In Gold We Trust

Gold • Silver • Macroeconomics | In Gold We Trust Report
Data-dense charts & long-form threads on precious metals, mining & the monetary system.

[In Gold We Trust @IGWTreport]

Up to about a fifth in gold, a stock and bond mix earned more for the risk it took, and its worst fall shrank from 27.00% to 21.97%. Past that, risk grew faster than returns.

18% gold beat no gold.
Family offices average JUST 2% in precious metals.
72% hold NO gold.

[In Gold We Trust @IGWTreport]

So how much gold in a portfolio?

From 1970 to 2024, a stock and bond mix holding 14% gold swung the least of all, less than one holding none. Beyond that, volatility climbed again. More below.

[In Gold We Trust @IGWTreport]

Hike talk is back, and gold holders have felt every hot inflation print this year.

@RonStoeferle at the Precious Metals Summit Zurich: Volcker had a bazooka when US debt was 26% of GDP. Warsh has a water pistol with debt above 100%, so the Fed can't hike for long.

[In Gold We Trust @IGWTreport]

The full keynote, with the slides as a free PDF:

https://t.co/rg9NxoF8Sk

[In Gold We Trust @IGWTreport]

Hike talk is back, and gold holders have felt every hot inflation print this year.

@RonStoeferle at the Precious Metals Summit Zurich: Volcker had a bazooka when US debt was 26% of GDP. Warsh has a water pistol with debt above 100%, so the Fed can't hike for long.

[In Gold We Trust @IGWTreport]

Most American money sat out the silver boom, parked in the MAG 7. US physical silver buying fell for a third straight year in 2025 to 34.9 Moz, the lowest since at least 2010, while India bought about 79 Moz.

Our chapter's read: the West has yet to follow India into this bull.

[In Gold We Trust @IGWTreport]

India's 79 Moz is read off the chart. The US figure and the MAG 7 point come from the chapter.

More in Silver After the Surge, from the In Gold We Trust report 2026:

https://t.co/bLjHPAgh3Y

[In Gold We Trust @IGWTreport]

Most American money sat out the silver boom, parked in the MAG 7. US physical silver buying fell for a third straight year in 2025 to 34.9 Moz, the lowest since at least 2010, while India bought about 79 Moz.

Our chapter's read: the West has yet to follow India into this bull.

[In Gold We Trust @IGWTreport]

Your gold took Tuesday's hot inflation print and a stronger dollar, and still closed above USD 4,000.

Gold futures settled at USD 4,030 as October CPI beat forecasts and the dollar index rose 0.6%.

[Sound Money Report @SoundMoneyRpt]

The dollar you use every day was once backed by gold, and the US still has the gold.

To back the monetary base with it again, even at 25%, gold would need to be USD 5,200 an ounce. At 100%, USD 21,000.

@RonStoeferle on the page Washington may write NEXT. Read below.

[In Gold We Trust @IGWTreport]

Gold's correlations and the rest of the November Monthly Gold Compass, free:

https://t.co/pcto204TaE

[In Gold We Trust @IGWTreport]

Your gold took Tuesday's hot inflation print and a stronger dollar, and still closed above USD 4,000.

Gold futures settled at USD 4,030 as October CPI beat forecasts and the dollar index rose 0.6%.

[In Gold We Trust @IGWTreport]

Anyone holding gold and stocks saw both move together late in October. Over 15 trading days, gold's correlation with the S&P 500 reached 0.82, while its usual inverse link to the dollar faded to 0.02, from between -0.40 and -0.51 over 60 to 180 days.

[In Gold We Trust @IGWTreport]

Gold just had its worst October since 2008.

@RonStoeferle had called a capitulation low within days, and it came on 30 October. Now he is sitting through the games, and this week's Sound Money Report shows how.

[In Gold We Trust @IGWTreport]

Ronnie starts in Rome, with Juvenal's bread and circuses and a protest that briefly forced its way into the Colosseum.

The Sound Money Report, the twice-weekly beat of In Gold We Trust:

https://t.co/IDiFbpb9o6

[In Gold We Trust @IGWTreport]

Gold just had its worst October since 2008.

@RonStoeferle had called a capitulation low within days, and it came on 30 October. Now he is sitting through the games, and this week's Sound Money Report shows how.

[Sound Money Report @SoundMoneyRpt]

The dollar you use every day was once backed by gold, and the US still has the gold.

To back the monetary base with it again, even at 25%, gold would need to be USD 5,200 an ounce. At 100%, USD 21,000.

@RonStoeferle on the page Washington may write NEXT. Read below.

[Ronnie Stoeferle @RonStoeferle]

👇👇👇👇

[In Gold We Trust @IGWTreport]

Keynote day in Zurich. @RonStoeferle walked the Precious Metals Summit through The Gold Almanac: Back to the Monetary Future, and the room got the message.

Where we're going, we don't need roads. We need gold.

[MiningVisuals @MiningVisuals]

Charted: Pakistan’s Mineral Export Outlook to 2039 📈

A tentative outlook from the Petroleum Division puts Pakistan’s mineral export earnings at US$10.46 billion a year by 2039, up from US$932 million in 2025.

The chart groups the projects behind that outlook into five stages: mines in production today, projects in development such as Reko Diq and Siah Diq, planned rail, road and port links, new processing plants, and more than 40 recently granted exploration licences.

Learn more at the @pakminforum, 12 and 13 November. Register for PMIF26 at https://t.co/NYpQfZuCDM

#PMIF #PMIF2026

[In Gold We Trust @IGWTreport]

@RonStoeferle Watch the full keynote and grab the slides as a PDF: https://t.co/rg9NxoF8Sk

[In Gold We Trust @IGWTreport]

Keynote day in Zurich. @RonStoeferle walked the Precious Metals Summit through The Gold Almanac: Back to the Monetary Future, and the room got the message.

Where we're going, we don't need roads. We need gold.

[In Gold We Trust @IGWTreport]

Your borrowing costs face their next test TODAY.

US October inflation lands at 8:30 am New York time.

[In Gold We Trust @IGWTreport]

October's Fed pricing and the rest of the November Monthly Gold Compass, free:

https://t.co/pcto204TaE

[In Gold We Trust @IGWTreport]

Your borrowing costs face their next test TODAY.

US October inflation lands at 8:30 am New York time.

[In Gold We Trust @IGWTreport]

Borrowers got some relief in October. At the end of the month, futures priced about two Fed hikes by mid-2027, down from 3.68 by the end of 2027 a month earlier, and 10-year yields fell 36 bps in the US, 26 in Germany and 29 in Japan.