There’s the Dow dropping 2200 points on a Friday and obviously was not the only one. Look at the NASDAQ down almost 6%. So I know in silver land we have a tendency to think nothing ever falls as much as silver, although I mean look at this. This was back in mid-February, over 20,000 on the NASDAQ, down 20% since then. That’s a big chunk. Similar story in S&P. You can see there back a month ago, obviously, and just everything just falling off a cliff this week. A lot of liquidation and let’s take a quick look at the metals here.

Obviously you can see silver, another brutal day down 8.5%, gold down another $86 today. Just absolutely stunning. And then here looking at the silver futures, it’s amazing right when the announcement came out on Wednesday, silver actually over $35. Two days ago on news that I might add was largely priced in and expected. I mean this wasn’t like we got blindsided by some announcement yet. Five bucks off the silver price in two days and everything getting sold off right now. So reminds me a little bit of when we saw silver go down to $12 back in 2020.

I don’t know that we’re at the exact low just yet, but certainly just as we had seen the short position for silver in particular get to extreme levels, right after Robert Gottlieb was warning about how one of the silver banks may have been exposed due to their large short position. And then we have this one. Look, I understand we started a channel here where I was ranting about silver manipulation and for years and I’ve come to see both sides of it, but this one sure seems a little suspicious just in the way things have unfolded here.

But we will leave that aside because the real highlight is some comments that Scott Besant gave in an interview to Tucker Carlson who asked him about all the gold that’s been flowing from London to New York. And the comments in a Dave Ramsdian Bank of England type of way were truly stunning and let us dig in here. Why is gold moving around the world in such huge quantities right now? Well, a couple of things. It’s moving. Physically it’s moving because no matter how silly the idea of having a queen might be to us.

Sorry, not sorry. Come on, I can’t be the only one thinking that every time he talks. As Americans, we must be gracious and considerate hosts. Well, thank you, Lieutenant Revan. Because of potential tariffs here. So like it was unclear whether we were going to exempt gold from tariffs, which I believe we have. I mean, right off the bat, doesn’t seem entirely comfortable with the question and interesting. It seems like even he didn’t know if gold and silver were going to be exempted from the tariffs, but we will continue on. There was a big move out of vaults in Switzerland, out of vaults in London.

Gold is a physical asset. To get it into New York. And the stuff is also quite heavy as you know. And look that there are a lot of different stores of value over time. Bitcoin is becoming a store of value. Gold has historically been a store of value. I think what’s interesting is where do we see the gold demand coming from? A huge amount is from China. Yes. I had heard about that. Yes. As I said, they’re in the middle of an economic recession slash depression. People don’t trust the Chinese currency because they have capital controls.

Well, just for whatever it’s worth, it seems like there are some countries that don’t entirely trust the US system either. As here we have increasing reports towards the end of this week about Germany reconsidering whether they want to store their gold in the US. So there’s that. There are 1.4 billion Chinese who all want to get their money out and they won’t let them. They will let them buy gold. Interesting. So that’s the response you think. But it’s just, Tucker doesn’t seem sold on that one. I find it interesting that even now, 2025, when everything is abstract and digital, that gold is still widely believed globally to be a reliable store of value.

It’s bizarre. Even in this day and age, people are still looking at this pet rock. Gold has a lot of history going with it. A friend of mine’s grandmother during Russia had a financial crisis in 1998. Then they had a big inflation. And a friend of mine’s grandmother went out and bicycles and put them in her apartment. And that was her store of value. Yes. So how’d she do on the bike investment? Great. Great. I wish I did that well. Okay. Treasury Secretary of the United States just said, you’re better off buying 18 bicycles than leaving your money in US cash.

But gold also has other applications, a lot of applications, jewelry, tons of them. Door stoppers, works well for those two, I think, in India. But it’s something that historically, people have all agreed. I’ve heard there’s several BRICS nations that historically like it. Gone. And gold does not have, gold can’t have a fiscal problem. Gold cannot have a gigantic budget deficit. Gold cannot have a war. So just the fact that it is this isolated thing makes it very interesting. And the fact- Now he sounds like a bullion dealer. This is why- That the entire global trading system, Richard Nixon took us off.

And that was tied to gold. So you’re not inside gold? Oh, no. No, no, no. When I hit my phone, I think people might have called me a gold bug. That’s what they said when he walked in the office. Hey, Bill. Hey, gold bug. US Treasury Secretary. So gold and silver down a little bit this week. Although enjoy that one. Make of that what you will. Go out there and have a great weekend. Full recap of today’s events at goldandsilverdaily.substack.com. And we will look forward to seeing what happens next week. [tr:trw].

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