John Karow
Precious Metals Advisor
John Karow is an experienced lawyer and Precious Metals Advisor at Scottsdale Bullion & Coin. He holds degrees from Lehigh University, the University of Missouri, Cornell University, and St. John’s University School of Law. John is a knowledgeable authority in precious metals, dedicated to helping clients navigate economic cycles and gold and silver investments.
Brian Conneely
Precious Metals Advisor
Brian Conneely is a Precious Metals Advisor at Scottsdale Bullion & Coin. He's worked in the precious metals market since 2009, trading commodities and futures before moving into physical gold & silver investing.
In this week’s The Gold Spot, Scottsdale Bullion & Coin Precious Metals Advisor Brian Conneely and John Karow discuss the recent outing of Treasury Secretary Scott Bessent as a gold bug, how major banks are advising investors to trade gold, and why Germany is talking about repatriating its gold reserves currently held in the United States.
US Treasury Secretary a Gold Bug?
In a widely circulated interview with Tucker Carlson, the current Treasury Secretary Scott Bessent revealed his positive attitude towards gold. When asked if he was anti-gold, Bessent replied: “Oh, no. When I had my fund, people might have called me a gold bug.” This revelation comes as global markets sink amid an ongoing trade war between the US and China.
The Treasury Secretary continued by highlighting some of the yellow metal’s major advantages compared to the dollar and risk assets, such as its long history of keeping pace with inflation and its lack of concerns about a budget deficit or fiscal issue.
Gold historically has been a store of value. Gold can’t have a fiscal problem. Gold cannot have a gigantic budget deficit. Gold cannot have a war.–
It’s simultaneously unusual and telling for the country’s leading economic policymaker to come out publicly as a gold bug. If one of Earth’s most fiscally influential people sees gold as more stable and secure than the US dollar and stocks, everyday investors should take notice.
Bessent believes that gold is the ultimate currency and everything else is credit.–
Major Banks Say “Buy the Gold Dip”
After crossing the historic $3,000 milestone and quickly jumping over $3,100 an ounce, gold prices took a slight breather, dipping to $2,980 an ounce. Instead of rethinking their bullishness on the yellow metal, major banks encouraged investors to buy the dip.
- Goldman Sachs sees any pullback as an opportunity to lock in relatively lower prices on its “highest-conviction view in commodities.”
- Despite hitting record highs, Morgan Stanley claimed the yellow metal was the “top pick” among commodity assets.
- UBS analysts told investors to “buy the gold dip,” anticipating prices to move higher shortly.
These big-name banks, along with many other financial institutions, have raised their 2025 gold price forecasts in response to the metal’s strong performance so far this year. Some have even set gold price targets as high as $4,000 an ounce, signaling a substantial jump from current levels.
“Historically, these banks have been very conservative sources, so we could really see a better year for the gold market.”
Brian Conneely
Precious Metals Advisor
Germany’s Gold Problem
As President Trump’s combative stance toward European allies persists, Germany is weighing the repatriation of 1,200 tons of physical gold currently stored in the US. This sizable amount accounts for 30% of Germany’s total reserves—the second-largest gold holdings in the world, behind only the US.
The newly formed German government is calling for “regular checks of Germany’s gold reserves” held by the Federal Reserve and mulling over the repatriation of all holdings to Frankfurt. However, Germany’s central bank recently stated it has “complete confidence in our colleagues at the American central bank.”
Ultimately, German officials appear focused on improving oversight of the gold reserves held in the US, a move that aligns with President Trump and DOGE’s push to audit Fort Knox, home to the largest gold holdings in the US and the world. As gold gains importance as a hedge against uncertainty, questions about where it’s stored are becoming as critical as how much is owned.
👉 Suggested Reading: Suggested Reading: Does Fort Knox Really Have Gold, Or Is It Just Another Conspiracy?
🚨 FINAL CALL: IRA Contributions Deadline! 🚨
2024 IRA Contribution
Countdown
Investors have less than a week to make their IRA contributions for the 2024 tax year. Tuesday, April 15, 2025 (Tax Day) is the deadline for topping up your nest egg and reducing your taxable income. With major banks raising gold price targets, investing today could mean stronger gains and a more secure retirement.
If you haven’t contributed yet, now’s the time. Check out our step-by-step guide for making IRA contributions to get started.
Question or Comments?
If you have any questions about today’s topics or want to see us discuss something specific in a future The Gold Spot episode, please add them here.
Comment
Questions or Comments?
"*" indicates required fields