Morning GoldBuzzers!

Ready for your Thursday gold fix? Pour yourself something caffeinated and settle in.

What an incredible week it's been so far, as gold and silver continue their momentous rally. We're seeing moves that would've been headline news a year ago becoming just another day in this wild market.

Speaking of wild – I'm excited to debut a new regular Thursday feature today: Real Talk, my unfiltered take on a trending story that caught my eye this week. Think of it as that conversation you'd have at the bar, except without the overpriced drinks.

And I've got something this week that'll completely change how you think about gold and silver's extraordinary scarcity.

Let's dive in.

Gold and Silver Extend the Winning Run as Jobs Data Seals the Deal on Rate Cuts

Spot gold closed at $3,558 today, hitting a fresh record as weak US jobs data practically guaranteed the Fed rate cut everyone's been waiting for. With 98% of traders now betting on cheaper money this month, every disappointing employment number is rocket fuel for bullion prices.

The math is simple: softer jobs → lower rates → weaker dollar → stronger gold. And right now, all those dominoes are falling perfectly for precious metals bulls.

Political uncertainty isn't helping the dollar either. Between ongoing debates over Fed independence and murky signals on trade policy, investors are losing faith in dollar-denominated assets and piling into gold as their go-to safe haven.

The momentum looks sticky too. Analysts expect this rally to keep rolling, especially with a packed week of economic data ahead, which includes jobless claims, employment numbers, and Friday's big kahuna nonfarm payrolls report. Each one could be another catalyst pushing gold higher.

The numbers: Gold and Silver are sitting pretty with gains over the past year of well over 40%. With economic uncertainty staying spicy and rate cuts looking inevitable, many forecasters see even higher peaks ahead in the immediate future.

Bottom line: Gold's not just having a moment - it's having the moment. And if current trends hold, this party's just getting started.

Welcome to Real Talk, our new Thursday feature where I’ll dig into one trending news topic and give you my take on it.

But this week, I wanted to start with a story that’s a little bit different, and visual!

Imagine for a second every gold rush throughout human history.

The Pyramids and the Egyptian pharaohs' burial treasures, the California Gold Rush, El Dorado, and the Spanish conquest of the Americas. Every mine shaft ever dug. Every glittering discovery.

The results of all of it would fit in a single office building, and if you look at the picture above, that reality should blow your mind.

All the gold humanity has ever extracted forms a cube measuring just 22 meters on each side. That's roughly a quarter of the height of the Statue of Liberty.

Think about that for a second. Thousands of years of mining. Entire civilizations built around gold fever. Wars fought over golden treasures.

All of it fits in a space smaller than most office buildings.

Silver tells a different tale. The 1.7 million tonnes we've mined would create a 55-meter cube - more than twice as tall as gold's cube.

But here's the kicker: most of that silver is gone!

Unlike gold, which practically lives forever, 90% of all mined silver has vanished into landfills. Industrial uses consumed it, and nobody bothered recycling.

Gold just sits there, getting passed around like the world's most expensive hot potato, while preserving and growing wealth across generations.

With roughly 8 billion people on Earth and 216,265 tonnes of total gold, every person's share would be around 27 grams.

Yes, less than a 1-ounce coin per person is the total amount of gold mined in history.

Obviously, distribution works differently in reality. About 45% became jewelry, 22% went to private investment (bars, coins and ETFs), 17% sits in central bank vaults, and the remainder went to industrial and other uses.

These comparisons expose the gap between perception and reality. Gold feels abundant because we see it everywhere: jewelry stores, rap videos, investment ads and numerous cultural references.

The actual supply remains shockingly small. Two-thirds of all gold ever mined has come out of the ground since 1950.

Modern technology and new discoveries have accelerated extraction, but the total volume stays surprisingly compact.

So, next time someone mentions gold's value, remember that cube. Twenty-two meters of humanity's most coveted metal, sitting in the shadow of a statue that was built to represent freedom.

Scarcity has never looked so literal. And in the shadow of today’s economic turmoil, understanding this changes how we view gold's future.

A quick roundup of stories you might have missed:

The silver market's heading for its fifth consecutive year of deficit, with demand far outpacing supply by 149 million ounces and that can’t continue forever. Silver Institute

We're all walking above the universe's biggest untapped gold mine as 99.999% of Earth's gold is sitting in the planet's core. New Atlas

Gold ETFs are seeing their strongest inflows since 2020, with $38 billion pouring in during the first half of 2025 as Wall Street's finally catching up. World Gold Council

Even at record highs, Indians are scooping up silver in older forms (coins, bars, old jewelry) and melting it into new forms, for safety and value. The Times of India

While gold holds its crown for now, analysts say silver’s industrial pull and investor buzz mean it might actually win the marathon. The Economic Times

The World Gold Council is launching “pooled gold interests,” a slick, yield-generating twist on bullion that lets you own gold fractionally and digitally. Financial Times

That’s a Thursday wrap, folks! See you on Sunday.

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Rick Adams
Founder, GoldBuzz
rick@goldbuzz.com