Who bought the dip last week? Not so much the whales.
🐋 Kilo bars: flat
👥 Gold buyers: doubled
🥇 1 oz, 50 g, 100 g orders: almost tripled!
Everyday savers. One bar at a time.
Gold dipped below US$4,000. Our customers went shopping. Last week:
📈 211 kg of gold bought, most since March
🔁 Only 59 kg sold back
🆕 First-time buyers up 66%
Welcome, new stackers. Nobody can print what you just bought.
Gold’s 25% off its record. Zoom out:
• Government bond yields at multi-decade highs
• US inflation above target for 5+ years
• Gold passed the euro as no.2 reserve asset
• Central banks buying, moving gold out of US vaults
The macro case for gold has never been stronger!
US CPI lands tonight, and the market will treat it as a vote on the next Fed hike.
Worth remembering: from 1976 to 1980 the Fed pushed rates sharply higher, and gold went from around $100 to $850.
Michael Oliver: “Even if they did [hike], that doesn’t determine gold’s outcome.”
Mortgage crisis. Dotcom bubble. We’ve lived through those.
A government bond crisis hitting the US, Japan and France at once? Michael Oliver @Oliver_MSA says we haven’t had one in 100 years, and calls it a “nuclear event”.
What it means for gold and silver 👇
piped.video/0GpKlcbRqT0
Government bonds are supposed to be risk-free.
US 10-year: 5.29%, highest since 2002.
France 10-year: 4.75%, highest since 2002.
UK 10-year: 5.36%, highest since 2008.
Lenders now want extra for the risk of being repaid in money worth less.
Gold is nobody's debt.
At these rates, interest bills get huge.
The way out? Printing: let inflation run, or have the central bank buy bonds to push yields down.
That is when you want to own something nobody can print.
Gold's down and the showroom's been busy. Our regulars know what to do on days like this.
Ray Dalio has said it for years: big debts get inflated away, not paid back.
US debt is past $40 trillion, and the interest alone is over $1 trillion a year.
Gold is how savers opt out.
China imported 1,100 tonnes of gold in 8 months, more than all of 2025.
That's before its own mines, the world's largest.
Imports, mines, near-zero exports. Gold goes into China and doesn't come out.
They have a plan. Do you?
Fun fact: since 2016, China has minted its Pandas in grams, not ounces. 🐼
To celebrate Mid-Autumn Festival, our 2024 30g Silver Pandas are at spot price for a limited time, one per customer. 🥮
These are flying out the door. Don't miss yours:
bullionstar.com/buy/product/…
The 10-year US Treasury yield hit 5.14%, its highest in 19 years. Yesterday's 5-year Treasury auction also saw weak demand.
The bond market is getting more nervous about US debt.
When buyers get picky about US debt, it's worth asking what you're holding and why.
Last week's Fed hike was the first in 3 years... and gold shrugged it off in 12 hours.
A 2.7% dip to $4,234, gone by the afternoon. Now near $4,380 and above pre-hike levels.
Rising rates were supposed to sink gold. Rate hikes aren't the story anymore.
"It could have an absurd price." 💭
Jim Rogers calls it like he sees it on debasement and why gold goes up when governments print.
Watch the full interview: piped.video/cPQyD1k6_Wo?si=_yDd…
When Lehman failed, clients discovered "their" assets were claims on a bankrupt estate.
Some waited years to be made whole; unsecured creditors got cents on the dollar. 18 years on, what have we learnt?
1. Reputation isn't a substitute for financial strength.
2. A holding's stated value and your access to it are separate questions.
3. Investments that look diversified can share the same weaknesses.
4. Ownership form matters. A lot.
Physical gold, owned outright, answers all four.
18 years ago this weekend, Wall Street's CEOs were locked inside the New York Fed, trying to save Lehman Brothers.
By Monday morning, a 158-year-old bank was gone.
A dollar saved that week buys a third less today.
Gold saved that week buys five times more.