Happy Sunday, GoldBuzzers! I hope you’re enjoying a peaceful weekend. ☕️

Gold put on its dancing shoes again last week and waltzed right up to $3,642 an ounce – that's four weekly wins in a row for those keeping score at home. Silver's having an even better party, jumping 2% this week and reminding everyone why it's "gold on steroids."

With the Fed announcement looming Wednesday and markets already pricing in rate cuts like they're Black Friday deals, we're witnessing the kind of precious metals action that makes even boring central bankers sit up and take notice.

In today’s Deep Dive, I’ll be examining an $18 billion Twitter drama that reveals the increasing big money trend of secretly hoarding BOTH Bitcoin and gold bars. So grab your coffee, settle in, and let's explore why this might be the most interesting time to own shiny rocks since... well, ever.

Ok, let's dive in!

Gold closed the week at $3,642/oz notching its fourth straight weekly win and inching toward record highs as investors readied for looser U.S. monetary policy. Markets are now baking in a quarter-point Fed rate cut next week, with some even whispering about a bigger move, as producer prices showed a surprise drop and jobless claims hit a four-year peak, signaling a cooling economy.

Silver stole the spotlight this week, surging around 2% and outpacing gold as investors flocked to its industrial and safe-haven appeal amid global market uncertainty

Gold and Silver are also in demand as global jitters grow. The U.S. is pushing G7 partners to hike tariffs on India and China for buying Russian crude. Tensions ratcheted up in the Middle East, and Poland intercepted Russian drones during heavy attacks in Ukraine, deepening safe-haven flows into precious metals.

A single tweet last week sent shockwaves through both crypto and gold markets. The claim? Tether - crypto's $100 billion giant - was secretly dumping Bitcoin to buy gold bars!

Think of Tether as the Federal Reserve of crypto. They control over $100 billion in digital assets that back their dollar-pegged cryptocurrency, making them the world's largest stablecoin company.

So when a crypto analyst claimed this financial giant was choosing gold over Bitcoin, Crypto Twitter went full detective mode and the story went viral across both communities.

Plot twist: the detective got it completely wrong.

But the real story is way more interesting than the rumor. Tether isn't actually choosing between Bitcoin and gold. They're building one of the most fascinating hedge portfolios I've ever seen - and when you're managing $100+ billion, people pay attention.

Analyst Clive Thompson looked at Tether's quarterly reports and concluded they'd sold over $1 billion in Bitcoin while buying $1.6 billion in gold.

Social media exploded. Crypto Twitter lit up with theories about Tether ditching digital assets for gold bars. Gold bugs celebrated. Bitcoin maximalists panicked.

Except Thompson missed something crucial in his number crunching.

Tether CEO Paolo Ardoino had to jump in and correct the record. They never sold Bitcoin for gold.

Instead, Tether transferred approximately 20,000 BTC to an investment vehicle called XXI Capital. This included 14,000 BTC in June and another 5,800 BTC in July.

Thompson completely missed these transfers in his analysis - a rookie mistake that moved billions in speculation.

When you account for these movements, Tether actually ended Q2 with more Bitcoin than Q1, with a net increase of at least 10,424 BTC once July's transfers were included.

So much for the great Bitcoin sell-off.

Here's where I got interested, though. Tether isn't choosing between Bitcoin and gold. They're stockpiling both.

The company currently holds:

That's wild when you think about it. When your pockets are so deep you can literally buy both sides of the digital vs. physical debate, why pick just one?

Ardoino's investment philosophy reveals the strategy: "While the world continues to get darker, Tether will continue to invest part of its profits into safe assets like Bitcoin, Gold and Land."

This whole drama reveals something massive happening in institutional crypto.

The biggest players aren't crypto maximalists anymore. They're building hybrid treasuries that span centuries of proven value storage.

The big players get it: Bitcoin gives you exposure to the digital revolution. Gold gives you 5,000 years of proven crisis protection. Together, they cover more disaster scenarios than either could alone.

So why pick sides when you can own the entire "hard assets vs. fiat currency" trade?

This mess teaches us two things about financial news:

First, one analyst's mistake can move billions in speculation. Second, always verify viral financial claims before making investment decisions.

But here's the bigger lesson: Look at what Tether is actually doing with their money. They're not Bitcoin maximalists or gold bugs. They're building a portfolio that works in multiple crisis scenarios.

Maybe individual investors should consider the same approach.

The question isn't whether you should own Bitcoin or gold anymore - it's what percentage of each belongs in a modern crisis portfolio.

Economic chaos isn't slowing down anytime soon. Maybe owning both digital and physical hard assets makes more sense than picking just one team.

Bottom line: When the world's biggest stablecoin company is hedging with both Bitcoin and gold bars, maybe it's time to stop thinking in either/or terms and start thinking in both/and terms.

A selection of interesting Gold and Silver stories from around the web this week:

Ray Dalio urged investors at Abu Dhabi Finance Week to shift from U.S. Treasurys to gold, warning that America’s soaring $37T debt and annual deficits make Treasurys less safe and recommending a 10–15% allocation in gold. Investopedia

Gold Smashes Through $3,650 as Fed Cut Hopes Soar Spot Gold (XAU/USD) demonstrates strength near its all-time high around $3,650 during the European trading session on Friday. FXStreet

China Makes Gold Trading Easier Than Ever China sought to ease licensing rules for gold imports and exports, as the world's largest consumer of the precious metal continues to diversify its reserves away from US dollars. Bloomberg

The Titans of Gold Mining: 2025's Heavy Hitters Colorado-based Newmont (NYSE: NEM, TSX: NGT) maintains its top spot, producing 3,383 koz in H1 ‘25. Mining.com

Fed Cut Fever Reaches Boiling Point The FOMC is certain to cut interest rates in its policy meeting next week. Markets are pricing in an 89.4% probability of a 25-basis-point rate cut by the Federal Reserve when it holds its next meeting on Wednesday. The Mortgage Reports

China's Gold Shopping Spree Hits Month 10 The People's Bank of China increased its gold holdings in August for a 10th month, in a continued push to diversify its reserves away from US dollars. Bloomberg

Central Banks Gobble Up Gold Like It's Black Friday Globally, they are accumulating roughly 80 metric tons of gold a month, worth about $8.5 billion at current prices, analysts at Goldman Sachs estimate. Bloomberg

Central Banks Buy Gold From Their Own Backyards Central banks of Colombia, Tanzania, Ghana, Zambia, Mongolia and the Philippines are relying on domestically mined gold to build up reserves. CNBC

Canada's Million-Dollar Gold Rush Gets Real An actual treasure chest filled with around $1 million in gold coins is hidden somewhere in Canada. Popular Science

Czech hikers unearthed 598 gold coins from 1808-1915 plus jewelry stashed in a stone wall, likely hidden post-1921 amid some historical drama. Earth.com

That’s all folks! Stay shiny, and have a good week. ✨

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Rick Adams
Founder, GoldBuzz
rick@goldbuzz.com