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The gold and silver prices are rallying early in this Thursday session, with the gold price back over $4,000, and both the silver spot and futures prices well over $48.

The London/New York silver spread remains in backwardation, and on Tuesday I posted a video that talked more about this, what it implies, and where it leaves the current situation that has roiled the silver market over the past month.

I’m about to start heading back home from the New Orleans Investment Conference, so today’s column will again be a bit shorter, and there will be no column tomorrow. Although one final note is that Scott Bessent was back on Fox Business News, and when he tweeted out a note about his appearance, he once again claimed that inflation is falling.

We are approaching America’s Golden Age under President Trump.

Jobs are booming, inflation is falling, and Main Street and Wall Street will rise together in an era of Parallel Prosperity. pic.twitter.com/bAA49pid7u

— Treasury Secretary Scott Bessent (@SecScottBessent) November 4, 2025

It continues to remain a mystery exactly what data he’s looking at, as even the incredibly generous government metrics would say that he’s either wrong, or possibly just outright lying. Keep in mind that Bessent has a very accomplished financial career, is known within certain circles as a financial genius, and it’s hard to imagine that he’s not aware of the data.

For what it’s worth, in the actual interview, he didn’t say inflation was falling, but that he thinks it will fall next year. Unfortunately however, he didn’t explain exactly how he expects that to occur, given that inflation is currently accelerating by most of the government’s metrics, and that’s with a Fed that’s cutting interest rates, while we all know that Bessent, Trump, and the rest of the administration are on the verge of getting someone in there who will cut rates even faster.

But I suppose at this point, less-than-accurate government statements are probably not a shock to you, even if this one does seem a bit audacious the more he says it.

However, throughout all of this, we’re seeing some stabilization in the gold and silver prices, which of course, is a healthy sign after the sell-off of the past few weeks.

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