Gold and Silver Pull Back — Smart Money Buys When Others Wait 
Gold is having its best year since 1979 — up nearly 50% in 2025 — but according to Mike Maloney, the real move hasn’t even begun.
And when you look at what’s happening in the silver market, it’s easy to see why.
The World Is Using Silver Faster Than It Can Be Mined
Every 6.8 minutes, the world consumes as much silver as it takes miners 9.6 minutes to dig out of the ground.
That imbalance can’t last forever. As Mike puts it, “Something has to give — and what has to give is price.”
Silver demand is relentless — from solar panels and electronics to industrial uses — and new supply just can’t keep up. The result? Eventually, the market will be forced to correct through much higher prices, or by industries becoming far more frugal with their use of silver.
Central Banks Are Quietly Rewriting the Global Monetary Order
While silver’s physical market tightens, central banks are making history. For the first time since 1996, foreign central banks now hold more gold than U.S. Treasuries.
That’s not a coincidence — it’s a signal.
As Mike and analyst Tavi Costa explain, we’re witnessing the beginning of the biggest global monetary rebalancing in history. Distrust in the dollar is growing, and nations are shifting their reserves from paper promises back to real money — gold.
Gold now represents roughly 15% of global reserves, the highest level in three decades… and climbing fast.
The 1970s All Over Again — Only Bigger
In 1979, gold soared 120% in a single year. Today’s 50% rally might look modest in comparison, but Mike says we’re only in the early innings. He draws striking parallels to the 1970s bull market, when Western Europe and Canada drove prices higher — before Americans were even allowed to own gold.
History shows what happens when the broader market catches on: gold can double in weeks, even as analysts call it “overbought.”
As Mike points out, “Overbought doesn’t matter in a currency crisis. Gold will just keep going north.”
The Great Underallocation — and What Happens Next
Despite gold’s surge, 39% of fund managers still hold zero exposure to it. That’s a setup for a tidal shift. In past bull markets, institutions didn’t pile into gold until after it had already soared — and that wave of late buying often sent prices parabolic.
Mike believes the same pattern is repeating now. The longer mainstream money ignores gold, the larger the potential revaluation once they finally move in.
Watch the Full Breakdown
Silver is running dry. Central banks are buying gold hand over fist. And the world is quietly moving back toward sound money — one ounce at a time.
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People Also Ask
Why is silver’s supply running low?
Global demand for silver is outpacing new mine supply — the world now uses as much silver in 6.8 minutes as it takes miners 9.6 minutes to produce. This unsustainable gap means prices will eventually rise to rebalance supply and demand. Watch Mike Maloney’s full explanation in “Silver Running Dry — Gold’s Historic Surge Explained”.
Why are central banks buying gold instead of U.S. Treasuries?
For the first time since 1996, central banks now hold more gold than U.S. Treasuries — a signal of declining trust in paper assets and fiat currencies. Mike Maloney calls it “the biggest global monetary rebalancing in history.”
How does today’s gold market compare to the 1970s bull run?
Gold’s rally in 2025 — up roughly 50% year-to-date — mirrors the early stages of the 1970s bull market, when prices eventually doubled in weeks. According to Mike Maloney, we’re still in the “early innings” of this cycle.
Why are most fund managers underinvested in gold?
Nearly 39% of fund managers hold no gold exposure at all — even as gold outperforms most major assets. Mike Maloney explains that this underallocation could spark the next leg higher once institutional money floods in.
What happens when gold becomes “overbought”?
Technical “overbought” readings don’t matter in a currency crisis, says Mike Maloney. In past bull markets, gold kept rising despite overbought signals — because fear and capital flight drive demand far beyond technical limits. See Mike’s charts and analysis in “Silver Running Dry — Gold’s Historic Surge Explained”.
