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Written by @RonStoeferle, @TedJButler, @Handre and @ghoekonom, who all write for @IGWTreport.
Two letters a week, charts up, every figure traced to a primary source.
Free readers get the opening, but the exclusive insights sit behind the paywall.
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A central bank that moves its bars has decided whose custody it trusts. This year the Dutch moved about 86 tonnes of theirs from New York and Ottawa to London, and this week's Nugget follows the bars.
Sound Money Report retweeted
Gold dipped below USD 4,000 intraday this week, and headlines stopped there. Underneath, the Dutch central bank has moved about 86 tonnes of gold from New York and Ottawa to London since March, and London's vaults kept FILLING.
This week's Nugget follows the bars.
Read below.
Gold dipped below USD 4,000 intraday this week, and headlines stopped there. Underneath, the Dutch central bank has moved about 86 tonnes of gold from New York and Ottawa to London since March, and London's vaults kept FILLING.
This week's Nugget follows the bars.
Read below.
In India, where many fund houses have now shut a door to new gold money, reportedly at the regulator's nudge, September's gold import bill was already down 81.27% on a year earlier.
This week's Nugget:
soundmoneyreport.substack.co…
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👇👇👇👇👇
The US ran a USD 2.0 trillion deficit in fiscal 2026, more than USD 200 billion above the year before, and half of that increase went to interest.
This week @ghoekonom weighs BOTH of America's twin deficits, and asks which one deserves the worry.
Read below.
Sound Money Report retweeted
The US ran a USD 2.0 trillion deficit in fiscal 2026, more than USD 200 billion above the year before, and half of that increase went to interest.
This week @ghoekonom weighs BOTH of America's twin deficits, and asks which one deserves the worry.
Read below.
Sound Money Report retweeted
Treasury Secretary Bessent is optimistic the US can grow its way out of its debt.
Since 1971, nominal GDP has outgrown nominal debt for a sustained stretch only twice: in seven of the nine years from 1971 to 1979, and in six of the seven from 1994 to 2000.
The US ran a USD 2.0 trillion deficit in fiscal 2026, more than USD 200 billion above the year before, and half of that increase went to interest.
This week @ghoekonom weighs BOTH of America's twin deficits, and asks which one deserves the worry.
Read below.
The US ran a USD 2.0 trillion deficit in fiscal 2026, more than USD 200 billion above the year before, and half of that increase went to interest.
This week @ghoekonom weighs BOTH of America's twin deficits, and asks which one deserves the worry.
Read below.
And the other twin? The US trade deficit in Q2 2026 was only slightly below where it stood before Trump took office. Whether that makes it an economic failure is another question.
This week's Sound Money Report:
soundmoneyreport.substack.co…
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Another excellent podcast with @TedJButler of the @SoundMoneyRpt
Recorded Fri 16th Oct, Ted looks at multiple drivers for #silver, the shifting geopolitics in the Americas and what advantages that will bring the mining space.
youtu.be/EJH7hWq9xyE
@IGWTreport @RonStoeferle
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👇👇👇 @SoundMoneyRpt is a MUST FOLLOW!
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Too much gold? Not for China's savers.
Chinese gold ETFs added 11 tonnes in September to a record 304 tonnes as their stock market slid, and the People's Bank of China bought 63 tonnes in the third quarter, its biggest quarter since the third quarter of 2023.
Sound Money Report retweeted
Can you own too much gold?
Kazakhstan's central bank thinks so. Gold has grown to about 78% of its reserves, and it wants that down to 75% by year-end.
Poland went the other way, adding 24.9 tonnes in September to sit 27 short of its 700-tonne target. We wrote it up below.
Can you own too much gold?
Kazakhstan's central bank thinks so. Gold has grown to about 78% of its reserves, and it wants that down to 75% by year-end.
Poland went the other way, adding 24.9 tonnes in September to sit 27 short of its 700-tonne target. We wrote it up below.
The twist is that Kazakhstan kept buying while it planned the trim, another 5 tonnes in September and 41 this year, on IMF figures. Its own mines and a far higher price grew the pile from both ends.
This week's Nugget:
soundmoneyreport.substack.co…
Make Sound Money Report your weekly update on macro, metals, mining and Bitcoin!
The US Treasury still books its gold at USD 42.22 an ounce, a 1973 price, while the market values it at about USD 1.16 trillion.
This week @RonStoeferle sees Washington's bazooka coming up from the basement, and one round could be a bond convertible into that gold.
Read below.
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Could gold be about to move from Washington’s blind spot to its monetary toolkit? A fascinating piece from Ronnie on gold remonetisation, the US Treasury and the prospect of a new Bretton Woods moment. Subscribe to @SoundMoneyRpt substack to access the full article.
"Bretton Beach", have a look at my brandnew piece for the @SoundMoneyRpt
soundmoneyreport.substack.co…
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At 10-year yields north of 5%, I'm sticking with Team Bessent. Don't fight the Treasury.
The bazooka is being carried up from the basement, and in my piece for @SoundMoneyRpt I look at what Washington might load into it.
The US Treasury still books its gold at USD 42.22 an ounce, a 1973 price, while the market values it at about USD 1.16 trillion.
This week @RonStoeferle sees Washington's bazooka coming up from the basement, and one round could be a bond convertible into that gold.
Read below.
Sound Money Report retweeted
On 29 September, @RonStoeferle's keynote slide on gold-backed Treasury bonds read "Still Only a Proposal."
@judyshel, who proposed them, now sits one row behind the Treasury Secretary, and anyone weighing gold against a Treasury may one day be offered both in a single bond.
The US Treasury still books its gold at USD 42.22 an ounce, a 1973 price, while the market values it at about USD 1.16 trillion.
This week @RonStoeferle sees Washington's bazooka coming up from the basement, and one round could be a bond convertible into that gold.
Read below.
Sound Money Report retweeted
The US Treasury still books its gold at USD 42.22 an ounce, a 1973 price, while the market values it at about USD 1.16 trillion.
This week @RonStoeferle sees Washington's bazooka coming up from the basement, and one round could be a bond convertible into that gold.
Read below.














