Huge gold news this morning, which we’ll get to in just a moment. First up…

The Republican Party’s future leadership is a hot topic in the mailbag — with several potential candidates in the mix.

In response to Wednesday’s issue, readers are actively discussing who will have the biggest impact on the party’s direction.

Like most of our contributors, Frank B. believes JD Vance has the edge: “Vance is the frontrunner…

“I believe Musk obviously has the financial savvy, but with regard to overall IQ/intelligence and electability, I don’t think Musk is electable… too far out of touch to be approachable/identified with the average American.”

But Margaret B. raises an important point: “Musk cannot run for president without a Constitutional amendment negating the requirement that the president be born on U.S. soil.”

Tom C. advocates for a measured approach: “It is way too early for Trump to promote Vance as the next President. While Vance is off to a good start, he has yet to prove himself as executive material.”

Greg L. is optimistic about Vance’s growth potential: “JD Vance can learn a lot from being VP under President Trump. Thereafter, he could be an excellent candidate and future President.”

Scott K. speculates about Trump’s family: “I think Trump is waiting to see if DJT Jr. throws his hat in the ring.”

Pat D. suspects Trump is playing the long game: “Trump is smart enough not to box himself in. He leaves all options open. That is what makes him unpredictable and smarter than most people.”

Many thanks to our contributors for their differing viewpoints; they represent a range of considerations as the GOP looks to the future.

Beyond the political landscape, precious metals are also capturing attention. While politicians jockey for position, gold is making headlines of its own…

Your Rundown for Friday, March 14, 2025…

Can the U.S. Sell Its Gold?

Since November 2022, gold has seen an impressive 80% gain in 28 months.

Paradigm’s macro authority Jim Rickards notes: “We expect this trend to continue and to push gold solidly above the $3,000 per ounce level on its way to even higher levels in the months ahead.”

[This just in: For the first time ever, gold crossed the $3,000 threshold this morning. What’s next for the yellow metal? Keep reading as Jim forecasts more bullish sentiment for the yellow metal.]

In the interim, President Trump and Elon Musk are planning a visit to Fort Knox, which Jim calls “the mother of all photo-ops.”

He explains: “They'll just look around and show that the gold is actually there.

“This should lay to rest the rumors and ill-founded theories that the gold is somehow missing or has been shipped to JPMorgan,” says Jim. “It hasn't been.”

Then there’s Treasury Secretary Scott Bessent’s recent statement about monetizing U.S. assets which has sparked discussions about potential gold sales.

Jim, however, cautions against this: “It would be an immense blunder to sell any of it anyway. The Treasury should be buying gold to maintain confidence in the dollar, not selling it.”

Regarding the idea of marking up the value of gold on the Fed’s books, Jim argues gold isn’t a true revenue stream.

“It does produce cash with no addition to the national debt,” he says, “but it's not really a revenue stream; it's just an accounting entry.”

An intriguing legal question has arisen about whether the U.S. can even sell its gold reserves.

Jim points out: “If the Fed's gold certificate is intended to be backed by physical gold, it’s possible the government cannot sell any gold without diluting the Fed’s gold certificate.”

He adds that this could be “extremely bullish for gold” as it might mean “the world's largest single holder of gold (the U.S.) cannot be a seller!”

As for the suggestion that the U.S. should sell gold and buy foreign bonds, Jim dismisses this as “nonsense for a long list of reasons” — including exchange rate risks and the availability of inflation-adjusted Treasury bonds (TIPS).

Jim recommends gold as an investment asset, but he argues that the Treasury doesn't need to “mess around in gold, bond and currency markets to achieve some opaque goal that can be achieved directly just by leaving the gold in Fort Knox and issuing TIPS.”

Market Rundown for Friday, March 14, 2025

S&P 500 futures are up almost 1% to 5,580.

Oil is up 0.85% to $67.12 for a barrel of WTI.

Gold just hit a milestone: For the first time ever, gold’s at $3,008.60 per ounce.

And Bitcoin is up 3.75% to $83,370.