Gold and Silver expose stock market’s phony gains

Stefan Gleason Money Metals Exchange

Wall Street is ecstatic after the Dow Jones Industrial Average (DJIA) hit 40,000 for the first time ever. The nominal record makes for plenty of pithy headlines.

The Dow is indeed racing higher in terms of depreciating U.S. fiat dollars. But what about in terms of real money – gold and silver?

The headline news not being reported in the mainstream financial media is that the stock market benchmark just fell – yes, fell – to a two-year low in real terms.

It may seem hard to believe that the stock market is losing value at the same time as its gains are being widely celebrated, but the charts don’t lie.

The DJIA:gold ratio peaked all the way back in 1999.

It’s been 25 years since stocks have made new highs in terms of gold.

The DJIA is also starting to lag behind silver. The Dow:silver ratio suffered a significant breakdown last Friday – the very day the Dow closed above 40,000!

A stealth bear market in stocks appears to be underway.

Few investors are aware of it. Their brokerage account statements still show gains being registered. But those gains exist only in terms of phony, funny money.

To receive free commentary and analysis on the gold and silver markets, click here to be added to the Money Metals news service.

Author

Stefan Gleason

Money Metals Exchange

Stefan Gleason is President of Money Metals Exchange, the national precious metals company named 2015 “Dealer of the Year” in the United States by an independent global ratings group.

AUD/USD holds firm near 0.7000 after Chinese inflation, trade data

AUD/USD stays firm near 0.7000 in Wednesday’s Asian session, picking up some bids after China's mixed inflation and upbeat trade data. CPI rose less than expected in September, while PPI inflation picked up. Meanwhile, the Chinese trade surplus unexpectedly widened in September. The pair remains underpinned by a broadly subdued US Dollar, despite the Middle East escalation, as focus remains on US CPI data.

USD/JPY consolidates near 158.50; looks to US CPI for fresh impetus

USD/JPY stays range-bound near 158.50 in the Asian session on Wednesday, with looming intervention risks supporting the Japanese Yen and capping upside amid a softer US Dollar. However, geopolitical uncertainties act as a tailwind for the safe-haven USD and the pair. Traders also seem hesitant ahead of the release of the latest US inflation figures.

Gold remains offered below $4,100

Gold adds to the weekly bearish tone and slips back below the $4,100 mark per troy ounce on Wednesday. Indeed, the precious metal continues to suffer the stronger US Dollar and rising US Treasury yields as bets for extra tightening by the Fed remain on the rise following US inflation figures.

XRP recovery faces headwinds despite Ripple and Meritz Securities' tokenization push in Korea

XRP trades above $1.36 as bulls gather momentum to face a critical supply range toward $1.40. Ripple and Meritz Securities partner to explore institutional custody and tokenization services for South Korea’s capital markets.

China's rare earth leverage has an expiration date: November 10. Here's what Beijing is deciding

China is approaching a major strategic deadline in its trade confrontation with the United States (US). On November 10, the suspension of additional rare earth export restrictions Beijing announced in October 2025 is set to expire.

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?