A corporate pension fund can invest in gold. Real estate, private equity, and commodities are options as well. Your 401(k) almost certainly can’t — not because gold is a poor investment, but because of a long-standing fiduciary concern. That concern stems from a decades-old interpretation of fiduciary duty, not from any assessment of gold’s merits. … Read more

Gold and silver both pulled back from three-month highs this morning. Although headlines described multiple developments, they all trace back to the same core driver: how the U.S. Treasury plans to finance its bond buybacks and the resulting push-and-pull that is affecting the dollar. Below is a clear explanation of the connecting mechanism and what … Read more

The Federal Reserve has signaled that it anticipates at least one rate increase before the end of next year. In its June projections the Fed expected a quarter-point rise by the close of 2026. At the same time, market-implied odds for a September move have been fluctuating around a roughly one-in-three chance. Both the Fed’s … Read more

Every trading desk in the world is waiting for one sentence from Wyoming this week. At the same time, the Federal Reserve has published an agenda focused on something else entirely. The Federal Reserve Bank of Kansas City hosts its annual economic policy symposium at Jackson Hole, running from Thursday, August 27 to Saturday, August … Read more

In a few hours, the U.S. Treasury will attempt to reshape global commerce with Iran. Markets are responding already. Gold, silver, and oil are moving — and not in the straightforward way you might expect from news about tougher sanctions. Oil is falling while gold is rising. Both moves are reactions to the same set … Read more

Gold climbed above $4,600 this morning for the first time since May, while silver remains near $69. But the headline numbers only tell part of the story. The market is focused on what comes Friday. Treasury yields fell again today, the dollar trades near a three-month low, and both moves trace back to one catalyst: … Read more

The World Gold Council asked 76 central banks where they keep their gold. The answer contradicts almost every headline you have read this year. You have likely seen the same headline repeated: central banks are rushing to bring their gold home. It makes for a simple story — a breakdown in trust that sends bullion … Read more

Ray Dalio ran the numbers on the U.S. government’s finances and reached a stark conclusion: the fiscal picture is dangerously strained. In a note published August 21, Dalio framed the problem with business-like arithmetic, suggesting that if the federal budget were treated like a company’s books, implied debt service could approach $11 trillion. That sum … Read more

Key Takeaways The Permanent Portfolio splits assets evenly: 25% stocks, 25% long-term government bonds, 25% cash or short-term Treasuries, and 25% gold. Harry Browne popularized this approach in his 1999 book Fail-Safe Investing to prepare a portfolio to endure prosperity, recession, inflation, or deflation without attempting to forecast which regime will arrive next. Gold’s 25% … Read more

America’s national debt topped $40 trillion on Tuesday, August 18. It had reached $39 trillion only five months earlier and $38 trillion five months before that. In the days following, a prominent Wall Street strategy note highlighted that accelerating debt trajectory and adopted a more bullish stance on gold. As of Friday morning, gold is … Read more