Nearly 70% of US states are actively considering pro-gold and silver legislation, with Wyoming passing a $10 million gold reserve and Utah investing $180 million as part of a growing state-level revolt against the US dollar.
States are establishing gold reserves to mitigate damage from negative real rates of inflation on their dollar-denominated debt and protect taxpayers’ money.
The Gold Reserve Transparency Act aims to audit America’s gold reserves, which contain coin melt bars at 90% purity that don’t meet global standards and haven’t been comprehensively audited in decades.
The Silver Act seeks to remove capital gains taxes on precious metals at the federal level and address the concentration of US gold holdings in the northeastern section of the country.
The Sound Money Defense League, founded in 2014, works to remove disincentives and laws hindering the use of gold and silver as money and promotes counterparty-free risk money.
Florida’s “sound money” law is criticized as a debacle that opens the door to financial surveillance and should be repealed.
The government’s involvement in monetary systems is problematic, with the current financial system largely based on surveillance outside of cash and peer-to-peer barter using silver.
A significant generational divide exists between baby boomers supporting gold and millennials/Gen Z rallying around Bitcoin, with some states’ sound money bills attempting to bridge this gap.
The Federal Reserve note is the preferred currency, but the printing of money is ultimately rotting the country from the inside out, with history showing that every paper currency eventually fails.
The remonetization of the US government’s balance sheet requires reconnecting trust between taxpayers who own the gold and the stewards of that gold.
The Sound Money Defense League encourages individuals and families to store their wealth in precious metals as counterparty-free risk money.
Restoring gold and silver to their rightful place in the American economy is crucial for addressing economic vulnerabilities and ensuring financial stability.
Central banks are increasingly preferring gold over treasuries, signaling a potential for gold to surpass historical performance due to unprecedented economic conditions.
The silver market faces constraints due to a lack of exploration assets, potentially leading to wild price movements as demand surges from various sectors including industrial, monetary, and inflationary.
Mining companies are becoming cash flow machines with sub-$20/oz production costs and impressive profit margins, making them attractive investments in a bullish gold market.
The energy sector is undervalued with significant medium-term potential due to declining oil inventories, reduced drilling activities, and potential increased energy consumption from technological developments like AI.
The gold miner junior to senior ratio has broken out, indicating a major reversal with juniors appreciating compared to seniors, creating value opportunities in the junior mining space.
Tavi Costa’s venture capital approach in mining, focusing on early-stage exploration companies and improving capital allocation, has been successful in finding discoveries and creating value.
Silver prices could potentially reach triple digits due to limited exploration assets and increasing demand, making it extremely cheap relative to gold even at a historically high gold to silver ratio of 80.
Costa emphasizes the importance of flexibility in investment thinking and being open-minded to different scenarios, including the possibility of a major rotation out of US equity markets due to high valuations.
Gold’s 46% price surge to nearly $4,000 per ounce in 2025, the best year since 1979, signals a major economic warning according to Bloomberg Intelligence’s Mike McGlone.
A “profound reversion cycle” is underway, with Q4 2025 potentially setting the tone for decades to come, as even minor S&P 500 volatility could trigger a domino effect for risk assets.
Gold ETF inflows up 20% in 2025 after four years of outflows, indicating a significant shift in investor sentiment and economic outlook.
The VIX volatility index at 16%, below the 20% yearly average, suggests potential market complacency and risk of sudden corrections.
Crude oil faces a “low price cure trajectory” potentially reverting to $40 per barrel due to EV adoption and shifting global energy dynamics.
Copper’s rally is threatened by China’s deflationary pressures, including a 10-year note yield of 1.87% and declining iron ore prices.
Silver’s double volatility compared to gold, coupled with similar performance, indicates higher risk and potential underperformance during economic downturns.
The Bitcoin to gold ratio is a key indicator for stock market and risk asset performance, with potential to drop below 25 as correlations with equities reach historic highs.
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