(Money Metals News Service) Mike Maharrey kicks off the Money Metals Midweek Memo with a confession. Over a decade ago, he almost turned down a role in the precious metals industry—because he didn’t want to be called a “gold bug.” The term carries baggage, conjuring images of paranoid preppers and bunker dwellers.
But now? Maharrey wears the label proudly.
In a world of fiat delusion, standing for sound money is a badge of honor.
He notes the odd disconnect: gold is shunned in America but revered across Asia. And that’s a reversal from America’s own founding. Figures like Jefferson, Franklin, and Paine warned vehemently against paper money.
Yet today, mainstream America dismisses gold as obsolete while embracing fiat—a shift that serves only one group: the political class. Fiat printing fuels big government, and convincing the public that gold is a relic keeps that scheme intact.
Gold Demand Surges – But Not in the U.S.
Global gold demand rose 3% in the first half of 2025, fueled largely by central banks and Asian investors. Americans, on the other hand, sat out—or worse, sold off. Demand totaled 1,249 tons in H1, driven by a 26% price rally that pushed total gold demand value to $132 billion—a 45% year-over-year increase. Some banks are now predicting an even higher gold price by the end of 2025.
Despite the bull run, many Americans sold their holdings to cash in, trading real wealth for depreciating fiat. The result? The East bought the gold. The West handed it over.
Central Banks Keep Stacking
Central banks added 166 tons of gold in Q2 alone, bringing 2025’s total so far to 378 tons. That figure, while lower than in recent years, still exceeded the 2010–2021 average by 41%. Poland led the charge with 19 tons added in Q2, following a 49-ton increase in Q1.
Purchases did slow as gold hit new highs, but the continued accumulation despite higher prices underscores central banks’ confidence in gold as a long-term reserve asset. They aren’t buying hype—they’re buying insurance.
Asia Buys, America Sells
Gold investment demand jumped 78% in Q2. Bar and coin demand climbed 11%, totaling 582 tons globally. China’s demand alone surged 44% in H1, with 115 tons purchased in Q2—the strongest start since 2013. India followed with a 7% increase.
Across Asia—Vietnam, South Korea, Taiwan, Thailand—gold buying remains strong. Even Europe is waking up, with demand up 6% and bar and coin sales more than doubling to 28 tons in Q2. But the U.S.? It’s a different story.
American bar and coin sales plummeted 53% in H1. In Q2, U.S. demand was just 9 tons—the lowest since Q4 2019. Meanwhile, China bought over 12 times that in a single quarter. Americans aren’t just missing the rally—they’re cashing out.
ETFs Gain Ground (But Still Not Gold in Hand)
North American gold ETFs brought in 73 tons in Q2. Asian ETFs added nearly as much—70 tons—despite having just 20% of the holdings. Global ETF inflows hit 170 tons in Q2, pushing the H1 total to 397 tons—the best semiannual showing since early 2020.
Gold ETFs offer market exposure without physical ownership. Maharrey warns: this comes with counterparty risk. If you don’t hold it, you don’t own it. Physical gold eliminates that risk. ETFs may play a role in a portfolio, but they shouldn’t replace the real thing.
Jewelry Demand Suffers
Gold jewelry demand fell 14% year-over-year in Q2 to 341 tons—the lowest level since Q3 2020 and 30% below the five-year average. India’s demand dropped 17%, China’s fell 20%. For only the third time in five years, their combined market share dipped below 50%.
Only Iran saw a rise in jewelry demand, likely driven by safe-haven buying after military tensions. In much of Asia, jewelry is still seen as investment. In the West, it’s viewed as luxury—and that makes it vulnerable when prices rise.
Industrial Demand Softens
Gold used in technology dipped 2% in Q2 to 78.6 tons. Electronics led the decline, as supply chain turmoil, tariffs, and shifting trade policies pressured East Asian manufacturers. Samsung and others reported weakened profits. Decorative and traditional industrial uses fell 3% to 11 tons, driven by economic softness in China and rising gold prices.
Silver’s Set to Pop
After reaching $40/oz earlier in the year, silver is now consolidating at $38/oz. But don’t be fooled—this pause may be temporary. The gold-silver ratio has widened to 89:1, well above the historical average of 60:1. When that gap narrows, it usually happens fast—and silver tends to outperform in the latter stages of a gold bull rally.
According to Peter Krauth, who will appear on Friday’s Market Rap, silver may soon break the $50 barrier. The fundamentals—and technicals—both say upside is coming.
Silver Starter Kits and Specials
Money Metals is offering a 9-piece silver starter set that includes:
- 1 oz American Silver Eagle
- 1 oz Canadian Silver Maple Leaf
- 1 oz Walking Liberty round
- ½ oz Walking Liberty round
- Five 1/10 oz Walking Liberty rounds
First-time buyers can pair the set with a below-spot Silver Eagle offer. This first-time buyer combo deal includes free shipping and coupons for future discounts. It’s a timely entry point as silver’s breakout looms.
Rigged Jobs Data and Economic Theater
The July jobs report was a mess. The economy added just 73,000 jobs—far below the 110,000 forecast. The unemployment rate ticked up to 4.2%. But worse were the revisions.
May’s job gains were slashed from 144,000 to just 19,000. June fell from 147,000 to 14,000. In total, 258,000 jobs were erased with the click of a mouse. President Trump responded by firing BLS Commissioner Erica McInter, a Biden appointee.
Maharrey isn’t surprised. The BLS has quietly revised job data downward month after month. In 2023, 10 out of 12 months saw downward revisions. Since 2003, negative revisions have outnumbered positive ones 2-to-1. The pattern is clear: inflate the data early, walk it back later.
CPI Lies and the Inflation Game
Job data isn’t the only cooked stat. CPI inflation figures are just as flawed. In the 1990s, the government changed the calculation method. Using the 1970s formula, today’s CPI would be closer to 8%, not the official 3%–4%.
That’s not a trivial difference. Misleading inflation data distorts everything—from Fed policy to market sentiment.
Meanwhile, the money supply has been quietly expanding again for over a year. The Fed may cut rates as early as September. Lower rates mean more inflation. More inflation means more devaluation of your wealth.
Real Money vs. Rigged Markets
The message is simple: the numbers don’t add up, and the headlines can’t be trusted. Markets rise and fall on flawed data. Gold and silver remain your hedge against deception, inflation, and reckless monetary policy.
Maharrey closes with a reminder: don’t be the last one to realize what’s happening.
Don’t be the one trading gold for paper at the peak. Be the one preserving wealth in real money. Talk to a Money Metals specialist. Or act directly online.
Just don’t sit on the sidelines while the rest of the world stocks up.
