Since their January 2026 highs, silver has declined around ~50%, with gold declining around ~25%.

Now, I know market data is not what I usually write, and it is almost certainly a mistake to listen to my thoughts when it comes to investment (the disclaimer that we always hear – this is not financial advice), but I am an avid numismatist, and the natural consequence of the market acting the way it has over the past 10 months or so is that nearly every coin collector has, to one degree or another, become a bullion investor.

Gold and silver, from mid 2022 up through January of 2026, went on an absolutely historic (and utterly unsustainable near the end) bull run. While it was fueled by strong fundamentals (central bank buying, a weak US dollar, stable inflation), some of those fundamentals shifted dramatically with the Iran War and Kevin Warsh’s first FOMC meeting.

So what does this have to do with ‘portable power’? As a coin collector (numismatist), one of my guiding tenets (perhaps my most important one) when buying a new piece for the collection is that the coin cannot be bullion grade (.999 or .9999 fine), but must be made for circulation (for gold, 22kt or 90% and for silver .925 of .900 fine are the most common). The reason for this is that, while I recognize the investment purpose of these purchases, I also fundamentally enjoy the process, which is what provides the impetus for me to make these investments consistently (although there are many, with some valid points, who argue that bullion is not an investment at all). The fineness being lower than pure brings me more fascination because of the intended purpose of this – it was meant to be money, meant to be spent and circulate, not simply sit in a vault or safe collecting dust. And what does this circulation imply?

Circulation of money (specifically gold and silver, as the USD is not money but merely currency, or perhaps credit – but that is an argument for another day) is, fundamentally, the transfer of power from one entity to another. Gold and silver are a stand-in for force, a substitute for the power that is exerted by violence. Instead of needing to use iron or lead, gold and silver are a much preferable solution to the exchange of goods and services than at the point of a barrel or the tip of a spear. The circulation of money is the alternative to the implementation of violence, and we should recognize the underlying truth of money as a proxy for violence when it is used – particularly by corporate and sovereign actors.

Many of these corporate and sovereign actors, such as Tether on the corporate side, or Beijing and Warsaw on the sovereign side, have been accumulating massive amounts of gold within their vaults. State actors such as France have repatriated their gold from New York to Paris, while Poland and China have massively increased their holdings. In 2025 alone, Poland increased their entire holdings by more than 20%, over 100 metric tons, and China by 27 metric tons, along with a slew other countries. There have also been a few noticeable outflows of gold in certain countries, such as Russia.

The fact that many sovereign actors, as well as certain corporate actors, are increasing their gold holdings along with a notable few reducing their holdings, such as Russia and Türkiye, runs directly parellel to the role of gold (and to a lesser extent silver) as a stand-in for violence. Gold is on outflow from Russia as their war effort stalls, while it is flowing into countries, such as Poland, who anticipate the potential for violence on their borders.

All this flowery language to say – many powerful actors see the need for portable power on the horizon. The cost, in terms of USD, for this asset has decreased dramatically since January, but many of the geopolitical and market precipitators for their run-up are still in place. What does this mean? Well, if gold is a market substitute for violence, and it has suddenly become more affordable, then it may be appropriate to play a bit of defense and join my world of numismatist turned bullion investor turned alleged crackpot.

Disclaimer: I have an express disdain for AI in writing. No AI was used in this essay.