Via Greg Hunter’s USAWatchdog.com,

Financial writer, market analyst and precious metals expert Craig Hemke predicted at the beginning of 2025 that the US dollar would have a “vast devaluation.” 

One look at the explosive record setting gold and silver price gains and you can see this was a correct prediction, especially with the yellow metal. 

Hemke says, “It’s not that the gold is going up.  The gold is not changing.  Gold is gold.  What is changing is the amount of dollars it takes to buy that ounce..." 

"The dollar is devaluing against gold.  That’s how people need to look at it.  Gold is your financial protection against this madness where we are just going to keep printing more and more dollars trying to service this incredible debt.  We are recording this on the last day of the fiscal year. 

The US is going to run a $2 trillion deficit over the fiscal year.  It’s only getting worse, and the dollars it takes to service that debt is growing.  You just have incredible devaluation of what your dollar can buy.  I just want to point this out:  An ounce of gold is now $3,800–to buy one ounce. 

You go back 10 years ago, and it was $1,100 to buy one ounce of gold.  You go back 5 years ago, and it took $2,000 to buy an ounce of gold.  The gold is not changing.  What is changing is the amount of dollars it takes to acquire it.”

Hemke contends there are many things driving the price of gold and silver higher.  A few of the big drivers include: 

• Central banks have been buying record amounts of gold since 2022, and they continue to do so. 

• The Fed is on record basically saying that it will buy Treasuries (print money) in 2026 to make sure interest rates will not rise.  (They call it yield curve control.)  

• Hemke also says there is rapid depletion of physical gold and silver to the point that they may start running out and will be unable to deliver physical metal. 

• Stablecoin is coming online to create demand for Treasuries. 

• There is talk of revaluing the gold in Fort Knox to a much higher price to make the government’s balance sheet look healthier. 

The list goes on, and Hemke says, “The math is the math, and that’s why I can feel so confident about this..." 

"There is $2 trillion in new debt, and we are now just north of $37 trillion.  It takes $1 trillion a year to simply service that debt. . .. This is extraordinarily bullish for gold and silver.

You are basically enshrining negative real interest rates, which is what they are trying to do.  In a sense, you are trying to pay off yesterday’s debt with cheaper dollars of tomorrow.  That’s how they got us out of the massive debt to GDP hole after World War II, and that’s why they are going to try it again.  It’s a massive devaluation of the currency.  It’s bullish for all hard assets, not just gold and silver.”

In closing, Hemke says, “This system of leverage, non-allocated accounts and hypothecation has held sway now for almost 50 years.  It’s that system that is dying..."

"  The price (of gold and silver) is going to go up regardless.  Again, it’s not the gold or silver going up in value, it is the purchasing power of the dollar that is declining.  I know some people are saying that silver is up to $48 again, and it’s going back to $18.  I say probably not.  They are telling you what is coming next year. . .. There are a lot of reasons why the price of gold and silver . . . can go considerably higher from here, and you don’t want to miss out.”

There is much more in the 48-minute interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Craig Hemke of the popular website TFMetalsReport.com 9.30.25.