ETF Inflows Drive Gold Demand to Highest First-Half Levels Since 2020

Silver has doubled to $64.29 in eight months while gold holds near $4,275—yet American investors own almost none. Goldman Sachs found gold ETFs represent just 0.17% of US portfolios, creating what they call “large upside risk.” Plus: oil tumbles on oversupply, Fed officials split on cuts.

The Federal Reserve delivered its third rate cut of 2025, but deep divisions on the committee signal uncertainty ahead. Silver surged to an all-time high of $62.89, capping a historic 113% gain this year. Meanwhile, the race to replace Jerome Powell is heating up.

Silver shattered records this week, topping $60 per ounce while central banks accelerated gold buying to the highest level of 2025. Meanwhile, Trump sets “immediate” rate cuts as his litmus test for the next Fed chair, and his $12 billion farm bailout reveals the true cost of his trade war.