Bullion Blog

<p>Welcome to this week&rsquo;s Market Wrap Podcast, I&rsquo;m Mike Gleason.</p> <p>Coming up in a moment, we have an exclusive interview with Nomi Prins, renowned market commentator, author and founder and CEO of Prinsight Global. Nomi chimes in the recent Federal Reserve rate increase, the first in roughly three years, and argues how rising rates don't

<p>A silver dollar is a United States one-dollar coin struck in silver. That definition sounds simple until you open a drawer and discover four different dollar coins in it, and only one of them might have any silver.</p> <p>Every U.S. dollar coin minted from 1794 through 1935 was struck in 90 percent silver. After a

<p>Here&rsquo;s a question for you.</p> <p>If you were alive 2,000 years from now and dug up an old box of $100 bills, do you think you could spend it anywhere?</p> <p>I&rsquo;m going to guess no.</p> <p>In the first place, it&rsquo;s highly unlikely paper money would last 2,000 years underground. It would mold and deteriorate. If

A2Gold Corp. (AUAU:TSXV; AUXXF:OTCQX; RR7:FSE) has released results from the first four holes of its initial reverse-circulation (RC) drill program at the Taylor Silver-Gold Project, reporting shallow, high-grade antimony-gold mineralization alongside broad, high-grade silver intervals, according to a September 22 release. These four holes represent all assays received, reviewed, and verified through the company’s quality

Seabridge Gold Inc. (SEA:TSX; SA:NYSE) said British Columbia’s Environmental Assessment Office (EAO) has provided an update on its reconsideration of the Substantially Started Designation (SSD) for the KSM Project in northwest British Columbia, according to a September 22 release. KSM received its SSD on July 24, 2024, but the designation was later challenged by the

Torr Metals Inc. (TMET:TSX.V) released an interpretation and targeting update from its fully financed Phase 2 drill program at Bertha North, part of the 332-square-kilometer Kolos copper-gold project in southern British Columbia, according to a September 23 release. Phase 2 drilling is increasingly defining Bertha North as a large copper-gold porphyry-style hydrothermal system, with holes

Goldman Sachs says that 40% of AI data centers will be crippled by electricity shortages by 2027. Not chip shortages or funding issues, but power. I thought this would happen sooner, but Trump has backed a ban on diesel exports, while Treasury Secretary Bessent said the U.S. is “examining whether it’s feasible in terms of

Bolivia Silver Miner Acquires 500 tpd Mill to Expand Output Source: Streetwise Reports (09/22/2026) Santacruz Silver Mining acquires 500 tpd milling facility in Bolivia. Learn how the deal boosts capacity, supports 2027 growth, and why the TSX listing matters for investors. read more > Alaska Silver-Gold Explorer Secures TSXV Listing to Trade as ALX Source:

<p><span style="font-weight: 400;">A bank run is a familiar danger in a fractional-reserve banking system. In December 1930, as the Great Depression deepened, the privately owned Bank of United States in New York collapsed after a run by depositors. Despite its name, it was not a government institution. It served many immigrant families and small businesses.</span></p>

<p>So far this year, Chinese gold imports are at the highest level since at least 2017.</p> <p>China ranks as the world&rsquo;s largest gold market.</p> <p>Through the first eight months of 2026, China spent $158.8 billion to import more than 1,100 tonnes of gold, according to China&rsquo;s General Administration of Customs.</p> <p>That&rsquo;s already far above the

<p>The Treasury Department will buy back another $6 billion in long-term Treasuries today (Thursday Sept. 24) as it continues efforts to tamp down rising yields.</p> <p>Treasury Secretary Scott Bessent announced this second expanded buyback on Wednesday.</p> <p>And once again, the markets shrugged.</p> <p>The 30-year Treasury hit a session high of 5.38 percent, close to the

<p>With bond yields on the rise and markets penciling in another Federal Reserve interest rate hike this year, a lot of people are <a href="https://www.moneymetals.com/sell-to-us&quot;>selling their gold</a>.</p> <p>Axel Merk doesn&rsquo;t think you should.</p> <p>Merk is the <a href="https://share.google/B8lBc1CmEaUSL2sCn&quot; target="_blank" rel="noopener">founder of Merk Investments</a>, and he has a reputation as an even-handed analyst, not prone to

<p>COMEX vaults held about 330.1 million ounces of silver as of Friday, September 18, 2026. Of that, 97.3 million ounces were registered, or silver with a warrant, ready to deliver against futures contracts. The remaining 232.8 million ounces were eligible. These figures come from the <a href="https://www.cmegroup.com/delivery_reports/Silver_stocks.xls&quot;>CME Group&rsquo;s Daily Metal Stocks Report</a>, cross-checked against <a

<p><strong>Quick Answer:</strong> Gold miners produced <strong>3,672 tonnes of gold in 2025</strong>, or about <strong>118.1 million troy ounces</strong>, which set a record. Adding recycled metal brings total gold supply to 5,002 tonnes.</p> <p>The world mines much less gold than many people assume. Even with the record setting gold production of 2025, that output is not enough

<p><strong>Quick Answer:</strong> Gold miners produced <strong>3,672 tonnes of gold in 2025</strong>, or about <strong>118.1 million troy ounces</strong>, which set a record. Adding recycled metal brings total gold supply to 5,002 tonnes.</p> <p>The world mines much less gold than many people assume. Even with the record setting gold production of 2025, that output is not enough

<p>Over the past week, officials have announced several measures, including a yuan-denominated gold futures contract, with the goal of further positioning Hong Kong as an international gold hub and raising the yuan's global status.</p> <p>Earlier this summer, Hong Kong launched trial operations of a gold clearing and settlement system, putting the region in a position

<p>COMEX vaults held about 330.1 million ounces of silver as of Friday, September 18, 2026. Of that, 97.3 million ounces were registered, or silver with a warrant, ready to deliver against futures contracts. The remaining 232.8 million ounces were eligible. These figures come from the <a href="https://www.cmegroup.com/delivery_reports/Silver_stocks.xls&quot;>CME Group&rsquo;s Daily Metal Stocks Report</a>, cross-checked against <a

<p>The Treasury Department will buy back another $6 billion in long-term Treasuries today (Thursday, Sept. 24) as it continues efforts to tamp down rising yields.</p> <p>Treasury Secretary Scott Bessent announced this second expanded buyback on Wednesday.</p> <p>And once again, the markets shrugged.</p> <p>The 30-year Treasury hit a session high of 5.38 percent, close to the

<p>So far this year, Chinese gold imports are at the highest level since at least 2017.</p> <p>China ranks as the world&rsquo;s largest gold market.</p> <p>Through the first eight months of 2026, China spent $158.8 billion to import more than 1,100 tonnes of gold, according to China&rsquo;s General Administration of Customs.</p> <p>That&rsquo;s already far above the

<p>With bond yields on the rise and markets penciling in another Federal Reserve interest rate hike this year, a lot of people are <a href="https://www.moneymetals.com/sell-to-us&quot;>selling their gold</a>.</p> <p>Axel Merk doesn&rsquo;t think you should.</p> <p>Merk is the <a href="https://share.google/B8lBc1CmEaUSL2sCn&quot; target="_blank" rel="noopener">founder of Merk Investments</a>, and he has a reputation as an even-handed analyst, not prone to

<p><span style="font-weight: 400;">A bank run is a familiar danger in a fractional-reserve banking system. In December 1930, as the Great Depression deepened, the privately owned Bank of United States in New York collapsed after a run by depositors. Despite its name, it was not a government institution. It served many immigrant families and small businesses.</span></p>

Trident Resources Corp. (ROCK:TSXV; TRDTF:OTCQB; 6BP0:FSE) closed its option agreement with Apogee Minerals Ltd. (APMI:TSXV), under which Apogee may earn a 100% interest in Trident’s Knife Lake copper project in Saskatchewan. The agreement, dated July 13, 2026, was completed on September 16, 2026, following Trident’s July 14, 2026, announcement of the transaction. Apogee is an

Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQX; B4IF:FSE) completed its 2026 drill program at the Surebet Discovery on its 100%-owned Golddigger Property in British Columbia’s Golden Triangle, drilling 48,443 meters in 97 holes over 94 days. The program used seven drill rigs operating 24 hours a day. According to the company, 100% of the holes completed at

Hemlo Mining Corp. (HMMC:TSX; HMMCF:OTCQX) announced on September 18 that it had been added to the VanEck Junior Gold Miners ETF (GDXJ), with the inclusion becoming effective at market close that day. Jason Kosec, President, CEO, and Director of Hemlo Mining, said in the company news release, “Our inclusion in the GDXJ represents an important milestone

Harvest Gold Corp. (HVG:TSXV; HVGDF:OTCMKTS) has fulfilled its remaining commitments under its option agreement with EGR Exploration Ltd. (EGR:TSXV), securing a 100% interest in the Urban Barry property in Ralleau and Wilson townships within Quebec’s Eeyou Istchee James Bay/Abitibi region, according to a September 21 release. Under the agreement, Harvest Gold earned full ownership by

Nicola Mining Inc. (NIM:TSX.V; NICM:NASDAQ; HUSIF:OTCQB; HLIA:FSE) commenced its 2026 exploration drilling program at the Treasure Mountain silver mine in British Columbia, including the first drilling at the MB target area, a previously undrilled zone approximately one kilometer northwest of the historical mine. The 2026 program comprised four drill holes totaling approximately 800 meters at

Trident Resources Corp. (ROCK:TSXV; TRDTF:OTCQB; 6BP0:FSE), a company formed just a year and a half ago by merging three of renowned Canadian geologist Ron Netolitzky’s most promising Saskatchewan projects, has seen its stock price soar over the past 12 months. Shares have skyrocketed 500% from CA$0.80 to a recent peak of CA$4.70, reminiscent of Great

<p>Silver's all-time high is $121.67 per troy ounce, set on January 29, 2026. Silver trades near $66 today, about 45% below that record. The 1980 peak of roughly $49.45 was far lower in dollars, but after adjusting for inflation it was higher.</p> <p><em>Last updated: September 18, 2026</em></p> <h2>What Is Silver's All-Time High Price?</h2> <p>Silver hit

<p><em>Last updated: September 17, 2026</em></p> <p>Silver is going down because the Federal Reserve is raising interest rates, the U.S. dollar is firm, and traders who bought with borrowed money are selling. Taken together, those factors can have a significant pull against silver.</p> <p>That&rsquo;s not all. The silver market has also been impacted by fears regarding

<p><strong>Quick answer:</strong> No single entity sets the price of silver. The official world benchmark comes from one online auction held each day at 12:00 London time. <a href="https://www.ice.com/iba/lbma-gold-silver-price&quot;>ICE Benchmark Administration (IBA)</a> runs the auction.</p> <p>The <a href="https://www.lbma.org.uk/prices-and-data/lbma-silver-price&quot;>London Bullion Market Association (LBMA)</a> owns the benchmark. Fourteen banks and trading firms place the orders. The last LBMA

<p>Something unusual happened at the COMEX last week. A large amount of silver left the CME vaults.</p> <p>In this episode of the Money Metals Midweek Memo, host Mike Maharrey breaks down the numbers. He explains exactly what happened and the ramifications, highlighting the silver market's tight supply.&nbsp;</p> <p>This week, Mike also engaged in some myth-busting,

<p>Silver's all-time high is $121.67 per troy ounce, set on January 29, 2026. Silver trades near $66 today, about 45% below that record. The 1980 peak of roughly $49.45 was far lower in dollars, but after adjusting for inflation it was higher.</p> <p><em>Last updated: September 18, 2026</em></p> <h2>What Is Silver's All-Time High Price?</h2> <p>Silver hit

Key Takeaways Star Gold Corp. released a PEA for its Longstreet Gold-Silver Project in Nevada, outlining a pre-tax NPV of US$87 million. The study estimates the project could produce about 88,600 ounces of gold and 354,700 ounces of silver over its mine life. Longstreet’s proposed operation would process about 5,500 tons of

Santacruz Silver Mining Ltd. (SCZ:TSX; SCZM:NASDAQ) has finalized the purchase of a 500-tonne-per-day milling facility in Bolivia, consisting of two 250-tpd processing circuits, each using selective flotation technology to recover lead and zinc with high silver grades, according to a September 18 release. The move adds dedicated capacity that will process ore exclusively from the

Colombia Copper Developer Advances Mocoa as Giustra Forecasts Larger Cycle Source: Streetwise Reports (09/22/2026) One mining company moves forward with its Mocoa copper-molybdenum project in Colombia, while Frank Giustra outlines why geopolitical factors could drive a metals cycle that exceeds the 2001-2011 levels. read more > Nevada Gold Explorer Delivers US$87M PEA NPV at Longstreet

Auro Metals Inc. (AURO:TSXV; AURFF:OTCQB) delivered a standout result from its Santa Barbara Gold-Copper Project in southeastern Ecuador. The longest and deepest hole drilled to date returned 905.22 meters grading 0.60 g/t gold and 0.12% copper. This intercept from hole DSB-68 highlights the scale of the porphyry system and sets the stage for resource growth.

Star Gold Corp. (SRGZ:OTCQB) released the results of a Preliminary Economic Assessment for its 100 percent-owned Longstreet Gold-Silver Project, according to a recent press release. The study outlines a base-case pre-tax net present value of US$87 million at a 5 percent discount rate, a 48 percent internal rate of return, and a 1.7-year payback period.

Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE) reported assay results from four additional drill holes completed during its 2026 drilling campaign at the Santa Helena Breccia at the Borralha Project in Portugal. The holes intersected broad tungsten mineralization within the current Mineral Resource envelope and provided additional drilling information for resource conversion, mine planning, geotechnical

Sierra Madre Gold and Silver Ltd. (SM:TSX.V; SMDRF:OTCQX) is approaching the completion of the first phase of its production expansion at the La Guitarra silver-gold mine complex in Mexico, putting the company’s planned increase in processing capacity and the operating results that follow among its near-term catalysts. The company is targeting completion of Phase I

Key Takeaways Frank Giustra told Mining Network that he expects the current metals cycle to be larger than the 2001–2011 cycle, citing geopolitical competition, critical-mineral security, and rising demand for copper and gold. Giustra highlighted Copper Giant Resources Corp. and its Mocoa copper-molybdenum project in Colombia as an example of the large, high-grade

Retail investors tracking copper and gold equities are paying close attention to developments at Copper Giant Resources Corp. (CGNT:TSXV; CGNRF:OTCQX; 29H0:FSE) and its Mocoa copper-molybdenum project in Putumayo, Colombia. Copper Giant Resources Corp. (CGNT:TSXV; CGNRF:OTCQX;29H0:FSE) Date Old Symbol Old Shares New Symbol New Shares 09/09/26 LBCMF:OTCQB 1 CGNRF:OTCQX 1 05/01/25 LBC:TSXV 1 CGNT:TSXV 1 02/13/24

<p>The world bought more than 5,000 tonnes of gold in 2025, a record haul worth roughly $555 billion (<a href="https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2025&quot;>World Gold Council</a>). Those figures get quoted quite often online, but on their own they explain very little about the gold market.</p> <p>There is a more helpful question instead: who bought that gold? You can also

<p>Gold is on the path toward $10,000 an ounce. It&rsquo;s not a matter of if, but when.</p> <p>That&rsquo;s the view of State Street Investment Management head of gold strategy Aakash Doshi. In an interview with Kitco News, he said investors should be thinking beyond $5,000 gold to $10,000. He sees that milestone as &ldquo;<em>ultimately a

<p>The U.S. government continues to ratchet up its use of the dollar as a foreign policy tool, even as <a href="https://www.moneymetals.com/news/2024/02/29/could-weaponization-of-the-dollar-as-a-foreign-policy-billy-club-accelerate-de-dollarization-003013&quot;>the weaponization of the dollar</a> has accelerated <a href="https://www.moneymetals.com/news/2025/03/11/de-dollarization-gold-and-a-shift-to-a-multipolar-world-003898&quot;>de-dollarization</a>.</p> <p>On Monday, U.S. Treasury Secretary Scott Bessent announced plans to effectively ground Iran&rsquo;s commercial airlines, saying that on Wednesday, Sept. 23, &ldquo;All the Iranian airlines will

<p>The world bought more than 5,000 tonnes of gold in 2025, a record haul worth roughly $555 billion (<a href="https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2025&quot;>World Gold Council</a>). Those figures get quoted quite often online, but on their own they explain very little about the gold market.</p> <p>There is a more helpful question instead: who bought that gold? You can also

<p>Gold is on the path toward $10,000 an ounce. It&rsquo;s not a matter of if, but when.</p> <p>That&rsquo;s the view of State Street Investment Management head of gold strategy Aakash Doshi. In an interview with Kitco News, he said investors should be thinking beyond $5,000 gold to $10,000. He sees that milestone as &ldquo;<em>ultimately a

<p>The U.S. government continues to ratchet up its use of the dollar as a foreign policy tool, even as <a href="https://www.moneymetals.com/news/2024/02/29/could-weaponization-of-the-dollar-as-a-foreign-policy-billy-club-accelerate-de-dollarization-003013&quot;>the weaponization of the dollar</a> has accelerated <a href="https://www.moneymetals.com/news/2025/03/11/de-dollarization-gold-and-a-shift-to-a-multipolar-world-003898&quot;>de-dollarization</a>.</p> <p>On Monday, U.S. Treasury Secretary Scott Bessent announced plans to effectively ground Iran&rsquo;s commercial airlines, saying that on Wednesday, Sept. 23, &ldquo;All the Iranian airlines will

GoldCoast Resource Corp. (GCR:CSE) told Streetwise Reports it has a slate of milestones it expects to reach in the fourth quarter of 2026. Chief among them: advancing the permitting process and pursuing its first prospecting license, steps that could move GoldCoast from reconnaissance-stage licensing toward more advanced exploration rights along Ghana’s continental shelf. Ghana’s track

Santacruz Silver Mining Ltd. (SCZ:TSX; SCZM:NASDAQ) has finalized the purchase of a 500-tonne-per-day (tpd) milling facility in Bolivia, consisting of two 250-tpd processing circuits, each using selective flotation technology to recover lead and zinc with high silver grades, according to a September 18 release. The facility will process ore supplied exclusively by San Lucas, the

Alex Metals Corp. announced on September 18, 2026, that its common shares had received approval for listing on the TSX Venture Exchange (TSXV), with trading expected to begin under the symbol “ALX” at market open on September 22, 2026. The company also announced that it had received a receipt for its final long-form prospectus, filed with