By Greg Hunter’s USAWatchdog.com - September 6, 2025

Precious metals expert and financial writer Bill Holter worked side by side with his business partner Jim Sinclair for more than a decade. No two people knew more about markets and money than them. Two years ago, Sinclair, aka “Mr. Gold,” passed away. Now, the baton has passed to Holter, who is the new “Mr. Gold.” Holter warns one explosive new all-time high, hitting day after day, for the yellow metal is signaling big trouble coming. Holter explains, “There is a huge breakout. In my opinion, the metals market is sniffing out risk and fear. . .. They funded literally trillions of dollars by borrowing in yen. Now, what has happened, the Japanese yield curve has gone from basically zero to over 1.6 % on a ten-year (bond) and 3.2% on a 30-year (bond). So, that carry trade now is being squeezed because the yen has gone higher . . . your cost to carry has gone higher because Japanese yields have gone higher. So, the gold market is looking at the Japanese carry trade in the process of blowing up. It is sovereign bonds across the world. If you look at interest rates worldwide, they are actually going higher.” . . .

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In closing, Mr. Gold says if you just divide the amount of official gold held in the US Treasury by the official US government debt, you get about $135,000 per ounce gold price and around $6,700 per ounce silver price. Holter says with $2 quadrillion in derivative debt, who knows how high the price of gold and silver can go. One thing for sure is gold and silver cannot default.

There is much more in the 50-minute interview.