Image Source: Pixabay

It was an exciting morning as the silver futures came as close as they've been to $40 since the last time they reached that mark in 2011.

The high of the day was $39.71 shortly after 9 AM. But while the price did not make it back to this morning's high again later in the day, it has stayed around that range, and is currently trading at $39.65.
 

Although with three more trading days remaining this week, I suppose this is about as close as you can come to reaching $40 without actually reaching it, and we will see over the next few days whether this is finally the week.

The gold futures also continued their rally today, surging another $36 to $3,442, a move of almost $100 in just two days alone.

I'm guessing that stories like this one below, as well as Russia launching its own gold exchange, have a fair amount to do with the rally.
 

Maybe these are also the kinds of reasons why in the first half of 2025, the gold ETFs saw the largest semi-annual inflows since the first half of 2020.

Yesterday I mentioned how it seemed a gray area in the least that one of Trump's companies had loaded up on Bitcoin while they then passed legislation to support it. And today the latest news was that they're trying to reduce the tax treatment on small purchases.
 

This actually reminded me of a story from 2017, that was stunning then, and is even more stunning now given the latest events.

Because back then, former CFTC commissioner Christopher Giancarlo gave a speech where he essentially was bragging about how the Trump Administration/Goldman Sachs team took the initiative to ‘pop’ the first bubble since the housing bubble (and if you haven’t ever read this one, I really recommend that you do).
 

It always struck me as odd, because if the government is deciding which assets are bubbles or not, and which ones to pop, that doesn't exactly sound like a free market to me. Especially if multiple Goldman Sachs executives are on the team, and it allows for the possibility of that news reaching their trading desk before the rest of the world.

But perhaps it's even more confusing now. Because if Bitcoin was a bubble back when it was approaching $20,000, how is the same president now using government money to support it and drive it higher?

I'm not necessarily anti-Bitcoin, or really anti-anything, perhaps except for being anti-government trying to control people with laws that they can't even follow themselves.

But that's a question that I sure would love to hear an explanation for, even though I probably have a better chance of transforming myself into a thousand-ounce silver bar than ever hearing a government official explain that.

Although before signing off today, I will tease you a little bit and let you know that if there was one person in the financial world that I could speak with, I'm actually interviewing that person tomorrow.

Which I'm really excited about, as not only will it be a lot of fun to talk with him, but I expect that it will provide perhaps the best episode of the Arcadia Economics show that we've yet done in the time I've been running the channel.

It will most likely be posted Thursday, and I will share it in this column here (and in case you're not yet a premium subscriber who receives each column, this is a great opportunity to easily upgrade here).

So with that said, I'm going to go get ready for that one. But I hope you had a fun day watching the markets, and leave a comment below regarding whether you think we will break $40 in the silver futures this week.

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