April 2026 - Week 4 Edition
President Donald J. Trump’s Image and Signature Likely to be Put on Paper Money
Perhaps one of the greatest fears of democrats is transitioning from a nightmare to reality, as conservative House representative Joe Wilson, R-South Carolina, has filed legislation to create a $250 bank note with President Trump’s photo emblazoned on the front. Appropriately titled, “The Donald J. Trump $250 Bill Act – H.R. 1761, would change a century-old portion of legislation that bans living people from being commemorated on U.S. currency, thus allowing Trump to be immortalized on a new $250 bill.
Like the Semiquincentennial coins that are currently being released by the U.S. Mint, I believe a new $250 note would do wonders for the coin and paper note collectible markets. It is my understanding that the bill has enough support to get passed and would obviously be signed by the president, thereby directing the U.S. Bureau of Engraving and Printing to create the new Trump $250 bill.
Additionally, for the first time in 165 years, a president's signature is slated to begin appearing on U.S. currency, according to the U.S. Treasury and the BEP.
“In honor of the 250th anniversary of the United States of America, President Donald J. Trump’s signature will appear on future U.S. paper currency along with the Secretary of the Treasury, marking the first time in history for a sitting president,” states a press release from the U.S. Treasury.
In the March 26 release, Treasury Secretary Scott Bessant stated, “Under President Trump’s leadership, we are on a path toward unprecedented economic growth, lasting dollar dominance, and fiscal strength and stability,” said Secretary of the Treasury Scott Bessent. “There is no more powerful way to recognize the historic achievements of our great country and President Donald J. Trump than U.S dollar bills bearing his name, and it is only appropriate that this historic currency be issued at the Semiquincentennial.”
Gold Vacillates Daily – Mostly On How the Winds Blow in Iran
It doesn’t do investors much good to watch the daily swings of gold or silver, since the news out of Iran will whipsaw both gold and stocks until the tensions in this region are somehow resolved. All we need to remember is that gold’s role as a safe-haven (and currency-haven) remains strong. Now, if we ever see a new Trump-appointed Federal Reserve chairman, we will likely begin to see lower prevailing interest rates, thereby helping gold even more, especially if the conflict in Iran ends soon. That, and the nomination approval of Kevin Warch as Fed Chair, could send energy prices and the overall inflation rate down to pre-March levels.
Gold’s price has been fairly level since the fighting in Iran erupted and a stable high gold price is positive for new gold exploration efforts. S&P Global reports, “Gold exploration budgets have risen by 11% to $6.15 billion on the back of record gold prices,” and the major gold exploration companies account for 57% of those budgets. “Their spending is primarily focused on extending the life of existing mines by exploring nearby areas for additional ore. They have also been investing in already operational mines to expand.”
Analysts say silver exploration is also expanding, as silver seems to have settled in a $70 to $85 trading range. Silver mining projects rose 26% in 2025, mostly because Indian silver demand continues to grow. India imported 7,335 metric tons of silver (over 235 million Troy ounces) in the past year, a 42% increase.
As a currency and bond hedge, gold’s clear advantage is that you can’t fake an ounce of true gold even though the Chinese and others keep trying! Gold remains the only major financial investment that has no “counterparty” risk, especially if held in its physical form: coins or bars. It will consistently maintain its purchasing power, as centuries of monetary inflation and currency debasement have demonstrated.
Inflation is still a risk. According to the latest Consumer Price Index (CPI), prices are up 3.3% in the 12 months trailing through March 31, up from +2.4% as of February 28. Gold is an inflation hedge but that has become only a minor advantage when compared with gold’s role as a currency and crisis hedge. The budget deficits (now about $2 trillion a year as far as the eye can see) are a bigger threat than inflation.
Performance of Gold in the World’s Leading Currencies Since January 1, 2000
Each week, we give you a single figure for gold’s performance since Y2k, in terms of the dollar, but a new chart called “Back to the Future of Money” from the “In Gold We Trust” report released in April 2026, by Ronald-Peter Stoferle and Mark J. Vanek, shows how far gold has outdistanced every major currency since the year 2000. In this report, the authors show that the dollar is not alone in its long-term erosion, even though it has performed worse than five other major currencies – the Swiss franc (the “gold standard” for paper money), the Chinese yuan, the euro and the Australian and Canadian dollars. Among nine major currencies profiled in this new gold report, the U.S. dollar has only beaten the British pound and Japanese yen, Indian rupee and most other Third World currencies, as well it should.
In 24 of the 27 calendar years of the new century (including 2026’s first quarter), gold has outperformed currencies in Australia and India. The worst year for gold in the new century was 2013, when gold fell by an average 24% over nine months. On the flip side, 2025 was the best year, up an average 56.6%, led by a 72.7% gold gain in India’s rupee and up 64% in terms of the Japanese yen and the U.S. dollar.
Silver rose $5.44 (+7%) last week and gold rose somewhat slower at +2% but was $95 higher. The major stock market indexes also enjoyed a positive week, with the S&P up 4.5%, the Dow inching up by 2.5% and the tech-heavy NASDAQ Composite rising by a hefty 6.8% last week. In a mirror image, the price of a barrel of crude oil fell by about 13% last week, from $97 to $84. The gains in stocks and the fall in oil prices seem related to a “best-case scenario” on the end of the ongoing battle in Iran, which President Trump says is near, but actions by Iran keep subverting any peace talks or safe passage through the Strait of Hormuz.
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