Hello everyone, welcome to Bald Guy Money. And we start this one off by recognizing that it was another week of incredible volatility in the markets. But for precious metals, it was a good week as both gold and silver showed flashes of strength after three straight weeks of relative weakness as both metals continue to outperform other major asset classes in 2025. And silver continues to outperform gold, up more than 4 and a.5% on the week and 61% over the past year versus gold's 2.1% this week and 52% over the last 12 months.


And this strong performance from both metals resulted in them stealing a little more share of the top 10 investable assets ranked by market cap this week with gold and silver combined now making up more than 57% of the value of these top 10 assets versus 56 12% last week with multiple indicators including a gold to silver ratio hovering around 80 confirming we are still only in the early days of a very real bull market for gold and silver that will likely take off to new heights when the stock market rolls over


which it is showing signs that it wants to roll over and that's because of something I have been screaming from the rooftops for a while now and that is the fact that the world is losing faith in the US dollar and US debt. There is a massive bare market in US bonds as you can see here on the screen and with real negative interest rates right around the corner. People and institutions that are not central banks are finally realizing in 2025 that gold is the only real safe haven in the market today. And it's


precisely why during the 50-day S&P 500 pullback earlier this year, where the index fell by about 20%, gold price actually went up by 8%. So, in anticipation of the next big move up for gold and silver, I want to cover some of the strength indicators for metals, including an updated view of where they stand after making highs in October versus the 1980 and 2011 highs. And if you missed my Wednesday video, that is going to be of great interest to you. Once that's covered, I want to revisit


my call for a huge move up in gold and silver prices by April 2026, and tell you all what I think could trigger that move as early as December of this year. And we'll finish this video off on the topic of silver, its status as a critical mineral, and talk about why a story that really sounds like pure hype, which is the United States stockpiling silver may actually be necessary. So, watch to the end for that because I think it's a big deal. Now, just before we dive in, please check out summitmetals.com for great prices,


especially on gold American Eagles and silver philarmonic coins, which I think are great buys for the third week. going now. And while you're there, if you're buying and you're a new customer, remember that you can get this 5oz silver starter pack at spot when you use code new customer at checkout. Details are in the video description below. But remember, summitals.com for real great prices on real gold and silver. So, as I said at the start of the video, gold and silver had a strong week. And as I am


recording this, both metals remain close to their all-time highs at around 6 1/2% below them, which is holding up much stronger as you can see here in the data on the screen than stock market darlings, Nvidia, and Palanteer, and a heck of a lot better than cryptos, Bitcoin, and Ethereum, which I suspect could be leading the risk on side of the market down as people become increasingly concerned about AI valuations and the state of the US and global economy. And as a side note for those of you who own mining stocks, gold


mining giant Pneumont, despite all the recent volatility in mining stocks, remains only about 10% off its highs and is still the second best performing company in the S&P 500 in 2025, up just shy of 100% on the year, providing another critical bit of evidence since the market has been so quick to quit on mining stocks in the past that suggests the recent pullback back we've seen for gold is not the end of the bull market. And that's in addition to this analysis I shared with you all on Wednesday,


which I have updated especially for this video and shows how gold price behaved after making tops in 1980, 2011, and 2025 with the data showing us that the recent move up to above $4,300 per ounce for gold is not a traditional blowoff top as price has remained at or above 90% of the high since making it. And considering that in both 1980 and 2011, gold had lost 15% or more of its market value versus the high only 19 days after making it. I will repeat what I said in Wednesday's video, and that is gold is


not topping here. It is consolidating before it makes its next move up. And I think that story becomes extremely clear once again when we look at this update showing silver's price progression 21 days after making a high as we are now 21 trading days after the October 16th 2025 high for silver which 21 days later hasn't moved significantly off the highs when compared to the top of 2011 where silver had already lost more than 20% of its market value in those 21 days following that top and 1980 where silver


had already lost 35% versus the high only 21 days after making it. So, as we switch over to a gold toss ratio chart, I just want to say in the most sober and serious way possible that we are not seeing the classic topping signs for gold and silver that we have seen in the past. And I mentioned the gold to silver ratio briefly at the start of this video and I don't want to leave this topic uncovered because in both 1980 and 2011 we saw the gold to silver ratio which measures how many ounces of silver you


need to purchase 1 ounce of gold. We saw that indicator crash by 60% from the local high to the bottom which is where prices topped out. And considering the local high made earlier this year was at 103, that suggests we won't see a top in this metals market before it takes maybe a longer pause with a deeper pullback until we reach 41 or in a more conservative scenario at least 65 which is the 5year low for the gold to silver ratio. Now, I hope that makes it perfectly clear how strong the fundamentals are for gold and silver


right now. Because building on something I covered in a recent video, I expect new highs to be made for both gold and silver by April of next year at the latest. And I want to emphasize at the latest because people often take what I say out of context. They hear what it is they want to hear. But I am saying at the latest which means we can start to move up even earlier than that as the market starts to price in real negative interest rates which have always coincided with higher metals prices like


we saw in the period from 1970 to 1980 and then again from 2002. They can start pricing that scenario in earlier than they currently are. So how soon might that happen? Well, as things stand today, the market is taking Jerome Powell at his word when he says that a December interest rate cut isn't guaranteed, and it is weighing a bit on gold and silver prices. Because according to market expectations from the CME Fed Watch tool, there is a 56% chance that the Federal Reserve will keep interest rates where they are in


December, which means no December rate cut and the market will have to wait a little longer for its cheaper money. That said, the main excuse they're using for threatening no rate cut in December, apart from what they call sticky inflation, is that the US government shutdown has left them blind, has left the Fed blind when it comes to a few key data points, specifically as they relate to the US labor market. But why I think we should be skeptical and consider calling Jerome Powell's bluff on the no


December rate cut narrative is because it's clear that the US economy like other economies in the rest of the world is weak and the latest private payroll data from ADP tells us exactly that saying the US economy is losing jobs not gaining them and the Fed is perfectly aware of that and they are also aware of the fact that US job openings data have become completely unreliable since 2023 with the problem of ghost job postings becoming a growing problem that is now being talked about in the media with the


latest estimates suggesting that more than 2 million US job postings are likely fake as companies post fake job offers to build a resume database for future hiring signal growth both company growth to investors to signal trustworthiness to clients and other companies that they're working with, gauge market salary levels, and maybe the nastiest part of this, which is to make current employees feel replaceable. And that means that instead of having more than 7 million real job openings in the United


States, which is what the data says today, it might be as few as 5 million, which is basically at the C19 lows and below any time between 2016 and 2020. And because of this, if we see the Fed cut in December and potentially cut aggressively as we near what I think will be a return to quantitative easing in 2026, we could see the metals market take off as soon as December as more rate cuts get priced back into the market. Rate cuts that were priced out of the market at the end of October and early November. Don't


count on it, but plan for it. And don't waste the time you have now, because this is not a 1980 or 2011 topping situation. So, with that covered, it's time to move on to this video's viewer question. And please remember, I answer one viewer question in every single video I do. I take the questions directly from the comments section. So, put your question there now, and you never know, I may just answer it in my next video. And this week's question comes from Gil Thorne, who asks, "Why


would the USA buy silver? Stating that just because silver is on the critical minerals list, it doesn't guarantee they will buy it." So, as we start, just as a reminder to everyone, silver was officially added to the United States critical mineral list by the US Geological Survey about 10 days ago. And Gil is 100% correct that just because silver has been added to the list, it doesn't mean the USA has to stockpile it. But as I showed you all a week ago, it's not like I'm pulling the idea of


the US government stockpiling silver out of thin air because there is precedent or history of the United States stockpiling silver for defense purposes. starting in 1942 for the Manhattan project, which was of course the development of the first atomic bomb and continued into an official defense stockpile in 1968 until it was deemed excessive in 1979, strangely coinciding with the Hunt Brothers squeeze of the silver market, at which point the US government started to sell the stockpile off until it was


all gone by the early 2000s. Now, using basic logic here, if silver was important enough for the US military to stockpile it back in 1968, considering the fact that it's used more in military technology today than any other time in history, it would make sense for this change to silver status, making it a critical mineral, to trigger stockpiling, especially when you consider how little silver is estimated to be in the ground in the United states compared to other countries with the United States having less than 4% of the


world's silver reserves. And when you pair that with the fact that we are already seeing international games being played when it comes to the export of important rare earths that are needed in military technologies as China has cornered the market on those rare earths. I doubt the US military is going to risk a potential disruption in silver supply, especially when the country's appetite for conflict doesn't seem to be going down all that much with support for Ukraine in the war against Russia


remaining unchanged. A possible showdown with China in Taiwan looming and minor skirmishes with Iran and Venezuela opening the door to larger conflicts with those countries erupting at any moment. So Gil, not only is there a history to support this narrative with the USA having had a silver stockpile for the military in the past, but there is a clear strategic need to bring it back. And as I said last week, that new demand, which I have been told by a person I trust is being bought up already, that new demand is going to


exert pressure on the supply side of silver, which is being consumed faster than we can mine it. And I suspect, as I said back in a 2021 video, that the year 2026 is going to mark the year that the rubber finally meets the road for silver as the physical market starts to exert pressure on the price to such a level that the paper silver market as we know it will either have to evolve or will disappear entirely. So with that said, I would love to know what you thought about this video in the comments


section. And please, if you enjoyed the content, remember to leave a like as that helps this video reach more people who may need to hear this message. Now, as I say at the end of all of my videos, I want to encourage you all to take care of yourselves and take care of each other. It is a bit ugly out there right now. I will see you all in the next video. Goodbye.