Information Line - September 2025

Perspective
By Rich Checkan

With Labor Day behind us, summer has unofficially ended. It is time to get back to school and back to work.

And that’s exactly how gold and silver acted earlier this week.

Gold set new all-time highs near the $3,500 mark. Silver shot through $40 per ounce, clearing resistance prior to all-time highs at $50 per ounce.

Nobody reading this monthly newsletter should be surprised. For the past few years, I have no doubt sounded like a broken record. You know you have heard me say this repeatedly…

“Gold, at all-time highs, is dirt cheap. Silver is even cheaper.”

And I will continue to say it as long as Congress fails to pass fiscally sound, balanced budgets. I will continue to say it as long as the President approves them.

Without spending cuts and balanced budgets, we will sink further into debt. As we sink further into debt, we will undoubtedly expand the money supply (increase U.S. dollars in circulation). As we expand the money supply, the purchasing power of the U.S. dollar will continue to fall. As purchasing power falls, it will take more U.S. dollars to buy anything of value.

And that absolutely includes gold and silver. In fact, you can place them at the top of that list of real assets with rising prices.

This is one of the more obvious trends you are ever going to see.

But…

Buying Is Not What We Are Seeing
We are seeing more sellers than buyers. And this has been the case for the past few years.

As our clients have sold gold and silver back to us over the past few years, we have always asked a simple question… “Why?”

Here is why you said you were selling…

• Cover margin calls when the stock market pulls back sharply
• Pay bills and/or credit card debt
• Take profit
• Simplify the estate for your heirs

Also, as clients have passed away, heirs have come to sell precious metals because they do not understand them or feel comfortable holding them.

So, in the end, it really does not matter what I would do. It is vastly more important for you to do what you need to do. If that means selling precious metals at these levels… so be it.

At this point, there are very few of you who bought silver at higher prices than we have today. At this point (at all-time highs), there is nobody who purchased gold at a higher price than where we are now.

If your gold and silver have served your purposes, selling them makes perfect sense.

Sell Well
As much as I would love to sell gold and silver to you here to create future profits or to protect future purchasing power, if you need to sell here… be sure and sell well.

I have warned you in the past about some of the unscrupulous dealers out there. They are motivated by greed. Their number one purpose in life is to separate you from your money.

Well, there are plenty of unscrupulous dealers on the other side of the transaction as well. I can remember advertisements from 2010 and 2011 where the business offered to simply and quickly pay you cash for your gold or silver.

Of course, what they did not disclose was that they were only paying you 40% of what your gold or silver was worth. Yet, people sold to them in droves because they were in a rush to sell and did not do their due diligence.

This is the opposite of selling well.

If you find yourself in the position where you need to sell gold, silver, platinum, or palladium bullion coins or bars, or rare U.S. early gold and silver coins, or world and ancient coins, promise me you will do the following…

1. Shop at least two, but preferably three dealers.

2. When you shop, be sure to have the dealer give you the current spot price of gold and/or silver they used as a basis for their quote. This enables you to compare apples to apples… not apples to oranges.

3. Make sure Asset Strategies International is one of the dealers you shop.

If you do those three things before you sell, I am certain you will sell well… maximizing the value of your asset and ensuring the experience is as pleasant and stress-free as possible.

We will show the same care, concern, and understanding as you sell as we did when you were buying in the first place.

And we will be there again for you as you look to re-enter the market.

Buy Well Too!
For those of you who are looking to buy well at these levels, drop us an email or give us a call toll free at (800) 831-0007.

We have a ready and growing list of clients who are looking for deals. Let us know if you want to be added to that list.

As some of you sell, others buy. That creates a WIN – WIN – WIN situation.

In those instances where we can buy from one client and sell to another client, we are able to eliminate the wholesaler. That eliminates a premium when selling back to them. It also eliminates a premium when we buy from them.

In the end, I can pay the seller more than I typically would be able to pay. I can also charge the buyer less than I typically would need to charge. And I would make more money in the middle. This is some of the best business a dealer can do for all parties involved.

If you would like to be added to that list of potential buyers, just let us know.

Keep What’s Yours!
I wrapped up last month with the following comments about gold and silver…

“Both will be higher in the future. Therefore, both can be purchased more cost-effectively now. Yesterday was the best day to buy gold and silver. Today is the next best day.

There is no better way to Keep What’s Yours!”

The truth is, whether you are a buyer or a seller, we can help you Keep What’s Yours!
—Rich Checkan

Editor's Note:  Jim Woods is the editor of Investing Edge, Bullseye Stock Trader, Fast Money Alert and his latest publication, Crypto & Commodities Trader. A self-described radical for capitalism, he celebrates the virtue of making money from his Southern California horse ranch. You can read more of his work here.

Feature
Can the Bull Shark Feeding Frenzy Continue?   
By Jim Woods

If you’ve ever spent any time in the open water as a swimmer, diver or even kayaker, you know that the one predator you don’t ever want to encounter is the menacing bull shark. That’s because the bull shark’s highly aggressive, unpredictable, and territorial nature are what make it one of the most dangerous shark species to humans. Moreover, their ability to swim in shallow coastal waters and even freshwater rivers puts them in closer proximity to humans, thereby increasing the potential for frightening encounters.

This description of the bull shark reminds me of the bull sharks on Wall Street, of which I am one. That’s because when we see opportunities to engage in bullish feeding frenzies, we let our aggressive nature takeover and we dig in, jaws first. 

This bullish feeding frenzy has come to fruition over the past three months. To know this, all we have to do is glance at the chart here of the SPDR S&P 500 ETF (SPY), which is a common proxy used to assess the broad domestic equity market. SPY has seen a jump of some 9.8% over this period, a move that suggests that all news has been good news for the bulls.

 

Yet the interesting thing about this market move is that it comes despite a confluence of unknowns and mounting uncertainties that most bull markets don’t have to grapple with. For instance, what is going to happen with inflation? Will the Trump tariffs begin causing prices to rise? Will they cause the economy to slow? Will that result in the dreaded scenario that is “stagflation?” Or will we see the economy and markets be able to absorb the tariff costs as we have largely seen so far?

I think we will start to see rising costs for consumers, although technically speaking this isn’t really inflation. Inflation is when there are surplus dollars chasing too few goods, and so the cost of goods rises to meet the added demand caused by those additional dollars. 

Now, if the Federal Reserve begins to cut interest rates, as President Trump certainly wants them to do, and if tariffs are causing prices to rise, then we get a situation where policy is causing price increases and where more dollars injected into the system via lowering borrowing costs are chasing goods, which also is likely to cause prices to rise. That’s not really a great recipe for economic and market success, although this situation could be very good for markets such as housing, which have been kept down by relatively high mortgage rates. 

As we enter September, there are a lot of things this bull needs to see to keep on running at its current pace. Today, there is an 88% chance (according to fed funds futures) that we will get a 25-basis-point rate cut at the next FOMC meeting (9/16-17). Fed Chair Jay Powell basically told us as much during his rather dovish and unambiguous speech (I mean, as unambiguous as a Fed official could ever be) at the recent Jackson Hole Symposium. 

If, however, the Fed decides to hold off again on any rate cut, then this market will be rightly perturbed and we could see stocks hit an air pocket that could take them down 5%-10% with velocity. 

So, the market wants Fed rate cuts, but the only way to get those cuts is if economic data (inflation and labor markets) continues to waft in the “Goldilocks” zone. If it can stay that way, then we will continue to see the bulls keep up their current pace. 

One issue of concern here to keep in mind during this bull shark feeding frenzy is something we call “thinning leadership.” Here are some quick facts on the current levels of stock market concentration that are, objectively, worrisome:
 
•    The top 10 largest U.S. companies, based on market capitalization, now make up ~40% of the S&P 500’s total value, an all-time high. 
•    The top five largest U.S. companies, based on market cap, now account for ~25% of the S&P 500’s total value, more than 10% above the long-term average of 14% since 1990. 
•    Nvidia (NVDA) alone accounts for ~8% of the entire S&P 500, a record high level of concentration for one stock in the broad market index. 
•    ~70% of the S&P 500’s positive “economic profit” (which is essentially the net source of increasing shareholder value in the S&P 500) is generated by the top 10 largest names in the index. 
•    The top 10 S&P 500 stocks trade at an average Price-to-Earnings Ratio of 26X (2025 earnings) vs. 20X for the “rest of the market.” 

My colleagues from Sevens Report Research made the following observation about this situation: 

“The fact that 2% of the S&P 500 Index’s holdings account for 40% of the 500-company index’s total market-capitalization value is not only a statistic that is attention grabbing, but it’s one that should be concerning because this bull market is now more dependent on the continuation of the rally-supporting artificial intelligence (AI) narrative than ever before. And considering that those same 10 mega-cap stocks account for 70% of economic profit, which is effectively a measure of total S&P 500 shareholder value growth, a correction in any (much less all) of the 10 largest stocks in the S&P 500 could be very detrimental to equity performance.”

If you’re invested in the equity markets here (and you should be), then make sure you have some risk-mitigation strategies at the ready to protect yourself from seeing this bull shark frenzy come back and bite your portfolio.

Now, there are many risk-mitigation strategies, including putting in stop losses on some of your biggest winning positions to make sure you keep what you’ve earned in the event the market hits that air pocket. Another great strategy here is to make sure you have some diversification in your portfolio. That means having assets such as cryptocurrencies (Bitcoin, Ethereum), hard assets such as real estate—and especially physical gold and silver. 

Fortunately, you’re in the right place for your gold needs, as my friends at Asset Strategies International (ASI) are my go-to source for all things gold and silver. So, while you can and should participate in the bull shark feeding frenzy, please also make sure you have a gold and silver shark cage around you courtesy of ASI. 

Editor's Note: With a career spanning four decades in the investment markets, Brien Lundin serves as president and CEO of Jefferson Financial, Inc., a highly regarded producer of investment-oriented events and publisher of investment newsletters and special reports. You can’t afford to miss the 2025 New Orleans Investment Conference. CLICK HERE to learn more and lock in your place.

Hard Stuff
Powell Unleashes The Hounds
By Brien Lundin

There’s an old investing adage along the lines of, “they don’t ring a bell at the bottom”...or the top...of the market.

Well, they rang something the other day, after Federal Reserve Chairman Jerome Powell gave the green light to a September rate cut in his speech last Friday at the annual Jackson Hole central banker confab.

The markets roared in response: Stock indices soared to new record heights...the dollar took a nose-dive...Treasury yields dropped...and the monetary metals of gold and silver jumped higher.

Of course, the markets have steadied since that bout of euphoria, with stocks and the 10-year yield roughly trading sideways, the dollar regaining some ground and gold quietly adding to its gains.

All of this belies the importance of Powell’s capitulation. As I put it to a Dow Jones MarketWatch reporter at the time:

“Powell certainly seems to have conceded that they will supply the rate cut that investors and President Trump have been clamoring for at their September meeting.

The impact will be considerable, and already has been today, because Investors have shifted from their obsession with tariffs back to their long-standing obsession with Federal Reserve interest rate policy. The outlook beyond next month’s FOMC meeting is cloudy, but we can be fairly confident that Powell & Co. won’t be raising rates anytime soon. And we can be equally sure that Powell’s successor next year will be cutting rates.

Thus, the market will begin factoring an easier-money environment into its forecasts, and gold will directly benefit from this shift.

So yes, this speech is very significant for the gold market, as we’ve already seen from the instantaneous reaction to Powell’s statements. In fact, this may be just the catalyst needed to break gold out of its summer doldrums.

Add seasonality and collapsing volatility to the mix, and it all points toward a renewed uptrend for gold.”

But when will the next rally come? We have some indications that it won’t be much longer....

Gold Volatility Collapses
As the old saying goes, “the longer the base, the bigger the breakout.”

If that holds for gold, then we’re about to see one helluva breakout. Consider our familiar chart of gold’s Bollinger bands:

In the top panel, you can see how gold has remained trapped in a trading range since late May. The bottom panel shows how volatility collapsed, as the band width hit low levels that had previously prefaced big rallies...but then that marker has simply bounced along those lows.

So when will the next breakout come? Frankly, I’ve given up guessing...but the turn toward easier money from the Fed will certainly help bring it along.

In the meantime, it looks like the rally, when it comes, is going to be big. And come November, we’re going to be ready for it....

Exciting New Additions To New Orleans ’25!
This year’s New Orleans Conference, coming as it is at the beginning of a major metals and mining bull market, is undoubtedly going to be one of the most valuable in our five-decade history.

That means it’s going to be one of the most rewarding investment events you’ll ever attend.

But we’re not relying solely on the market environment to deliver value to you. We’ve already lined up the best roster of experts on geopolitics, macroeconomics, markets, metals and miners that you’ll find anywhere.

...And yet we can’t help adding more and more top thought leaders to our faculty. Consider who we’ve added over just the last few days:

•    Robert Kiyosaki — Yes, the inspirational author of Rich Dad Poor Dad — the No. 1 selling personal finance book of all time — is returning to New Orleans to share his insights on gaining financial freedom.
•    Peter St. Onge — Economist, entrepreneur and libertarian firebrand, Peter has become a social media sensation for his fearless daily commentary on markets, money and politics. He’ll deliver the same thought-provoking insights live in New Orleans.
•    Viva Frei — The lawyer-turned-political commentator turned viral free-speech champion, Viva brings his trademark humor and fearless perspective to the stage. His exclusive partnership with Rumble has amplified his voice — now you’ll hear it unfiltered in person.
•    Jim Bianco — Renowned market strategist and founder of Bianco Research, Jim is celebrated for incisive, independent analysis that challenges Wall Street groupthink. His calls on markets, policy and money flows have made him a must-listen for investors worldwide.
•    Dan Oliver — Founder of Myrmikan Capital, Daniel specializes in micro-cap gold and silver miners and is president of the Committee for Monetary Research & Education. He’s a widely read and highly respected commentator on the Fed, interest rates and gold, and his insights have appeared in The Wall Street Journal, Forbes and National Review.
•    Jordan Roy-Byrne — Editor of The Daily Gold, Jordan is a seasoned technical analyst with over 25 years of investing experience. He specializes in market timing and stock selection for precious metals investors and has been published by the International Federation of Technical Analysis. 

And of course, all of these are added to a roster that was already star studded, featuring Matt Taibbi…Rick Rule...Danielle DiMartino Booth…Brent Johnson…George Gammon …Peter Boockvar…Jim Iuorio…Rich Checkan…Adam Taggart…Peter Schiff…Adrian Day…Alex Green…Dave Collum…Robert Prechter…Robert Helms…Russ Gray…Brien Lundin…

PLUS Mark Skousen...Lawrence Lepard…Jeff Phillips…Lobo Tiggre…Tavi Costa…Nick Hodge…Chris Powell…Dana Samuelson…Jennifer Shaigec …Thom Calandra…Mary Anne & Pamela Aden…Omar Ayales…Bill Murphy…Gerardo Del Real…Steve Hochberg…Albert Lu…Lindsay Hall...Kerry Stevenson…and more.

Two points you need to consider right now:

1. As usual, we offer the same iron-clad, money-back guarantee that we’ve offered for decades: If you’re not completely satisfied that New Orleans ’25 was worth every penny you expended, we’ll refund your entire registration fee. No questions asked!

In all the many years we’ve offered this guarantee, we’ve only refunded fees three times. That should give you some idea of how valuable our event is.

2. This is a big year, and registrations are rolling in. No one wants to miss the opportunities that will be unveiled here, at this exciting time in the markets.

So there’s a very real risk that our room block will sell out earlier than usual. I strongly recommend that you act immediately to reserve your place.

As I’ve said over and over again, this is a generational opportunity — perhaps the richest one we’ll ever see in metals and mining.

You can’t afford to miss New Orleans ’25. CLICK HERE to learn more and lock in your place.

Editor's Note: Ted Bauman is a lifelong expat from the United States who holds dual citizenship in South Africa. From his home base in Cape Town he has travelled to over 90 countries, in a career that has included urban habitat development, investment analysis and advice, and now global migration and wealth diversification. His clients include some of most famous offshore oriented publishing groups in the world, as well as organizations focused on mitigating wealth and personal risks in the United States. You can read more from him here.

The Inside Story
Multiple Residencies vs Gold: Two Strategies for Guarding Against Uncertainty
By Ted Bauman

Imagine you’re a traveller who owns a passport stamped with several different countries, and at the same time you keep a modest stash of gold tucked away in a secure vault. 

Both choices—holding multiple residencies and hoarding precious metal—are often touted as “insurance” against the unknown twists that life (and geopolitics) can throw our way. 

While they share the common goal of preserving wealth and freedom, the ways they do so differ dramatically in terms of flexibility, risk exposure, and practical utility. In this essay I explore why having multiple residencies can be as valuable as keeping gold in a vault…. and how a diversified “portfolio of security” often makes the most sense.

The Appeal of Gold: Tangible, Time Tested, Yet Limited
Gold has been humanity’s go to store of value for millennia. Its scarcity, durability, and universal recognizability give it a kind of intrinsic resilience that few modern assets can match. When markets tumble, currencies devalue, or political turmoil erupts, a physical bar of gold can still be melted down, sold, or traded almost anywhere in the world.

Gold’s purchasing power tends to hold up over long periods, especially during inflationary spikes. Even in hyper inflation or banking collapse, gold can be exchanged for goods, services, or cash. Unlike bank deposits, gold doesn’t rely on a financial institution staying solvent.

However, gold isn’t a solution to every problem. As people throughout history have discovered, plenty of gold to your name is of little help when you’re living in a country whose government goes off the rails. Especially when the right to travel or even to hold a passport Is threatened — as is increasingly the case in today’s world — you need to explore other forms of wealth to protect yourself.

Multiple Residencies: Mobility, Legal Flexibility, and Lifestyle Benefits
Holding legal residency—or even citizenship—in more than one nation creates a dynamic shield against many forms of uncertainty. Rather than relying on a single jurisdiction’s laws, taxes, or social safety nets, you can pivot between homes as circumstances evolve.

For example, if Country A imposes capital controls, you can move assets or income to Country B where the financial system remains open. That option typically isn’t available to people who don’t have a pre-existing connection to the country especially residency rights.

Especially if you're a U.S. citizen, being able to live legally in a foreign country has the potential to eliminate income taxes on the first $260,000 of your annual income. I've been taking advantage of this myself a nearly 40 years.  That's something gold, for all of its utility, cannot do.

Above all, in the event of political persecution or civil unrest, you can seek refuge in another country where your rights are protected.

These benefits come with trade offs. Obtaining and maintaining residency usually involves paperwork, fees, minimum stay requirements, and sometimes substantial investment (e.g., property purchases or government bonds). There’s also the emotional cost of splitting one’s life across borders—family, community ties, and cultural familiarity can become fragmented. Moreover, the legal landscape can shift: a country that once offered favourable tax treatment may later tighten its rules, leaving you scrambling to adjust.

Let’s consider how holding gold and holding multiple residences can mitigate key risks:

From this we see that gold excels at protecting raw wealth, while multiple residencies protect lifestyle, mobility, and access to services. Neither strategy alone covers the full spectrum of uncertainty; together they form a complementary safety net.

The Synergy of Combining Both Approaches
Think of gold and multiple residencies as two legs of a sturdy stool. Relying solely on one leg makes the stool wobble when pressure shifts. By pairing a tangible store of value with geographic flexibility, you gain:

1.    Financial resilience — Gold safeguards the core of your net worth, while diversified banking across residencies ensures you can convert that value into usable cash quickly.
2.    Operational continuity — If a crisis shuts down banks in one country, you can still access funds via accounts in another, and you have gold as a fallback if electronic transfers fail.
3.    Strategic leverage — Holding residency in a low tax jurisdiction can amplify the net benefit of your gold holdings, reducing the tax bite when you eventually sell or liquidate.

For example, a digital nomad might keep a modest gold reserve in a Swiss vault, while holding residency in Portugal (for its Golden Visa program) and Singapore (for its robust banking sector). If European regulations tighten, they can shift operations to Singapore, draw on local bank lines, and still retain the gold as a long term hedge.

Potential Pitfalls and How to Mitigate Them
Even a well balanced strategy can stumble if you overlook certain nuances:

•    Regulatory compliance — Dual residency can trigger reporting obligations (e.g., FATCA, CRS). Ignoring these can lead to fines or loss of residency status. Mitigation: Keep meticulous records, consult tax professionals familiar with cross border rules.

•    Security of physical gold — Storing gold in a private vault may seem safe, but insurers often limit coverage, and geopolitical events can affect vault accessibility. Mitigation: Choose reputable, internationally recognized vault providers, diversify storage locations, and insure adequately.

•    Cost of maintenance — Residency programs may require annual fees, property upkeep, or minimum spend thresholds. Gold incurs storage and insurance fees. Mitigation: Conduct a cost benefit analysis annually to ensure the protective value outweighs ongoing expenses.

•    Emotional strain — Splitting time between countries can erode a sense of belonging. Mitigation: Build strong virtual communities, schedule regular visits to each home base, and consider long term goals (e.g., eventual consolidation).

Conclusion: A Balanced Portfolio of Protection
In a world where economic shocks, political upheavals, and technological disruptions loom on the horizon, diversification is more than a buzzword—it’s a survival principle. Keeping gold in a vault offers a timeless, universally recognized hedge against monetary decay and systemic failure. Meanwhile, cultivating multiple residencies equips you with legal agility, access to essential services, and the freedom to relocate when conditions sour.

When evaluated side by side, the two strategies complement rather than compete. Gold secures the value of your wealth; multiple residencies safeguard the use of that wealth and your personal liberty. By thoughtfully integrating both, you create a resilient framework that can weather currency crashes, banking collapses, and geopolitical storms alike.

So, whether you’re a globe trotting entrepreneur, a remote work enthusiast, or simply someone who likes to keep options open, consider building a dual layered shield: a modest, well protected gold reserve paired with carefully chosen residencies that align with your lifestyle and financial goals. In doing so, you’ll enjoy the peace of mind that comes from knowing your future is guarded on both the material and the existential fronts—just like a cat with nine lives, always ready to land on its feet.