Gold and silver — and in fact the entire metals and mining sector — are heading higher again this week, including here today on Black Friday.
This isn’t surprising — precious metals have been outperforming every other market sector recently. Even during the near-panicked selling bouts in stocks this month, gold has refused to fall significantly further during this “correction” and has even posted some nice gains while the rest of the markets were falling apart.
But the biggest story, again, is silver. Today, trading over $55, the white metal has just shot above last month’s all-time high of $54.50 and could be on the verge of rallying much higher according to technical analysts. Having been capped by the $50 level for the last 45 years, silver’s looking more and more like it’s in the process of re-rating to a higher price zone… one that could easily take it to $75 or even $100 within a few months.
Of course, no one has a crystal ball. Silver has already gained over 70% this year and that alone suggested it was due for a rest. But momentum and strength in the silver market continues to be revealed, thanks to a growing concern about production deficits year after year combined with broad industrial uses for this dynamic precious metal.
Money Metals released its 2026 Sound Money Index this week, the authoritative ranking of all 50 states on their policies involving gold, silver, and sound money in general.
Wyoming remained in first place with its passage of S.F. 96, a bill which requires the state to begin building a gold reserve. Idaho rocketed up to 2nd place after removing all income taxes on gold and silver, and Missouri ascended to 3rd place.
The Index’s scoring system evaluates state policy positions such as sales and income tax policies concerning precious metals, a state’s recognition of gold and silver’s role under the U.S. Constitution, state pension funds or reserves held in gold or silver, regulations impacting precious metal dealers and investors, and other relevant issues.
The Sound Money Index holds states accountable for their policies impacting savers, investors, and institutions across the U.S. So many states continue to press ahead on sound money policy, regularly citing our Index on chamber floors and in hearings nationwide.
After a multi-year legislative effort and a constitutional showdown between Gov. Andy Beshear and state Attorney General Russ Coleman, Kentucky lawmakers, led by Reps. TJ Roberts and Steven Doan finally ended the sales tax on precious metals. The Bluegrass State is presently the 44th state in the country to refrain from taxing purchases of gold and silver.
Connecticut ended its outdated policy of taxing orders of precious metals below $500 but not taxing orders above that amount. However, this policy goes into effect in 2027, so this change is not reflected in the 2026 Index.
There were a couple setbacks in 2025 when lawmakers in Maryland and Washington state chose to go against the overwhelming trend by reimposing state sales taxes on purchases of precious metals. As a result, these two states collapsed in the rankings to 47th and 50th place, respectively.
Lastly here, and before we get to this week’s interview, let’s take a look at the weekly market action.
Gold is up 3.4% or nearly $140 to check in at $4,218 an ounce. Silver is surging, especially here today. The white metal is up over $5.50, registering a weekly gain of 11.1% and currently trades at $55.78 and a brand new all-time high.
Platinum is also soaring this week, coming in at $1,683 an ounce, up 9.6% for the week with half of that gain coming here today. Finally, palladium is also joining in on the fun, up 6.0% to trade at $1,490 as of this Friday morning recording. The does market closes early today so it is likely these gains will stick.
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