Gold & Silver Set New All-Time Record Then Saw Profit-Taking

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Another exciting week for Gold investors, with Gold starting at $4,000 and increasing over $300 from Monday to Thursday. On Friday, October 17th, Gold reached a new all-time high of $4,376 while trading in India, then saw profit-taking. The Gold price then moved down to $4,186 in U.S. trading before rallying back and closing at $4,240, up $240 for the week. We are now up to nine consecutive weeks in which the price of Gold has set a new all-time record. For the past six weeks in a row, Monday has shown an average increase of $62.03, so I’m optimistic for today.

Some of the profit-taking in the Gold market was caused by a rumor that the IMF was going to sell Gold in early 2026. The IMF and World Bank annual meetings took place in Washington D.C., from October 13-18. The International Monetary Fund holds 90.5 million ounces of Gold. In the past, the IMF has sold Gold into the market to help underdeveloped countries prevent poverty and build infrastructure.

Over the past week, we have seen HSBC join analysts at Bank of America and Société Générale, who earlier in the week forecast that Gold could reach $5,000 per ounce in 2026. UBS is also bullish on Gold, projecting $4,700 per ounce. Many of the world’s largest central banks are moving away from the U.S. Dollar. Two years ago, U.S. Dollars were used in over 90% of world trade; it is now under 50%. World trade is clearly shifting away from the U.S. Dollar, and lower U.S. interest rates will only accelerate the pace.

At the upcoming Federal Reserve meetings, scheduled for October 28-29 and December 9-10, the financial markets anticipate that U.S. interest rates will be lowered. Lowering U.S. interest rates will only help Gold reach $4,500 by year-end.

Reports continue to come in about heavy demand for physical Gold in Australia, Japan, China, Korea, Turkey, and many of the Middle Eastern countries, as many dealers are sold out and waiting to restock. Demand in the United States has increased, but it is not a panic like we saw in 1980, when Gold hit a high of $852 per ounce.

Key U.S. Economic data to watch this week:

The week of October 20th 2025 to October 24th 2025

Because of the U.S. Government shutdown, we will not see the following this week:

• Gross Domestic Product (GDP), which measures economic output
• Inflation indicators, such as the Consumer Price Index (CPI)
• Employment data, including the unemployment rate and payroll figures
• Consumer spending, measured by Personal Consumption Expenditures (PCE)

Today: The Gold market opened in Hong Kong and India at $4,265 per ounce, up $25 from Friday’s U.S. close, showing excellent trading volume. There was serious profit-taking in early London trading, driving the Gold price down to $4,218 per ounce. In late London and U.S. trading, Gold continued its bullish rally, moving last at $4,300 and reaching a high of $4,350 per ounce.

Another wild and crazy week for Silver. Silver started the week at $49.50 per ounce and reached an all-time high in early Friday trading of $54.43 per ounce. The price of Silver was affected by the decline in Gold and saw major profit-taking, dropping $3.86 during Friday’s New York trading. The Silver price rallied back from the $50.57 low and closed at $51.80, still up $2.30 per ounce for the week.

The Silver market continues to be in backwardation, with the spot Silver price trading higher than future contracts. A severe shortage of physical Silver in London and India is causing what is called a Silver short squeeze. Many of the world’s largest Silver warehouses and depositories are at record-low levels. Over the past week, more than 15 million ounces of Silver have been withdrawn from the COMEX futures exchange warehouse in New York. Much of that is likely headed to London, where it should help ease tightness, as will a hefty 10-million-ounce outflow from Silver-backed ETFs on Thursday.

The Silver price is clearly in a breakout rally. The only question is how fast and how far Silver will move above the $50 per ounce level. There is no historical guidance for this move.

The Silver-to-Gold ratio continues to trade around the 80-to-1 level.

Today: The Silver market opened in Hong Kong and India around $52.15, up $0.35 per ounce from Friday’s U.S. close, showing excellent trading volume. Silver followed Gold lower in early London trading, reaching a low of $51.22 per ounce. In late London and U.S. trading, Silver started moving higher, reaching $52.80 per ounce.

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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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