Positions as of 15 September, 2026
After the first rate hike in years, gold proved resilient immediately after then surged the next day. That’s a heck of a show of strength after years of being slaved to traders trying to game future rate trajectories.
Today’s fuel prices are higher even though crude oil is lower than it was during that peak! That is particularly due to refineries being knocked out by two wars.
According to Bloomberg, Singapore has at least 2,200 tonnes of gold storage capacity in privately owned facilities. This includes 1,700 tonnes at Le Freeport and 500 at The Reserve.
This is the new normal: commodities flows interdicted by militants, tolls at checkpoints, volatility in commodity markets, friction, instability as global politics collide in Yemen.
Higher interest rates won’t open the Strait of Hormuz, and they won’t pump any more oil out of the ground. But it will likely slow money supply expansion.
Gold and silver deserve their place as money because of the unique qualities found in the precious metals themselves, rather than any government decree.
Ira Epstein discusses the recent movements in the metal and stock markets, noting a temporary pullback following a period of euphoria despite a 25 basis point interest rate hike.
The number of bullish factors far, far, and far outstrip bearish factors for gold and silver (for an investment period of six months or more).
