The Commander Series is an SD Bullion exclusive coin program created in partnership with the Scottsdale Mint. Since its debut, each release has offered collectors three primary options: a 1 oz gold coin, a 1/10 oz gold coin, and a 5 oz silver coin, each honoring a historic military leader whose command helped shape world history.

Now, the series expands with the introduction of two new formats for the first time: a 1 oz silver bullion coin and a 1 oz gilded silver coin this release introduces a 250th anniversary silver coin honoring George Washington. These additions complement the traditional Commander Series lineup and make the program accessible to a wider range of collectors and precious metals buyers.

2026 1 oz George Washington Silver Coin - Commander Series

The timing of this expansion carries special historical significance. As the United States approaches the 250th anniversary of its independence in 2026, This release is distinguished as a 250 Years of America silver coin, highlighted by a Liberty Bell privy mark engraved with a bold “250.” Officially known as the Freedom Privy, this feature marks a first for the series and enhances its appeal among both collectors and investors.

Together, the debut of new silver formats, the commemoration of America’s semiquincentennial, and the tribute to the nation’s first Commander-in-Chief make this one of the most meaningful additions to the Commander Series to date.

Highlights

• Commemorative design celebrating the 250 year anniversary coin milestone of the United States
• First-ever 1 oz Silver Bullion Coin in the Commander Series;
• First-ever 1 oz Gilded Silver Coin in the Commander Series;
• Each coin contains 1 Troy oz of .9999 fine silver;
• Gold-gilded accents on the gilded edition;
• Sovereign coins with legal tender status in Samoa;
• Limited mintage release.

2026 1 oz George Washington Gilded Silver Coin - Commander Series

George Washington: the first President of the United States

This release continues to honor George Washington, one of the most influential figures in American history. While he is best known as the first President of the United States, his defining legacy began earlier as the first Commander-in-Chief of the Continental Army during the American Revolution. His story traces back over 250 years to the founding of the nation, which is why we celebrate this historic 250th anniversary milestone inspired by the vision and leadership of America’s founding fathers. In the spring of 1775, the American colonies stood at a turning point.

On March 23, 1775, during the Second Virginia Convention, Patrick Henry delivered one of the most powerful speeches in American history, ending with the famous words: “Give me liberty, or give me death!”

Following Patrick Henry’s electrifying call to action, the American colonies were pushed closer toward decisive conflict with Great Britain. Washington was present among the delegates that day and demonstrated his commitment by supporting Henry’s resolution to place Virginia in a posture of defense.

This was not merely a symbolic vote. It led directly to Washington being appointed to a committee responsible for organizing and arming the Virginia militia.

In this role, Washington showed the qualities that would soon define his leadership: discipline, organizational skill, and a readiness to serve a cause greater than himself.

These early actions were critical in shaping why Washington was later chosen as Commander-in-Chief of the Continental Army in June 1775. His selection was not accidental—it reflected several key factors.

1. Military Experience: Washington had prior combat experience from the French and Indian War, making him one of the few colonial leaders with real battlefield knowledge.
2. Proven Leadership: His work organizing Virginia’s militia demonstrated his ability to manage troops and logistics effectively.
3. Unity Among Colonies: As a Virginian, his appointment helped unify the northern and southern colonies under a single cause.
4. Character and Reputation: Washington was widely respected for his integrity, restraint, and sense of duty.

In many ways, Patrick Henry’s speech lit the spark—but Washington became the steady hand that carried the revolution forward. His leadership transformed a collection of colonial militias into a unified fighting force capable of challenging one of the most powerful empires in the world.

From the daring crossing of the Delaware River and victory at Trenton to the decisive triumph at Yorktown, Washington demonstrated resilience, patience, and strategic discipline throughout the war.

After independence was secured, Washington continued shaping the young nation. As the first President of the United States, he set enduring standards for leadership, including his decision to voluntarily step down after two terms—reinforcing the principle of civilian leadership and the peaceful transfer of power.

Today, Washington remains a lasting symbol of leadership, restraint, and national unity—values that helped transform a revolution into a nation.

Washington and the Foundation of America’s Coinage System

During his first term, Washington also played a pivotal role in establishing the country’s monetary system. In 1790, he urged Congress to create a national mint capable of producing standardized American coinage.

Two years later, he signed the landmark Coinage Act of 1792 into law, officially establishing the United States Mint and creating the foundation for the U.S. dollar-based currency system still in use today.

By helping lay the groundwork for America’s national coinage, Washington’s legacy became closely tied to the history of U.S. money itself.

Design Details

The Commander Series is especially admired for its artistic approach, featuring portraits of some of history’s most notable military leaders.

The Obverse

2026 1 oz George Washington Silver Coin - Commander Series

The series’ signature style is to portray each leader’s left-facing profile. George Washington is shown wearing a tricorne hat, along with the inscriptions “WASHINGTON” and “2026.”

During the Revolutionary War, Washington required officers to wear cockades on their hats to distinguish rank, as the Continental Army lacked standardized uniforms..

The gilded edition enhances select design elements with striking gold accents, adding visual depth and contrast.

2026 1 oz George Washington Gilded Silver Coin - Commander Series

The Reverse

2026 1 oz George Washington Gilded Silver Coin - Commander Series

The reverse features the Coat of Arms of Samoa, along with the coin’s denomination, weight, metal content, and purity—confirming its legal tender status.

The Freedom Privy Mark

Created specifically to commemorate the 250th anniversary of American Independence (1776-2026), the Freedom Privy is a distinctive feature of this release.

It showcases a bold “250” engraved on the iconic Liberty Bell, symbolizing both heritage and celebration. On the gilded version, gold accents further emphasize this commemorative detail.

2026 1 oz George Washington Gilded Silver Coin - Commander Series

The Scottsdale Mint

The Scottsdale Mint is a respected private mint in the United States, known for its exceptional craftsmanship and innovative approach to precious metals.

Through collaborations with governments and private organizations, the mint consistently produces limited-edition pieces that stand out for quality and distinctive designs.

The Commander Series

The Commander Series is recognized for its detailed artistry, limited mintages, and powerful themes. Each release showcases influential leaders whose actions helped shape world history in finely detailed, precious-metal coins of varying sizes.

Previous editions have honored figures such as Napoleon Bonaparte, George S. Patton, Hernán Cortés, Julius Caesar, Ulysses S. Grant, and Charlemagne. This latest release highlights George Washington, the first President of the United States and the esteemed Commander of the Continental Army.

Continue the Commander Series Collection

Celebrate America’s 250th anniversary and the legacy of its first Commander-in-Chief with the 2026 George Washington Commander Series coins, now available for the first time in 1 oz silver bullion and gilded silver editions alongside the traditional Commander Series formats.

Gold Pauses, Silver Climbs: Breakout Ahead? Central Banks, Market Stress, Bullion Set to Surge

• Precious metals delivered a mixed performance, with silver edging higher to ~$69.76 oz while gold held flat near $4,494 oz, reflecting a market in consolidation rather than trend reversal.
• Early-week trading was subdued as macro headwinds—namely a stronger U.S. dollar and rising interest rate expectations—continued to weigh on bullion prices.
• Geopolitical tensions, particularly tied to Middle East dynamics, triggered margin calls and “sell-the-winners” behavior, forcing liquidation in previously profitable gold and silver positions.
• Despite short-term weakness, the long-term bullish thesis remains intact, underpinned by persistent fiat currency debasement and structural supply-demand imbalances.
• Silver’s industrial story strengthened further, with ongoing supply deficits and rising demand from solar, EV, and clean energy sectors—especially across Asia and India.
• Physical gold demand surged in stressed economies, notably Turkey, where shortages and extreme premiums highlighted gold’s role as a currency hedge amid rapid local currency devaluation.
• Institutional flows remained negative in the West, with over 115 tons exiting COMEX and ETF holdings during the recent pullback, signaling continued deleveraging pressure.
• Central bank and sovereign actions took center stage: France repositioned gold reserves domestically, while Russia imposed capital controls and restricted gold exports, underscoring tightening global monetary conditions.
• Diverging regional dynamics emerged in silver markets, with tightness and backwardation in China contrasting against rising inventories and falling lease rates in London.
• Broader macro concerns intensified, including U.S. fiscal imbalances and debt burdens, reinforcing gold and silver’s long-term appeal as monetary hedges despite current cyclical pressure.

Amid global shortages, central bank maneuvers, and shifting investor flows, the latest pullback may be masking a far bigger move ahead in precious metals.

Last week's trading for silver and gold started softly and here is a brief clip of mainstream financial media narratives covering them to begin this week.

Precious metal prices continue consolidating after the last few years of gains, as long term bulls continue looking for bottom dip buying opportunities.

Iran driven energy price shock margin calls forcing many to precious metal winners to sell, recent market shifts in U.S. interest-rate expectations, and relative fiat US dollar strength have all been keeping precious-metals prices lower for longer.

The long-term structural case for gold and especially silver have not changed. 

Silver supply deficits continue, growing industrial demand from clean energy application demands are rising with ongoing issues in world oil markets. Solar and EV auto demand in Asia is seeing continued growth, new market interest, and solar infrastructure investment plans of late in India or example.

The question for investors right now is where the short-term macro headwinds against precious metals will ease up for the next leg of this structural bullion bull to begin climbing again.

Last few months, the fiat US dollar has been relatively stronger, the fiat Fed remains tight with interest rates climbing quickly, and precious metals like gold and silver suffering headwinds from both factors.

In a bullion bull market, if and when spot prices fall back towards their 200 day moving averages, that is generally a good time to add to positions over the long run.

And while some out there, might try and have you believe that no one else is buying the bullion price dip.

I can tell you that isn't true by simply looking at SD Bullion company's own internal sales volume data of late.

Many of you out there have also been heavily buying this pullback in precious metals spot prices.

Reports this week showed a severe run on the physical gold market in Turkey. There were $250 oz bid ask spreads on high in demand gold kilo bars and reports of no inventory in many shops.

Long term, both gold and silver have protected local's purchasing power.

The local fiat lira has been devaluing sharply of late, and locals are buying other hard currencies and bullion to protect their savings the best they can.
 
Even the local government had to sell and swap about 60 tons of gold to the tune of around $8 billion in fiat US dollar buying power to intervene in their local currency markets.

In the Bloomberg report they acknowledged that much of the Turkish gold selling could have been swap agreements in London. And cynically one is left to wonder which bank in charge of these swap agreements used them to their market making advantage on the short side in the recent short term gold price selloffs.

Over the past month the combined COMEX and gold ETF market have shed over 115 tons of gold in the price pullback.

Western world gold allocations are still only about 1/4th to 1/3rd what they peaked at in market share terms in August 2011. Just another sign this recent $5600 spike was not a manic but instead a local price top for now.

France made gold news this week announcing their selling gold reserves once held in the NY Fed and converting those proceeds back into more modern official gold reserve bars onshore in Europe realizing a capital gain of nearly $15 billion in fiat US dollars.

Russia announced capital controls on cash of over $100,000 US dollars and disallowing the export of gold bars larger than 100 grams or just over 3 troy ounces effective May 1st, 2026.

Russia also has sold around a half million ounces, or 15.5 tons of gold reserves the first two months of this year likely bolstering their ongoing war time budget.

Turning to industrial silver inventories, we saw a slight climb this week in China's combined SGE and SHFE exchanges holding a combined 21.6 million oz of silver between the two.

Silver on the SHFE is still in backwardation and high price premiums above Western world price benchmarks continue being paid locally in China for 15 kilo sized industrial silver bullion bars.

Silver lease rates in London continue falling with some inventory buildups given Western silver ETF selloffs of late.

Registered silver and eligible silver 1000 oz bar inventory levels on the COMEX both continue falling here US state side.

Leaving some bank analysts like Christopher Whalen to publicly speculate this week that price power continues shifting to the western world, as he buys the recent precious metals price dips.

The silver and gold markets where a mixed bag slightly up and flat respectively this week.

The spot silver price ended the week at $69.76 oz bid.

The spot gold price closed the week basically flat at $4494 oz bid.

The spot gold silver ratio fell slightly to close this week at 64.

The week's trading for silver and gold started softly and here is a brief clip of mainstream financial media narratives covering them to begin this week.

In terms of the US stock market versus gold, the current S&P 500 / Gold Ratio closed at 1.42 oz this week, up a bit from the recent late Jan 2026 low near 1.27 oz of gold to afford the nominal S&P 500.

I maintain later in this ongoing secular bullion bull market, it will eventually only cost fractions of an ounce of gold to be able to buy the nominal S&P 500 as occurred both during the 2011 and 1980 bullion bull markets.

On the silver side of this important real value ratio. It currently costs about 91 oz of silver to afford one share of the S&P 500, about 50% more expensive in silver terms that is cost when only 59 oz of silver bullion could buy the US stock market nominal index in late Jan 2026.

Of course my contention remains this ratios return back toward and below its 2011 low levels near 30 oz of silver, down towards the 1980 low levels below 10 oz of silver to afford the S&P 500 remains plausible in time.

In terms of gold versus the 200 day moving average we are closing in on $4100 oz gold which we briefly ticked to start the price selloff week in Asia. 

This is a broader full fiat currency era context for gold spot prices versus their 200 day moving averages over time.

This week the Trump Administration began examining what a world of $200 a barrel would mean for the economy, meanwhile much of the world is increasingly looking at high industrially laced silver green energy alternatives in such a future.

The good news is, pretty soon we'll all get the President's signature in our wallets to celebrate the 250th Anniversary of the USA.

None of this changes the debt quandary we are increasingly in as a nation and broader worldwide. 

Fortune magazine highlighted this past week the US assets to liability mismatch ongoing.

Estimating the combined hard debt near $39 trillion and around $88 trillion unfunded liabilities to be paid through the remainder of this century.

Putting the US budget into household terms, it is like making $52 grand a year, spending $73 grand per year, with about $60 grand in assets, and $1.3 million in not saved for debt piles to come.

Of course this household has a currency creating keypad and all sorts of ways to further devalue the currency units coming due in future. 

So swapping out fiat US dollars now for bullion while they are reasonably priced still makes long term sense given the damning of the situation unfolding.

Sources:

Yoann Bourgeois Captivates Audience with Powerful Performance About Life ( Original Video )
https://www.youtube.com/watch?v=x_DA3dgRSrw

Iran War: Gold, Silver Price Drop on Bloomberg March 23, 2026
https://youtu.be/tT7CbZG9v5s?si=ab2uO-Gcrc8U1rWa

$100 Silver Price is COMING BACK! (LISTEN CLOSE)
https://youtu.be/Ue_Je6ZhVrQ?si=PC5X-fQvYWSWUZS7

Turkey’s $8 Billion Gold Drawdown on Iran War Hits Bullion
https://archive.is/meuhQ#selection-1783.0-1783.215

Gold & Silver Sharp Selloff as Markets React to War, US Debt, and Energy Shock

• Gold and silver prices saw a sharp selloff this week, with gold dropping over $500 per ounce in one of its biggest weekly declines in decades.
• Despite the drop, silver remains strong compared to last year, still trading at roughly double its price from March 2025.
• The volatility is being driven largely by escalating geopolitical tensions, including potential U.S. military involvement in Iran and rising energy market disruptions.
• Energy prices are surging rapidly, fueling inflation expectations and pushing bond yields higher, with the 10-year Treasury nearing 4.4%.
• U.S. debt has surpassed $39 trillion, with no realistic path to balanced budgets, reinforcing long-term concerns about currency debasement.
• Analysts note that sharp pullbacks like this are common in bull markets, where prices can retrace up to 50% before continuing higher.
• Technical indicators suggest gold could fall further toward its 200-day moving average, while silver may test lower support levels in the near term.
• Physical demand remains strong, particularly in China, where silver imports have surged and inventories across major exchanges are declining.
• Industrial demand—especially from solar manufacturing—along with investment buying is tightening global silver supply.
• The broader outlook for precious metals remains bullish, with expectations of renewed monetary easing and continued inflation pressures supporting long-term demand.

Sharp selloff in precious metals unfolds alongside surging U.S. debt, rising energy prices, and strong Chinese demand—raising questions about how deep this pullback could go before the next bull run resumes.

The spot price of gold fell by over $500 per oz this week, the largest percentage drop since 1983.

Silver was not spared in this week's precious metals price selloffs. Closing the week, the silver spot price was about twice what it traded at this time last year, in late March 2025.

Later in this week's Bullion Market Update, we'll look at price action history to get a sense of where the bottom might be for both gold and silver.

The silver and gold markets sold off sharply this week.

The spot silver price ended the week at $67.79 oz bid.

The spot gold price closed the week basically flat at $4491 oz bid.

The spot gold silver ratio rose to close the week at 66.

The bottom line for bullion bulls the world over is this.

It's common in bull markets for bullion to see price retracements of up to 50% before resuming its bull climb.

For those kicking themselves at the beginning of the year for not having bought enough bullion, the opportunity again exists for investors to position near the ground floor of where this year started.

Name any major debasing full fiat currency pair, and the opportunity now exists to acquire silver bullion at prices you would have been pleased to have bought at only a few months ago.

The current crisis in energy markets suggests the central planners will begin another round of quantitative easing and rate cuts to keep the world economy from imploding.

You'll want to have your bullion positions settled before the next bull market move gets going again in earnest. 

The spot price of gold fell by over $500 oz this week, the largest drop in percentage terms since 1983.

Silver was not spared in this week precious metals price selloffs. Closing the week about twice the spot price it was trading at this time last year.

The selloff in silver over the last few weeks has been one for the percentage markdown record books akin to gold.

Macro analysts Luke Gromen stated the price volatility in fiat US dollar gold is reminiscent of 1920s Germany, given our present context it makes sense to him.

The amounts of crude oil exports lost over the last month and into the foreseeable future are surely going to have dramatic growing effects.

Luke is now banging the table over how dramatic outcomes from this war will become. 

We are now seeing reports that The Pentagon is preparing plans for a possible US ground force deployment in Iran. Concerns about mission creep with troops from a key energy Iranian island, to the coast, to the Iranian mountains grows.

Late today following the CBS news article, President Trump claimed the US is 'considering widening down' the Iran war.

Conflicting statements aside, the price for energy continues to climb at unprecedented pace vs the last five and a half decades of data. 

It is no surprise to see growing developing economies like India announce this week their intention to quadruple their solar panel capacity over the next decade.

Expectations for climbing price inflation have more than doubled, with the market expecting the breakeven rate of interest now to be just over 5%.

It is no surprise to see rates on bonds climbing across the board, the 10 year now yielding near 4.4%.

The onshore fiat US dollar M2 supply continues growing to record high levels with an aggressive upward trajectory ongoing.

US hard debt levels have already officially passed $39 trillion to close this week.

There is no sign nor chance for balanced budgets in our foreseeable future.

Matter of fact conservative estimates suggest US budget deficits from here to as far as we can get away with them.

The US Congressional Budget Office stating that the US debt level is on trajectory to rise to historically unsustainable levels.

The rate things are going we'll likely look back on these estimates as highly understated.

Fundamentally the base case for an aggressive position in bullion and precious metals hasn't changed. merely a lot of recent volatility in spot prices is what we are seeing.

We'll look at "Where the bottoms might be?" along with further evidence that the Eastern world's bid for bullion has only been growing of late.

The silver and gold markets sold off in a big way this week.

The spot silver price ended the week at $67.79 oz bid.

The spot gold price closed the week basically flat at $4491 oz bid.

The spot gold silver ratio rose to close the week at 66.

The spot gold price has pierced and closed below it 100 day moving average, and the question remains will is go down to touch its ongoing 200 day moving average now near $4080 oz.

That is basically another -10% move downward from here, and is typical to see during bullion bull market consolidation phases.

On the silver side of its ongoing moving averages, we'll see next week if the $64 low will be taken out, with the current 200 day moving average for silver slightly above $57 oz. 

A quick eyeball of the silver chart, these are the key levels if and in a further downturn.

Backwardation in the Chinese SHFE continues, and local premiums for silver bullion above Western world price points continue.

Inventory levels of industrial silver supplies in China's SGE & SHFE fell below 20 million oz this past week.

Reports of Chinese buying the gold price dip this week suggest high demand for gold bullion bars from investors of late.

Bloomberg reported this week on the large growth of silver bullion buying by the Chinese to start Q1 2026.

We are seeing larger import figures for silver for both mainland China and through Hong Kong over the past few months.

Silver bullion buying in China hit eight year high levels to start this year feeding a combination surge in both industrial and investment demand.

Premiums paid for silver have been persistently well above Western world price points.

As industrial silver warehouse supplies have collapsed due to silver for solar cell manufacturing and retail investment demand rising.

The trend of collapsing silver warehouse inventories is not merely a Chinese phenomenon.

Bloomberg pointed out both London and COMEX supplies have been hitting multiyear low levels.

Selloff in mostly Western world silver ETFs have allowed London lease rates to fall over the past few months.  For instance over the past 40 days, over 30 million oz of silver has been withdrawn from the unsecured silver ETF SLV allowing London some breathing room for the time being.

Bloomberg' Yihui Xie wrote the following:

China’s ravenous appetite for silver lifted overseas purchases to an eight-year high at the start of 2026, as importers fed a surge in industrial and investment demand.

The world’s biggest buyer pulled in over 790 tons in the first two months, including nearly 470 tons in February, the highest ever for that month, according to Chinese customs data on Friday. Strong demand has pushed local prices well above international benchmarks, whittling down already-low exchange stockpiles and hoovering up metal from abroad.

China’s lofty imports have yet to disrupt the London market, thanks to a record inflow of silver into the global trading hub following an historic squeeze last year. Less silver held in exchange-traded funds around the world, which have dropped this year by more than 1,900 tons, has also freed up more metal.

Visible inventories tracked by major exchanges from New York to Shanghai are either falling or sitting well below their long-term averages, suggesting metal remains scarce in the broader system. And the market has reason to be worried. 

The bottom line for bullion bulls the world over is this.

It's common in a bullion bull market to see retracements of up to 50% before renewing the bull climb.

For those kicking themselves at the beginning the year for not having bought enough bullion, the opportunity again exists for investors to position near the ground floor of where this year started.

Name any major debasing full fiat currency pair, the opportunity now exists to acquire silver bullion at prices you would have been pleased to have bought at only a few months ago.

The current crisis in energy markets suggests the central planners will begin another round of quantitative easing and rate cuts to keep the world economy from imploding.

You'll want to have your bullion positions settled before the next bull market move gets going again in earnest. 

SOURCE:

China Pulls Silver From Global Markets to Meet Surging Demand
archive.is/142LX

Global Energy Shock and U.S. Rising Debt Put Gold and Silver Markets in Focus

• Gold and silver prices retreated over the past week, with spot silver closing at $80.57 per ounce and spot gold ending at $5,019 per ounce, while the gold-silver ratio rose to 62, indicating gold slightly outperformed silver during the pullback.
• Investor selling pressure appeared in paper markets, as recent price declines triggered liquidations in gold and silver ETFs and ETPs, including notable selling by Indian investors.
• U.S. fiscal deficits continue to balloon, with more than $1 trillion already accumulated five months into the fiscal year, and total national debt approaching $38.9 trillion, making $40 trillion by year-end a realistic projection.
• The escalating U.S.–Israel–Iran conflict has triggered a historic energy shock, with the effective closure of the Strait of Hormuz disrupting roughly 20% of global oil flows, creating the largest energy supply shock on record.
• Oil prices surged amid the disruption, with WTI and Brent crude trading around $95–$100 per barrel, and physical market premiums in some regions reportedly reaching up to 40% above futures prices.
• Energy inflation is spreading through the global economy, with jet fuel prices in New York more than doubling and fertilizer prices reportedly jumping over 77%, signaling rising costs across transportation and agriculture.
• Market tensions have raised concerns about government intervention, after CME Group CEO Terry Duffy warned that attempts to suppress oil prices through derivatives markets could trigger a “biblical disaster” by undermining market confidence.
• Central banks continue to accumulate gold, with the Czech Republic and Poland recently adding bullion reserves, reinforcing the global trend of shifting from sovereign bonds toward hard assets.
• Global silver trade flows are rapidly shifting, including Turkey importing a record 360 tons in February and large movements of silver from the U.S. to London as tight lease markets pull metal overseas.
• Eastern silver markets remain structurally tight, with Chinese inventories falling to around 20 million ounces and prices trading roughly 13% above Western exchanges, reinforcing the view that global silver prices could eventually move significantly higher.

Oil supply disruptions, mounting U.S. deficits, and tightening global silver inventories are reshaping commodity markets as gold holds above $5,000 and investors reassess risk in an increasingly volatile geopolitical environment.

Last Week Gold and Silver Prices:

The spot silver and gold prices traded down on the week.

The spot silver price closed at $80.57 oz bid.

The spot gold price ended the week at $5,019 oz bid.

The spot gold silver ratio ended this week upward at 62.

War-Driven Oil Supply Crisis Ripples Across Global Markets

The effective closure of the Strait of Hormuz buttressing Iran is disrupting roughly 20% of global oil production and other critical industrial inputs the world over.

This is by data definition the largest physical supply shock the energy market has ever faced.

Since the end of last month, intraday crossing have basically dropped to zero.

In terms of world oil crossing chokepoints this is a big deal as so much of the middle east's refining and industrial outputs use the sea lane like a highway to ship products.

The left half shows millions of barrels per day output Saudi Arabia, Iraq, UAE, Iran, Kuwait, and Qatar.

The right half are the major consumers for the oil output led by China, then India, other Asian countries, South Korea, Japan, with the EU and USA making up the smaller points of destination.

Apparently Iran is now considering allowing tankers through which have paid in Chinese yuan. Accentuating the point that much of this war in underlying payment settlement battles ongoing.

And yes while Asia is often the destination of these goods, the closure of the strait has jacked prices up in many energy related commodities worldwide. Everyone is affected regardless.

Here for instance is jet fuel prices in NY, more than doubled in price.

Reports of fertilizer for food production prices going up by over 77% of late.

Not merely a story on oil, it also a story about rising natural gas prices.

The two are the majority energy inputs for most of the world's largest developed economies.

Both in terms of millions of crude oil barrels per day and world supply percentage terms, this event is the largest in historic records.

The effect on crude oil prices to close this first quarter of 2026 has been dramatic with futures driven Brent and WTI both closing the week each side of $100 per barrel.

The dark thin line at the bottom of this chart is the 50 year price average which is typically +10% per year. Oil is already over 70% on the year with today's high price closes.

Older viewers might be reminded of the 1974 and 1979 oil crisis.

In 1974 the world saw a quick tripling of the oil price, then in 1979 and effective doubling again of the price for a barrel of crude.

And while financial screens suggest the closing price for a barrel of oil was around $100 this week. The truth in many parts of the world is that premiums upwards of an additional 40% are now the local market asking price for physical settlement.

The blue line is mostly derivatives, the white line is reality on the ground in Dubai for instance.

One of the more ironic news related items of the week was the head of Comex Nymex CME Group CEO Terry Duffy publicly warning the US Treasury or any governments to not attempt to lower prices using derivatives.

For in doing so it would erode confidence somehow further risking a 'biblical disaster' if markets like the CME became unable or less effective at setting the price of critical commodities.

Take the ongoing gold price for example.

When the COMEX gold futures market was founded to start 1975 with the express intention to invest price volatility in the day to day discovery of gold prices on it leveraged exchanges, the then price of gold to begin 1975 was $175 oz.

Throughout the last 56 years of time, the price of gold trading during COMEX intraday-hours has only risen to $529 oz. Yet the world's current physical gold bullion price is nearly ten times what the COMEX's ongoing data might suggest the price of gold would be according to their intra-hour trading over a half century.

The bottom line is the world's derivative price discovery markets are having a harder and harder time suppressing prices for critical commodities and store of value monies. It's a shame this latest war is making these facts more obvious to anyone with eyes to see these truths.

Gold Stays Elevated While Silver Volatility Grips Bullion Markets

The spot silver and gold prices traded down on the week.

The spot silver price closed at $80.57 oz bid.

The spot gold price ended the week at $5,019 oz bid.

The spot gold silver ratio ended this week upward at 62.

Five months into the US fiscal year through last month February, the US government has over $1 trillion in deficit ongoing. This data is only through the end of last months so Iran war expenses are not fully reflected yet. US Debt to the Penny website shows US debt is now $38.9 trillion so $40 trillion by the fiscal year end is an easy projection. 

The Czech and Polish central banks both recently announced adding more gold tonnage to their reserves, signaling even European nations are moving further into the bullion over bonds trade.

Recent gold and silver price pullbacks have produced some selloffs especially in ETFs and ETP markets.

Even Indian investors have sold off some of their recent net gold and silver ETF positions.

Turkey imported another record amount of silver last month, nearly 360 tons or 11.5 million oz in Feb 2026.

A country suffering under persistent fiat Turkish lira inflation buying silver both for refining and store of value purposes increasingly so is no surprise.

US import data from January 2026 during silver's historic price rise shows the US imported near 240 tons of silver, mostly from Mexico. In in that same month exporting nearly 1600 tons or over 50 million oz, most headed to the UK as lease rates in London were exorbitantly high.

Piles of silver that once flowed to the US for fear of Trump administration tariffs have upped and vanished nearly 200 million oz outflowed in less than a half year.

Global Silver Shift: Exchange Stocks Fall as Asia Draws Supply

Meanwhile silver inventories in China fell to merely 20 million oz in the middle of this week, with the SHFE seeing a more than 2 million oz inflow to end the week.

The Chinese silver market is still in backwardation and has been that way for over a month and a half.

Premiums for silver in China are still hovering +13% above the western world exchanges.

It was less than two years ago on this channel I showed you this incoherent eastern vs western world silver price discovery data. Back when spot silver was just below $30 oz.

And pretty much ever since the silver spot price has been moving towards what Eastern world silver price data.

I maintain using this data, the market clearing price point will eventually be, nearly five multiples higher than this week's closing spot price. 

Source:

US intervention in oil futures would be ‘biblical disaster’, CME warns
https://archive.is/gYBq6

Jump to: Types of Gold Bars | Minted Gold Bars | Cast Gold Bars | Gold Bar Investment | Side-By-Side Comparison | Cast Gold Options | Minted Bars Collectibility | Gold Bullion Market | Goals and Strategies | Storage and Security

When I began researching gold bars for this guide, I noticed how often they appear in discussions about physical precious metals. Gold has been used as a store of value for centuries, and today it remains a central part of the modern bullion market. Among the different formats available, gold bars are one of the most widely recognized, appearing in various sizes and designs produced by mints and refiners around the world.

As I looked deeper into how these products are made, I found that most gold bars fall into two primary categories: minted bars and cast bars. Both contain the same underlying metal, but they differ in their production methods, appearance, and overall presentation. In this guide, I’ll walk through the basic differences between minted and cast gold bars and explain how each type fits within the broader gold bullion landscape.

Key Takeaways

• Gold bars are a popular way to invest in gold, offering a tangible store of wealth and long-term portfolio diversification.

• Cast and minted gold bars are the two main types, each produced using different methods that affect appearance, pricing, and premiums.

• Minted gold bars feature intricate designs, polished finishes, and added security measures, which typically result in higher premiums.

• Cast gold bars have a more traditional appeal and usually carry lower premiums, making them a cost-effective option.

• The best choice depends on investment goals.

Types of Gold Bars

Gold bars are made using two primary production methods, which determine their appearance, finish, and overall characteristics. Each method produces either minted or cast gold bars.

Minted gold bars are manufactured through a refined minting process. Gold is first melted and formed into long, flat strips using a continuous casting machine. These strips are then cut into precise sizes and stamped with a hydraulic press. This process results in bars with clean edges, smooth surfaces, and a uniform, polished look.

Cast gold bars, by contrast, have a simpler casting process. They are made by pouring molten gold directly into molds. Once the gold cools and solidifies, the bar is removed and finished with basic markings stamped directly on its surface. Because of this method, cast bars often feature a rougher texture, slight imperfections, and a more traditional appearance.

While both minted and cast gold bars contain the same underlying metal content, each type offers distinct advantages and drawbacks. Understanding how they are made helps to choose the option that best fits their strategy, budget, and personal preference.

Characteristics of Minted Gold Bars

Minted gold bars are widely recognized for their clean, polished surfaces and precise shape. They typically deliver smooth surfaces, sharp corners, and a uniform finish, giving them a refined and modern look.

These bars often feature detailed designs and official mint markings, including recognizable logos and clear inscriptions of weight and purity. Many are also sold with tamper-proof seals, may feature unique serial numbers, and include other advanced security features.

1 oz SD Bullion Cross and Flag Gold Bar

Minted bars undergo extensive engraving and packaging procedures after being shaped. Because of the additional processing, design work, and packaging required, minted gold bars usually carry a higher premium than cast bars. Those who value presentation, consistency, and added security measures often prefer minted bars, especially when purchasing smaller sizes or gifting gold pieces.

Characteristics of Cast Gold Bars

Cast bars are characterized by unique surface cooling patterns due to the pouring process. They offer a more traditional and rugged appearance, reflecting the simplicity of their manufacturing process. Made by pouring molten gold directly into molds, they often have a rougher surface texture and rounded edges. They may display natural variations such as slight air bubbles or uneven finishes.

One of the main advantages of cast gold bars is their lower cost. Their premiums are usually lower over the gold spot price, making them an effective choice for those who want to maximize the amount of gold they receive for their money.

Larger samples are popular cast gold bars among those focused on long-term capital preservation and value-driven investing. While they may lack the polished look of minted bars, cast gold bars still offer high-quality products, high fineness, global recognition, and a trusted way to back wealth with gold.

Gold Bar Investment

Gold remains a popular choice for individuals looking to diversify their portfolios and support long-term financial stability. Guides to the best gold bars to buy often highlight how different bar types, brands, and sizes can suit a range of investment objectives, risk tolerances, and budgets. Its historical role as a store of value makes it especially appealing during periods of economic uncertainty or market volatility.

Investing in gold bars, regardless of the type, provides direct ownership of tangible gold. Unlike paper assets, gold bars can be held, stored, and passed on—an important factor for those focused on maintaining financial value.

It is possible to choose from a wide range of sizes and styles, including both popular minted bars with refined finishes and cast bars known for their cost efficiency. This variety allows buyers to select samples that align with their budget and preferences.

Many gold dealers recommend bars as a reliable way to hedge against inflation, currency fluctuations, and broader market movements. With high metal fineness and global recognition, gold bars continue to be a cornerstone of precious metals investing.

Minted and Cast Gold Bars: Side-by-Side Comparison

Cast Gold Options

Cast bars are widely available from well-established and trusted refiners, including respected names such as The Perth Mint. These mints are known for producing high-purity gold bars that meet global bullion standards, making them a reliable choice.

1 oz Perth Mint Cast Gold Bar

One of the main advantages of cast bars is their availability in larger sizes, such as 10 oz, 1 kilo, and even larger formats. For many investors, starting with widely traded 1 oz gold bars and then scaling into larger cast bars is an effective way to accumulate gold efficiently while keeping premiums as low as possible.

There is a variety of cast gold bar options, each offering its own balance of size, weight, and production style. Smaller choices like 1 gram gold bars provide an affordable entry point, while cast bars tend to have a more rugged, traditional appearance and derive their value from the metal content itself rather than aesthetics.

Because their premiums are generally lower over the spot price, cast gold bars are considered a cost-effective way to diversify assets. For those prioritizing long-term wealth preservation and maximum gold exposure, cast bars remain a popular and practical option.

Minted Bar Collectibility

Minted gold bars are often especially appealing to collectors due to their refined finishes, intricate designs, and carefully controlled production processes. Unlike cast bars, minted bars are frequently produced with a strong visual identity, making them stand out beyond their gold content alone.

Bars from well-known refineries, such as The Perth Mint, are popular, featuring iconic imagery, detailed logos, and consistent branding that enhance their recognition in the global bullion market. In some cases, limited mintages or special design elements can contribute to long-term collector interest.

Investors who enjoy combining precious metals investing with collectibility often gravitate toward minted gold bars. Their uniform appearance, unique character, presentation packaging, and perceived exclusivity can support potential resale value on the secondary market, particularly when demand for tangible gold rises.

While all bars derive their core value from gold itself, minted bars can add an extra dimension to an investment portfolio. For those who value aesthetics, brand recognition, and potential appreciation beyond gold price movement, minted gold bars can be a meaningful and versatile addition.

Gold Bullion Market

The gold bullion market offers a wide range of options for owning physical precious metals. These options include gold bars, gold coins, and other bullion products, and even parallel opportunities in investment-grade silver bars, each provided with different benefits depending on budget and strategy.

Within the gold bar category, cast and minted gold bars offer high purity and direct exposure to gold prices. Investors can also consider complementary bullion options such as gold coins and other gold bullion products when tailoring purchases based on factors such as cost efficiency, appearance, storage preferences, and long-term objectives.

Because gold prices can fluctuate in response to economic conditions, inflation expectations, and global events, staying informed is essential. Using real-time gold and silver price charts, gold dealers and investors alike monitor market trends, spot prices, and premiums to make well-timed and well-informed decisions.

By understanding how the gold bullion market works and how different products fit within it, it is possible to approach gold ownership with greater confidence and clarity, whether they are new to precious metals or expanding an existing portfolio.

Gold Investment Goals and Strategy

When deciding the best type of gold bars, it is important to align the choice with personal goals and overall investment strategy:

• Accumulating physical gold efficiently - If the objective is to build gold holdings at the lowest possible cost, one often prefers cast gold bars due to their lower cost and strong value per ounce.

• Emphasizing presentation and design - Those who value a refined appearance, consistent finishes, and recognizable mint branding may gravitate toward minted gold bars.

• Balancing cost and collectibility - Minted bars can appeal to those who want both physical gold exposure and added visual or collector appeal.

• Long-term wealth preservation - Cast bars are commonly chosen for long-term holding strategies where gold content matters more than aesthetics.

• Portfolio diversification - A well-rounded precious metals portfolio may include a mix of both cast and minted bars, balancing value, appearance, and flexibility.

Storage and Security Considerations

When purchasing gold bars, investors should carefully consider how and where their physical gold will be stored.

• Bar size affects storage choices - Larger bars, such as kilo or larger cast bars, may be better suited for professional vault storage due to their higher value and weight.

• Home storage for smaller bars - Smaller gold bars can often be stored in a high-quality, fire-resistant home safe.

• Insurance protection - Insuring gold bars helps protect against theft, loss, or damage, regardless of storage location.

• Condition and packaging - Proper handling helps preserve the condition of gold bars, especially minted bars with tamper-proof seals or assay certificates.

Conclusion and Final Thoughts

Both minted gold bars and cast gold bars offer unique advantages, making each suitable for different types of investors. Minted bars stand out for their refined appearance, detailed designs, and enhanced security features, while cast bars are valued for their simplicity, lower premiums, and cost-efficient gold exposure.

Choosing between them ultimately depends on individual investment goals, strategy, and personal preferences. Investors focused on maximizing gold content and long-term value protection may lean toward cast bars, while those who appreciate presentation and potential collectibility may prefer minted options.

Regardless of the form, gold bars remain a dependable way to own physical gold, especially during uncertain times. As part of the broader gold bullion market, both minted and cast bars provide a reliable store of wealth and a hedge against market uncertainty.

By understanding the key differences between minted and cast gold bars, investors can make informed decisions that align with their financial objectives and build greater confidence in their precious metals investment strategy.

Disclaimer:

We created this content for educational purposes only and should not be considered financial, investment, or tax advice. Investors should evaluate their personal financial situation and consult qualified professionals before making investment decisions.

The 2026 Year of the Horse coin from The Perth Mint is the seventh release in the 12-year zodiac cycle Lunar Series III program. 

The coins are struck in .9999 fine gold and .9999 fine silver, combining exceptional purity with meaningful symbolism from the Chinese Zodiac.

Available in bullion and proof finishes — including gilded, colorized, and opal editions — the 2026 Year of the Horse coin release offers collectors a refined blend of artistry, tradition, and precious metal excellence.

Key Takeaways

• Official 2026 Year of the Horse coin release

• Seventh strike in Lunar Series III

• Produced by The Perth Mint

• Struck in .9999 fine gold and .9999 fine silver

• Offered in bullion, proof, gilded, colorized, and opal finishes

• Includes special sets and bullion bars

The Lunar Series III

The Lunar Series III celebrates the 12 animals of the Chinese Zodiac. Each year features a new reverse design honoring the corresponding zodiac sign, making every release unique.

Because of its limited annual strikes and global recognition, the Lunar Series III plays an important role in the Perth Mint's production.

The Perth Mint

Founded in 1899, The Perth Mint is Australia’s official bullion mint and one of the most respected precious metals refiners in the world. It is internationally recognized for producing high-quality gold and silver coins and bars.

Perth Mint Lunar coins are especially popular among collectors due to their annual design updates, strong craftsmanship, and consistent .9999 fine metal purity. The 2026 Year of the Horse coin continues this tradition of excellence.

Horse and Its Symbolism

Across cultures, the horse symbolizes strength, freedom, energy, and determination. It is often associated with ambition, endurance, and an independent spirit.

In Chinese tradition, the horse also represents speed, perseverance, and success. These powerful meanings lend deeper significance to the series, making it especially attractive to collectors who value both symbolism and the purity of precious metals.

The Year of the Horse in the Chinese Lunar Calendar

The Chinese Zodiac follows a 12-year cycle, with each year linked to a specific animal. The Year of the Horse returns in 2026, following previous appearances in 2014, 2002, and 1990.

Individuals born under the Horse sign are often described as energetic, adventurous, and determined. As the seventh zodiac animal, the Horse represents vitality and forward momentum — qualities beautifully captured in the 2026 design.

The 2026 Design

The 2026 Year of the Horse coin blends motion, symbolism, and refined engraving. Each coin maintains the recognizable Lunar Series III layout while introducing a fresh artistic interpretation of the zodiac animal.

The Reverse

The reverse showcases a powerful galloping horse in full stride. The design conveys energy, freedom, and determination through its dynamic composition.

Also included are the Chinese character for “Horse,” the inscription “HORSE,” and the year “2026.” The Perth Mint’s traditional “P” mint mark appears on the left, confirming its origin and authenticity.

The Obverse

The obverse features the left-profile effigy of King Charles III, designed by Dan Thorne. Surrounding inscriptions read “CHARLES III” and “AUSTRALIA,” along with the coin’s weight, fineness, metal content, and face value.

Technical Specifications of the 2026 Year of the Horse Coins

Below are the official specifications for the Year of the Horse coins produced by The Perth Mint.

Gold Year of the Horse Coins (.9999 Fine Gold)

Silver Year of the Horse Coins (.9999 Fine Silver)

Special 2026 Year of the Horse Coin Editions

In addition to standard bullion and proof options, the 2026 Year of the Horse coin release includes premium collector editions with enhanced finishes.

1 oz Year of the Horse Opal Proof Silver Coin

This 1 oz silver release incorporates genuine Australian opal set into the reverse. Designed by Aleysha Howarth, the opal’s brilliant blue and iridescent tones form a striking image of a horse within the stone.

The combination of proof finish and natural opal creates one of the most visually distinctive coins available.

1 oz Year of the Horse Gilded Proof Silver Coin

The gilded silver coin features selective 24-karat gold gilding applied to the horse design. The gold accents contrast beautifully against the .9999 fine silver proof surface, highlighting the detail of the galloping figure.

1 oz Year of the Horse Colorized Proof Silver Coin

The colorized design with detailed color application brings greater realism and visual depth while maintaining proof-level craftsmanship.

1 oz Year of the Horse Quadrant – Colorized Proof Silver 4-Coin Set

This unique four-coin set forms a complete circular display when assembled. Each 1 oz silver segment is struck in .9999 fine silver with a proof finish and vibrant colorization.

Each quadrant depicts a different horse — including a rearing white Friesian, a running chestnut, a Palomino mare with foal, and a dark bay horse — creating a dramatic multi-scene presentation for Lunar Series III collectors.

1 oz 3-Coin Silver Year of the Horse Trio

This set includes 1/2 oz, 1 oz, and 2 oz silver Year of the Horse coins, allowing collectors to enjoy the design across multiple sizes.

Additional 2026 Year of the Horse Products

Beyond traditional coin formats, collectors can also acquire:

• 100 Gram Year of the Horse Silver Bar: A .9999 fine silver bar featuring the 2026 Year of the Horse design in a sleek rectangular format.

• 1/100 oz Year of the Horse Gold Bar: A fractional .9999 fine gold bar offering an accessible way to own a gold Year of the Horse release.

Buy the 2026 Year of the Horse Coin at SD Bullion

The 2026 Year of the Horse coin from The Perth Mint combines powerful zodiac symbolism with .9999 fine precious metal purity.

Buy 2026 Year of the Horse coins today at SD Bullion — your trusted source for authentic Perth Mint’s limited-edition Lunar Series III products.

Gold Shines as War Risk Spreads Across the Middle East

• Precious metals began the week volatile but stabilized by the close. Gold finished roughly flat near $5,172 per ounce, while silver closed around $84.48 per ounce, with the gold-silver ratio rising to about 61—a signal that gold is currently outperforming silver in this geopolitical environment. 
• War headlines are pushing investors toward traditional “safe havens.” As the conflict escalates, capital is moving into gold, the U.S. dollar, and Treasury bonds as investors seek protection from market turbulence.
• Gold is quietly outperforming stocks. One notable market shift: the S&P 500-to-gold ratio fell below its late-January 2026 low, meaning gold has been gaining value relative to U.S. equities—often a classic sign of rising financial stress.
• Global debt stress adds another tailwind for gold.  Rising layoffs and widespread debt among households, corporations, and governments highlight systemic financial pressure—conditions that historically favor hard assets like gold. 
• Energy disruption is the economic trigger behind the metals rally. With the Strait of Hormuz—through which about 20% of global oil flows—effectively shut down, oil prices surged above $90 per barrel, raising inflation fears that historically support gold and silver demand. 
• Geopolitical risk is reinforcing gold’s historical role. During wars or crises, investors often buy gold to preserve purchasing power—something analysts describe as a “feature,” not a bug, of the metal’s behavior during conflict. 
• The conflict is spreading across the Gulf region.  Iranian missile and drone attacks have targeted GCC countries such as Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, and Oman, hitting infrastructure and increasing the risk of a wider regional war with global economic consequences. 
• Markets are entering a “risk-off” phase.  When geopolitical risk spikes, investors tend to sell riskier assets like equities and shift into defensive assets, including precious metals and cash-like instruments. 
• For investors, the big takeaway is uncertainty. Whether the war remains limited or expands across the Middle East will determine the next move—but historically, prolonged geopolitical instability tends to reinforce gold’s role as a store of wealth and portfolio hedge.

As the U.S.–Israel–Iran conflict escalates and oil routes face disruption, investors are turning to gold and silver to navigate rising geopolitical risk, energy shocks, and growing financial uncertainty.

The silver and gold markets sold off to start the week and finished consolidating sideways over the last few trading days.

The spot silver price ended the week at $84.48 oz bid.

The spot gold price closed the week basically flat at $5172 oz bid.

The spot gold silver ratio rose to close the week at 61.

One thing gold did this week was gain in real terms relative to the still-overvalued US stock market. The S&P 500/Gold ratio fell below its late Jan 2026 low this week. 

Precious Metals Steady After a Volatile Week

Gold and silver investors experienced a turbulent week as the Middle East conflict between the United States, Israel, and Iran escalated. Gold ended the week roughly flat near $5,172 per ounce, while silver finished around $84.48, consolidating after an early sell-off. Despite short-term volatility, gold continued to outperform U.S. equities, with the S&P 500-to-gold ratio falling, a sign that capital is slowly rotating toward hard assets during geopolitical uncertainty. Historically, precious metals tend to strengthen during periods of conflict and financial stress as investors seek safe-haven assets to preserve purchasing power. The current geopolitical climate is reinforcing that pattern as markets reassess risks tied to energy supply, inflation, and global stability.

The Gulf Cooperation Council: A Hidden Link to the U.S. Economy

The conflict has rapidly expanded beyond Israel and Iran, drawing in the broader Gulf region and raising concerns about the stability of the Gulf Cooperation Council (GCC) nations—Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain, and Oman. These countries play a critical role in the global economy through both energy production and massive sovereign wealth funds. Collectively, GCC funds manage trillions of dollars in global investments, including large holdings in U.S. markets and Treasury securities.

The conflict has taken a dramatic turn as Iran has expanded its attacks beyond Israel and U.S. forces to include all six members of the GCC. For the first time in modern history, Iran has launched sustained missile and drone strikes across the entire bloc, shattering the region’s long-standing reputation as an economic and political “oasis of stability.” Civilian areas have already been hit, including luxury hotels in Dubai, residential districts in Bahrain, and areas near Kuwait’s international airport, causing widespread panic. Strategic infrastructure has also come under fire, with attacks reported on Saudi Arabia’s largest oil refinery and major energy facilities such as Qatar’s Ras Laffan and Kuwait’s Mina al-Ahmadi complex, forcing temporary shutdowns. Even digital infrastructure has been affected, as Amazon Web Services data centers in Bahrain and the UAE experienced outages after nearby strikes likely scattered drone shrapnel. GCC leaders now face an increasingly difficult decision: remain on the sidelines as their infrastructure and economies absorb damage, or formally join the conflict alongside the United States and Israel—an action that could significantly escalate the war.

The economic relationship between the United States and the Gulf states runs deep. Trade between the two regions exceeds $90 billion annually, and Gulf investors deploy significant capital into American technology, infrastructure, and financial markets.

That interdependence means instability in the Gulf could ripple far beyond the region. Analysts warn that if war damages infrastructure or disrupts oil exports, Gulf nations may be forced to redirect capital inward, potentially reducing investments abroad—including in the United States.

Energy markets are already feeling the strain. The Strait of Hormuz, through which roughly 20% of the world’s oil supply passes, has become a flashpoint as military tensions threaten shipping lanes and energy exports.

Oil prices have surged amid the disruption, with analysts warning that prices could climb above $100 per barrel if the conflict persists—an outcome that could fuel inflation and slow global growth.

For precious metals investors, such conditions historically create a supportive backdrop. Rising energy costs often translate into higher inflation expectations and greater demand for monetary hedges such as gold.

Professor Jiang’s Analysis: A War of Asymmetry

Game Theory #9: The US-Iran War by Professor Jiang of Predictive History
https://www.youtube.com/watch?v=jIS2eB-rGv0

Beyond traditional geopolitical risk, analysts are increasingly focused on how modern warfare itself may reshape global economic dynamics. In a widely viewed lecture, Professor Jiang describes the conflict as a war of asymmetry—one in which a technologically dominant power faces an opponent relying on inexpensive, scalable weapons.

One of the most striking developments is the widespread use of low-cost drones. Unlike traditional military hardware costing millions of dollars, many attack drones cost tens of thousands and can be produced in large quantities. This imbalance creates a strategic challenge: defending against swarms of cheap drones often requires far more expensive missile defense systems.

The economic implications are significant. If critical infrastructure such as oil facilities, shipping routes, desalination plants, or data centers becomes vulnerable to relatively inexpensive attacks, global supply chains and energy markets could face repeated disruption. Indeed, recent strikes and threats to shipping in the Strait of Hormuz have already caused tankers to halt transit and triggered spikes in energy prices.

In this sense, the conflict highlights a new reality: economic warfare and physical warfare are increasingly intertwined. Strategic infrastructure—from oil refineries to digital networks—can now become targets in conflicts that directly affect financial markets.

Why Precious Metals Investors Are Watching Closely

For gold and silver investors, the current situation presents a complex but historically familiar landscape. Wars involving major energy regions often trigger inflationary pressures, currency volatility, and financial instability—all conditions that tend to support precious metals.

At the same time, the involvement of Gulf economies and their vast investment portfolios introduces another layer of risk for global markets. If energy flows remain disrupted or Gulf nations reconsider overseas investments, the ripple effects could extend into equities, bonds, and currencies worldwide.

For now, gold’s steady performance amid the turmoil suggests that investors are already positioning defensively. If the conflict escalates or becomes prolonged, precious metals could play an even larger role as investors seek stability in an increasingly uncertain geopolitical environment.

Jump to: Understanding Gold Prices | Precious Metals as an Investment | Understanding the Stock Market | Economic Uncertainty and Market Volatility | Benefits of Safe Haven Assets | Historical Performance

Non-physical gold vehicles often offer greater liquidity and market exposure, whereas physical gold is often viewed by many investors as a tool for long-term wealth preservation and defensive positioning.

The more important issue, though, is not which asset is better, but whether the objective is growth or risk management during uncertain conditions. In this article, I delve deep into the reasons why physical gold is seen by many experts as a safe haven against economic uncertainty and times of geopolitical tensions.

KeyTakeaways:

• Non-physical investments offer high liquidity and market exposure, whereas tangible gold remains on of the more popular vehicle for long-term safe-haven protection among many investors.

• A common investment portfolio typically combines growth assets and defensive holdings, aligning investments with risk tolerance, time horizon, and financial objectives.

• Investors often evaluate assets in context, comparing growth potential, defensive value, and market behavior to build a portfolio that can adapt to changing economic conditions.

Understanding Gold Prices

Gold prices are mainly influenced by geopolitical uncertainty, high inflation, and market volatility, with periods of economic instability often driving increased demand and pushing prices higher.

Vehicles such as gold ETFs provide market exposure without requiring investors to hold physical metal, while monitoring trends can help investors better understand market behavior.

Recent changes in precious metals prices suggests a notable shift in people's sentiment towards precious metals, particularly gold, which saw strong momentum this year; in the final week of January, prices reached the $5,000 per ounce.

The same period also marked a rare milestone for silver as well, with prices reaching $100.

Their performance sometimes is interpreted as reflecting their perceived role in financial security, while also hinting at how shifts in confidence toward fiat money may influence investor behavior.

The chart above shows how gold prices have risen through the end of last year into February 2026, offering investors a useful reference point for review.

We did a whole analysis on what happened to silver here.

Precious Metals as an Investment

Gold's value is shaped by supply and demand, and investors can gain ownership through physical assets, ETFs, or other vehicles, making them a flexible addition to a diversified portfolio.

Investing in the stock market involves buying shares in companies with the expectation of growth, income, or both. Approaches range from long-term investing to short-term trading, depending on objectives and higher risk tolerance.

Let's dive into it.

Understanding the Stock Market

Gold stocks are shares in companies that explore, mine, or finance gold production. Instead of owning tangible gold, investors are interested in how these companies perform within the stock market. Their value is influenced not only by gold prices but also by corporate performance and broader economic conditions.

There is often a correlation between gold prices and gold stocks, but multiple factors can shift outcomes, including operational efficiency, leadership decisions, production costs, and market sentiment. Because of this, returns can be affected by both commodity trends and business execution.

For shareholders, gold stocks may provide dividends when companies are profitable, adding an income component. Conversely, if operational or market challenges arise, stock performance may weaken even when gold prices rise.

As a result, gold stocks offer exposure to precious metals while remaining subject to the opportunities and risks associated with publicly traded companies.

Economic Uncertainty and Market Volatility

Gold’s behavior during economic uncertainty reinforces its role as a defensive asset.

Events like the pandemic shock illustrated this dynamic: gold held firm while equities and other metals became more volatile, a pattern that continued into early 2026.

The Silver/Gold ratio helps show this relationship. When the ratio falls, it means silver is rising faster than gold (or gold is lagging). The recent sharp drop in the ratio signals strong silver price gains amid current geopolitical tensions.

Some investors view this pattern as reinforcing the role of precious metals (specially gold) in capital preservation.

Benefits of a Safe Haven Investment

Gold, unlike other investments, generates no income like dividend-paying stocks or interest-bearing bonds; in contrast, its primary association is weatlh preservation, contributing long-term security within a diversified portfolio.

When it comes to physical assets, investors often compare coins and bars: for example, coins generally offer greater flexibility and recognizability when it’s time to sell, while bars tend to carry lower premiums per ounce, making them more efficient for bulk storage and larger allocations.

Diversification strategies sometimes include both growth-oriented and defensive assets such as gold, allowing investors to pursue returns while maintaining a foundation of protection.

Historical Performance of Gold vs Stocks: Making Informed Investment Decisions

While stocks have historically generated stronger returns over multi-decade periods, gold has outperformed in certain shorter intervals, working as an inflation hedge, particularly during times of market stress.

Take a look at the chart below as we make a simple comparison between gold (oz) prices in US dollars, against two of the Major gold mining stocks in the world, NewMont Corporation (NEM), and Agnico Eagle Mines (AEM).

Gold mining stocks may perform strongly on charts because their prices include speculative expectations about future profits and market sentiment. While gold itself is often seen as a hedge linked to long-term stability, mining stocks tend to move more like equities, with greater volatility.

Careful comparison, clear goals, and, when appropriate, professional guidance help support more disciplined long-term decisions.

Conclusion and Next Steps

In conclusion, while investors buy shares seeking growth and yield, gold remains an attractive option for some, valued around the world as a relatively stable asset that may help protect against inflation and broader economic uncertainty.

The practical next step, before taking any action, is to compare assets in the context of human behavior and market economics, then consider how diversification may fit within yout own financial context. That can increase resilience while reducing long-term uncertainty.

Disclaimer:

We created this content for educational purposes only and should not be considered financial, investment, or tax advice. Investors should evaluate their personal financial situation and consult qualified professionals before making investment decisions.

Silver Back in Triple Digits Overseas as Supply Strains, COMEX Glitch, and Market Turmoil Signal a Structural Bull Run

• Silver Just Completed the Most Volatile Month in Modern History: After surging to an all-time high above $121 per ounce in late January, silver corrected sharply into the $70s before stabilizing near $94 by the end of February. Extreme volatility is not a sign of weakness — it is often the hallmark of a developing commodity supercycle. 
• Ten Consecutive Monthly Gains — A Historic First: Despite February’s violent correction, silver still closed higher in U.S. dollar terms — marking its tenth consecutive positive monthly close, the longest streak on record. Sustained momentum of this length historically signals structural, not speculative, demand.
• Gold’s Seven-Month Winning Streak Mirrors 1973: Gold has now posted seven straight positive monthly closes — a run not seen since the early 1970s bull market. Strong gold trends often precede and fuel larger percentage gains in silver.
• The Gold-Silver Ratio Is Breaking Down: The ratio closed near 56, reflecting silver’s recent outperformance. In precious metals bull cycles, falling ratios typically signal growing investor appetite for silver’s higher volatility and upside torque. 
• Silver Is Already Back Above $100 in China: When accounting for local premiums, silver in China is trading back in “triple-digit land.” Shanghai Gold Exchange premiums near +15% over Western spot prices show strong physical demand and tightening supply in Eastern markets.
• Physical Inventories Continue to Drain: Industrial-sized 15 kilo silver bars continue flowing out of Chinese exchanges, while COMEX registered and eligible inventories are falling. Tightening visible supply during rising demand conditions is classic bull market fuel.
• India Is Opening the Capital Floodgates: India is allowing actively managed equity funds greater exposure to precious metals and is moving away from London-based pricing benchmarks starting April 2026. Meanwhile, Indian investors just allocated more capital to gold ETFs than to stock funds. This represents potentially billions in new demand entering a relatively small market.
• Institutional Flows Are Accelerating: U.S. gold fund inflows are on pace to surpass last year’s $101 billion. Yet, relative to allocations in equities and bonds, institutional exposure to precious metals remains historically small — suggesting significant room for further capital rotation.
• COMEX Glitch is Undermining Confidence: A February 25 CME Globex outage halted metals trading just as silver surged above $90. The timing has fueled skepticism about paper-market stability and strengthened the case for owning physical bullion rather than relying solely on derivatives exposure.
• Supercycle Dynamics Are Taking Shape: Former Goldman Sachs commodities head Jeff Currie describes the current environment as early-stage supercycle behavior — sharp spikes, violent corrections, and repeated surges driven by supply constraints, de-dollarization, central bank buying, electrification demand, and persistent debt fears. In such cycles, volatility precedes sustained higher highs.

Silver trades back into triple digits in China despite COMEX disruptions, as record monthly momentum, tightening physical supply, rising Eastern premiums, accelerating institutional inflows, geopolitical strain, electrification-driven demand, and deepening skepticism toward paper pricing point not to the end of a spike — but to the early stages of a structural bull market.

From $121 to $93: Volatility, Glitches, and the Bigger Bull Market Picture for Silver

February 2026 will be remembered as one of the most dramatic months in modern silver market history. What looked like a parabolic breakout above $120 per ounce quickly transformed into a violent correction — only to stabilize at levels that still reinforce a powerful long-term bull trend. Beneath the volatility lies a deeper story: tightening physical supply, rising Eastern demand, institutional capital flows, and increasing skepticism toward Western paper pricing mechanisms.

Silver’s Journey: From Record High to Sharp Correction

Silver began its recent surge by reaching an all-time high above $121 per ounce on or around January 29, 2026. The rally was swift and aggressive, driven by intense investment demand and tightening supply dynamics.

But as is common in commodity supercycles, extreme upside momentum was followed by an equally sharp correction. Within days, silver fell below $100, at times dropping into the high $70s and low $80s. Through early and mid-February, volatility remained elevated, with prices fluctuating between roughly $73 and $85.

By the final week of February, however, silver had regained composure. A recovery pushed prices back into the $85–$95 range, ultimately closing the month near $93.79 per ounce.

Despite the gut-wrenching pullback from $121 to $93, silver still marked its tenth consecutive positive monthly close in U.S. dollar terms — the longest monthly winning streak on record. In other words, even after historic volatility, the broader uptrend remains intact.

This kind of behavior — explosive rallies, violent corrections, and quick recoveries — is often characteristic of early-stage commodity supercycles rather than exhausted markets.

The COMEX Glitch and Growing Skepticism

Adding to February’s drama was a significant technical disruption at the CME Group’s Globex platform on February 25, 2026. The outage halted electronic trading across COMEX metals — including gold and silver — for roughly 90 minutes.

The timing raised eyebrows. Silver had been rallying aggressively before the halt, touching intraday highs near $91 per ounce. When trading resumed, prices pulled back toward $88, producing what many described as a “liquidity rupture” during a critical moment of price discovery.

Critics questioned whether the disruption was merely technical or whether it conveniently cooled a market threatening to accelerate into another upside spike. The incident occurred close to First Notice Day for March silver contracts — a sensitive period for physical delivery obligations — intensifying speculation about short-side pressure.

The glitch further undermined confidence in Western paper pricing mechanisms. At a time when physical inventories on COMEX are falling and industrial-sized silver bars continue flowing out of Asian exchanges, market participants are increasingly focused on the divergence between futures trading and physical demand realities.

Meanwhile, China’s silver market has reflected a different dynamic. When accounting for local premiums — recently near +15% over Western spot prices — silver has effectively traded back into triple-digit territory in Chinese markets. 

This East-West pricing gap underscores strong regional physical demand and adds fuel to the argument that global bullion markets are gradually localizing price discovery.

India has also announced that beginning April 2026, it will move away from London-based precious metals benchmarks, a significant structural shift in how bullion is priced and referenced globally.

Together, these developments point toward a world in which physical flows and localized pricing mechanisms may play an increasingly dominant role.

David Tait: Debt, Geopolitics, and Structural Support for Gold

David Tait, head of the World Gold Council, recently outlined what he sees as multiple fundamental drivers supporting gold’s continued advance — dynamics that often spill over into silver.

• Among the key forces he cited:
• Persistent geopolitical instability
• Central bank buying averaging around 1,000 tons annually in recent years
• Expanding access to gold investment vehicles in markets like China and India
• A structural fear of runaway sovereign debt 

Tait emphasized that debt sustainability fears — particularly following moments of stress in U.S. bond markets — have become a core underlying driver of precious metals demand. In his view, the global debt trajectory shows little sign of reversal, reinforcing the long-term case for bullion ownership.

For silver investors, gold’s macro foundation matters. Historically, sustained gold bull markets create the monetary and psychological backdrop for silver’s more explosive percentage gains.

Jeff Currie: Classic Supercycle Behavior

Former Goldman Sachs Head of Commodities Jeff Currie characterized the recent volatility in gold and silver as typical supercycle behavior rather than a sign of exhaustion.

Currie explained that in supply-constrained environments, prices often surge as demand overwhelms available inventory. When prices spike too quickly, demand temporarily collapses, triggering sharp corrections. Then buyers re-enter as prices look attractive, reigniting the cycle.

In silver’s case, he described it as a “turbocharged version of gold” — sharing precious metal monetary characteristics while also serving as a critical industrial input for electrification, solar panels, and advanced electronics.

Currie also pointed to:

• De-dollarization by central banks
• Portfolio underinvestment in metals
• Structural industrial demand growth

These forces, combined with silver’s relatively small market size, mean incremental capital flows can produce outsized price movements.

Conculsion

The February plunge from $121 to $93 was dramatic. But zooming out, silver remains in a historic monthly uptrend, physical inventories are tightening, Eastern markets are showing premium-driven strength, and institutional capital flows are accelerating.

Layer onto that a CME trading disruption that dented confidence in paper markets, growing debt fears voiced by global bullion leaders, and supercycle dynamics described by seasoned commodity veterans — and the picture becomes clearer.

Volatility is not the end of the story. It may well be the defining feature of the early innings of a structural bull market in silver.

Weekly Market Update Notes by James Anderson

The silver and gold markets finished this week and month on a strong note.

The silver spot price ended the week at $93.79 oz bid.

The spot gold price closed the week basically flat at $5279 oz bid.

The spot gold silver ratio fell to close the week at 56.

Gold closed this month of February 2026 with strength, marking a seventh positive monthly close candle; you have to go back to 1973's run to find a monthly run of positive spot price appreciation of that length.

Even with last month's large price selloff in silver, the white precious metal closed this month up in fiat US dollar terms for the tenth month in a row. The longest monthly streak on record for silver.

Silver closed trading in China this week already back in triple-digit-landia when their local price premiums are converted into fiat US dollar terms.

Their respective palladium and platinum bullion pricing to close their trading weeks were both multi-hundreds of dollars per troy ounce higher than the Western world spot price feeds closed this week.

You can see the SGE silver premiums reverted higher this week, with the blue line reflecting local premiums near +15% higher than price quotes in the Western world.

Silver bullion industrial sized 15 kilo bars continue flowing out of their SGE and SHFE exchanges now down to a combined 24.59 million oz to close this week.

India made big news in the gold and silver bullion markets this week with a few important headlines.

India's market regulator is going to allow a large percentage of their nation's actively managed equity funds to put more capital to work in the precious metals sector.

This move opens the potential for billions further of Indian investments to go chasing limited piles of gold and silver within their investment and ETF system.

This past month Jan 2026, Indian investors put more money into Gold ETFs than into stock funds.

India also announced that come April 2026, their local market will no longer use precious metals price data or price benchmarks out of London or the associated LBMA.

Bank of America published this chart using year to date golf flow data tracking US fund flows to gold thus far near now two months into this year.

At this pace Western institutional investors will break last year's $101 billion gold net long bet flow.

Let me remind you how tiny institutional US investment managers' collective gold fund flows have been first half of this decade through last year 2025, when compared to how much capital they put to work in underperforming bonds, cash, and general equities or US stocks.

Just a general lookup using Google Trends in USA and you can see the public at large is also getting in on the risen buy gold and buy silver bullion trends.

Stick around, on the other side of this short break, we're going to look at the second CME COMEX Silver futures trading 'technical issue' which hit the market middle of this past week.

Adding to further evidence as to why India and China are bringing their respective precious metals markets into localized price feeds as Western world price shenanigans continue occurring on a regular ongoing basis. This week's folly just that latest example.

Let's check in with India's CNBC TV-18's Manisha Gupta who spoke with the head of the World Gold Council this past week in the world's second largest gold buying market.

If you were paying attention to price action and headlines this week you probably saw disgust for another COMEX precious metals futures technical glitch that knocked price feeds offline for around an hour and a half.

Where likely which ever entities were caught painfully short and underwater on their short side trading were able to wiggle out a reported 159 million oz notional trading block coming down to the end of the month, with a falling silver price thanks in large part to the backroom glitch saving the alleged losing parties hundreds of millions in potential losses had that glitch and price markdown not occurred.

Thoughts immediately reverted back to the Thanksgiving CME cooling issue silver price meltdown, and the positive price action that followed shortly thereafter. 

I'll leave a link to the CME Group's X post announcing the glitch so you can see the over one thousand cynical responses they received.

Faith in these derivative commodity price market makers has been driven further lower.

We even got some decent silver round mock-ups to celebrate this week's clown show.

On the COMEX Silver warehouse registered and eligible supply side, both piles continued falling this week.

Turning to former Goldman Sachs Head of Commodities, Jeff Currie went on the MacroVoices podcast this week and banged the table on both gold and silver. 

His recent comments are worth hearing regarding both precious metals.

Tavi Costa's chart here to close this week give you a longer term view of the bullion bull market we are building.

Gold's above ground value divided by the world's total stock market value in gold bull market cycles often screams back towards parity, and as you can see we are just getting underway.

That will be all for this week's Bullion Market Update.

Sources:

Rising Bharat Summit 2026 LIVE: David Tait Explains What's Driving Surge In Gold Prices
https://www.youtube.com/watch?v=WectpSTcj9U

CME Group's COMEX Silver Price Glitch X Post Responses, Are Worth a Look:
https://x.com/CMEGroup/status/2026738200731918752

MacroVoices #521 Jeff Currie: The Great Rotation
https://youtu.be/uhpECa_XaBA?si=TrUYk1Zg81comdUT&t=1811

Bank of America Predicted Silver Prices Could Hit $309 in 2026. Is That Still in Play?
https://finance.yahoo.com/news/bank-america-predicted-silver-prices-123002375.html

Gold Holds Above $5,100 as Largest Silver Withdrawals Ever Signal a Tightening Physical Market — Silver Is Vanishing and Washington Still Thinks Tariffs Fix a $2 Trillion Deficit

• Gold and silver finished last week with strength, even as headlines focused on court rulings and tariffs. Silver closed at $84.65 an ounce, while gold held near $5,107, showing resilience despite volatility 
• The gold-to-silver ratio fell to 60, signaling that silver is starting to outperform gold again — often a sign that speculative and industrial demand is heating up 
• Key technical resistance for gold sits around $5,120. Traders will be watching closely next week, especially as China returns from its Lunar New Year holiday 
• The U.S. Supreme Court struck down proposed global tariffs that were expected to raise $1.5 trillion over a decade. But with annual federal deficits running near $2 trillion, tariffs were never going to fix the broader debt problem 
• In just the past four weeks, roughly 90 million ounces of silver left the COMEX and Western ETFs combined — a historic outflow. India has been the primary destination for that metal 
• The SLV silver ETF alone has seen about 45 million ounces flow out from its recent peak, including 12 million ounces drawn from New York vaults 
• Industrial silver supplies continue to shrink, while global mine production struggles to keep up with demand. The silver market remains in structural deficit year after year 
• Western institutional investors remain underexposed to gold. Since 2020, gold has more than tripled, yet cumulative inflows into gold ETFs are small compared to the trillions still parked in stocks, bonds, and cash 
• Veteran commodity manager Leigh Goehring recently warned that while a pullback is possible in the short term, he believes a much larger second leg of this gold bull market still lies ahead 
• This is not a normal year for gold or silver. Between record debt levels, ongoing monetary strain, and tightening physical supply, precious metals are increasingly being viewed as the anti-debasement trade in a world drowning in liabilities 

90 Million Ounces Drained in Weeks as Record Silver Outflows Accelerate, U.S. Deficits Crush Tariff Illusions, and Western Investors Remain Shockingly Underexposed to the Precious Metals Bull Market

Silver Is Vanishing, Tariffs Are Falling, and the Gold Bull Market May Be Entering Its Next Phase

The U.S. Supreme Court’s February 20, 2026 decision to strike down the administration’s proposed global tariffs has added yet another layer of uncertainty to already fragile global markets. The tariffs—initially projected to raise $1.5 trillion over a decade—were ruled an improper use of emergency powers, triggering immediate policy reshuffling and fresh 10% global surcharges under alternative legal authorities. While the headline suggested relief, markets instead interpreted the ruling as confirmation that trade tensions, fiscal strain, and policy instability are far from resolved. With annual U.S. deficits running near $2 trillion, even fully implemented tariffs would have barely dented the structural imbalance. Rather than celebrating tariff reversals, investors appear increasingly focused on debt monetization risks, inflation pressures, and what many see as an inevitable currency debasement cycle.

Tariffs Won’t Solve a Structural Debt Crisis

The Supreme Court’s rejection of global tariffs underscores a larger reality: trade policy adjustments cannot resolve a structural fiscal imbalance. Even if the original tariff plan had remained intact, projected revenues would have been modest compared to persistent trillion-dollar annual deficits.

Markets appear to be internalizing that reality. Instead of focusing solely on tariffs, investors are increasingly asking how sovereign debt loads will ultimately be managed. Growth alone seems insufficient. Austerity is politically unpalatable. That leaves monetary tools—tools that historically favor tangible stores of value.

COMEX, CME, and China: A Physical Market Under Stress

While Washington debates trade policy, the real drama is unfolding in the physical silver market.

Over the past four weeks alone, roughly 90 million ounces of silver have left the COMEX and Western ETF systems, marking one of the largest drawdowns on record. The SLV ETF has seen approximately 45 million ounces flow out from its recent peak, including 12 million ounces removed from New York vaults.

This is occurring against the backdrop of a multi-year structural silver deficit. From 2021 through 2025, cumulative shortfalls approached 820 million ounces—nearly an entire year of global mine production. Now, in early 2026, registered COMEX silver inventories have fallen below critical thresholds, while open interest in futures contracts continues to exceed available deliverable supply by multiples.

China has added fuel to the fire. Effective January 1, 2026, Beijing implemented restrictive licensing requirements on refined silver exports, prioritizing domestic solar, EV, and AI-driven industrial demand. As the world’s largest refiner, China’s policy shift has effectively choked off a significant portion of refined silver supply to Western markets, intensifying the squeeze.

The strain has already manifested in extreme volatility. Silver briefly spiked above $120 per ounce earlier this year before correcting, prompting the CME Group to raise margin requirements to $25,000 per contract. Backwardation has appeared intermittently, signaling immediate physical demand. Concerns over potential delivery shortfalls have grown louder, particularly ahead of major contract notice periods.

Adding to suspicions, a late-February CME trading outage temporarily halted metals trading at a critical moment—just as silver surged past $91 per ounce and inventories hovered near decade lows. Whether coincidence or technical failure, the disruption deepened market anxiety about liquidity and pricing stability in the paper system.

China’s Exchanges vs. Western Trading

While COMEX and CME represent the dominant Western pricing mechanisms for precious metals, China’s Shanghai Gold Exchange (SGE) and Shanghai Futures Exchange (SHFE) increasingly reflect a different dynamic—one driven by physical delivery and strategic stockpiling.

Combined SGE and SHFE silver inventories have fallen toward decade lows, mirroring Western vault drawdowns. The difference is structural: China’s system is more tightly linked to physical demand from solar manufacturers, EV producers, and state-backed industrial planners. In contrast, Western exchanges remain heavily paper-leveraged, with futures open interest often dwarfing registered deliverable metal.

As physical silver continues moving East and industrial demand proves price-insensitive, the growing disconnect between paper pricing and physical availability becomes harder to ignore. If the current trajectory persists, pricing power could gradually migrate toward exchanges where physical settlement dominates.

Leigh Goehring: The Second Leg of the Gold Bull Market

Against this backdrop, veteran commodity fund manager Leigh Goehring has offered a striking perspective. Speaking just before the late-January selloff, Goehring argued that while a short-term pullback was likely due to excessive enthusiasm, the broader gold bull market is far from over.

He compares today’s environment to the 1970s bull market, suggesting we may be completing the first leg, with a potentially much larger second leg still ahead. For performance-oriented funds, tactical trimming may make sense. But for long-term retail investors, he believes gold and silver remain core holdings.

Goehring frames gold as the “anti-debasement trade,” warning that a monetary regime change—possibly involving overt debt monetization or dollar devaluation—may lie ahead. In such an environment, precious metals—assets that are no one else’s liability—could become essential rather than optional components of portfolio preservation.

His long-term thesis is simple: when debt burdens across Western governments exceed sustainable levels, history shows that currency debasement often becomes the chosen exit. If that regime shift materializes, hard assets may be among the few beneficiaries.

Weekly Market Update Notes:

The US Supreme Court struck down Trump's Global Tariffs today.

Ruling that they are illegal. Rejecting his use of emergency powers to impose trade duties.

The tariffs, covering imports from Canada, China, Mexico, and nearly all countries, were projected to raise $1.5 trillion over a decade.

Let me remind you in the grand scheme of things how tiny that $1.5 trillion figure is.

These are the first 4 months of US Federal Governments financials.

On the left is the fiat currency coming in, on the right is the fiat currency going out.

Customs duties from Oct 2025 through Jan 2026 were $118 billion, yet we were still on track for an annual deficit this year of near $2 trillion.

Tariffs aren't saving us, hey maybe the promise of robots and AI singularity can save us all.

OK back to reality, which it will likely require us inflating our way out quagmire as opposed to growing our way out with science fiction hopium.

We saw similar the future is milk and honey psyops before during the last Nasdaq Stock Bubble.

You can hopium for the best if you like, but I'm going to continue planning on the most typical way out of debt and unfunded liability promise pile fiascos. This debasement trade into bullion has only just begun, normies are still not in it. 

In the second half of this week's bullion market update we're going to examine just how early we still are in terms of broad investor participation in the gold market.

Before we go to break I want you to hear what long time commodity fund manager Leigh Goehring has to say a couple days before the major selloff in both silver and gold late last month.

Industrial Silver bar supplies continue falling at rates never before seen. We'll cover that and more right after this brief message.

The silver and gold markets traded upward to close this week with strength.

The spot silver price ended the week at $84.65 oz bid.

The spot gold price closed the week basically flat at $5107 oz bid.

The spot gold silver ratio fell to close the week at 60.

Key near term technical price resistance for gold is at $5,120 oz so let us see how the market trades next week especially once China returns from its Lunar New Year Week long plus a few days holiday.

No this is not a normal year in gold, and neither in silver.

Let us see what happens with the combined decade low levels of silver bullion bars within the combines SGE & SHFE.

As for the COMEX silver warehouse system, silver continues to outflow as rates and in size never before seen.

In just the past 4 weeks we saw some 90 million oz of silver bullion on net leave the combined COMEX just over half, and the remainder coming out of unsecured Western silver ETF piles.

The lone major recipient of silver bullion on net the past month was India.

This month we saw some 45 million oz from peak to now flow out of SLV.

Blackrock iShares' SLV has even begun drawing down silver from its NY vaults having now pulled some 12 million oz from what used to be a larger chunk of the stagnant COMEX eligible pile.

In all major fiat currencies you can name, silver has already shown its hand to start 2026. Those that think this bull market is over have next to no fundamental clue of what is setting up.

Turning to the gold market and focusing in on gold poor institutional investors and HNW investors in the West.

Pretty pathetic that since 2020, Gold has more than 3-folded in spot price and Western investors pretty much missed out.

There is your cumulative inflows by asset class for the decade with a paltry $100 billion flowed to gold, with around 100 times that firepower having underperformed in stocks, bonds, and fiat cash.

Gold's ETF market share is still nowhere near where it peaking in 2011, and that bull market was a joke compared to what we are already witnessing today.

Titans of the fiat financial investment world have bee front run by retail bullion stackers, emerging market central banks, and eastern precious metals buyers at large.

The silver market is remains a deficit producing machine year after year, with estimations of how much more we are using then we are mining and refining as levels which suggest the world silver market is nowhere close to finding balance.

Ultimately it will be exorbitantly higher silver spot prices that bring the market back into balance. But remember this is marathon not a sprint. 

It took five years for the silver price outside of COMEX hours to balloon up from $80 to near $400 oz where it has since been hovering in a range.

It will likely take some time and a wild manic depressive ride from here to there, so get your mind's right. Spot silver has lots of work to do still.

If you missed, it SD Bullion CEO Chase Turner and myself spoke this past Wednesday morning considering the question of wether of not silver has bottomed?

Sources:

Administration Fiscal Year 2001 Budget Proposal
https://www.c-span.org/program/white-house-event/administration-fiscal-year-2001-budget-proposal/98388

Gold & Silver the 'Only Thing That Saves You' From Coming Debt DEFAULT: Leigh Goehring
https://youtu.be/fFRfxr19pHI?si=fJT4t3DXWzdbkGHG

SD Bullion discussion James Anderson with CEO Chase Turner — Did Silver Bottom?