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.

[MiningVisuals @MiningVisuals]

The Copper Gold Ratio (1972-2026) 📉

[Peter Spina ⚒ GoldSeek | SilverSeek @goldseek]

Warsh has a water pistol…. 😂

[In Gold We Trust @IGWTreport]

Her full answer is in the clip. The interview, recorded on 19 March for the In Gold We Trust Report 2026:

https://t.co/flKGjh9Ph4

[In Gold We Trust @IGWTreport]

Your ounce is worth the market price. Washington still books its own at USD 42.22.

That gap is a temptation, so in March, months before she joined Treasury, @judyshel told @RonStoeferle she'd pledge the gold behind bonds and "bind the hands" of any spendthrift administration.

[Redeye 🀄️ @Redeyeforecast]

Four days ago, Dr. Judy Shelton concluded her Mises Institute presentation with a final observation, stating, “Things are getting plenty interesting out there, both at home and abroad. So buckle up.”

[In Gold We Trust @IGWTreport]

The sun's energy is free, but the moon's metal it takes to catch it is not.

Exchanges in London, New York and Shanghai gave up about 440 Moz of silver between 2020 and March 2026, almost 3x solar's 2026 demand.

COMEX alone is down about a quarter since January, per CME.

[In Gold We Trust @IGWTreport]

The 440 Moz and the solar comparison are from the chapter, with data to March 2026. The COMEX figure is CME warehouse data for early November, down to about 334 Moz.

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

https://t.co/bLjHPAgh3Y

[In Gold We Trust @IGWTreport]

The sun's energy is free, but the moon's metal it takes to catch it is not.

Exchanges in London, New York and Shanghai gave up about 440 Moz of silver between 2020 and March 2026, almost 3x solar's 2026 demand.

COMEX alone is down about a quarter since January, per CME.

[Jay Roberge 🚀 @jmroberge]

“Where we're going, we don't need roads. We need gold.”
- @RonStoeferle

[In Gold We Trust @IGWTreport]

"Inflation looks a lot less abstract outside the spreadsheet," @RonStoeferle wrote this week.

Where currencies are weakest, gold kept up: 165.1% in Venezuelan bolivars, 5.5% in Egyptian pounds and 4.4% in Turkish lira this year.

[In Gold We Trust @IGWTreport]

Gold in 36 currencies and the rest of the November Monthly Gold Compass, free:

https://t.co/pcto204TaE

[In Gold We Trust @IGWTreport]

"Inflation looks a lot less abstract outside the spreadsheet," @RonStoeferle wrote this week.

Where currencies are weakest, gold kept up: 165.1% in Venezuelan bolivars, 5.5% in Egyptian pounds and 4.4% in Turkish lira this year.

[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.