physical gold and silver, as well as what today’s markets may be signaling for investors.
A Conversation with Dr. Doroghazi
Blanchard:
You’ve written extensively about why gold and silver are rising. What do you think many investors misunderstand about these moves?
Dr. Doroghazi:
The biggest misunderstanding is thinking that gold and silver are becoming more valuable in real terms. They’re not. An ounce of gold still buys roughly what it always has over long periods of history. What’s changing is the value of paper currencies.
When people see gold up or silver up, they think something dramatic has happened to the metals themselves. What’s really happening is the purchasing power of fiat currencies is going down. That’s an important distinction, because it frames precious metals not as speculation, but as preservation.
Blanchard:
In your December newsletter, you compared gold to the Dow Jones Industrial Average. Why is that ratio so important?
Dr. Doroghazi:
It’s one of the most honest ways to compare financial assets over long periods of time. Over the last 130 years, it has averaged about 10 ounces of gold to buy the Dow.
At extremes, that ratio tells you a lot. In 1999, during the dot-com bubble, it took 45 ounces of gold to buy the Dow. In 1980, one ounce of gold bought the Dow. Today, we’re sitting around 11 ounces.
If we’re in a long-term commodities bull market, which I believe we are, that ratio is likely to fall again, and not because stocks collapse overnight, but because gold rises as confidence in paper assets erodes.
Blanchard:
You’ve been very clear that owning physical gold and silver is different from owning paper products. Why does that distinction matter right now?
Dr. Doroghazi:
Paper claims are only as good as the system behind them. ETFs, futures, and mining stocks all have their place, but they come with layers of counterparty risk.
What we’re seeing in this bull market is something different. Bullion has been outperforming the miners, which tells you the demand is for physical metal, not leverage or speculation. When people want insurance, they want the real thing.
That’s why I’ve been very direct: physical gold and silver, held in your possession or securely stored, should be part of a serious portfolio.
Blanchard:
You often describe precious metals as “insurance,” not just an investment. Can you expand on that?
Dr. Doroghazi:
Every investor should ask themselves a simple question: What happens if something breaks?
History shows that once or twice in a lifetime, something always does. Wars, inflation, currency debasement, political instability. You don’t prepare for those events after they happen.
Owning gold and silver isn’t about predicting the future. It’s about acknowledging uncertainty and building resilience into your financial life. That’s why I recommend allocating at least 10% of investable net worth to precious metals and quality collectibles. It’s not about maximizing returns; it’s about surviving what you can’t predict.
Blanchard:
You’ve also shifted your view on silver recently. What changed?
Dr. Doroghazi:
For many years, I favored gold almost exclusively because silver is bulky and harder to store in size. But markets evolve.
Silver has broken out of a base that lasted more than four decades. Industrial demand is strong, supply is constrained, and there have already been moments where futures markets signaled tightness in physical availability.
That’s why I now recommend owning some physical silver alongside gold. U.S. Silver Eagles are fine, and conversations I’ve had with Blanchard suggest that Morgan and Peace silver dollars are particularly compelling right now from a value standpoint.
Blanchard:
You also spend time discussing storage and personal security, which many investors avoid talking about. Why is that so important?
Dr. Doroghazi:
Because reality matters.
If all of your metals are stored somewhere you can’t access in an emergency, that’s a risk. But if too many people know what you have at home, that’s also a risk.
I generally suggest a mix, some in a safe deposit box, some at home, and always with discretion. Precious metals require responsibility. Ignoring that side of ownership is a mistake.
Blanchard:
Finally, how do you see this precious metals bull market ending?
Dr. Doroghazi:
There are a few paths. Governments could default. They could inflate their debts away. Or, less likely but most constructive, we could see some return to monetary discipline, possibly involving gold.
Even if the more optimistic outcomes don’t materialize, history suggests that owning real assets during periods of monetary excess is never a bad decision. Gold doesn’t need to be perfect. It just needs to do what it has always done, preserve purchasing power over time.
Blanchard Closing Note
Dr. Doroghazi’s perspective reflects why we’ve valued our relationship with him for so many years. His approach is thoughtful, disciplined, and rooted in history rather than headlines.
At Blanchard, we believe precious metals and rare coins play a meaningful role in well-constructed portfolios, not as speculation, but as long-term protection. Conversations like this one remind us that clarity, education, and experience matter, especially when markets feel anything but certain.
A complimentary offer for Blanchard clients
As a thank-you to the Blanchard community,
Dr. Doroghazi is offering a complimentary one-year subscription to The Physician Investor Newsletter for any Blanchard client who would like one.
The newsletter has been published weekly since 2006 and offers thoughtful, independent commentary on precious metals, markets, and long-term investing.
? To learn more about the newsletter, visit https://thephysicianinvestornewsletter.com/
If you’d like to take advantage of the free one-year subscription, simply mention it to your Blanchard portfolio manager.
Hawaii Plantation Tokens: Money of the Sugar Kingdom
Posted on — Leave a commentHawaii plantation tokens are among the most evocative and regionally distinctive forms of American exonumia. Issued during the late nineteenth and early twentieth centuries, these privately made pieces tell the story of sugar, labor, and life in the islands long before Hawaii became the fiftieth state. They were not coins in the traditional sense, yet for tens of thousands of workers, they functioned as money all the same.
Today, these tokens are studied, cataloged, and graded by leading numismatic authorities such as the Professional Coin Grading Service, and they remain highly collectible for the depth of history they carry.
The Rise of the Plantation Economy
Sugar plantations dominated Hawaii’s economy from the mid-1800s through the early 1900s. Large estates required massive labor forces, drawing workers from China, Japan, Portugal, the Philippines, and other parts of the world. Plantations were often remote and self-contained, operating almost like small towns with company-owned housing, stores, schools, and medical facilities.
Within this closed system, plantation owners needed a way to pay workers that also kept economic activity under their control. Plantation tokens emerged as a practical solution. Issued directly by plantation companies, these tokens were redeemable only at company stores or for services on the estate itself.
Unlike United States coinage, plantation tokens were not legal tender. Their value existed solely through agreement between employer and worker, which made them powerful instruments within the plantation economy.

What Are Hawaii Plantation Tokens?
Hawaii plantation tokens were typically struck in brass, copper, aluminum, or white metal. They were produced in a wide range of denominations, most often expressed in cents or dollars, though some pieces were marked only with a number or value indicator.
These tokens circulated locally and sometimes alongside U.S. coins, but their use was restricted. A worker could not take plantation tokens to a neighboring town or competing business. Their usefulness ended at the plantation gate.
This limitation is exactly what makes them historically important. Each token reflects a controlled labor system and a period when economic freedom for workers was tightly managed by employers.
Types and Shapes
One of the most fascinating aspects of Hawaii plantation tokens is their sheer variety. Unlike standardized federal coinage, plantation issues were highly individual.
Round tokens are the most common and closely resemble traditional coins. These typically include the plantation name, a denomination, and sometimes wording such as “Good For” or “Payable At.”
Holed tokens are also frequently encountered. The central hole served a practical purpose, allowing workers to string tokens together or secure them to clothing, reducing the chance of loss during long days in the fields.
Some plantations experimented with octagonal or irregular shapes. These made the tokens instantly recognizable and helped prevent confusion with official coinage.
Designs and Inscriptions
Designs on Hawaii plantation tokens are generally simple but deeply informative. Instead of national symbols or artistic allegories, these tokens emphasize function.
Most display the name of the plantation, mill, or operating company. Some include Hawaiian place names or abbreviated titles, while others rely on English-language inscriptions reflecting the business ownership of the era.
Denominations are usually straightforward, such as “5 Cents,” “10 Cents,” or “One Dollar.” A few tokens lack explicit denominations, suggesting use within a tally or credit system rather than direct wage payment.
Unlike circulating coins, plantation tokens were not meant to inspire pride or patriotism. They were tools designed for instant recognition and unquestioned acceptance.

Production and Issuers
Many Hawaii plantation tokens were struck by mainland manufacturers, particularly in California, where industrial token makers were well established. Dies were sometimes reused or modified, contributing to the wide stylistic variation seen today.
Because these tokens were privately issued, records are often incomplete or nonexistent. Some plantations produced multiple token types over time, adjusting materials or denominations as labor needs changed.
This lack of centralized documentation makes surviving examples especially valuable to historians and collectors. Each token helps reconstruct a fragment of plantation life that might otherwise be lost.
Life on the Plantation
To fully understand plantation tokens, it is essential to understand the world in which they circulated. Plantation stores sold food, clothing, tools, and household goods, all priced in company-issued currency. For many workers, wages paid in tokens created a closed economic loop tied directly to the plantation.
Some plantations allowed partial payment in U.S. coinage, particularly in later years, but others relied heavily on tokens. This system reduced cash outflow for plantation owners and ensured that economic activity remained internal.
Viewed through a modern lens, plantation tokens raise difficult questions about labor control and economic dependency. That complexity is part of what makes them such compelling historical artifacts.
Collecting Hawaii Plantation Tokens Today
Today, Hawaii plantation tokens are collected as exonumia rather than coins, yet they occupy an important place within American numismatics. Graded examples help establish authenticity, rarity, and condition, which is especially important given the crude manufacturing and heavy circulation many tokens experienced.
Collectors are drawn to these pieces not for precious metal content, but for their direct connection to Hawaii’s plantation era. Each token represents a specific place, employer, and moment in time.
Why These Tokens Matter
Hawaii plantation tokens are tangible evidence of a transitional period in Hawaiian history. They bridge the gap between the Kingdom of Hawaii, the plantation economy, and eventual United States statehood.
More than simple payment instruments, they are social documents struck in metal. Holding one is holding a piece of lived history shaped by labor, migration, and industry.

Collector FAQ: Hawaii Plantation Tokens
What are Hawaii plantation tokens?
Hawaii plantation tokens are privately issued pieces of exonumia created by sugar plantations in Hawaii during the late nineteenth and early twentieth centuries. They were used as a form of internal currency, redeemable only at plantation-owned stores or for services within the plantation community.
Are Hawaii plantation tokens considered coins?
No. Plantation tokens are not official coins or legal tender. They are classified as exonumia, meaning coin-like objects that are not issued by a government authority. Despite this, they are widely collected and studied within the numismatic community.
Why do many Hawaii plantation tokens have holes?
The central holes served a practical purpose. Workers could string the tokens together or attach them to clothing, reducing the risk of loss while working in the fields. Holed designs also helped distinguish plantation tokens from circulating U.S. coinage.
What metals were used to make plantation tokens?
Most Hawaii plantation tokens were struck in base metals such as brass, copper, aluminum, or white metal. Precious metals were not used, as the tokens were intended purely for local circulation and functional use.
How rare are Hawaii plantation tokens?
Rarity varies widely depending on the plantation, denomination, and survival rate. Some types are relatively available, while others are extremely scarce with only a handful of known examples. In many cases, exact mintage figures are unknown.
Why are plantation tokens collectible today?
Collectors value Hawaii plantation tokens for their strong historical context. Each piece represents a specific plantation, workforce, and economic system, offering insight into daily life in plantation-era Hawaii. Their regional nature and variety also add to their appeal.
Are Hawaii plantation tokens graded?
Yes. Many Hawaii plantation tokens are authenticated and graded by professional services. Grading helps confirm authenticity and provides a standardized assessment of condition, which is especially important given the crude manufacture and heavy circulation these tokens often experienced.
How should Hawaii plantation tokens be stored?
Like other numismatic items, plantation tokens should be stored in a stable environment with low humidity and minimal temperature fluctuation. Protective holders or archival-quality flips help prevent further wear or corrosion.
Do Hawaii plantation tokens have investment value?
While some plantation tokens can command strong prices due to rarity or condition, most collectors pursue them for historical and educational value rather than investment potential. Market value is influenced by scarcity, provenance, and overall collector demand.
GDP Growth Surprises with 4.3% Rate, Gold & Silver Trade At Record Highs
Posted on — Leave a commentGold and silver traded at or near record highs following news that third quarter U.S. gross domestic product (GDP) beat expectations with a 4.3% gain, marking
the strongest growth level in two years. Precious metals have posted a blistering rally in 2025, with gold up 70% and silver up 124% this year, and are still climbing despite some pullback this week.
The latest economic news, which was delayed due to the government shutdown, surprised Wall Street economists who expected growth to increase at a 3.2% rate. The strong third quarter performance also exceeded the 2.5% reading in the second quarter.
Strong consumer spending on items like healthcare and recreational vehicles helped boost GDP growth. However, the pace of business investment cooled in the third quarter to 2.8% from 7.3% in the second quarter. Other factors boosting third quarter GDP included a 5.4% jump in investment in equipment and intellectual property, which includes artificial-intelligence related spending.
Trade also boosted the 3Q GDP number by 1.59 percentage points, as exports grew and imports fell.
Jobs Market Weakening, Inflation Cooling—But Still Above Fed’s Target Rate
Despite the strong GDP number, recent data revealed the jobs market is weakening in the fourth quarter. The November unemployment rate rose to 4.6%, the highest level in more than four years. Inflation has cooled, but still remains above the Federal Reserve’s 2% target rate.
Looking into 2026, traders expect the Fed to pull the trigger on several interest rate cuts, possibly as early as January. Lower interest rates are positive for precious metals, as they lower competition from interest-bearing investments.
Fed rates cuts in 2026 are also expected to weaken the U.S. dollar, which has seen strong declines this year. A further weakening in the U.S. currency is a positive factor for gold, as there is a strong inverse correlation between the dollar and gold.
Precious Metals Closing Out 2026 with Historic Rally—And They are Still Climbing
Gold, silver and platinum have outperformed nearly all other asset classes in 2026 with massive price increases. The uptrend in precious metals is firing on all cylinders with silver hitting a new record high above $71 an ounce in late December. Gold is trading near record highs after smashing above the $4,400 level.
Investors continue to move to the safety of precious metals as geopolitical tensions are climbing with the U.S. starting an oil blockade against Venezuela. Geopolitical jitters are rising amid concerns that Venezuela’s allies including Russia and China could get involved if the conflict with the U.S. escalates. Precious metals have long-served as a safe-haven asset in times of war throughout history.
Another factor propelling precious metals higher are risks around government debt that continues to expand not just here in the U.S. but around the globe. Gold and silver are assets which are seen defending and protecting portfolios from the debasement of paper money as government debt levels climb.
Managing Risk in Your Portfolio
As we move into 2026, today is the ideal time to evaluate your portfolio and add more wealth protection to your personal situation. Even if you already own gold and silver, it may not be enough. For conservative investors, a 5 to 10% allocation to precious metals could be enough for capital preservation and a hedge against volatile markets. For moderate investors, a 10-15% allocation to precious metals can provide you a balanced approach to safety and growth. For risk-averse investors, a 15 to 20% allocation to precious metals can provide significant protection against stock market crashes, geopolitical tensions and financial crises.
With forecasts for $5,000 and even $6,000 gold, there is significant upside ahead when you act today. Increase your allocation to precious metals today. Protect and grow your wealth for tomorrow.
Gold Climbs as CPI Cools, Boosting Case for 2026 Fed Rate Cuts
Posted on — Leave a commentGold climbed toward its record high in late December, following news the Consumer Price Index slowed in November. Investors bought gold and silver after the CPI report as cooling inflation gives the Federal Reserve room to cut interest rates more aggressively in 2026 to help the faltering labor market.
Non-yielding assets like gold and silver perform well in low-interest rate environments and this latest report helps sets precious metals up for a strong start to the New Year.
The CPI averaged a 0.1% increase in October and November, according to the Bureau of Labor Statistics. The November annual CPI rate dropped to 2.7% from 3% in September. Economists were expecting a 0.3% increase in CPI inflation and a 3.1% annual reading. Because of the lengthy government shutdown this fall, the October and November CPI reports were combined.
Digging into the CPI report, several categories revealed outright deflation. For example, consumer prices in the lodging away from home, recreation, and apparel categories fell from September to November. This helps set the stage for inflation to ease further in 2026.
For investors, this is a strong signal the Fed will continue to favor boosting the jobs market with lower interest rates in 2026. The tamer CPI reading boosted odds for a Fed interest rate cut at its January meeting.
Big Picture for Precious Metals
Gold and silver are wrapping up an extraordinary year with outsized returns for precious metals investors. Gold climbed over 60% and silver is up 117% this year. Some investors may wonder “is it time to take profits” or “is the top in?” Not even close.
Looking at bull markets in gold going back to the 1970’s, the precious metal only stopped going up when the underlying drivers in the macro environment changed. We haven’t seen that. The drivers pushing precious metals are still firmly in place including a weakening U.S. dollar, strong central bank buying, geopolitical unrest around the globe, economic uncertainty and worries about the growing U.S. national debt.
On the economic front, there is growing evidence of weakness in the U.S. labor market—with over 1.1 million job layoffs announced in the first 11 months of the year. This will force the Fed to throttle back on interest rates in 2026.
A slowing economy and lower interest rates are two key ingredients that will keep the tailwinds blowing strong in the precious metals historic rally into the New Year.
Bank of America forecasts that gold will hit $5,000 an ounce in 2026. J.P. Morgan highlights a scenario that could push gold to $6,000 an ounce. Silver is in the midst of a historic uptrend with Saxo Bank calling for gains toward $70 in 2026, Citigroup sees potential for silver to climb to $72 next year.
How can you take advantage of this inflation news? Precious metals investors can lean into the strong uptrends and use this time to increase your allocations to physical precious metals before the end of the year and before the Fed cuts rates again.
Get ahead of the curve before gold and silver make their next leap higher. Get started by increasing your allocation to precious metals today. And, you can protect and grow your wealth for tomorrow.
The 1795 Flowing Hair Half Dime: America’s First Silver Coinage in Miniature
Posted on — Leave a commentIn the earliest days of the United States, coinage was not simply a matter of commerce. It was a declaration of independence. When the young nation struck the 1795 Flowing Hair Half Dime, it did so with limited resources, immense ambition, and a clear desire to prove that America could stand on its own. Small in size but immense in historical importance, this coin represents the birth of federal silver coinage and the fragile optimism of a country still defining itself.
A Nation Learning to Mint Money
Following the passage of the Coinage Act of 1792, the United States authorized its first official coinage system. The law established denominations, standards of weight and fineness, and the Philadelphia Mint as the center of production. What it did not provide was an easy path forward. Equipment was primitive, skilled engravers were scarce, and bullion supplies were inconsistent. Even so, by 1794 and 1795, the Mint began striking silver coins for circulation.
The half dime held a special role. As the smallest silver denomination authorized by law, it was intended for everyday transactions. In a time when foreign coins circulated freely and barter was still common, a federally issued silver coin signaled stability and trust. The 1795 Flowing Hair Half Dime became one of the earliest tangible expressions of that trust.
The Flowing Hair Design and Its Meaning
The design of the Flowing Hair Half Dime closely mirrors the motifs seen on other early silver coins. Liberty appears facing right, her hair long and loose, flowing freely behind her. This was not accidental. Early American artists avoided rigid or crowned imagery, choosing instead to depict Liberty as natural and unrestrained. The flowing hair symbolized freedom, youth, and a break from Old World traditions.
On the reverse, a simple wreath encircles the denomination. There is no eagle on the half dime at this time, which underscores how experimental early coin designs could be. The emphasis was not on grandeur but on function. This was a coin meant to circulate, to be handled daily by merchants, farmers, and laborers.
A Coin Born of Scarcity
One of the most fascinating aspects of the 1795 Flowing Hair Half Dime is how it was produced. Unlike later issues struck from refined domestic silver, these coins were minted using silver supplied directly by private citizens. Depositors brought silver bullion or foreign coinage to the Mint, which was then melted and struck into United States coinage. In return, depositors received newly minted coins, minus a small fee.
This process meant that production numbers were limited and inconsistent. It also meant that every half dime represented a collaborative effort between the government and its citizens. In a very real sense, Americans were helping to create their own money supply.
Circulation in an Uncertain Economy
The late 1790s were economically volatile. The United States had no central bank for much of this period, and confidence in paper money remained shaky after the inflationary experiences of the Revolutionary War. Silver coins like the half dime were trusted precisely because their value was intrinsic.
These coins circulated alongside Spanish reales, Dutch silver, and other foreign issues. Many were heavily worn through years of use, which is why well preserved examples are especially prized today. Each surviving coin carries the marks of early American commerce, passed from hand to hand in taverns, markets, and general stores.
Rarity and Survival
The 1795 Flowing Hair Half Dime had a relatively small mintage, and survival rates are low. Many examples were lost, melted, or worn beyond recognition. Those that remain offer collectors a rare opportunity to hold a piece of the nation’s earliest monetary history.
Collectors are often drawn to this coin not for its size or flash, but for its authenticity. It is a coin from a time before mass production, before steam presses, and before standardized dies. Every example shows subtle variations that reflect the handmade nature of early Mint operations.
Why the 1795 Half Dime Still Matters
Today, the 1795 Flowing Hair Half Dime stands as more than a numismatic rarity. It is a reminder of how fragile and determined the early United States truly was. This small silver coin helped establish confidence in federal coinage and laid the groundwork for everything that followed.
Holding one is like holding a chapter of American history. It connects the modern collector to a moment when the nation was young, uncertain, and hopeful, striking silver coins not just to facilitate trade, but to prove that the experiment of American independence could endure.




