A SPECIAL NOTE From Andy Schectman On The In-Progress Breakout In Gold & Silver
Your top questions addressed
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The long-awaited breakout in the precious metals is presently underway.
Gold futures are now above $3,600/oz and silver futures are above $41/oz.
Both metals are up 35%+ for the year:
Now, many of you are asking questions like:
What’s driving the recent surge in prices?
Is it early or late in this run?
If don’t own (much) gold or silver, are prices now too high to enter the market?
To address these and other similar questions, I asked precious metals expert Andy Schectman to share his latest outlook with Thoughtful Money’s Substack subscribers.
Here’s what he has to say:
Hi Adam,
As promised, here’s some information I hope will add value for your subscribers.
The U.S. recently designated silver as a “critical mineral,” signaling its strategic importance not just for industrial use, but potentially in broader economic and national security contexts. It also wouldn’t be surprising if this U.S.G. designation helps put a solid floor under silver prices going forward.
On the market side, 2025 has already set all-time records for silver deliveries into COMEX, and we still have nearly four months left in the year. March and May were two of the top three delivery months ever, which suggests that the most well-capitalized and well-informed players are choosing to take physical delivery, not just trading paper.
Meanwhile, gold continues its historic run, closing at all-time highs on a daily, weekly, and monthly basis just last week. This momentum reflects deeper shifts happening on the institutional level: (ie…the most well-funded and WELL-INFORMED traders on the planet)
Gold now makes up 24% of global international reserves—the highest in over 30 years.
The U.S. dollar’s share has dropped to around 42%, its lowest since the mid-1990s.
This marks the third straight year of gold gaining ground in global reserves. I’m no economist, but that looks like a clear trend to me.
Goldman Sachs just forecasted gold could hit $4,000/oz by mid-2026, and potentially $5,000 if confidence in the Fed takes a bigger hit. They also noted gold has already doubled in price over the past three years, right in line with what I’ve been saying for the past four years. De-dollarization and central bank demand are real and accelerating.
Ray Dalio recently echoed this, warning that political interference at the Fed, like Trump’s attempt to oust a sitting governor—could damage the Fed’s credibility. A politically compromised central bank, forced to keep rates artificially low, would undermine trust in the dollar and destabilize the monetary order.
All signs point to a deeper global realignment where gold and silver are stepping back into the spotlight as trust in fiat systems continues to erode.
Hopefully this summary from Andy provides useful, helpful context in understanding the drivers and potential sustainability of the current price action in the metals.
In a nutshell: while there certainly can and will be pullbacks and volatility in prices from here, Andy concludes the trends mentioned above are more likely than not to provide powerful tailwinds for the precious metals for some time to come.
If you have further questions, or would like assistance in buying physical gold and/or silver, then consider reaching out to Andy and his team at Miles Franklin by emailing info@milesfranklin.com.
Miles Franklin has been in operation since 1989, and is a full-service precious metals broker with a mission to educate the masses on the benefits & principles of sound money and to deliver fair pricing.
Miles Franklin is Thoughtful Money’s endorsed precious metals dealer, and given the importance of that partnership, Andy himself has offered to give Thoughtful Money followers the “white glove” treatment.
So if you’re interested in learning more about their services, email them directly at info@milesfranklin.com and Andy or one of his lieutenants will give you personal attention, answer all your questions and work to get you the products that best meets your needs at the best possible price.
In concluding, it’s an exciting time (finally!) for precious metals investors.
Whether you decide to lean in to the current momentum or choose to watch from the sidelines, just be sure to make your choice a well-informed one.
If Andy and his team can help you make it, don’t hesitate to contact them at info@milesfranklin.com
cheers,
A
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