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* FIEND'S SUPERBEAR MARKET REPORT *

* September 16, 2025 *

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* e-mail: fiendbear@fiendbear.com *

* web address: http://www.fiendbear.com *

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Fiend Commentary

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Metals Don’t Wait: Gold and Silver Surge Ahead of the Fed Meeting

With the Fed expected to deliver another rate cut tomorrow, there isn’t much suspense left in equities. Stocks remain perched near records, but it’s the metals that continue to tell the more important story. Gold and silver are not waiting for the Fed — they are already moving on the assumption that policy will stay loose even as inflation remains far from the 2% goal once touted.

Silver has surged past $40 and is pressing higher with momentum not seen in years. Gold, likewise, has vaulted far beyond its old ceilings and looks intent on making $4,000 an ounce less a question of “if” than “when.” Miners are confirming the move, riding the same wave.

This is the market’s vote of no confidence in paper promises. While Wall Street celebrates the prospect of cheaper money, hard assets are screaming that the cost of that money will be measured in weaker dollars and higher prices.

For now, the metals are leading, and they rarely rally this hard without reason. Cuts may be expected tomorrow, but gold and silver are already saying what comes next.

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