A Post-Powell Fed

Sooner or later, the current chairman of the U.S. Federal Reserve is going to be replaced. Jerome Powell will either serve until his term ends next May or President Trump will find a way to replace him in the weeks ahead. Regardless of when it happens, it's clear that change is coming, and that change in leadership and structure at the Fed will likely have a significant impact on precious metal prices.

The changes that President Trump envisions are likely to be more than just leadership. Structural changes appear to be coming too. For example, there will be changes in the manner that the Fed interacts with the Treasury as well as other central banks. Not only will these changes bring lower interest rates, they're also likely to bring the type of uncertainty that gold prices typically enjoy.

Let's start there. What type of structural changes might be coming? The Fed has become the central cog in the wheel of global finance, and every decision they make impacts global asset prices. As such, instead of being focused upon what policies specifically promote U.S. economic growth, the Fed instead makes moves that are designed to stabilize markets around the world. Whether it's currency swaps or access to the Discount Window, today's Fed often places global monetary policy ahead of U.S. monetary policy, and with an "America First" president, that's about to change.

Possible Replacement And Monetary Shifts

Some have suggested that Judy Shelton might be in line to succeed Chairman Powell when his term ends, either in May or prematurely. Whether or not that's true, I have no idea. However, this focus upon the rate and dollar amount of "interest on excess reserves" held at the Fed is almost certainly going to change once a new chairman is in place.

The Fed, Yield Curve Control, And Rate Cuts

And besides a dramatic drop in the fed funds rate, we should also expect a discussion of Yield Curve Control, a policy of capping interest rates that, at TF Metals Report, we've long suspected to be the end game of monetary policy for the attempted management of the incredible and overwhelming amount of accumulated U.S. federal debt.

Buy Gold And Silver Before Dollar Declines Further

All of this combines to signal that you do not own enough gold. Silver, too, for that matter. The coming changes and dollar debasement, combined with lower nominal rates and negative real rates, are going to send precious metal prices sharply higher in the weeks and months ahead. When it currently takes about $3400 to acquire an ounce of gold, it will soon take $4000 and then $5000. Remember, this is not the price going higher, it’s a reflection of the declining purchasing power of the fiat currency.
And you're already seeing this as the new week begins. The U.S. Secretary of the Treasury was on financial television early Monday and strongly hinted that all of these changes are coming:

Gold And Silver Price Breakouts Are Coming

Gold and silver prices have responded with sharp rallies, getting close to important break levels. Let's start with COMEX gold, where the current front month is the Aug25 contract. It has moved up toward the $3450 level on three prior occasions and fallen back each time. A move is coming where that level will be broken, and when that happens, another surge to new all-time highs north of $3500 will quickly follow.

Gold Price Chart

For COMEX silver, the high thus far in 2025 was $39.57 back on July 14. As of this moment, it appears that a breakout to new highs is very likely and the important psychological level of $40 awaits. Above there and silver may quickly move to $41-42 as price continues to stair-step higher. In time, price will challenge the old all-time highs between $48 and $50, but let's worry about that when we get there. For now, a move through $40 should bring smiles to many faces in our sector.

Silver Price Chart

In summary, whether President Trump makes these changes next week, next month, or next year hardly matters. The important thing is that you recognize that a structural shift is coming to how the U.S. conducts its monetary policy, and these events are very likely to drive the next massive wave within the ongoing bull market for precious metals.

Start investing in gold and silver today—capitalize on the next big move.
Don’t wait. Buy gold, buy silver while prices consolidate.