Buckle up. Silver just blew past $50 — it’s now trading at a new record high above $50.40. That’s higher than the 2011 peak and above the 1980 intraday record high of $50.36. Enjoy the ride, shorts.
What’s happening in gold in 2025 reminds me of what happened in subprime in 2007. When the subprime market blew up, an event I had warned about for years, it was a harbinger of the financial crisis that hit the following year. Yet few on Wall Street perceived the warning. Gold’s surge in 2025 likely portends a U.S. dollar and sovereign debt crisis next year that will make the 2008 financial crisis look like a Sunday school picnic. Yet, as was the case in 2007, few on Wall Street perceive the significance of the warning.
It looks like the Trump administration will pause the monthly jobs reports until they can get the numbers right. That's a convenient excuse to hide bad data. Soon they may do the same with the CPI. Who needs data anyway? Trump can just tell everyone that the economy is booming.