At the Market Movers Conference in New York City, SD Bullion Senior Analyst James Anderson explained why rising global uncertainty, inflation concerns, and growing demand for physical precious metals could drive gold and silver significantly higher in the years ahead.

At the recent Market Movers Conference in New York City, SD Bullion Senior Analyst James Anderson joined John Tabacco on NEWSMAX’s Wise Guys program to discuss the growing momentum behind gold, silver, and the broader commodities market.

As economic uncertainty, inflation concerns, and geopolitical tensions continue to dominate headlines, Anderson argued that precious metals remain one of the most important asset classes for long-term wealth preservation.

“Gold is in a bull market,” Anderson explained during the interview. “There’s a tremendous amount of fiat currency globally that gold still has to catch up to.”

While gold prices have already surged over the past year, Anderson suggested the rally may still be in its early stages when viewed against historical market cycles. Comparing gold valuations to major equity indexes like the S&P 500, he noted that precious metals have historically experienced dramatic upside during commodity supercycles.

“In major commodity cycles, you can eventually get to a point where one ounce of gold buys multiple shares of the Dow,” he said. “We’re not even close to those extremes yet.”

Rising Demand for Precious Metals

Anderson also highlighted growing international demand for gold and silver, particularly in Asia, where investors and institutions continue increasing their exposure to hard assets.

Silver, he explained, plays a dual role as both a monetary metal and an industrial commodity, making it particularly attractive during periods of economic transformation and rising manufacturing demand.

“Gold often leads commodity bull markets,” Anderson said. “Then commodities begin catching up, and eventually gold moves even higher again.”

He pointed to ongoing geopolitical instability and concerns surrounding global debt levels as major drivers supporting continued strength in the precious metals sector.

Physical Bullion and Wealth Protection

Throughout the conversation, Anderson emphasized the importance of physical gold and silver ownership and liquidity in precious metals investing.

He explained that physical gold and silver bullion continue to serve as reliable stores of value during periods of financial stress, especially when confidence in traditional financial systems weakens.

“Return of your capital is more important now than return on capital without a doubt” Anderson stated.

According to Anderson, many investors underestimate how much exposure to precious metals may be appropriate in today’s environment. He referenced shifting views among institutional investors and wealth managers who are reconsidering traditional portfolio allocations amid inflationary pressures and economic volatility.

A Changing Investment Landscape

As markets continue adjusting to higher interest rates, persistent inflation, and mounting global uncertainty, Anderson believes investors are entering a new era where tangible assets could play a much larger role in diversified portfolios.

“Bullion is probably a larger allocation than most people think,” he said.

The interview concluded with Anderson reaffirming SD Bullion’s long-term confidence in physical precious metals and the company’s commitment to helping Americans protect and preserve wealth through physical gold bullion and silver ownership.

With commodity markets showing renewed strength and investors increasingly searching for stability, Anderson’s message was clear: the precious metals bull market may still have significant room to run.

China’s Silver Market Dominance: The World’s Most Critical Metal Faces a New Gatekeeper

• Silver just blew past $60, and while a brief pullback wouldn’t surprise anyone, the bigger takeaway is this: once you’re above old highs, the market starts feeling around for new ground—$64 to $65 is the next neighborhood to watch.
• This move doesn’t look like a one-day headline pop. Structurally, silver appears more likely to test $65 before revisiting $50, supported by strong physical demand and unusually persistent buyer activity.
• Here’s something flying under the radar: U.S. silver refining is clogged. One major refiner is even turning away ultra-pure 3–9 fine silver—not because it’s bad metal, but because capacity just isn’t there.
• On the supply side, silver deficits aren’t theoretical anymore. Industrial demand (EVs, electronics, solar) doesn’t blink when prices rise, especially in Asia, where manufacturers are quietly locking in physical inventory.
• A major market rumor worth watching: over 7,300 COMEX contracts (~36.7 million ounces) allegedly stood for delivery around Thanksgiving, possibly forcing a behind-the-scenes negotiation and costly rollover.
• Shortly after, JP Morgan shifted roughly 13.4 million ounces from “eligible” (deliverable) to “registered” (non-deliverable) inventory—fueling speculation that physical supply is tighter than headlines admit.
• Historically, silver is a little… bipolar. It can go nowhere for years, then double faster than anyone expects. The current surge fits past bull-market patterns eerily well.
• A lot of noise gets louder when silver runs. Some viral claims—like traders fleeing to Singapore overnight—don’t hold up. Not every rumor is signal, but some deserve careful watching.
• One myth worth busting: ETFs are not the same as owning metal. They offer price exposure, not possession—and in tight markets, that distinction matters more than most investors realize.
• Big picture? Both gold and silver look early in a longer bull cycle. Analysts see real potential for triple-digit silver over time and a sharply lower gold-silver ratio as physical scarcity becomes harder to ignore.

With export controls now in play, China’s dominance in silver refining and industrial demand is reshaping global supply chains—and raising hard questions for manufacturers, investors, and policymakers alike.

That clip was from my conversation about ongoing silver and gold markets "$60 Silver?! PLUS: Gold & Silver Myths—FACT or FICTION? " recorded Wednesday December 10, 2025 morning with SD Bullion COO Cole Keller. 

One of the more important slides and interesting gigantic Silver tonnage movements from the deliverable warranted Registered pile back into the undeliverable not futures contract warranted Eligible pile was this all time record sized movement of 13.4 million oz within the JP Morgan COMEX warehouse around the time of the suppose CME Server meltdown for 10 hours on Thanksgiving night.

The suspicion is that large Asian COMEX longs were looking to pull a gigantic amount of 1,000 oz silver bars from various COMEX shorts, and the resulting 10 hour negotiations required a cover story for the public at large to remain asleep.

The supposed silver market gorilla of JP Morgan's Registered pile has been effectively cut in half, down to a mere 16.8 million oz in a world running multi-hundred million ounce deficits yr after yr now since Covid basically broke this market's pricing structure between the West and the East.

I know, I have harped over this eye-raising silver price divergence price data and chart for years now. But as the first in the public domain to do that, I would like to stay on the cutting edge and help us all look a little forward towards 2026 and what kind of craziness likely lies ahead for the world's increasingly bifurcated silver  market.

Next month China is introducing export controls for silver, a critical mineral for the USA and any developed or emerging economies.

China isn't just "traditionally" a major player in the silver market having been involved using silver as the money through Mexico to Europe which establish global trade long before the USA was even a formal country.

No, instead now in late 2025, China is the world's dominate gatekeeper to new line mined silver worldwide and to come thanks to their gigantic silver refining infrastructure. 

This article, which I will backlink in the show notes states. "This policy transformation affects approx. 60-70% of global silver supply that has historically flowed from Chinese mining operations and dore imports to Western markets."

Silver lease rates in London have risen to as high as 8 to 9% this week from varying sources.

Bruce Ikemizu of the Japanese Bullion Association also highlights that lease rates in two other structural supply deficit markets Platinum  and Palladium are both elevate in London as well.

Momentum Structure Analysis' Michael Oliver has adjusted his highest level call for silver going into the first half of next year 2026.

He has been painting a picture in recent public domain interviews and within their research of a new elevated price structure for silver coming next year, one that is in triple digit landía potentially multiples from here.

I know, it sound nuts not merely to normies, but also too to many grizzled long haul stackers watching this video.

He cited recent historic base metal markets that broke out of multi-decade price channel ranges and into new higher price paradigm structures in short order.

Specifically in 2005, back when China was stockpiling gigantic never before seen amounts of base metals like copper and lead.

Here you can see copper demand from China in 2005 basically 3-folding the then price within about a year's timeframe into 2006.

Similar story for lead in about a two year timeframe.

Silver is finally this year busting out of a 45 year range.

And the demand for both industrial silver applications be them in solar panels, or cars the likes of which are often now electric in China. Well they got to have silver, so export controls 2026-2027. Good luck India, and the Western world, China is going to take care of its ongoing and upcoming silver demands first.

Stick around, other side of this short break we're going to go through Silver price doubling or more history on a year over year basis. You'll be surprised how often this has happened and how high it has gone at times.

The spot silver price briefly broke above $64 oz today and set a new nominal price high weekly close at $61.80 oz bid. 

The spot gold price ended this week with strength trading at close above a $4,300 oz bid price.

The spot gold silver ratio ends this week at 69 with a intra-week dip down to 66 illustrating the momentum being still with the silver market.

Guesses for Central Bank Gold demand to close this year, and for the entire next year 2026 are being published in public as the world bullion over bonds trade continues onwards.

Anywhere from 750 to over 1000 tons is the finger in the air guesswork. All tonnage volumes higher than anything seen during the post WW2 Bretton Woods gold raid from the then United States's once powerhouse over 20,000 ton hoard.

The fiat silver Canadian price keeps blasting northward. No to the tune of 1 oz American Silver Eagle coins being priced at triple digits per oz retail.

Even with all this silver price running here and in Canada, the nominal prices for silver in two of the most overvalued fiat currencies in the world, both Japan and Switzerland have yet to hit their 1980 nominal price high levels in then much stronger fiat currency units.

Synched with the silver price from 1971, the Japanese yen in red and the Swiss franc in green both have a date with the high ninety percentile to come.

Both currency units originally defined as weights in fine silver weights, the irony is not lost on any financial historian stackers.

Japanese investors aren't taking the devaluation of their fiat yen laying down, some of them have piled into unsecured Gold ETFs to the tune of six fold gold tonnage bought this year in 2025 dwarfing last year 2024.

The reported Indian silver ETF pile keeps growing claiming now over 102 million ounces. Reports this week state that Indian Pensions are now being allowed to invest in Gold Silver funds, the only laughable part of this news is the pathetic 1% allocation allowed thus far. At the very least things are moving in the right direction there.

Finally to close, I want to remind you that ever since Constitutional silver came out of our circulating coinage in the USA, and ever since the old $1.29 oz silver price rig broke in 1967. The silver price on a year to year percentage move basis has effectively doubled or more in price some 11 instances over the last 58 years.

Yes this has happened and often the secular silver bull market spanning decades come in increasing waves of upside.

In 1967 we saw a simple price doubling, then in 1974 a silver price doubling, and from early 1979 into 1980 silver ran from around $6 to $50 in about 13 months.

So yea in nominal terms this could get to looking real silly from here through perhaps many points next year.

REFERENCES:

China Silver Export Restrictions (2026-2027) Transform Global Market Dynamics:
https://discoveryalert.com.au/china-silver-export-restrictions-impact-2025

Gold and the Great Unraveling | Michael Oliver w/ James Anderson - Nov 9, 2018:
https://youtu.be/BZZnRVc0UGk?si=RHsQzFs0wA3g9THJ

James Anderson with Cole Keller of SD Bullion:
https://www.youtube.com/watch?v=OellcvBZii0

With gold prices skyrocketing, many investors are eager to understand the factors influencing the value of gold and other precious metals like platinum.

In this article, I will briefly explain the key drivers behind gold prices, compare them to platinum, and provide an overview of why these two metals are crucial for investors looking to navigate the world of noble metals.

Platinum Vs. Gold Price Chart (Monthly Data)

As you can see in the chart, while gold has been going through historical record prices every month, platinum has been maintaining a stable performance for the last decade.

To understand the factors driving their prices, let me first elaborate on why precious metals hold a secure place in the investment world and why they might be a smart addition to your portfolio.

During times of economic uncertainty, people show increased interest in physical assets as a key component of wealth preservation, providing stability, intrinsic value, and protection against inflation.

Unlike paper currency, which can lose value, assets like gold tend to retain or even increase in worth. Their tangible nature makes them more secure than digital or paper investments, reducing risks from market crashes or cyber threats.

As a fundamental part of human financial history, precious metals and real estate have long served as reliable stores of value. If stocks underperform, investors who have distributed their wealth among other assets are better positioned to mitigate risk and preserve stability.

Additionally, when confidence in banks or fiat currency declines, people prefer hard assets like gold, silver, or platinum, independent of government policies, explaining why gold prices often surge during recessions.

Now that you understand the critical role of precious metals like gold and palladium in investment portfolios, let me introduce a key tool to help you compare their prices effectively. The Gold: Platinum Ratio.

Gold/Platinum Ratio

In short, the gold/platinum ratio measures the relative value of gold and platinum, indicating how much platinum is needed to purchase one ounce of gold. Many things, such as supply and demand, technological advances, and geopolitical events, can influence the ratio.

This is essential information investors use to determine which metal is better to buy or plan future purchases.

The current ratio of Gold-Platinum is 3.26. This means that one ounce of gold is worth 3.25 times the price of one ounce of platinum. This suggests that gold is significantly more expensive than platinum at the moment.

A high ratio, like the current 3.26, may indicate that platinum is undervalued compared to gold, potentially making it a more attractive investment for those expecting the gap to narrow. Conversely, a lower ratio would suggest that platinum is gaining value relative to gold.

Once you recognize their significant price difference, you may wonder which economic factors shape their final value. Keep reading to discover the key forces that determine their cost.

Price of Platinum vs. Gold

According to specialists, the platinum market has a different relationship with economic conditions as it is primarily employed as a catalyst in many auto industrial processes. Catalytic converters represent 50% of Platinum demand each year.

In times of economic downturn, this metal experiences a decrease in demand due to a decline in industrial production and global economic uncertainty. So, due to current geopolitical events, platinum prices have been experiencing a downfall for the past few years.

As of the beginning of April 2025, the price of platinum fluctuates around $971. Check below the cost of platinum since the start of the year:

Gold, in turn, has the utmost relevance regarding hedging against inflation and wealth preservation, as it is weakly tied to the global economy. According to recent data, the jewelry industry had the highest demand for gold in 2024.

Gold's intrinsic value (its worth independent of external factors) stems from its universal acceptance. Gold has been considered valuable in human history, used as currency, a store of wealth, and a symbol of power for centuries. While its price is influenced by industrial demand, mining challenges, central bank policies, and market trends, unlike platinum, gold thrives during economic uncertainty or declining trust in fiat currency. In such times, investors seek safer assets, and gold remains the most trusted and valuable physical asset today.

Take a look at the current price of a gold troy ounce, which has been fluctuating around $3,230:

Final Thoughts

Ultimately, the choice between gold and platinum depends on your investment goals. Gold remains the strongest contender for those seeking a long-term store of value and inflation protection. However, platinum could present a potential upside if you're willing to navigate price fluctuations and bet on industrial demand. Monitoring market trends, technological advancements, and economic shifts will help you make informed investment decisions.

FAQs

Is platinum more expensive than gold?

No, platinum is actually cheaper than gold. Despite being rarer, gold remains more expensive due to historical trends and its role as a stable safe-haven asset. Platinum is more volatile since its price depends heavily on industrial demand, especially from the automotive sector.

Has platinum ever been worth more than gold?

From the 1800s until the 2000s, platinum was more expensive than gold, and the roles inverted in the late 2000s. Recently, the last time platinum was more costly than gold was in the middle of 2014, and gold has been more expensive since. Platinum was even more challenging to extract and refine in the 80s, when there was little technology to melt it as it is denser than gold, helping understand why it was so expensive.

Does platinum or gold have a higher investment demand?

Gold has a higher investment demand than platinum, primarily due to its reputation as a safe-haven asset. Investors turn to gold during economic crises for stability and wealth preservation, reinforcing its trust and intrinsic value. In contrast, platinum's demand is more volatile, as it is heavily tied to industrial use, particularly in the automotive sector. This makes gold the preferred choice for those seeking a reliable investment, while platinum depends more on market cycles and industrial trends.

Will platinum ever be worth more than gold again?

Predicting an asset’s future behavior is challenging since its price depends on various market factors. A smart strategy is to track the industries influencing its value: platinum is closely tied to the auto industry, while political and economic conditions drive gold. Staying informed about these trends can help you make better investment decisions.

Is platinum rarer than gold?

Yes, platinum is rarer than gold. 2024 global gold production reached approximately 3,300 metric tons, while platinum production was significantly lower at around 170 metric tons. Despite its smaller supply, platinum is not as widely sought after or trusted as gold, which has been a preferred store of value for centuries. This enduring demand contributes to gold’s higher price, even though platinum is scarcer.

Which metal performs better during a recession, gold or platinum?

Gold performs better during recessions, as investors see it as a hedge against inflation. Platinum, on the other hand, tends to decline due to its strong ties to industrial demand, especially in the automotive sector. Platinum performs better when industrial production is strong, but economic downturns drive its price down.

Can platinum overtake gold in price again?

Predicting an asset’s future value is challenging since many factors affect its price. A good strategy is to follow the industries that impact it: platinum depends primarily on the auto industry, while politics and the economy influence gold more. Keeping an eye on these trends can help you make more assertive investments.

Is platinum more difficult to refine than gold?

Yes, platinum is more difficult to refine than gold. It is usually found mixed with other metals, requiring complex chemical separation. Its hardness and higher melting point also make the refining process more challenging than the gold process.

What are the main uses of platinum besides investment?

The demand for platinum extends beyond investment into the automotive, industrial, and jewelry sectors. Around 50% of its annual use comes from catalytic converters, which reduce vehicle emissions. It is also used in jewelry, dentistry, and medical devices due to its durability and biocompatibility.

For the first time in the bullion industry, collectors and silver stackers can secure a sealed box of 2026 1/10 oz Silver Britannia Coins and receive an entire extra tube—plus a surprise gift—at no additional cost.

This exclusive promotion is available now at SD Bullion, and it’s unlike anything we’ve done before.

Why This Offer Is Different

Traditionally, sealed boxes of fractional silver coins are difficult to come by. Most original mint-sealed packaging is reserved for bulk orders of 100 oz or even 500 oz, putting them out of reach for many.

This offer changes that. Each sealed box contains 320 1/10 oz Silver Britannia coins (32 troy oz) in official Royal Mint sealed packaging—designed for authenticity, security, and long-term preservation.

And here’s where it gets interesting:

• You’ll also receive a free tube of 16 - 2026 1/10 oz Silver Britannia coins (1.6 troy oz), bringing your total to 336 coins, or 33.6 troy oz of silver.
• On top of that, each order comes with a mystery surprise gift—an exclusive bonus that won’t be revealed until your package arrives.

The Value of Fractional Silver

Fractional silver coins and rounds have always carried a unique appeal. They offer flexibility, divisibility, and accessibility compared to larger denominations. With this sealed box release, collectors and stackers can add a highly versatile form of silver to their holdings—while also taking advantage of this first-ever promotion.

Why Collectors Are Excited

• Limited-Time Offer: Once this promotion ends, it may not return.
• Extra Silver at No Cost: 16 additional Britannia coins included for free.
• Mystery Gift Bonus: A surprise item included in every order—revealed only upon delivery.

The Silver Britannia Coin Design

The Silver Britannia Coin has long stood as a timeless emblem of strength and protection. On the reverse, she is depicted with trident and shield, surrounded by the Royal Mint’s cutting-edge anti-counterfeit features—micro-text, surface animation, and a latent security image.

On the obverse, the effigy of King Charles III adds historical weight, accompanied by the official £0.20 (GBP) face value.

Each coin is struck in Brilliant Uncirculated (BU) condition with .999 fine silver purity, making it both a piece of artistry and a globally recognized bullion coin.

Jump to: Krugerrand History | Design | South African Mint | Krugerrand Series | How to determine the value? | Price Charts | Pros and Cons | FAQs

The Gold Krugerrand is the South Africa's official gold bullion coin and one of the most historically significant coins of its kind. It played a pioneering role in promoting private ownership of gold as an investment.

The name "Krugerrand" combines Paul Kruger, the former president of the South African Republic, with "rand," the South African Rand (ZAR), the country’s currency.

This article explores the history and evolution of the Krugerrand bullion coin program and includes a comprehensive price guide for Gold Krugerrands, including proof versions and fractional sizes, dating back to the first mintage in 1967.

The Krugerrand History

In 1980, the Gold Krugerrand coin was first minted in 1967 as a joint effort between the South African Mint and the Rand Refinery, a leading precious metals refining company responsible for producing all the blanks used to create the gold coins.

The South African government’s goal was to capitalize on the country's rich gold reserves, found in its many mines, while also encouraging private ownership of the precious metal.

Despite the success of its first strikes and the release of the fractional half-ounce, quarter-ounce, and tenth-ounce counterparts, it faced severe difficulties in reaching investors.

Why? During the 80s, some of the most prominent Western countries imposed economic sanctions against the apartheid policy. Some even prohibited imports of the coin. The United States government, for instance, did not allow South African Gold Krugerrands but made no restrictions on other foreign coins.

With the end of the apartheid regime, sanctions were lifted, and the Gold Krugerrand became widely available again. This allowed the coin to fulfill its original purpose: providing a straightforward way for private investors to access the gold bullion market.

The Design

The Obverse: Paul Kruger

The obverse design, created by Otto Schultz, carries a portrait of Paul Kruger, an essential political personality for the country's Independence. Hence, “Krugerrand,” which is a compound of “Kruger” and “Rand,” the official currency unit in South Africa. Surrounding the bust is the name of the country both in English and in Afrikaan, “SUID-AFRIKA” and “SOUTH AFRICA”.

Kruger served as the fifth President of South Africa, leading the country for nearly two decades. A figure who sparked both controversy and admiration, he dedicated his life to being a Boer military and political leader in the late 19th century. Kruger fiercely championed the nation's interests against Great Britain, particularly during the Second Boer War.

The Reverse: The Springbok Antelope

The reverse displays the Springbok Antelope, one of the national South African symbols. The inscriptions on this side read “KRUGERRAND” and “FYNGOUD 1 OZ FINE GOLD”. This design is a creation of Coert Steynberg.

The Springbok antelope is native to South Africa and is commonly found across various regions of the country. It was adopted as the national animal, symbolizing the country's rich natural heritage.

The South African Mint

South African Mint Base of Operations. Source

The South African Mint’s history is closely linked to the first discovery of gold in Johannesburg, back in 1880. President Kruger, at the time, faced two major challenges: a shortage of circulating coins and the need for the Republic to produce its own currency. To solve this, he established the mint in 1892, enabling the country to produce its local coinage.

During British occupation in 1900, however, the mint became a branch of the Royal Mint, but only until 1941, when it became known as the South African Mint. Interestingly, British currency remained in use until 1961, when the rand was introduced as part of a new monetary system, replacing the British sovereign with the R2 and R1 coins, which became the first gold bullion coins.

In 1980, the South African Mint was privatized and placed under the South African Reserve Bank. The new mint facility in Centurion officially opened in October 1992, featuring advanced technology, making it one of the world’s leading coin manufacturers. In addition to producing South African coins, the mint supplies coins to countries worldwide.

The production attends the South African Reserve Bank to produce the national Rand currency for widespread circulation, and works in partnership with the Rand Refinery to make the Krugerrand coins.

The South African Krugerrands Series

Krugerrand Gold Coins

The 1 oz Krugerrand, introduced before fractional sizes in 1980, measures 32.77 mm in diameter, 2.84 mm thick, and weighs 33.93 g. Made of 22k gold, it contains 91.67% pure gold alloyed with 8.33% of copper for durability.

The 1/2 oz, the 1/4 oz, and the 1/10 oz coins seemed more popular among investors who could not afford the gold price in a whole troy-ounce coin or those who appreciated the idea of making Gold Krugerrands a collection by acquiring all the versions.

The standard bullion finish and the original design have accompanied the Krugerrands for over 50 years. Gold remained the only noble metal in the program until 2017 when the Silver Krugerrand was released as part of the 50th anniversary and the first-ever silver coin made for silver bullion investors.

Krugerrands are also available in proof versions and fractional gold weights.

Proof Krugerrands

As any other proof version of a coin, the Proof Krugerrand coin differs from regular bullion coins for its mirror-like appearance. While the design imprinted in the South African Krugerrand gets a higher relief, the specific polishment applied to the coin's background provides a 3-D and shiny luster.

Struck in limited numbers, Proof Krugerrand coins also differ from their bullion versions because of the number of serrations on the coin's edges, as bullion coins have 160 serrations and proof ones 220.

The South African Mint produced fewer proof coins than bullion ones. Due to their more detailed production process, proof coins have a higher initial cost. However, their historical significance and over 50 years of tradition have increased demand, giving them numismatic value.

The 50th Anniversary Edition

2017 South African Gold Krugerrand Coin 1 oz - 50th Anniversary Privy

The Gold Krugerrand was released in a 22k commemorative limited edition. While all modern gold bullion coins are 91.67% pure gold, the Mint also introduced two new metal-based products with 99.9% (.999) purity: the 1 oz Platinum Krugerrand and the 1 oz Silver Krugerrand.

2017 South African Silver Krugerrand Coin 1 oz - 50th Anniversary Privy

Both options of the coin feature the same design elements as the gold counterpart, except for the “50” privy seal mark engraved on the reverse side of the commemorative coins.

The anniversary strike accounted for 2,017 1 oz Platinum Krugerrands, 5,000 1 oz Premium Gold Krugerrands, and 1,000,000 1 oz Silver Krugerrands, along with 15.000 Silver Proof Krugerrands.

An Oddity

Krugerrands' production line has followed a specific pattern since its first release. The design, coin sizes, dimensions, and content remain the same except for one strike.

The 2011 edition of the Gold Proof Krugerrand experienced a rare issue where a small, yet uncertain number of coins were produced with the correct overall weight but contained less gold than required. The SA Mint attributed this discrepancy to unspecified issues that altered the metal composition during production.

While unlikely, such anomalies could potentially impact prices and collectors' demand due to their rarity.

How to determine Krugerrand value

Krugerrands are made of noble metals in Bullion, Proof, or Premium Versions, and the finish type used to enhance surfaces impacts the product price, along with its graded condition, rarity, and collectibility considerations.

However, the determining factor of a bullion coin's value is its metal content. Institutions like the LBMA - London Bullion Market Association, announce the price of precious metals to the global market daily.

The gold spot price and the silver spot price are base values for every silver and gold bullion product, but noble metals dealers add a premium before selling it at retail. The premium is either a fixed value or a percentage over the spot price.

Spot prices rise and fall several times during a typical business day. The relation between the industrial demand and the supplies mined, the number of transactions made with certain metals, and mass liquidation periods may directly affect the spot price.

Since Krugerrands are composed of highly valuable metals, each ounce holds at least its equivalent worth in bullion. Unlike other sovereign coins, Gold Krugerrands do not bear face value, but the South African Republic guarantees their legal tender status based on the gold spot price of the day. On the other hand, the Silver Krugerrand has a nominal value of 1 rand, even though this value is not detailed on the coin itself.

South African Gold Krugerrand Price Charts

Below, you will find a price chart for Gold Krugerrands, including the 1 Troy oz version, fractional sizes, and proof coins. All information is extracted from NGC Coin Explorer.

Please note that after 2012 mintage numbers are not proved by NGC's price guide.

Denomination: Krugerrand

*Melt Value - may vary

Denomination: 1/2 Krugerrand

*Melt Value - may vary

Denomination: 1/4 Krugerrand

Denomination: 1/10 Krugerrand

Advantages and Disadvantages of Krugerrands

Acquiring physical bullion can be a smart investment for a diversified portfolio, as it’s less prone to devaluation during market turmoil compared to commodities tied to fiat currencies. Its intrinsic value helps preserve wealth over time.

For over 50 years, the South African Mint has produced countless Krugerrands, making them widely available and potentially negotiable. The Mint’s global recognition has made Krugerrands one of the most famous gold coins.

While Gold Krugerrands don’t carry a face value, they are legal tender, fully backed by the South African Government. These factors make Krugerrands a valuable asset for private investors seeking to invest in gold or silver through coin collection.

Frequently Asked Questions About Krugerrand Coins

What is a Krugerrand?

Krugerrand was the first 1 oz gold coin minted in the world. Produced for the first time in 1967 in South Africa, they arrived in the market as a private investment. Currently made in gold, silver, and platinum with a high concentration of metal content in each version, in varied sizes, including fractions, they have legal tender status guaranteed by the Republic of South Africa.

Learn more about this iconic coin in our article: What is a Krugerrand?

How much is a Krugerrand worth?

Bullion value typically depends on metal content and weight. The 1 oz Gold Krugerrand contains 31.1 grams of gold, with prices fluctuating around $3,060 as of April 2025, plus a premium based on market demand and dealer fees.

What impacts the valuation of Krugerrands?

A Krugerrand's value is influenced by condition, weight, rarity, collectibility, and metal content. While its worth primarily follows gold’s spot price, significant market shifts can impact valuation. The 1967 1 oz Gold Krugerrand holds particular value due to its inaugural mintage and historical import bans during apartheid, making it highly collectible.

Is Krugerrand Gold a Good or Safe Investment?

Yes, Krugerrands are considered a relatively safe investment. Gold historically retains value during economic uncertainty, acting as a hedge against inflation. While prices can fluctuate, Krugerrands, made from .999 pure gold, remain highly liquid assets. Fractional sizes also allow for more flexible investments.

Which year Krugerrand is the most valuable?

The 1967 1 oz Gold Krugerrand is considered one of the most valuable coins in the series due to its year of mintage. It marked the debut of the Krugerrand Collection, with the 1 oz Gold Krugerrand being the first one-troy-ounce gold bullion coin available for private investment. During the apartheid era, Western countries banned the import of Gold Krugerrands, making these early strikes highly collectible.

How do I sell my gold Krugerrand coin?

You can sell your coin to dealers, at auctions, or through trusted online platforms. Graded coins are generally more trusted than non-graded ones, so it is wise to consult a numismatics expert who can evaluate your Krugerrand using grading systems like NGC or PCGS, ensuring a fair price based on its condition and metal content.

Do Krugerrands increase in value?

Yes, Krugerrands can increase in value over time due to gold's intrinsic worth and collectible traits. While spot prices fluctuate daily, they don't usually cause drastic price changes. Krugerrands, as one of the oldest bullion coins, may also see value appreciation based on their rarity and condition.

How much gold is in a Krugerrand?

A Gold Krugerrand is made of 22-karat gold, meaning it contains 91.67% pure gold, or 0.9167 in purity terms. The remaining 8.33% consists primarily of copper, which adds durability and rigidity to the coin. For clarity, a 1 oz Krugerrand, this means it holds approximately 31.1 grams of gold, with 28.6 grams being pure gold and the rest being copper. The Krugerrand gold coin series comprises 1 oz, ½ oz, ¼ oz, and 1/10 oz gold coins. These numbers represent the amount of gold weight, and the copper adds to that weight.

With gold prices skyrocketing, many investors are eager to understand the factors influencing the value of gold and other precious metals like platinum.

In this article, I will briefly explain the key drivers behind gold prices, compare them to platinum, and provide an overview of why these two metals are crucial for investors looking to navigate the world of noble metals.

Platinum Vs. Gold Price Chart (Monthly Data)

As you can see in the chart, while gold has been going through historical record prices every month, platinum has been maintaining a stable performance for the last decade.

To understand the factors driving their prices, let me first elaborate on why precious metals hold a secure place in the investment world and why they might be a smart addition to your portfolio.

During times of economic uncertainty, people show increased interest in physical assets as a key component of wealth preservation, providing stability, intrinsic value, and protection against inflation.

Unlike paper currency, which can lose value, assets like gold tend to retain or even increase in worth. Their tangible nature makes them more secure than digital or paper investments, reducing risks from market crashes or cyber threats.

As a fundamental part of human financial history, precious metals and real estate have long served as reliable stores of value. If stocks underperform, investors who have distributed their wealth among other assets are better positioned to mitigate risk and preserve stability.

Additionally, when confidence in banks or fiat currency declines, people prefer hard assets like gold, silver, or platinum, independent of government policies, explaining why gold prices often surge during recessions.

Now that you understand the critical role of precious metals like gold and palladium in investment portfolios, let me introduce a key tool to help you compare their prices effectively. The Gold: Platinum Ratio.

Gold/Platinum Ratio

In short, the gold/platinum ratio measures the relative value of gold and platinum, indicating how much platinum is needed to purchase one ounce of gold. Many things, such as supply and demand, technological advances, and geopolitical events, can influence the ratio.

This is essential information investors use to determine which metal is better to buy or plan future purchases.

The current ratio of Gold-Platinum is 3.26. This means that one ounce of gold is worth 3.25 times the price of one ounce of platinum. This suggests that gold is significantly more expensive than platinum at the moment.

A high ratio, like the current 3.26, may indicate that platinum is undervalued compared to gold, potentially making it a more attractive investment for those expecting the gap to narrow. Conversely, a lower ratio would suggest that platinum is gaining value relative to gold.

Once you recognize their significant price difference, you may wonder which economic factors shape their final value. Keep reading to discover the key forces that determine their cost.

Price of Platinum vs. Gold

According to specialists, the platinum market has a different relationship with economic conditions as it is primarily employed as a catalyst in many auto industrial processes. Catalytic converters represent 50% of Platinum demand each year.

In times of economic downturn, this metal experiences a decrease in demand due to a decline in industrial production and global economic uncertainty. So, due to current geopolitical events, platinum prices have been experiencing a downfall for the past few years.

As of the beginning of April 2025, the price of platinum fluctuates around $971. Check below the cost of platinum since the start of the year:

Gold, in turn, has the utmost relevance regarding hedging against inflation and wealth preservation, as it is weakly tied to the global economy. According to recent data, the jewelry industry had the highest demand for gold in 2024.

Gold's intrinsic value (its worth independent of external factors) stems from its universal acceptance. Gold has been considered valuable in human history, used as currency, a store of wealth, and a symbol of power for centuries. While its price is influenced by industrial demand, mining challenges, central bank policies, and market trends, unlike platinum, gold thrives during economic uncertainty or declining trust in fiat currency. In such times, investors seek safer assets, and gold remains the most trusted and valuable physical asset today.

Take a look at the current price of a gold troy ounce, which has been fluctuating around $3,230:

Final Thoughts

Ultimately, the choice between gold and platinum depends on your investment goals. Gold remains the strongest contender for those seeking a long-term store of value and inflation protection. However, platinum could present a potential upside if you're willing to navigate price fluctuations and bet on industrial demand. Monitoring market trends, technological advancements, and economic shifts will help you make informed investment decisions.

FAQs

Is platinum more expensive than gold?

No, platinum is actually cheaper than gold. Despite being rarer, gold remains more expensive due to historical trends and its role as a stable safe-haven asset. Platinum is more volatile since its price depends heavily on industrial demand, especially from the automotive sector.

Has platinum ever been worth more than gold?

From the 1800s until the 2000s, platinum was more expensive than gold, and the roles inverted in the late 2000s. Recently, the last time platinum was more costly than gold was in the middle of 2014, and gold has been more expensive since. Platinum was even more challenging to extract and refine in the 80s, when there was little technology to melt it as it is denser than gold, helping understand why it was so expensive.

Does platinum or gold have a higher investment demand?

Gold has a higher investment demand than platinum, primarily due to its reputation as a safe-haven asset. Investors turn to gold during economic crises for stability and wealth preservation, reinforcing its trust and intrinsic value. In contrast, platinum's demand is more volatile, as it is heavily tied to industrial use, particularly in the automotive sector. This makes gold the preferred choice for those seeking a reliable investment, while platinum depends more on market cycles and industrial trends.

Will platinum ever be worth more than gold again?

Predicting an asset’s future behavior is challenging since its price depends on various market factors. A smart strategy is to track the industries influencing its value: platinum is closely tied to the auto industry, while political and economic conditions drive gold. Staying informed about these trends can help you make better investment decisions.

Is platinum rarer than gold?

Yes, platinum is rarer than gold. 2024 global gold production reached approximately 3,300 metric tons, while platinum production was significantly lower at around 170 metric tons. Despite its smaller supply, platinum is not as widely sought after or trusted as gold, which has been a preferred store of value for centuries. This enduring demand contributes to gold’s higher price, even though platinum is scarcer.

Which metal performs better during a recession, gold or platinum?

Gold performs better during recessions, as investors see it as a hedge against inflation. Platinum, on the other hand, tends to decline due to its strong ties to industrial demand, especially in the automotive sector. Platinum performs better when industrial production is strong, but economic downturns drive its price down.

Can platinum overtake gold in price again?

Predicting an asset’s future value is challenging since many factors affect its price. A good strategy is to follow the industries that impact it: platinum depends primarily on the auto industry, while politics and the economy influence gold more. Keeping an eye on these trends can help you make more assertive investments.

Is platinum more difficult to refine than gold?

Yes, platinum is more difficult to refine than gold. It is usually found mixed with other metals, requiring complex chemical separation. Its hardness and higher melting point also make the refining process more challenging than the gold process.

What are the main uses of platinum besides investment?

The demand for platinum extends beyond investment into the automotive, industrial, and jewelry sectors. Around 50% of its annual use comes from catalytic converters, which reduce vehicle emissions. It is also used in jewelry, dentistry, and medical devices due to its durability and biocompatibility.

Last week, two former JPMorgan precious metals traders were found guilty of precious metals market rigging spanning nearly a decade. Unfortunately this misleads the real price for physical gold bullion and physical silver bullion.

The former co-head of JPMorgan's precious metals trading desk and his top gold trader got convicted by a federal jury after a three-week trial.

US Department of Justice prosecutors presented precious metals market rigging evidence, including detailed trading records, chat logs, and testimony by their old co-workers.

The former head of the JP Morgan desk was found guilty of spoofing, ten counts of wire fraud, commodities fraud, and attempted price manipulation. Top former JP Morgan precious metals derivative trader Smith was found guilty of spoofing, eight counts of wire fraud, commodities fraud, and attempted price manipulation.

During the trial, jurors and the public learned of the obscene amounts of profit and compensation JP Morgan and its often rogue set of criminal precious metals traders made while rigging precious metals markets.

Nowak and Smith made well over $30 million between the two. Now, they face the potential threat of decades of incarceration in Federal prison. While sentencing dates remain unclear, the bank JP Morgan continues to dominate the US precious metals derivative markets while having made billions in profits since 2008, only having been fined $920 million for market crimes committed at its desk from 2008 through 2016. Many who participated in said crimes within the bank often privatized their gains without punishment. The ones who end up paying the bank's market rigging fines are typically unsecured shareholders of the bank's stock.

While the US Department of Justice takes victory laps, having to date convicted a total of ten former precious metals derivative traders from commercial bank market rigging desks like JP Morgan, Bank of America, Deutsche Bank, The Bank of Nova Scotia, and Morgan Stanley.

It took nearly 11 to 14 yrs for US agents outside of fiat currency-creating commercial banks to do anything about brazen lawlessness within precious metals derivative markets (specifically within the CME Group's COMEX and NYMEX precious metals futures markets).

'TRUST & INTEGRITY' evaporated a long time ago, and gone with it is any semblance of respect or believability in the supposed regulators who turned blind eyes for over a decade and more prolonged.

Of course, it would not be the precious metals markets if this developing story was not weirder than cursory coverage illustrates, so later in this SD Bullion Market Update, we'll go deeper.

More long-time precious metals derivative traders got criminally charged this past week.

And most importantly, we'll look beyond the scapegoating of a few greedy degenerate precious metals trading criminals and look more at the ongoing daily gold silver price data.

To better understand how systematic western gold and silver value suppression has worked over decades.

Systematic market rigging has allowed current-day bullion buyers to acquire precious physical metals at relatively steep discounts than otherwise would have been if we had, somehow, had legit price discovery markets over the past few decades. 

Stick around for those updated charts and mind-bending gold and silver price figures.

Once you better understand this ongoing systematic saga, you won't be shocked when silver and gold go into respective price manias to the upside again.

The silver and gold markets began and finished the week with some spot price strength.

The spot silver price finished just under $21 oz, with the spot gold price above the critical $1,800 oz level.

The gold-silver ratio has fallen to 86.

One of this week's largest fiat financial headlines revolved around a slight drop in the US government’s underreported price inflation CPI figure.

According to the world's largest debtor nation, price inflation has decreased since last month's 9.1% update. According to the US government’s BLS, fiat US dollar holders are only now losing -8.5% per year in purchasing power. Lessoning ongoing losses by slightly lower gasoline prices at the pump. 

Almost 1/3rd of the yearly CPI inflation computation underreported shelter price escalation figures. With about 1/4th being a guess by US homeowners called Owner's Equivalent Rent. They believe they might be able to rent their home even though they don't know the local rental market.

Where actual US market data points to rents being up in the middle teens in percentage terms over the past year, US home prices have climbed +20% across the board at the same time. Using that accurate data would make actual CPI double digits if the government didn't constantly lie and underreport rapidly escalating home and rental prices.

So no, losing over one-tenth of your purchasing power per year is not bullish. Instead, selling off into this and futures bear market rallies while they last might make better sense given current still bubble-level stock market valuations.

We are moving back to our main story for this week's SD Bullion Market Update.

This past week we also learned a former COMEX gold and silver derivative hedge fund trader was also criminally charged for spoofing the precious metals markets during the 2010s while at times controlling nearly 1/10th of all COMEX gold futures derivative contracts.

Daniel Shak ironically sued JPMorgan Chase late last decade and received a settlement from said commercial bank for an untold sum. Hopefully, he didn't gamble those proceeds away on poker tables because he will likely need millions to defend himself and his freedom in a Federal court case upcoming.

As various alleged precious metals market rigging rats turn on one another, we turn to the seeming lawless City of London. For decades, the allegation is that the daily silver and gold London price fixings were just that, a price rig benefiting insider banks and traders.

To date, $100s of millions have been paid out in settlement fines rewarding large losers on the wrong side of these massive market-moving gold price-setting trades.

But let us again glance at the damning day-to-day London gold price data over the last 52 years, beginning in 1970 and running until today.

The London Bullion Market Association, or LBMA, started in 1987, is a subsidiary of the Bank of England.

Aside from formerly having precious metals market rigging traders on its LBMA board, it pretends to regulate London's gold and silver markets properly. Never mind hundreds of millions in ongoing price fix scandal payouts and my alleging systematic price rigging for decades compounding, illustrated by the diverging three gold price lines here.

What are those lines, you might wonder?

The black line is the aggregated difference between the London AM and PM gold price fix running for the last 52 years. It started at $35.12 and a half cents per ounce of gold beginning in 1970 and has since gone on to trade down to $2.54 oz gold intraday London gold price fixing 2022. 

So basically, the gold price in London trading hours has decreased by -93% aggregated within its AM to PM fix trading hours over the last 52 years. 

The red line is the ongoing London AM price fix daily data, a snapshot nearly mirroring the spot gold price over the same timeframe.

The escalating blue line is how gold has traded outside London's massive derivative leveraged market. You get this by adding daily gold price trading data over 52 years outside London. Without London involved, gold would be trading around $24,869 oz today.

I know that sounds crazy, especially if you are new here. You can learn more about the collusion between the US Treasury and London gold trading powers since late 1974. 

This ongoing systematic gold price market rigging offers investors and bullion buyers today solid long-term value with limited downside versus potential high upside valuation gains to come.

Moving over to the silver side of what I argue is the western world's systematic gold and silver price and valuation suppression yet to unravel.

We look again at the New York CME Group COMEX trading data over the last 52 years.

Again we have three lines. The data starts in 1970 at $1.92 and a half cents per troy ounce of silver.

The two gray bars added here reflect the time of the recent guilty market rigging of JP Morgan's precious metals, and derivative traders, from 2008 to 2016. And technically, spoofing was the way they got busted. The more significant crime still evolving is this derivative ass-backward price discovery market, an accident waiting to go off and up a price escalating wall. 

The black aggregated price is silver trading since 1970 in New York. It has gone from $1.92 oz in 1970 to 15¢ oz in 2022 for silver trading in New York over the last 52 years.

The red price line is the New York open price, which mirrors a snapshot of the silver's spot price over the last 52 years.

The blue line is the running silver price outside New York trading hours over the last fifty-two years.

Now over $250 oz, we can also see the blue and red lines had converged multiple times over the past 52 years, typically during silver bull markets like in 1974, 1980, 2006 to early 2008, and 2011 when silver made a run at its still seemingly ancient price high of $50 oz.

When and at what price will the red and blue line meet again in years ahead?

That remains to be seen, but it's likely many multiples from today's silver spot price in the $20 oz level.

The clock is ticking as silver bullion gets withdrawn in high volume from London and COMEX's underlying warehouse inventories.

Those with patience and prudence are now buying bullion at what I would argue are heavily discounted spot price points.

One day this will not be the case. Bullion prices and real values will become exorbitantly price prohibitive and much higher in absolute value terms than they currently are.

That is all for this week's SD Bullion Market Update.

As always, you are out there.

Take great care of yourselves and those you love.

Summary

• The U.S. continues to face challenges with illegal immigration, which has contributed to shifting job dynamics.
• While non-farm job postings are declining, the hiring of illegal workers has increased, while jobs for native-born citizens are decreasing.
• In August 2024, 635,000 immigrants gained jobs, while 1.325 million native-born workers lost theirs.
• Since the pre-COVID period, native-born U.S. workers have lost approximately 2 million jobs, with immigrants capturing the net job gains.
• The U.S. stock market had a significant sell-off in August, losing $1.78 trillion in value.
• Gold has been outperforming global stock market indexes but still awaits a stronger breakout in value against the U.S. stock market.
• Silver remains relatively undervalued compared to the S&P 500, though it is expected to outperform later in the decade.
• Ole Hansen of SAXO Bank remains bullish on gold due to factors such as geopolitical risks, a global economic slowdown, and strong demand from China.
• Russia announced plans to significantly increase its gold reserves in September, adding 24 metric tonnes.
• The global silver market faces supply deficits, with demand consistently exceeding mining production, driving up prices in markets like Australia.

To say that the United States has an ongoing problem on illegal immigration and its southern border is an understatement and has been so for years now.

And while current non-farm job postings in the USA are in sharp decline, we learned this month that while the hiring of illegal workers is on the rise, job holdings for native born workers is on the decline.

In just last month August 2024, 635k immigrants (legal and illegal) gained a job. Meanwhile, 1.325 million native-born US citizens lost their jobs.

Since pre-Covid, native-born workers have lost an estimated 2 million jobs. Since then, basically all of the net job gains are immigrants signified by the climbing red colored line on the FRED chart here.

The US Stock market sold off today on the weak August jobs number finishing its worst week since March 2023.

Thus far in this month over $1.78 trillion in value has fallen out of the current stock market bubble.

Gold has only to date been outperforming world stock market indexes, we still await its further breakout in relative value versus the current US stock market bubble.

Currently it still takes over two troy ounces of gold to afford the nominal S&P 500, but on a longer term chart a revisit towards the parity of 1 and below akin to the 2011 gold price high is likely later this decade perhaps stretched into next.

On the silver side of the relative value equation, we still patiently await silver spot prices in fiat US dollars to begin reacting to the bullish fundamentals with eventual momentum moves to the upside.

In terms of spot silver versus the current US stock market bubble, we're still hovering around the second most elevated level of silver being relatively cheap to US stocks at least for now.

For me this chart suggest an eventual rollover in which silver will outperform the S&P 500 by a factor of more than 4 later this decade, as it makes its eventual way back to and likely beyond the old 2011 lows of this S&P 500 / Silver ratio chart.

Ole Hansen of SAXO Bank listed a few of his reasons for staying long term bullish gold as follows.

• supported by a global economic slowdown and a more aggressive US rate cutting cycle.
• continued geopolitical risks with Russia / Ukraine, the Middle East, and the upcoming US Presidential election in November 2024.
• continued strong retail demand for gold in China as Chinese look to park money in gold over its struggling economy and real estate sector.
• rising debt to GDP ratios in major developed economies spurring increasing concerns about the qualities of ballooning debt levels, and driving further rich individuals and family offices into record gold demand in Q2 2024 in the London over-the-counter gold market.
• Given the coming rate cuts the potential continued return of western investor capital flows into unsecured gold ETFs.
• continued record size central bank gold buying ongoing.

Considering that final point about record central bank gold buying, here is Indian CNBC covering the latest countries to admit adding to their Official Gold Reserves over the last few weeks.

Russia made gold news this week by declaring she is going to increase her gold buying this month by a factor of 7 fold over last month August.

Looking to move upwards of $172.9 billion rubles into gold bullion reserves this month. And while that sounds like a lot it nets out to about 24 metric tonnes of gold buying this month which was typical during the Russian Federation's admitted monthly gold bullion buying spree volumes in the latter 2010s.

This recent Russian declaration has of course led many October 2024 BRICS summit watchers to speculate on the reasons for publicly declaring the nation's intentions ahead of time.

But this kind of news and common gold knowledge is not only slowly spreading in the west, we turn to Taiwan to hear how a common local gold jeweler talks about the current gold market drivers in 2024.

On the other side of this break we will look at where in the west silver is threatening to already breakout to new nominal record price highs in 2024 and how well gold has performed before the coming fiat Federal Reserve rate cut cycle.

The spot silver price sold off on the week finishing just below $28 oz bid while the spot gold price sold off slightly to finish the week's trading priced just under $2,500 oz bid.

The spot gold silver ratio rose again on silver's relative weakness versus gold to a historically high level of 89.

Given that a large amount of US banks are still sitting on unrealized bond market losses estimated at nearly a half trillions by the end of Q2 2024. It is most certain they are hoping that the coming rate cut cycle by the Federal Reserve might save them from bank bankruptcy and receivership. 

Even in the face of a rising US interest rate cycle the spot gold price in US dollar terms has climbed nearly by a thousand dollars a troy ounce since the final quarter low of 2022.

Think of this relatively recent strength in the global gold price already before it becomes obvious the Federal Reserve has shifted its longer term policy to heavier secular price inflation and fiat US dollar debasement to come.

In bullion industry news, the Australian Perth Mint reported weaker silver and gold bullion sales figures continue down under.

Not surprisingly given the real estate debt bubble ongoing there and record nominal price highs for Aussie gold year after year.

But it is the silver side of the equation in Australia I want to focus on to close this week.

You see the local price in fiat Australian dollars for silver is closing in on it's all time record price high, and this is happening without scapegoated Hunt Brothers, or JP Morgan caught naked short on the COMEX circa late 2010 early 2011.

Rather it is mainly bullish underlying silver market deficits and demand outstripping supply facts that are leading to inevitable new record price highs to come.

It is estimated that from 2021 into the end of this year 2024. The world has demanded almost a full year more of new line supply silver than we were able to mine.

And there is no sign of increasing industrial silver demand factors building ahead.

So while I know personally waiting for the spot silver price in fiat US dollars to begin really reacting to these ongoing facts has been frustratingly slow to come.

All one has to do is simply look over at the silver price chart down under to realize what goes on down under in gold and silver prices eventually comes around to the history's largest debt and promise laden nation.

That will be all for our weekly SD Bullion Market Update. 

And as always to you out there, take great care of yourselves and those you love.

Summary

• Fed Rate Cut Pivot: The Federal Reserve announced a rate cut cycle despite admitting to overstating US job growth. This follows historical patterns of rate cuts preceding recessions and stock market crashes.
• Silver and Gold Bull Market: The author predicts a bull market for precious metals, pointing to central bank gold buying and historical trends.
• Sovereign Debt and Devaluation: The high global debt level suggests devaluation of fiat currencies, making gold more attractive.
• Central Bank Strategies: Central banks are reducing exposure to the US dollar and increasing gold reserves to offset potential losses.
• Gold Price Prediction: The gold price is expected to rise significantly in the coming years and decades.
• Gold Silver Ratio: The gold-to-silver ratio is expected to decline, potentially reaching historic lows.
• Silver Fundamentals: Strong industrial demand and supply deficits are driving silver prices higher.
• Manipulated Silver Market: James Anderson argues that the COMEX silver market is manipulated, suppressing the true price.
• Silver Supply Shortage: Declining silver supplies and growing demand point towards a future shortage.
• Silver Price Prediction: Silver prices are expected to reach multi-triple digits per ounce in the long run.

It's Jackson Hole week, the fiat Federal Reserve has announced its rate cutting cycle pivot.

Fiat Fed Chairman Jerome Powell cites rising unemployment as a key reason for kicking off this cutting cycle. This the same week the US government data rigging Bureau of Labor and Statistics admitted they have recently overstated US job growth this year through March 2024 by nearly 1 million phony job hires.

This is the largest job rigging number admittance since we were in the heart of the Global Financial Crisis stock market bear bottom in 2009.

How large will the first rate cut be on September 18th? Hard to know.

What we do know is the last two times the fiat Federal Reserve cut rates into escalating unemployment numbers the US economy ran through deep recessions and massive stock bear market crashes in both nominal terms and in terms of valuations versus silver and gold respectively.

Both the 2000 stock bear and the 2008 stock bear cycles were followed by massive spot price and relative valuation rallies for silver and gold.

Not coincidentally former silver bullion bull, Warren Buffett's Berkshire Hathaway has increased its cash hoard to the highest level it has ever stacked. One fourth of all their assets are in cash, likely awaiting to deploy said cash after the next US stock market bubble crash has arrived in full.

How far up the chain is behind the scenes coordination going to help quell coming financial instability? Supposed enemies China and the USA, agents within the PBoC and the US Treasury have been signing deals on bolstering coming collaborations for managing periods of upcoming stress.

So what does the uncommon man increasingly know if they have bothered to look?

Central Banks increasingly know this and have been buying gold bullion in record amounts over the last two and a half years.

And while sovereign nation gold bullion reserve buying and building has been mostly an eastern phenomenon since the 2008 Global Financial Crisis, even western nations like Poland are admitting that they are targeting to own a 20% allocation to physical gold bullion for their liquid sovereign savings long term.

This basically mimics what the Russian Federation already achieved and has been maintaining since the 2020 Covid crisis.

As the world increasingly wakes up to the fact that the bullion over bonds trade era has indeed arrived. All they have to do is look at collective central bank balance sheets to confirm this is indeed coming true.

In a world awash with an estimated record high $315 trillion in debt to the tune of 333% of global GDP, the typical answer to such heavy debt loads is to devalue the underlying fiat currency units owed. 

One reason for such record central bank gold buying over the last few years.

When we look at world central bank reserves throughout this full fiat currency era, the proliferation of fiat currency reserves gobbled up in the 2000s and the first half of the 2010s stands out.

In order to offset the coming losses on those fiat currency bags, central banks have not only been reducing their exposure to the fiat US dollar, but most importantly they have been adding to their gold reserves on net.

And while central bank gold buying has been growing increasingly so since the 2008 global financial crisis. In order to offset the coming losses on their devaluing paper fiat currency holdings, the spot price of gold is going to have to multiply many fold from here as the years and decades progress.

If we take the long view on central bank gold reserve ownership, the recent surge in buying is but a blip on the radar. What is most important to remember is that as gold gets rerated higher over time, it will again prove itself to be the very foundation of all things financial globally speaking.

This current gold bull market price breakout beginning in October of last year 2023, if we analogue or match it against prior bullion bull market runs. It is calling for dramatically higher spot prices in the coming three years.

So yea, the uncommon man on the street and I both agree.

On the other side of this break we are going to talk specifically about the spot Gold Silver Ratio and the building bullish fundamentals for silver and its globally desegregated pricing signals are likely to make this the greatest silver bull market the world has ever seen.

The spot silver and gold markets traded up to close on the week's ending news of the fiat Federal Reserve's interest rate cut cycle pivot.

The spot silver price closed just under the nose of $30 oz. I wonder how long it will take China to blow again through the old Rostin Behnam TAMP line? Perhaps early next week?

The spot gold price closed the week again above $2500 oz.

The spot gold silver ratio fell to close the week at a still high level of 84.

Speaking of the still historically elevated level of the spot gold silver ratio. Here is a quick clip by the COMEX CME Group on why the historic ratio means much to traders in a bullion bull market.

Bloomberg Gold Silver Ratio Clip https://youtu.be/d02Uhub-Ebk?si=K9bTlk5hnCoMOGcw

The spot gold silver ratio throughout this full fiat currency era has bottomed as low as 15 and ballooned as high as Great Depression levels above 120 during the 2020 Covid crash.

But pretty much since the 2011 price high for silver in the early spring where the spot gold silver ratio bottomed out near 30 we have pretty much been in a rising channel back toward 1990s silver bear market levels.

At some point this ratio will roll over in earnest and begin tightening and it is conservative to think that ultimately before this building gold silver mania phase peaks out globally, we will fall below the old 2011 low of 30 and perhaps back down towards what we saw in the late 1970s and early 1980.

After all this bullion bull market is not a pip squeak western driven version from 45 years ago.

This is one in which wealthier nations like India and China must have bullion.

And they don't care if gold is at local nominal record price highs, they are still buying in heavy volumes to the tune of over 100 tons last month July 2024. I expect Indian silver importing to pick back up during harvest and wedding season, our North American fall season. Every now and again that country imports over 50 million ounces of silver in just one month.

Silver solar industrial demand figures are still climbing walls sucking remaining silver supplies into deficits that will now be six years running. The underlying supply demand mismatch fundamentals are going to meet the spot price road at some point sooner than later.

And much of the coming silver shortage era will be largely due to decades of systemically rigged price signals globally.

The aggregated shadow eastern price for silver since 1970 has recently ballooned to near $400 oz.

This is the same price chart but in logarithmic format so we can see the black intra-COMEX silver hours starting all the way back in 1970 at $1.92 and 1/2¢ oz for silver. Remembering that number it will help explain how the silver market eventually comes back into equilibrium.

You see without outsized derivative paper price slamming during COMEX hours keeping spot silver price discovery markets suppressed, especially since the 2020 Covid crash. Well the red spot price line would have already ramped. But this situation will change, again as it always has. 

Phony price signals and fraudulent derivative leverage eventually have blowback eras. We're bumping into the next one now.

We're rapidly dwindling available silver supplies to the tune of another near -300 million oz deficit this year 2024, in a global market that supplies about 900 million oz a year being hit by demand near 1.2 billion oz annually and growing.

The coming 5th era of silver price equilibrium awaits this market. When those times come, it will be time to offload some silver winnings and move elsewhere with some of that wealth.

Far from it now, rather this is the time to be getting positioned if you have not already.

Basically that black colored COMEX line has flattened of late. But what we will eventually see again is it turning up into a building silver bull market.

Here is that same COMEX silver trading black line close up throughout this full fiat currency era.

Since 1970 starting at $1.925 oz the silver price within COMEX has dwindled down to 15¢ over the last 54 years running. 

You might need to pause and listen to that again. It is the most crooked COMEX market and that's saying something.

But there are eras where silver future long betters do in fact win versus the COMEX silver shorts and it results in this blue line running up a wall. 

All the way back to the starting line of $1.925 oz for silver intra-COMEX hours back where it all started in 1970.

My contention is when this repeating phenomenon reoccurs it will be likely at or nearing the coming peak of the coming silver bull market mania. Most likely at multi-triple digit per ounce silver spot price points where the Eastern blue and red spot price line converges for the 5th time. Many years and multiples in price from where we are now.

That will be all for our weekly SD Bullion Market Update. 

And as always to you out there, take great care of yourselves and those you love.