Gold Holding Around $4,200 and Silver Near $58

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For most of last week’s trading, Gold stayed above the key $4,200 per ounce level. If Gold can consolidate above this level and build a firm base, I am confident we will see a new all-time high very soon. Gold closed Friday at $4,202, down $16 for the week.

Between July 1 and 22, 1944, the Bretton Woods Conference was held in Bretton Woods, New Hampshire, United States. This gathering of 730 delegates from 44 Allied nations aimed to establish guidelines to regulate the international monetary and financial order following the conclusion of World War II.

One of the most important outcomes of this meeting was the decision to make the U.S. Dollar the primary currency for world trade. Central banks around the world needed to hold U.S. Dollars for commerce, in addition to holding their domestic currency, gold, and government securities for interest-earning purposes.

Since 1945, the U.S. Dollar has been used in 98%+ of world commerce. Since President Trump’s election, however, that has started to change. Due to global tariffs and uncertainty surrounding many recent policies, the U.S. Dollar is increasingly being replaced in world commerce. Many of the world’s largest central banks have been selling U.S. Dollars and replacing them with Gold and other currencies. Because of the massive amount of Gold purchased this year, the world’s largest central banks now hold more Gold than U.S. Dollars.

The Chinese government has been pursuing a de-dollarization campaign for many years. With the massive $38 trillion in U.S. debt, new trade tariffs, and uncertainty surrounding U.S. policy, China believes it can make the Yuan the preferred currency for world commerce. Currently, over 50% of global petroleum product trade is conducted using the Chinese Yuan.

The value of the U.S. Dollar was 109.39 on January 1, 2025, and is now down 10% for the year, while Gold is up 65%. As world commerce shifts away from the U.S. Dollar and toward the Chinese Yuan, we could easily see another 10% or more decline in the Dollar’s global value. Gold is a world monetary instrument, and while Americans view its value in U.S. Dollars, the rest of the world values Gold in their local currencies. As currencies fluctuate, the Gold price adjusts accordingly. Therefore, if the U.S. Dollar were to drop another 10% next year, the price of Gold would automatically increase by $420 or more overnight.

Key U.S. Economic data to watch this week:
The week of December 8th to 12th 2025

• Tuesday, Dec. 9th: October Job Openings
• Wednesday, Dec. 10th: FOMC Interest-Rate Decision, November U.S. Federal Budget, Fed Chairman Powell Press Conference
• Thursday, Dec. 11th: December Initial Jobless Claims, September U.S. Trade Deficit
• Friday, Dec. 12th: Wholesale Inventories

Today: Gold trading began last night in China in a narrow range between $4,195 and $4,206 per ounce. As trading moved into India, the price rallied to a high of $4,220 per ounce. Today’s weakness occurred as trading entered the U.S. market and broke below the $4,200 level.

Last week, Silver remained the star of the precious metals index, as its price moved higher on excellent trading volume. Silver traded between $56.20 and $59.25, setting a new all-time high. Last Friday, Silver closed at $58.40 per ounce, up $1.96 for the week.

The Gold-to-Silver ratio is an excellent indicator of Silver’s recent strength. In May, the ratio was over 100-to-1, when Gold was priced at $3,360 per ounce. With Silver’s recent rally, the ratio has moved to 72-to-1. Even 72-to-1 is historically high, as the long-term average is around 48-to-1. At today’s Gold price, if the ratio returned to 48-to-1, Silver would be priced at $87.54 per ounce.

As Silver transitions from being viewed primarily as a commodity and industrial metal to a monetary metal, India has become the major driving force. Indian investors have been extremely active in both the Mumbai and London commodity exchanges. Silver depositories in both regions are showing record-low inventory levels, pushing lease rates and premiums to recent highs.

Today: During overseas trading last night, Silver opened in China and immediately sold off, reaching a low of $57.56 per ounce before finding buyers. As the night progressed and trading shifted to India, Silver began to rally and moved back above $58 per ounce. However, as trading moved into the U.S. market, Silver followed Gold’s lead and dropped back below the $58 level.

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Barry Stuppler has been a professional numismatist for over 60 years and is considered one the nation’s foremost experts in rare coins and precious metals. Mr. Stuppler is a past President of the American Numismatic Association (ANA) and Professional Numismatists Guild (PNG). He is currently chairman of the Federal and California State Gold & Silver Political Action Committees, and president of the
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