Nugget News January

30 Day Market Moves

Silver Outlook...Up 42% in 30 days, up 192% in the last 12 months. Will silver keep going up?

This rapid acceleration reflects more than just investor enthusiasm. A combination of inflation pressures, supply constraints, geopolitical uncertainty and rising industrial demand all contributed to silver's sharp climb. At the same time, the Federal Reserve's late-2025 rate cuts helped fuel broader interest in hard assets, giving silver another tailwind. With the metal now sitting near historic highs, many investors are trying to determine whether silver still has room to run or if a cooling period is more likely.

-We think with the current economic climate, combined with demand in supply in Silver will continue it's climb towards $175 in 2026.

Gold Outlook...We expect central bank gold demand to continue supporting the gold market. Central banks globally have increased their gold reserves by over 1,000 tonnes for four straight years, and the World Gold Council projects that 2026 will be a repeat.

2024 ranked as the third-largest expansion of central bank gold reserves on record, coming in just 6.2 tonnes lower than in 2023 and 91 tonnes lower than the all-time high set in 2022 (1,136 tonnes).

2022 was the highest level of net purchases on record, dating back to 1950, including since the suspension of dollar convertibility into gold in 1971. To put that into context, central bank gold reserves increased by an average of just 473 tonnes annually between 2010 and 2021.

-Nugget Stacker remains bullish on gold this year with highs rising “well above” $7,000.

Money Supply Alert!...As the US Federal Reserve revs up the money-creating machine even higher, the money supply is already growing at the fastest rate since July 2022, in the early stages of the tightening cycle. After peaking in April 2022, the money supply began to decline as the Fed hiked rates that year. The money supply bottomed in October 2023 and began increasing again. The money supply is now well above the pandemic peak.

Looking at the bigger picture, the central bank has expanded the money supply at an exponential rate since the 2008 financial crisis. Based on the TMS metric, the money supply has grown by over 200 percent since 2009. Looking at it another way, more than 2/3 of the current money supply has been created since the financial crisis.That’s a lot of money creation – i.e., inflation – in a short period of time!

-M2 is now at the highest level it’s ever been, at nearly $22.3 trillion. TMS hasn't returned to its 2022 peak but is running at a 34-month high.

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*This newsletter does not contain any investment advice.