Gold & Silver Hitting New Highs, Gold Over $3,500

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Just when I was wondering what President Trump could do to drive the price of Gold higher, firing a black woman Federal Reserve Governor wasn’t what I was expecting. Gold reacted to the firing by increasing $75 last week and closed last Friday at $3,447 per ounce. Firing a Federal Reserve governor is an attack on the independence of our Federal Reserve. Our Federal Reserve and its policies are respected by most of the world’s central banks, and that respect has kept the U.S. Dollar as the world’s dominant reserve currency since 1945.

Why is President Trump trying to take control of the Federal Reserve? If Trump is able to take control of the Federal Reserve, he would immediately lower interest rates. This would do two key things: lower the cost of interest on the federal debt and immediately and dramatically increase home sales. Both of these would stimulate the U.S. economy, albeit at the cost of potentially making the Fed more politicized and undermining the key pillars of the American financial system.

What would happen if the world lost faith in the Federal Reserve and the United States currency? Countries like China and the BRIC nations (Brazil, Russia, India, China, and South Africa) will step up with a new currency, backed by GOLD. This new world reserve currency will replace the U.S. Dollar, and cause massive liquidation of U.S. Dollars.

China has for years built up its nation’s monetary reserves, especially Gold, and has massive trade surpluses. China has also loaned billions of Yuan to many developing nations to help them build infrastructure within their own countries. These loans and the many relationships that China is building will lead to the cooperation that will help support China when it makes its case to replace the U.S. Dollar. That move will involve the International Monetary Fund (IMF), World Bank, the G7 and G20, most of which China is a member. See China’s Xi Welcomes Putin And Modi As Trump Roils Global Order article.

Right now, the world’s largest countries and central banks primarily hold three assets for their countries' reserves. Their domestic currency, Gold, and the U.S. Dollar (which is used for international trading).

If the United States continues running massive trade and budget deficit it will drive the value of the U.S. Dollar lower. I believe, at some point in the near future, the Chinese will make a serious attempt to replace the U.S. Dollar as the world’s reserve currency. If that happens, the U.S. Dollar will suffer a massive devaluation. The cost of imported goods (i.e., clothing, electronics, vehicles, produce, and much more) will increase dramatically. The Dollar value of Gold, since it’s an international currency, would easily double in a very short period.

Gold is clearly on a firm track to a new all-time record high price of over $3,500 per ounce in September. We may see some light profit-taking, but Gold has built a firm base above the $3,400 level.

Key U.S. Economic data to watch this week:
The week of Sept 2nd to Sept 5th 2025
- Monday: Aug ISM & S&P Manufacturing
- Tuesday: July Factory orders & Fed Beige Book
- Thursday: August 30th Initial jobless claims & July U.S> Trade Deficit
- Friday: August U.S. unemployment

Today: Over the long holiday weekend, President Trump claimed on his Truth Social platform that U.S. prices are “WAY DOWN” with virtually no inflation. Overseas commodity markets reacted to this statement with Gold jumping $70 per ounce to a high of $3,526 on active trading. Many financial analysts believe that the Federal Reserve will start lowering interest rates at its upcoming meeting this month. This reduction in interest rates should continue to drive the price of precious metals higher.

Last week, based on the possibility of lower interest rates and Trump taking control of the Federal Reserve, Silver rallied sharply. Silver reached a high Friday of $40.03 before seeing light profit-taking and short-selling. Silver traded actively between $39.50 and $39.80 per ounce, and closed Friday at $39.71 per ounce. Silver was up $0.70 for the week and up $4 for the month of August. With this month's sizeable rally, the Silver-to-Gold ratio dropped to 86.80-to-1.

Today: Over the long holiday weekend, Silver moved above the $40 per ounce level, reaching a 14-year high of $41.30 per ounce on the Trump Inflation claim. $40 is a key support and resistance level, so it is very important that Silver tests, but stays above the $40 per ounce level.

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