Make new friends,
But keep the old.
One is silver,
And the other, gold.
—Traditional poem
In 2025, the biggest surprise has been the bull market in commodities. Gold, up 60%, has made the headlines. Uranium rose a steady 12%. Copper jumped 34%. Amazingly, platinum has risen 90%.
But, surprise, surprise, the big winner this year is silver, up 110%, and currently selling for around $61 an ounce. Silver outperformed stocks, bitcoin and all the other commodities in 2025.
Gold and silver mining stocks did even better. We invested in quite a few in my newsletter Forecasts & Strategies, and in my trading services. (See www.markskousen.com.)
Silver is often called the poor man’s gold. The yellow metal sells for 38 times more than silver.
Why Silver Skyrocketed This Year
Silver has gone through three distinct bull markets since the 1970s, hitting $50 an ounce in 1980 (due to the Hunt Brothers short squeeze), then again hitting $50 an ounce in 2011, and finally this year going over $50 an ounce. I suspect it will stay above $50 forever.
What’s the cause of the new bull market? For years, gold bugs have warned of a major shortage between supply and demand, and this year, it manifests itself.
Demand has consistently outstripped new mine production, driven by rising industrial use (EVs, solar, AI) and insufficient mine output. Silver is mainly a byproduct of gold mining.
In particular, the dramatic rise of AI-driven data centers have increased the demand for silver and other metals. The general consensus is that the rapid expansion of AI infrastructure is dramatically increasing industrial silver demand.
Melting down silver plate, junk coins and silver bars has increased the supply, but not enough to overcome the multi-year shortages.
Another factor is investment demand. The price of gold has risen so high, now over $4,200 an ounce, that many investors are buying silver instead.
I suspect the silver bull market will continue into 2026. It won’t be long before this silver dollar (legal tender at $1) will be worth more than a Benjamin!
Silver, like gold, has also benefited from the Fed’s decision to lower interest rates and engage in “easy money” policies again.
Is Silver a Good Inflation Hedge?
Does silver hold its value? Yes, if you hold long enough. As the chart shows above, sometimes you have to wait decades for silver to rise, but when it does, it makes up for lost time.
How good is silver as an inflation hedge? It doesn’t pay any interest, but it can be a superior hedge.
Here’s my favorite example: In 1960, you could buy a hardback novel for around $3, or three silver dollars. Today, you can buy a hardback novel for half a silver dollar!
My Love Affair with the Silver Dollar
My first investment during the inflationary Seventies was not a stock or bond, but a Morgan silver dollar. I’ve been a collector and promoter of the silver dollar and the silver standard ever since.
I often give out American eagle silver dollars as tips, rewards for a good job at work and presents at anniversaries, holidays and graduations. They make a great stocking stuffer at Christmas time.
Chapman Students Graduate with a Silver Dollar
I also give an American eagle silver dollar to each student who graduates from one of my classes at Chapman University. We gather around the Adam Smith bust on campus, where I give each student a silver dollar dated the year they took my course. Here’s a photo of my students taken from last year’s class.
Given the high price of silver dollars (over $60 each), I may not continue this tradition, and may instead give them the latest edition of “The Maxims of Wall Street.”
Silver Dollars at FreedomFest
I have also started a tradition of inviting attendees who have purchased a silver dollar at FreedomFest to join Steve Forbes, Kennedy and other celebrity speakers on stage of the closing panel, and have their picture taken with a silver dollar. It’s always a popular event. See the photo below.
FreedomFest attendees showing MC Kennedy (Fox News) their silver dollars, symbols of liberty and sound money.
We’ll be doing the silver dollar event again at next year’s FreedomFest, July 8-11, 2026, at Caesars Forum Convention Center in Las Vegas. We’re calling it “The World’s Fair of Liberty.” See our newly revised website at www.freedomfest.com. Join me, Steve Forbes, John Mackey (former CEO of Whole Foods Market), Alex Green (Oxford Club) and Kennedy from Fox News, and thousands of like minded patriots as we celebrate the 250th anniversary of our nation’s founding. Even George Washington, Thomas Jefferson and Ben Franklin will be there!
Where to Buy Silver
Here are a couple of reputable coin dealers where you can buy silver coins. Choose between numismatic silver coins such as the Morgan or Peace dollars, the American eagle silver dollars, the Ben Franklin half dollar (1948-63) or the “junk” silver dimes and quarters (actually selling at below spot these days).
My favorites are:
Van Simmons, David Hall Rare Coins, Newport Beach, California, toll-free 800-759-7575.
Rich Checkan, Asset Strategies International, Maryland, toll-free 1-800-831-0007.
Ben Franklin’s Favorite Symbol of America
Ben Franklin’s influence is everywhere. He designed the first American coin, the Fugio cent, in 1787, and it was made of copper, featuring the motto “Mind Your Business.”
Franklin’s favorite symbol of America is found on the American eagle silver dollar. Can you figure out which one it is?
The answer is found in chapter 44 of my Franklin book.
Best Interview on Ben Franklin and my New Book
Two weeks ago, Tim Sandefur, vice president of the Goldwater Institute, interviewed me about my new book on Ben Franklin. I’ve done podcasts with Newt Gingrich, Steve Moore, Fund for American Studiesand Kennedy (Fox News), among others, but this one was particularly far-ranging and enjoyable.
Watch it here: ICYMI: Bringing Benjamin Franklin to Life—A Conversation with Descendant Dr. Mark Skousen.
Charles Payne (host, Fox Business) loves my book and will be interviewing me on his show soon.
Positive reviews are pouring in for my Franklin book. On Amazon, lots of five star reviews: “A wonderful way to get to know Ben Franklin. Every American should read this book”… “Fascinating read. Can’t recommend enough.”… “Wonderful timeless treatment of the life and wisdom of a remarkable American. A great read for all ages and persuasions.”
Quiz: How Much Do You Know About Ben Franklin?
One of the fun things I do in the front of the book is take a quiz about Ben Franklin. It’s a great way to surprise people about the Franklin’s incredible life. Several people have told me that after taking the quiz and reading the book, they learned so many new things about the grandfather of our nation.
Here are a few of the questions in the quiz:
Which of the founding fathers became a bitter enemy of Ben Franklin?
Did Franklin abandon his wife when he moved to London in 1757?
How many illegitimate children did Franklin sire? (The answer may surprise you.)
What caused Franklin to change his mind about religion and believe in a personal God?
What single dramatic change did Franklin make in the Declaration of Independence?
How did Franklin influence Adam Smith’s controversial decision to support American independence in his famous book “The Wealth of Nations” in 1776?
All answers are found in the book.
The Perfect Gift This Holiday Season
It’s the perfect gift during the holiday season. I encourage you to buy multiple copies to give to your friends, relatives, neighbors and business associates. Subscribers have ordered two, four, even 10 copies at a time.
Another cool thing about the book is that you can read any chapter — each chapter stands alone. You can start with chapter 77, the column that was censored by Newsmax. It’s all about Franklin’s “hard to govern” sex life!
“The Greatest American” is now in its second printing. It’s 80 short chapters on how to apply Franklin to today’s hot topics.
John Mackey (former CEO, Whole Foods Market) says, “Of all the Founding Fathers, Benjamin Franklin is my favorite. He was America’s first conscious capitalist, achieving financial independence by meeting the needs and well-being of his customers. He then used his wealth to improve the community and played a crucial role in saving the country during its darkest hours. More than any other writer, Mark Skousen illustrates why Franklin has come to be regarded, both by citizens and historians, as the greatest American.”
Each holiday copy will include a rare Franklin stamp and will be autographed and shipped at no extra charge inside the United States in time for Christmas. Discounted price is $24 ($19 for additional copies). To order, go to Skousen Books at Discount.
Matriarchs of the Messiah
My wife’s book, “Matriarchs of the Messiah,” has turned out to be hit, and we just ordered another box from the publisher.
Jo Ann has written an empowering book about heroic women in the Bible, including Eve, Ruth, Bathsheba, Mary Magdelane and culminating with a chapter about Mary, the mother of Jesus. Autographed copies of “Matriarchs of the Messiah: Valiant Women in the Lineage of Jesus Christ” are available at Skousen Books at Discount for $20 each, and we pay postage.
Steve Forbes recommends it: “Believers and nonbelievers alike will be fascinated and inspired by the women whose stories are skillfully told here by Jo Ann Skousen. Their trials, triumphs, strengths and shortcomings will speak to both women and men today. Skousen’s knowledge of the times in which they lived is particularly impressive.”
Good investing, AEIOU,
Mark Skousen
You Nailed It!
Nobel Prize Winner Joel Mokyr Gets It Right
“We live in a good environment today with strong incentives, new and better tools to achieve scientific breakthroughs.” — Joel Mokyr
Courtesy: Wikimedia Commons
Joel Mokyr, a Dutch-Israeli economic historian and professor at Northwestern University, was one of three economists to win this year’s Nobel prize in economics.
I listened this week to his Nobel lecture and was impressed. He is one of the few historians who is optimist about economic growth, and rejects the dismal scientists, including his own colleague at Northwestern, Robert Gordon, who believe we have entered another era of “secular stagnation.”
He told the audience in Stockholm, “We offer unprecedented rewards, incentives and financial security to achieve successful innovations.”
His unshakeable faith in progress is based on his understanding of history. Every century witnesses new tools to generate major scientific breakthroughs. He gave examples of the past, such as the telescope and the microscope. This time it’s Artificial Intelligence (what I call Advanced Intelligence) as a new paradigm shift that will advance society.
Mokyr is a big fan of Benjamin Franklin as the model of the Enlightenment. In his books “The Culture of Growth” and “The Enlightened Economy,” Mokyr saw Franklin as an optimistic scientist and public figure who exemplified openness to new ideas, belief in progress and commitment to public improvement and useful knowledge.
He did give one word of warning: Scientific and economic progress is dependent on a liberal immigration policy, so that the best and the brightest can move to countries that offer the best opportunity to develop their ideas. Let’s hope the bias against even legal immigration ends soon.
I will definitely include Joel Mokyr in the next edition of my history, “The Making of Modern Economics.”
Special Announcement: The Sparks Will Fly at This AEA Session on Milton Friedman
On Sunday, Jan. 4, I’ll be leading a panel at the American Economic Association (AEA) meetings in at the Marriott Philadelphia Hotel on “Celebrating the 50th Anniversary of Milton Friedman’s Winning the Nobel Prize in Economics.” It will be a fun and provocative two-hour discussion, with panelists Jeremy Siegel (Wharton School), Michael Bordo (Rutgers University), July Shelton (Independent Institute), and James K. Galbraith (University of Texas at Austin). For more information, go to ASSA 2026 Annual Meeting.
