Fed Report Reignites Talk of Gold Price Reset
Posted onRemember the gold price reset talk from earlier this year? It’s back. In February, U.S. Treasury Secretary Scott Bessent said, “We’re going to monetize the asset side of the U.S. balance sheet,” which triggered a wave of speculation about what valuing gold at the current market price could mean. 
Now, a brand new Federal Reserve report issued on August 1 reignited that speculation.
You probably know the United States of America owns a huge amount of gold bullion—over 261 million troy ounces stored in vaults at Fort Knox, West Point, and the Denver Mint. Officially, our nation values our total gold reserve at around $11 billion. But, that’s at the 1930s official gold price of $42.22 an ounce—a far cry from the $3,300 an ounce at today’s market prices.
If the government marked our gold reserves at today’s market prices, suddenly our gold reserves would be worth around $861 billion. What if the government marked gold prices at $8,000 an ounce? Suddenly, our gold reserves are worth $2.1 trillion.
Why would the government do this? It’s a method to increase the federal balance sheet through an accounting adjustment – that suddenly creates new money for the government to spend, without outright money printing. Call it a technical accounting update, and presto, the government has more money on its books without raising taxes or cutting spending. This could be achieved fairly simply by Executive Order, no act of Congress needed.
One of the benefits of gold revaluation for the government is that it would instantly add money into the U.S. financial system without having to issue new Treasury bills, notes or bonds. For politicians struggling over the deficit, it would mean the Treasury has more money to pay the government’s bills, as the revaluation would, in a sense, create new money out of thin air.
The August Fed report, called: Official Reserve Revaluations: The International Experience reveals that economists at our nation’s central bank are seriously studying the gold price revaluation question.
“With public debt at high levels, some governments have begun to explore financing additional expenditures without raising taxes while also not increasing public debt outstanding,” the Fed report said. “One possibility is using proceeds from valuation gains on gold reserves, as has been floated in the U.S. and Belgium recently. For the U.S., this would involve revaluing the government’s 261.5 million troy ounces in gold reserves—the largest gold reserves globally— from a statutory price of $42.22 per troy ounce to current market prices, which stand around $3300 per troy ounce.”
In the research note, the Federal Reserve analyzes the five times in the past 30 years that nations revalued their gold and foreign exchange reserves to realize gains. This was done in Germany, Italy, Lebanon, Curacao and Saint Martin, and South Africa, the Fed said.
In one of the cases in Lebanon in December 2002, their central bank transferred unrealized profits on its gold and foreign exchange reserves to the central government. The proceeds were used to retire $1.8 billion of treasury bills, equivalent to around 11 percent of Lebanon’s GDP at the time.
While the Fed report doesn’t offer a conclusion, the study appears to reveal that the revaluation of even a significant portion of a country’s gold reserves delivers only a one-time boost to the balance sheet of either the central bank or the central government.
What could a revaluation mean for the price of gold? It would likely spike higher. Under Basel III, after the post-2008 reforms, monetary gold is now considered a Tier 1 asset, which means it is as good as cash on bank balance sheets. That means that a revalued gold price would also be a big boost and strengthen the banking sector’s capital positions.
A gold revaluation is expected to result in a further relative decline in the purchasing power of fiat currencies. Some on Wall Street warn this would be an inflationary move.
Will the government revalue gold? It’s an open question. With debt-to-GDP ratios climbing into uncharted territory, something will need to change. It’s just one more reason that central banks, wealthy individuals, family offices and pension funds are buying physical gold today—it’s the ultimate form of wealth protection.
Image by Planet Volumes
The Saint-Gaudens Double Eagle: America’s Most Beautiful Coin and the Story It Tells
Posted onWhen you hold a Saint-Gaudens Double Eagle in your hand, you’re not just holding a piece of gold—
you’re holding a masterpiece born from ambition, artistry, and a pivotal era in American history. It’s not hyperbole to say this coin changed everything. Some call it the most beautiful coin the U.S. has ever produced. But what’s the story behind this legendary gold piece? And why has it captivated collectors and investors for over a century?
Let’s take a walk through history to discover what makes the Saint-Gaudens Double Eagle a true American treasure.
A President’s Vision: Theodore Roosevelt’s “Pet Crime”
At the dawn of the 20th century, President Theodore Roosevelt wasn’t content with America’s coinage. He thought U.S. coins looked uninspired, even boring. And he was right. Compared to the classical coins of ancient Greece, American coins lacked artistry. So Roosevelt set out on a mission to change that.
In 1905, he reached out to Augustus Saint-Gaudens, one of the most celebrated sculptors of the era, and asked him to redesign America’s gold coins. Roosevelt famously called the project his “pet crime,” and he was deeply involved in seeing it through. The result was the Saint-Gaudens Double Eagle, a $20 gold coin that redefined American coinage forever.
The Artist Behind the Icon
Saint-Gaudens was no ordinary artist. He was already famous for his monuments and sculptures, like the Robert Gould Shaw Memorial in Boston and the Standing Lincoln in Chicago. But he had never designed a coin before. That didn’t stop him.
Saint-Gaudens took inspiration from ancient Greek coinage and classical sculpture to design a gold coin that embodied liberty, strength, and optimism. He wanted the coin to reflect the spirit of America at its peak, a young, growing nation bursting with energy.
The result? A breathtaking obverse featuring Lady Liberty striding forward with a torch in one hand and an olive branch in the other. Her flowing robes and commanding stance evoke both classical beauty and national power. Behind her, rays of sunlight explode across the background, while the U.S. Capitol building sits at her feet.
The reverse side of the coin is just as stunning. A bold American eagle soars across the sky at sunrise, symbolizing freedom and flight toward a bright future.
A Coin Like No Other
The Saint-Gaudens Double Eagle wasn’t just a visual triumph. It was also a technical challenge.
Saint-Gaudens originally designed the coin in ultra high relief, which made the design stand out in near-sculptural detail. The problem? It was nearly impossible to mass-produce. Each ultra-high relief coin required multiple strikes to bring out the full depth of the design. While a few dozen of these magnificent pieces were struck in 1907, they proved too impractical for regular use.
The U.S. Mint had to modify the design to lower relief versions, which still maintained incredible beauty but could be produced more efficiently. The first circulating Saint-Gaudens Double Eagles were minted in 1907, and production continued with some design tweaks until 1933.
The 1933 Mystery: The Coin That Wasn’t Meant to Be
Here’s where the story takes a dramatic turn.
In 1933, during the Great Depression, President Franklin D. Roosevelt issued Executive Order 6102, effectively outlawing private gold ownership in the U.S. The government wanted to stabilize the economy and pull gold out of circulation.
Although over 445,000 Saint-Gaudens Double Eagles were struck at the Philadelphia Mint that year, none were officially released for circulation. The coins were supposed to be melted down, and most were.
But somehow, a few 1933 Double Eagles slipped through the cracks.
For decades, they became the stuff of legend, popping up in private collections and sparking legal battles between the U.S. government and collectors. One of these coins made headlines in 2002 when it sold at auction for $7.59 million. Another broke records again in 2021, selling for an astounding $18.9 million, becoming the most expensive coin ever sold.
These 1933 Double Eagles are more than rare. They’re iconic, mysterious, and wrapped in controversy. And they’ve only added to the legend of the Saint-Gaudens design.
A Favorite Among Collectors and Investors
The Saint-Gaudens Double Eagle isn’t just a pretty face. It’s also a favorite for gold investors and numismatists alike. Containing nearly one full ounce of gold (0.9675 troy oz), the coin has intrinsic value tied to the price of gold.
But unlike modern bullion coins, Saint-Gaudens Double Eagles also carry historic and collectible premiums. Their value isn’t just based on gold weight. It’s shaped by the coin’s condition, mint year, and rarity. That’s why a circulated example might fetch a modest premium over melt value, while a rare date or mint state piece can command thousands or even millions of dollars.
Why the Saint-Gaudens Double Eagle Still Matters
What makes this coin so special, even today?
It’s more than beauty. More than gold. The Saint-Gaudens Double Eagle tells a uniquely American story. It’s a story of art pushing boundaries, of presidents with bold visions, of economic upheaval and recovery. It’s a coin that came from a golden age, both literally and figuratively, and continues to shine more than 100 years later.
Collectors chase it for its design. Investors seek it for its gold content. Historians admire it for what it represents: a moment in time when America set out to elevate even the smallest objects, like pocket change, into something extraordinary.
Final Thoughts
Whether you’re a seasoned collector or just starting your journey into rare coins and precious metals, the Saint-Gaudens Double Eagle deserves a spot on your radar. It’s the kind of coin that doesn’t just sit in a display case. It starts conversations, inspires awe, and connects you to a pivotal chapter in American history.
If you’re looking to add this iconic coin to your collection or want to explore other rare gold coins, reach out to a reputable dealer with experience in high-grade numismatics. At Blanchard, we’ve helped clients secure exceptional pieces like the Saint-Gaudens for over 50 years. Let us help you find yours.
Which Way Will Gold Break Out Of Its Range? Fidelity Says Gold Could Hit $4,000
Posted onThe lazy hot days of summer are upon us. Gold has settled into a sideways holding pattern, after climbing over 25% in the first half of the year.
With hamburgers sizzling on the backyard barbeque grill, making portfolio moves might not be on the top of your to-do list. Consider this: taking action today to add physical gold to your portfolio gives you the opportunity to trade fewer dollars for more gold before the next up leg begins.
Fidelity joined Goldman Sachs with a forecast for gold to reach $4,000 an ounce. Fidelity pointed to expected Federal Reserve interest rate cuts, a weakening U.S. dollar and more central bank gold buying as factors driving gold to new record highs ahead.
Fidelity fund managers noted that some funds had doubled their 5% allocation to gold, in line with moves that affluent gold investors are increasing their allocations to the precious metal also.
While the U.S. stock market has been unnerved by the sweeping shifts to global trade policy in recent weeks, warnings are rising that a sharp pullback in stocks or even a crash could lie ahead.
“I expect an 80% crash when this is over. I just don’t think this is it. This is a trap,” Mark Spitznagel is the founder and chief investment officer of hedge fund Universa Investments, told MarketWatch.
CNBC host Jim Cramer warns of ‘Black Monday’ market crash over Trump tariffs rivaling record 1987 collapse –New York Post
Cantor Fitzgerald warns of a market pullback as S&P 500 flashes overbought signal—Seeking Alpha
2 big warning signs a correction in stocks may be looming, according to Goldman Sachs—Business Insider
From Wall Street to Main Street Stressors Are Showing
As corporate America reports its latest batch of earnings, cracks are already showing in profits due to protectionist tariff impact. General Motors reported a $1.1 billion profit hit from the tariffs. GM said it earned $2.53 per share, down from $3.06 a year ago.
Dow Inc. reported that the chemical company reported its first quarterly loss in five years as tariff uncertainties pressured the business.
PayPal Holdings stock fell the most in six months after executives reported slower growth in payment volume that the company said was a result of U.S. tariff policy.
Shifting to Main Street, new reports show that even Americans with high incomes are falling behind on credit card and car payments. Delinquencies on credit card and auto loan debts from upper income Americans climbed nearly 20% in the past two years, VantageScore said.
As financial stress and growing debt extends to even top earners, that leaves the U.S. economy more vulnerable in the months ahead.
What’s more, the U.S. economy is already slowing. U.S. Gross Domestic Product (GDP) grew at 1.9% in the first quarter of 2025, down from 2.9% in the final three months of 2024. The Atlanta Fed GDPNow forecast predicts that growth will slow to around 1% in the second quarter.
Bottom Line
Corporate profits are weakening. The stock market is vulnerable to a correction. Protectionist U.S. tariff rates are now at their highest levels since the 1930’s. The economy is slowing.
Gold is trading quietly, sideways right now. Don’t let the warm summer breeze lull you into complacency. Take action to protect your wealth with an increased allocation to physical gold now. In a few weeks or months, today’s gold price will seem like a bargain. Don’t kick yourself for not buying more today. Get started and explore your physical gold options here.
Photo from Unsplash
Fed Policymakers Reveal Cracks in Consensus
Posted onThe Federal Reserve held its key interest rate steady today at 4.25-4.50% for the fifth meeting in a row. What wasn’t expected were
dissents from two Fed Board Governors, which hasn’t happened in over 30 years.
Fed policymakers typically try to show a united front for its monetary policy decisions. Yet, heightened uncertainty over the impact of protectionist trade policies on our economy is beginning to divide them. Today’s meeting was the first time since 1993 that more than one Board Governor voted against the policy decision. Fed Board Governors Michelle Bowman and Christopher Waller voiced support for an interest rate cut.
Why is the central bank holding back on lowering interest rates? The Fed repeated today that uncertainty about the economic outlook “remains elevated” and that it is appropriate to hold interest rates at current levels since inflation remains above target.
In his press conference after the meeting, Fed Chair Jerome Powell said that keeping rates on hold was “appropriate to guard against inflation risks” as the tariff impact begins to appear in rising consumer prices. Some economists say that it takes time for the impact of protectionist policies to work their way through supply chains and onto store shelves. The Fed has stated it wants to continue to monitor the data in the weeks ahead.
There was little reaction to the Fed news, with stocks trading marginally higher and gold trading slightly lower in afternoon trading.
Gold has settled into a quiet, sideways holding pattern in recent months, after climbing to a record high above $3,400 back in April. Strong central bank buying, uncertainty over the economic impact from shifts to the global trading order, still-high inflation, and wars on several fronts drove safe-haven demand for the metal.
What’s Next for Gold?
Demand for gold remains strong. Central banks continue to diversify away from the U.S. dollar and are increasing their allocation to physical gold. In May, the latest data available, central banks bought 20 tonnes of gold, up from 11 tonnes in April, according to the World Gold Council. And, according to a recent HSBC survey, affluent investors have doubled their allocation to gold from 4%-11%. Finally, Fidelity has released a new forecast, echoing Goldman Sachs, that projects gold will reach $4,000 an ounce.
Gold is expected to break out of its holding pattern and climb to new record levels. The orderly and quiet summer markets create opportune buying periods for long-term investors who want to increase their wealth protection through a bigger allocation to physical gold.
The Fed next meets on September 16-17 and all eyes will remain on the central bank for its next moves. Don’t wait until then to make your next gold move. Consider buying more gold today, while prices are still low.
Photo by Joshua Woroniecki on Unsplash
Affluent Investors Double Allocation to Gold in 2025
Posted onOne of the biggest investment trends in 2025 is that buying physical gold has gone mainstream. No longer is owning gold viewed as an exotic alternative; gold has become the standout asset class among affluent investors and has become a mainstream portfolio component for diversification.
Wealthy investors more than doubled their allocation to gold from 5% to 11% this year, according to a new HSBC survey.
The HSBC Affluent Investors survey revealed that among wealthy investors, allocations to cash and cash equivalents fell by 13 points, while gold saw the biggest jump, increasing by 6 points. Real estate investment allocation increased 3 points, while equities lost 2 points and private equity gained 3 points.
It’s not just the affluent who are buying gold; high net worth individuals are also shifting more heavily into gold. There has been a noticeable uptick among high-net-worth U.S. clients who want to diversify from the depreciating U.S. dollar, which has dropped 10% this year, Stephen Jury, J.P. Morgan Private Bank’s global commodity strategist, said.
Investors aren’t just buying more gold; they are shifting how and where they store it.
Some high-net-worth American investors are shifting geography for where they store their physical gold, diversifying their gold holdings across multiple countries like Switzerland and Singapore.
Investors looking for the utmost in security are choosing military bunkers turned vaults. Swiss Gold Safe has built two of these vaults deep in the Swiss Alps, according to COO Ludwig Karl. “Most of our clients are from first-world countries,” Karl said. “However, our clients have lower trust in government or financial systems or are trying to build a backup or insurance plan by holding precious metals outside of the banking system in a neutral and safe country.”
In a fast-changing and increasingly complex world, physical gold offers investors a degree of control and privacy that is unparalleled in today’s highly regulated and tracked financial system.
Unlike stock, bond, or real estate investments that are tied to a specific location or fiat currency, gold is universally accepted and can be converted into local currency in every country on the globe. It carries a standardized and recognized value for a one-ounce coin, no matter whether you are in Tokyo, London, New York or Sao Paulo.
The record price of gold this year reveals the heightened uncertainty around what could lie ahead, but owning physical gold provides a proven ballast to portfolios and the safety and security that only an asset with a 5,000-year track record can provide. Have you considered if it is time to increase your allocation to gold—do you own enough?
Silver Up 26% YTD. Could Climb More to $43 an Ounce, Citigroup Says
Posted onPrecious metals have been the top-performing asset class in 2025, handily trouncing the U.S. stock market and bonds. Gold, platinum, and silver are all notching impressive double-digit gains, with platinum leading the way with a 54% gain year-to-date.
Gold soared to a record high above $3,400 an ounce and climbed 26% in the first six months of the year. Now, analysts say, silver could be ready to take the lead after hitting a 13-year high in June, up 25% in the first half.
Tightening physical supplies and increasing investment demand are set to push silver higher over the next several months.
Citigroup targets gains to the $40 an ounce level in silver in the next three months and then to $43 over the next 12 months. Interest rate cuts from the Federal Reserve could also help boost silver in the second half of the year, Citigroup says.
Around the world, retail investors continue to accumulate silver bars and coins. India, in particular, revealed a 7% year-over-year gain in retail silver bar and coin purchases in the first six months of 2025.
Why Buy Silver?
Silver benefits from both investment demand as a precious metal and industrial demand for many different uses in manufacturing. In industry, silver is utilized in manufacturing and technology, which keeps physical demand high. Silver is used to manufacture solar panels, electronics, batteries, nanotechnology applications, water purification systems, and many other products. Demand for solar power has increased significantly in recent years, which has created a new industrial input for the metal.
Timing Can Help
Precious metals investors typically take a long-term view to wealth building and precious metals accumulation. If you are considering if now is the right time to buy, the gold/silver ratio can offer insights as an effective timing mechanism. Here’s how that works:
The gold/silver ratio is a simple calculation – divide the price of an ounce of gold by the cost of an ounce of silver.
Spot gold $3,348 an ounce
Spot silver $38 an ounce
Gold/Silver ratio = 88
Gold/Silver Ratio at 88 Signals It Remains Undervalued Compared to Gold
Historically, there have been only a few occasions when the gold-silver ratio traded above 80. Readings above 80 signal that silver is severely undervalued and is a strong buy signal for the metal.
Higher Silver Prices Ahead
The trend for silver points to higher prices ahead. Citigroup is targeting a move to $43 an ounce over the next year. If you buy today with silver at $38 an ounce, you could lock in a 13% gain over the next 12 months. What’s in your portfolio now? Curious to explore how silver could help you to build wealth? Blanchard portfolio managers are available for a free, personalized portfolio check-up. Give us a call at 1-800-880-4653.
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Photo by Zlaťáky.cz on Unsplash
The Highly Desirable 1841-O Seated Liberty Half-Dime
Posted onThe 1841-O Seated Liberty Half Dime is a cherished numismatic gem minted at the New Orleans Mint during a formative period in United States history. American history buffs will recall that presidential transition and westward expansion as part of “Manifest Destiny” dominated the national scene in 1841.
1841: A Memorable Year in American Presidential History
In an unusual year, America saw three different U.S. presidents sit in the White House in 1841. President Martin Van Buren’s term ended, William Henry Harrison was inaugurated, only to die shortly after from pneumonia, and his Vice President, John Tyler, assumed the presidency.
In 1841, the American economy was still recovering from the Panic of 1837, and the nation was confronting controversial issues, including banking reform, states’ rights, and the debate over slavery. Against this backdrop, the U.S. Mint played a critical role in supporting commerce and the growing population by producing trusted gold and silver coinage.
New Orleans Mint Quickly Became a Critical Southern Institution
Congress authorized the New Orleans branch mint in 1835, and it quickly became a significant southern institution, producing millions of gold and silver coins for the rapidly growing population of the South. Its strategic location near the Gulf of Mexico facilitated the distribution of coinage throughout the Mississippi Valley and beyond. Today, the “O” mintmark is treasured within the numismatic community, especially among southern specialists. Coins minted at the New Orleans mint often saw heavy circulation in the dynamic port city and surrounding regions.
Seated Liberty Half Dime Series
The Seated Liberty Half Dime series was minted from 1837 to 1873. It replaced the earlier Capped Bust design. These half dimes were among the smallest silver denominations in U.S. coinage, valued at five cents—hence the name “half dime.” The half dime series is celebrated for its elegant portrayal of Liberty and its adaptability to changing artistic tastes and minting technology over the decades.
Christian Gobrecht, the Chief Engraver of the U.S. Mint, designed the Seated Liberty half dime, along with contributions from sculptor Robert Ball Hughes. The obverse features Liberty seated on a rock, holding a shield in one hand and a liberty pole in the other, symbolizing vigilance and freedom. The reverse displays a decorative wreath surrounding the denomination. Over the years of minting the Seated Liberty half dime series, slight modifications were made, such as the addition of drapery to Liberty’s elbow and changes to the number of stars.
The 1841-O Seated Liberty Half Dime is a prized collectible with high grades that are hard to find. The Seated Liberty Half Dime series is popular among collectors who aim to assemble complete date-and-mintmark sets. The 1841-O is an essential, yet elusive, piece in that collection. This coin, minted at the New Orleans Mint during an exciting time in our nation’s history, is a tangible link to the antebellum South and is a window into the history of America. The extremely low survival rate in high grades makes it an especially rewarding acquisition for collectors.
Blanchard recently placed this historic ultra-rarity. Here at Blanchard, we regularly place highly sought-after coins like the 1841-O Seated Liberty Half Dime with collectors. Blanchard has owned and sold more than half of the coins in Whitman Publishing’s 100 Greatest U.S. Coins list. If you are searching for a specific classic American coin, let us know today. We have deep roots in the numismatic community and are often able to source challenging and hard-to-find coins.
Gold Briefly Dips As Risk Aversion Fades on Israel-Iran Ceasefire, China Trade Deal
Posted onGold briefly slipped to a four-week low as some investors rotated back toward riskier assets, such as stocks, following the Israel-Iran ceasefire deal, which appears to be holding for now. Stocks climbed after President Trump said a trade deal had been signed with China, as Beijing agreed to approve rare earth exports.
Investors and traders had piled into the safety of precious metals as missiles flew in the Middle East and amid concerns that trade was slowing between the world’s two largest economies. The ceasefire and trade deal alleviated some of the market’s most pressing geopolitical and economic concerns, prompting light profit-taking in gold.
Gold slid below $3,300 an ounce as short-term traders took profits on the recent double-digit rally in precious metals. The long-term trend remains positive for gold, and the metal remains well above its 200-day moving average, a technical signal that confirms the uptrend remains in place.
Gold and Silver Remain the Best Performing Asset Class in 2025
Even with the light pullback in gold prices, the precious metal is still notching a 21% gain since the start of the year, with silver up 20%, both handily beating the 4.41% gain in the S&P 500 this year.
Key Inflation Gauge Ticks Modestly Higher
The Federal Reserve’s preferred inflation indicator, the personal consumption expenditure (PCE), rose by 2.3% over the 12 months through May, the Commerce Department said. Excluding food and energy, core PCE inflation rose to 2.7% in May, from 2.6% in April. While the uptick in inflation is positive for the precious metals sector, gold and silver showed little reaction as the easing of the Middle East conflict, for now, has dampened fresh demand for precious metals.
Consumer Spending Drops for the First Time in 2025
Americans spent less in May on both goods and services as consumer spending fell 0.1%. Economists had expected consumer spending to gain 0.1% last month. Consumers bought fewer cars and spent less at restaurants and hotels.
Economists say that consumer worries about tariff hikes translated into weaker spending in the second quarter, which could have a broader impact throughout the year. Consumer spending is a major driver of the American economy, accounting for over two-thirds of all economic activity.
The Bottom Line
The price pullback in gold offers long-term investors an opportunity to accumulate precious metal at lower prices. Now is an opportune time to trade fewer of your dollars for more gold. A number of major Wall Street firms target gains to the $4,000 area and beyond in the months and years ahead. Today’s pricing on gold offers long-term investors an opportunity to increase their allocation to the safety and security of precious metals while they are effectively on sale. Use the summer complacency as your opportunity to make savvy market moves.
Photo by Zlaťáky.cz on Unsplash
Mid-Year Precious Metals Market Update
Posted onWith a heat dome spreading across much of America this summer, it evokes images of kids running through sprinklers, days at the neighborhood pool, backyard barbecues, and fireflies at dusk. As we hit the halfway mark of 2025, it’s an opportune time to check in on the financial markets, key drivers for precious metals performance, and your portfolio.
The first six months of 2025 have been a whirlwind, marked by a fast-paced news cycle that began with the Inauguration of President Donald Trump for his second term in late January. So much has happened that we couldn’t possibly cover it all here, but we’ll touch on key developments impacting the precious metals and stock markets in the first half of the year.
Market Performance Since the Start of 2025
Gold +23%
Platinum +45%
Silver +21%
S&P +3.55%
International Stocks: MSCI ACWI ex-USA Index +16.28%
1-month Treasury Note Yield: 4.21%
5-year Treasury Note Yield: 3.84%
30-year Fixed Mortgage Rate: 6.82%
A few things jump right out.
- Precious metals are the best-performing asset class in 2025. Gold rocketed to a new record high above $3,400 an ounce in April and is trading quietly this summer above the $3,300 level.
- Foreign stocks are outperforming U.S. stocks by a significant amount.
- Mortgage rates remain higher than the low rates of the pandemic and the 2020-2021 era. In January 2021, 30-year mortgages hit a low at 2.65%. The high rates have priced many homebuyers out of the market for now.
The Big Picture
Liberation Day tariffs, geopolitical wars, a U.S. debt downgrade, and climbing national debt have been strong headwinds for the U.S. stock market this year and positive for precious metals. Investors flocked to the safety and security of gold, platinum, and silver amid the mounting uncertainties on many fronts, both military and economic.
Geopolitics Sends Investors Rushing to Precious Metals
Military action ramped up in June as the United States joined Israel with Operation Midnight Hammer, which involved U.S. Air Force B-2 stealth bombers dropping so-called “bunker buster” bombs on an Iranian nuclear site. Israel continues its war against Hamas in the Gaza Strip, and Russia continues its war in Ukraine.
While gold generally led the precious metals complex higher in the first half of the year, in June, both silver and platinum vaulted sharply higher. Precious metals investors saw opportunities to accumulate precious metals at bargain prices, and they swooped in. Silver climbed to a 13-year high, above the $37 an ounce level, while platinum climbed to $1,363.
Tariff Uncertainty
The stock market is eyeing a July 8 tariff deadline, which ends the 90-day pause on most of the steep Liberation Day tariffs if trade deals haven’t been set. Tariffs could climb as high as 50% against some nations. While the Administration is said to be negotiating with China, the European Union, Canada, Mexico, and more, only one trade deal has been finalized thus far, and that is with the United Kingdom. Investors flooded into precious metals throughout the spring months as uncertainty over the impact of tariffs on the economy sent stocks spiraling lower.
America Lost Its Last “AAA” Credit Rating Due to Rising Debt
In May, Moody’s stripped the United States of its last “AAA” credit rating. This was another warning signal that Washington D.C. policymakers have failed to address the unsustainable government debt problem our nation faces. Global investors fear that America is getting close to a point where our debt isn’t affordable anymore.
The news underscored the stability and security of gold in a world racked with government debt. For gold investors, this confirms that gold is in a long-term structural bull market. Analysts at JP Morgan issued a new research note in late spring outlining a scenario that could take gold 80% higher to $6,000 by 2029. They said this could occur if just 0.5% of U.S. assets held by foreign investors were reallocated to gold. Weak demand at Treasury auctions this spring already revealed tepid demand from foreign investors to buy new Treasuries.
Recommendations for Precious Metals Investors
In the dog days of summer, financial markets are relatively stable and quiet, for now. That makes it the perfect time to re-evaluate your portfolio, your asset allocations, and how much wealth protection you need for what may lie ahead. It’s a perfect time to trim your allocation to the stock market and funnel those funds to the safety of physical gold, silver, and platinum.
There is a step you can take to protect, preserve, and even grow your wealth, and that is to increase your allocation to physical gold.
If you aren’t sure what the appropriate amount is for your risk tolerance level, our Blanchard portfolio managers are here to help. Give us a call today at 1-800-880-4653 for a complimentary portfolio review with personalized recommendations to help you protect and grow your wealth. Precious metals are beating everything right now. We are in the midst of a historic gold run. Gold $4,000 will be here faster than you think, and once markets start moving again, you’ll have missed the chance to accumulate physical gold below $3,400 an ounce. It’s easy to add more wealth protection to your life. Why not call us today?
Lesher Colorado Dollars: An Intriguing Chapter in Private Mint History
Posted onIn the 1870’s in Colorado, the discovery of huge amounts of silver ore in the mountains triggered a massive silver boom. Silver mining expanded significantly in the state over the next decade, and Leadville became known as the “Silver Capital of America.” Colorado mountain towns saw explosive population growth and prosperity driven by mining.
However, the silver boom period slid into a bust. Changes to the global international monetary systems relating to precious metals triggered a collapse in the price of silver, which directly impacted the Colorado silver mining towns.
In the 1870s, many countries, including Holland, France, Belgium, Italy, Switzerland, and Greece, stopped minting silver coins. The United States, which had been minting silver dollars, joined those countries and went on the gold standard. The amount of silver coined internationally dropped 50% in just two years. This led to a silver price collapse at a time when production was increasingly dramatically in Colorado.
Joseph Lesher, a successful Colorado miner turned mine owner, wanted to revive the local economy after the silver price decline dragged down growth. Lesher was a passionate advocate of the “Free Silver” movement, which advocated for the unlimited coinage of silver in America to expand the money supply and stimulate the economy.
Lesher took action. He started a private mint and struck octagonal silver coins—known as Lesher Referendum dollars in 1900 and 1901. These coins were intended to circulate locally and stimulate demand for silver, thereby helping to reopen idle mines and restore prosperity to the region.
Lesher’s minting operation was short-lived, running from late 1900 through 1901. During this period, he produced an estimated 2,000 to 3,000 pieces in total.
The fascinating design of many Lesher dollars reveals their important connection to Colorado’s silver mining boom era. Some Lesher Dollars feature a magnificent depiction of Pikes Peak, the iconic Colorado Mountain. The mountain’s image symbolized the region’s mining heritage and the aspirations of those who sought fortune in its shadow. Alongside Pikes Peak, the coins often bore inscriptions such as “JOS. LESHERS REFERENDUM SILVER SOUVENIR MEDAL,” the year of issue, and the name of the merchant or town that accepted the coin as currency.
Lesher Dollars are immediately recognizable by their distinctive octagonal shape and large size. The coins were hand-punched, resulting in unique variations and individual quirks for each piece. Today, Lesher Dollars are extremely rare, with just over 20 different types identified by PCGS. They are differentiated by the names of Colorado merchants and towns stamped on them. Some varieties are known by only a single surviving specimen. Their scarcity and historical importance make them highly sought after by collectors today.
