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Money Metals News Alert
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September 29, 2025
– Silver prices surged higher again last week and this morning, gaining
nearly 9% over the past 10 days. The gold price has risen by 4%, making yet
another all-time high.
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Metal prices have risen
despite some strength in the U.S. dollar versus other unbacked fiat currencies.
The greenback finished the
week back above 98 in the DXY index.
U.S. stocks lost a bit of
ground, with the S&P 500 ending about 13 points lower. Yields on the 10-year
Treasury rose slightly.
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Activity in the retail bullion markets
continues to be brisk. There has been a significant jump in both buying and
selling throughout September relative to July and August.
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Gold : Silver Ratio (as of
Friday's closing prices) – 81.5 to
1
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Government Shutdown Theatre Fuels More Gold
Gains
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Rumors of a federal government
shutdown are once again swirling. Absent a deal, non-essential agencies will have
to suspend operations until legislators put together a spending deal.
Americans have another front row seat
to the public relations battle between Republicans and Democrats to see which
party is most to blame for the impasse.
Legislators on both sides of the aisle
want citizens to know a shutdown is bad and the other party is responsible.
They don???t want people paying attention to just how little the difference is
between the Republican and Democratic spending proposals.
This difference is summed up in the
chart below:
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The Democrats would be happy to spend
$3 trillion more than the government collects in taxes. Republicans are pushing
for a $2 trillion budget deficit.
Just a few years back, Americans were
witness to budget drama which included deficits a mere quarter of these amounts.
Republican legislators are proudly
standing behind an offer which would extend the current Biden-era funding levels
for 7 weeks. They aren???t embarrassed at all to be supporting spending levels they
pretended to oppose just a couple years ago.
Democrats insist that certain
healthcare spending increases which were tamped down via the ???One Big Beautiful
Bill??? must be restored.
Despite the looming October 1
deadline, there is no budget resolution or appropriations package currently up for
debate or vote.
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The Trump administration
is threatening to permanently layoff some non-essential employees if there is a
shutdown.
Democrats are howling
about those threats and promising to stand firm.
Voters on both sides are
expected to be proud of the principled stand their respective party leaders are
making.
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For fans of limited government and
sound money, here???s a spoiler alert: Republicans in Congress aren???t planning a
meaningful change in spending or deficits, and, of course, neither are Democrats.
In the end, and despite the drama,
citizens are going to get stuck with a deal in which government spending rises and
the national debt ratchets trillions higher.
The Federal Reserve Bank will enable
the whole thing with artificially lower interest rates. It might even have to step
in again as the buyer of last resort for the oceans of new debt the Treasury will
be issuing.
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This week's Market Update was
authored by Money Metals Director Clint Siegner.
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