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A stack of precious metals purchase agreement paperwork beside a stack of silver bullion bars, illustrating the COMEX silver first notice day distinction between a paper claim on silver and physical, deliverable silver.

Six Paper Claims, One Ounce of Silver: What First Notice Day Reveals

September's COMEX silver contract hits First Notice Day with 161.8M oz of open interest against just 99.1M oz of registered, deliverable silver. Here's what the gap means — and doesn't....
Five interwoven gold, silver, and metallic strands braided into one rope, symbolizing the gold bull case intact through five converging market signals

Five Gold Signals Fired This Week. None of Them Are About Today’s Price.

State Street's outlook, silver's outperformance, a Fed report, a Treasury buyback, and a fast-growing token all quietly reinforce each other this week. None of it is about today's price. All of it is about who wants to own the metal, and why....
Empty podium and microphone facing the Teton mountains at dawn, symbolizing the anticipation ahead of Kevin Warsh's Jackson Hole speech and its history of moving gold prices

Gold Fell 9% the Last Time Warsh Spoke. He’s Back Tomorrow.

Gold fell roughly 9% the last time Kevin Warsh spoke as Fed chair. He delivers his first Jackson Hole keynote tomorrow, and the market isn't taking chances....
What Are the IRS Rules for a Precious Metals IRA in 2026?

What Are the IRS Rules for a Precious Metals IRA in 2026?

Two tests decide whether a retirement account can hold bullion, and the industry quotes only one of them. The purity figures everyone cites are not in the tax code. The condition that is there cost one couple $411,000 when they kept eligible coins in a home safe....
A gold bar resting as a paperweight on a dated research note, illustrating how a gold price target expires while the metal does not.

Gold Ran Past Wall Street’s Own Price Targets. Four Banks Disagree on What Happens Next.

Morgan Stanley's fourth-quarter number arrived in August, after the bank had already cut it. UBS is sitting on its December figure. Wells Fargo trimmed while Citi raised. And that $202 million bet against gold? CNBC corrected the story. Five moves, one pattern....
Silver Beat Gold in August. Almost Nobody Said So.

Silver Beat Gold in August. Almost Nobody Said So.

Every outlet ran the same line about gold's best month since September 1999. Measured close to close, silver rose 19.0% in August and gold 15.1%. Here is what the smaller metal's lead says about who is bidding for metal, and why a positive real yield stopped mattering....
Video thumbnail headlined "Gold Is America's #1 Export", showing gold bars stacked on pallets inside a shipping container, with guest Trey Reik and host Megan King Diaz.

Gold Beat Aircraft and Oil to Top America’s Export List. Nobody Agrees Why.

Gold reached the top of the US export table in three separate months, out of more than 1,200 categories. That makes gold the largest US export by value. The trade-deficit offset climbed from under 4% to about 19%, and the cause is contested....
A plain gold coin resting on a long grocery receipt, illustrating the July PCE inflation report's gap between what households paid and what they received.

Americans Spent More in July. They Got Nothing Extra for It.

The Bureau of Economic Analysis put July consumer spending up $36.3 billion, and up $1.3 billion once prices are stripped out. Core inflation held at 3.3%, a sixty-fifth straight month above target. Here is why gold slipped anyway....
Split image of two matching bank vault doors — one open revealing stacked gold bars inside, the other closed — illustrating why some retirement accounts can hold gold in your 401k and others still can't

Why Your Pension Can Own Gold and Your 401(k) Still Can’t

Pension funds have owned gold for decades. 401(k) plans almost never do, and it isn't because gold is a bad idea. A new federal rule is trying to close that gap. Here's what it changes, and what it doesn't....
A single gold coin on the first of three tiles marked SEP 15-16, OCT 27-28 and DEC 8-9, illustrating Fed rate hike odds across 2026's remaining FOMC meetings.

The Fed Has Two Hike Numbers Right Now. Almost Everyone Quotes the Wrong One.

Fed funds futures report later meetings as a running total, not as separate bets. That single quirk explains why two very different hike numbers are circulating this week, why neither one is wrong, and which of the two actually sets the cost of holding metal into year-end....

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