CDs vs. Precious Metals: A 20-Year Study—and the New Club Partner Program It Helped Inspire

Churches, Masonic lodges, Elks lodges, civic groups, charities, and other organizations often face the same basic question:

What should we do with money we don't expect to need right away?

For many organizations, the traditional answer has been a certificate of deposit.

That makes sense. CDs are familiar. Their returns are predictable. And for eligible deposits at FDIC-insured banks, they provide federal deposit insurance within applicable limits.

But what happens when we compare that traditional approach with holding precious metals over longer periods?

And what happens if those metals can also produce income through a precious-metals lease?

Those questions led K2 Bullion Exchange to examine 20 years of historical data. But that research eventually led to another question as well:

Could an organization benefit from precious metals without investing any of its own reserve funds at all?

That question ultimately led to an idea K2BX presented to Alpine Gold Exchange—an idea Alpine has now incorporated into its Authorized Partner Program as the Club Partner Program.

We'll look at both opportunities separately.

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Why This Question Matters to Organizations

Many organizations maintain reserve funds for years.

A church may be saving toward a future building project. A lodge may maintain reserves to support charitable programs. A civic or fraternal organization may accumulate funds to provide scholarships, community assistance, or emergency support.

The objective isn't necessarily to maximize investment returns.

Often the more important goals are preserving purchasing power, maintaining reasonable access to the funds, and producing enough income to help support the organization's mission.

That's why we wanted to compare several approaches over the same periods rather than simply comparing historical precious-metal performance with today's CD rates.

Our Historical Comparison

We examined 16 rolling five-year precious-metal periods beginning with 2005–2009 and ending with 2020–2024.

Each example began with a hypothetical $10,000.

For the CD comparisons highlighted in the study, we used the national-average five-year bank CD rate available near the beginning of the corresponding historical period.

That is an important part of the methodology. We did not take today's CD rate and apply it backward through history.

Gold and silver were measured using published year-end market prices over the same five-year periods.

For Goldbacks, which did not exist throughout most of the historical period, we did not pretend historical Goldback prices existed. Instead, the study used a mathematical Goldback model based on twice the spot value of the gold contained in a Goldback.

The historical Goldback figures are therefore a model—not an actual historical Goldback investment record.

We also examined what the gold and silver results could have looked like if a hypothetical 2% annual precious-metals lease return had been available throughout each historical period and the monthly lease returns had been reinvested.

That lease model is also hypothetical. Alpine's current lease structure did not exist throughout the 20-year period.

For readers who want to look under the hood, we've published the assumptions, formulas, historical data, exclusions, and calculations used in the study.

View the Full Methodology & Calculations →

What Did the 20-Year Study Show?

The results varied dramatically depending upon when each five-year period began.

That is one of the most important findings.

Precious metals did not simply rise every five years.

Across the 16 periods studied, gold's five-year price performance ranged from approximately +174.6% in the strongest period to -26.4% in the weakest.

The average five-year gold price change was approximately +55.5%, while the median was approximately +49.4%.

Silver was even more volatile.

Its five-year results ranged from approximately +250.5% to -55.2%, with an average of approximately +51.9% and a median of approximately +49.9%.

Those ranges demonstrate something that can get lost when people discuss precious metals:

The starting date matters enormously.

An organization buying near the beginning of a major metals advance would have experienced a very different five years from one buying near a market peak.

What Happened to the $10,000?

To make the percentages easier to understand, we modeled what would have happened to a $10,000 precious-metals position while also applying the hypothetical 2% annual lease return.

For gold, the modeled five-year ending values ranged from approximately $8,137 in the weakest period to $30,348 in the strongest.

Silver's wider price swings produced an even broader range, from approximately $4,952 to $38,728.

The weaker periods matter just as much as the stronger ones. They are included deliberately because the purpose of the study is not to select only favorable periods for precious metals.

What Changes at 2%, 4%, or 6%?

A higher lease rate increases the modeled lease earnings. To show how much difference that makes, the following tables use the same $10,000 starting amount and historical metal-price performance while changing only the assumed annual lease rate.

Each scenario holds its assumed rate constant for five years and reinvests lease returns monthly. The tables show total modeled ending values, including metal-price changes and lease returns.

Gold: Five-Year Ending Value of $10,000

Silver: Five-Year Ending Value of $10,000

The 4% and 6% figures are approximate extensions of the study's rounded 2% results. The methodology page explains the adjustment and rounding.

Higher lease earnings do not eliminate metal-price risk. Even at a hypothetical 6% annual lease rate, the weakest gold and silver examples above still end below the original $10,000.

These scenarios illustrate the effect of different rates. They do not establish that a $10,000 account—or every metal—qualifies for each rate, or that any rate will remain available for five years.

How Did CDs Compare?

For the CD examples, we used historical national-average five-year bank CD rates near the beginning of the corresponding period.

For example:

• 2009–2013: A 3.12% five-year CD grew $10,000 to approximately $11,660.
• 2011–2015: A 1.80% five-year CD grew $10,000 to approximately $10,933.
• 2015–2019: A 1.18% five-year CD grew $10,000 to approximately $10,604.
• 2020–2024: A 1.59% five-year CD grew $10,000 to approximately $10,821.

These examples assume the CD was held to maturity. Individual banks and credit unions could have offered rates above or below the national averages.

The important conclusion isn't simply that one ending value is larger than another.

CDs and precious metals behave very differently.

Predictability Versus Price Exposure

A CD gives an organization something precious metals cannot provide: a known interest rate and a much more predictable ending value if the CD is held according to its terms.

Precious metals provide something different.

Their market value can increase substantially, but it can also decline substantially.

Adding lease income doesn't eliminate that price risk. It increases the quantity or value represented in the model while the underlying metal continues to fluctuate in price.

That distinction becomes particularly important when an organization knows when it will need the money.

If a church expects to replace its roof two years from now, for example, exposing all of that money to short-term commodity-price movements may not fit its needs.

Money intended as a genuinely long-term reserve presents a different question.

What About Precious-Metals Leases?

Alpine Gold Exchange offers lease programs for eligible precious metals held through an Alpine account.

According to Alpine's published program information, members retain ownership of eligible leased metals and receive fractional lease-return payments.

In an October 2, 2026, update to K2BX, Alpine indicated that current lease rates range from 2% to 6%. Confirm the applicable rate, eligible metal, minimum amount, lease term, and other conditions directly with Alpine.

Our historical study retains 2% APR as its baseline and uses 4% and 6% APR as additional hypothetical scenarios. The 4% scenario is the arithmetic midpoint of the range Dennis provided, not a verified offer for a particular account.

With monthly reinvestment over five years, the lease multipliers are approximately:

• 2% APR: 1.1051, or a 10.5% increase in modeled metal quantity.
• 4% APR: 1.2210, or a 22.1% increase in modeled metal quantity.
• 6% APR: 1.3489, or a 34.9% increase in modeled metal quantity.

Those percentages describe the assumed lease accumulation alone. The ending dollar value also depends on the change in the metal's market price.

This is a back-test, not an actual historical Alpine account result. Current rates, eligibility, lease capacity, minimums, fees, and terms can change.

Why Stop the Main Study at 2024?

We deliberately ended the primary study on December 31, 2024.

That wasn't because 2025 was unfavorable to precious metals. It was the opposite.

Including the completed 2021–2025 period would add an unusually strong recent five-year result and materially increase the historical averages.

Rather than allowing one particularly strong recent period to dominate the results, we kept the primary 20-year study ending in 2024.

We also excluded 2026 because it is not yet a completed calendar year.

It Doesn't Have to Be All or Nothing

Perhaps the most useful lesson from the historical comparison is that an organization doesn't necessarily have to choose between 100% CDs and 100% precious metals.

Different reserves can have different jobs.

Funds needed on a predictable timetable can be treated differently from reserves intended to remain untouched for many years.

An organization's leadership, financial advisers, and tax professionals should determine the appropriate structure based upon the organization's needs, governing documents, risk tolerance, liquidity requirements, and applicable laws.

And then our research led us somewhere we hadn't originally expected.

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A Second Opportunity: Alpine's Club Partner Program

While researching how churches, lodges, and other organizations might use precious metals for their own reserves, K2 Bullion Exchange began considering a completely different possibility.

What about the organization's members and supporters?

Many people already buy gold, silver, and Goldbacks for themselves.

Could an organization receive a financial benefit from introducing those people to Alpine without collecting their money, managing their accounts, or taking ownership of their metals?

K2BX developed that idea into an organizational partner proposal and presented it to Alpine Gold Exchange.

Alpine has now incorporated the concept into its existing Authorized Partner Program as a separate organizational category referred to as the Club Partner Program.

Unlike the original proposal, this is no longer simply an idea.

The program is available now.

How the Club Partner Program Works

A participating organization first opens an Alpine Gold Exchange account for the organization and enrolls through Alpine's Authorized Partner portal.

The organization then uses its referral link to introduce interested members and supporters to Alpine.

Individuals who choose to participate establish their own individual Alpine accounts.

Those accounts and the precious metals held in them belong to the individuals—not the organization.

The individual decides whether to participate, how much to purchase, and what eligible metals to own.

The organization does not collect the individual's money or take custody of the individual's precious metals.

Instead, Alpine compensates the organization for qualifying net sales generated through its referral relationship.

Who Can Participate?

Despite the name Club Partner Program, Alpine has indicated that the organizational category is open to all organizations.

Potential participants can include:

• Churches and religious organizations
• Masonic and other fraternal lodges
• Elks and similar organizations
• Veterans organizations
• Civic and service clubs
• Charitable organizations
• Membership associations
• Other organizations interested in participating

There is no fee to join.

Alpine has also indicated that the normal minimum production requirements are removed for clubs and organizations.

That makes the program potentially practical even for relatively small organizations.

What Does the Organization Earn?

Alpine has placed participating organizations at its highest Authorized Partner commission tier:

• Gold — 1%
• Silver — 2%
• Goldbacks — 3%

According to Alpine, these commissions are perpetual and are based on qualifying net sales during each pay period.

That's an important distinction.

This isn't simply a one-time payment for referring someone who opens an account.

If a properly referred participant continues making qualifying purchases, that activity can continue generating commissions for the sponsoring organization.

The commissions themselves are paid to the organization in Goldbacks.

How Often Are Commissions Paid?

Alpine calculates Authorized Partner commissions twice each month.

Net qualifying sales occurring from the 1st through the 15th are paid by the 20th.

Net qualifying sales from the 16th through the end of the month are paid by the 5th of the following month.

The organization receives a commission report showing net sales by metal for the applicable pay period.

Individual contributors remain private.

In other words, the organization can see the sales activity used to calculate its commission without receiving information showing how much a particular individual purchased.

Why This Is Different From a Traditional Fundraiser

This was the part of the concept that originally interested us most.

Traditional fundraising generally asks a supporter for something additional: another donation, another assessment, another raffle ticket, or another fundraising purchase.

The Club Partner model can work differently.

Imagine a lodge member who already intends to put $100 a month into precious metals.

The organization isn't asking that member to give it the $100.

The member uses the money to build his or her own personally owned precious-metals holdings through an individual Alpine account.

Because the account was established through the organization's referral relationship, qualifying purchases can also generate a commission for the organization.

“You're not giving this money to us. You're building your own precious-metal savings. Because you opened your account through our organization, your qualifying activity also helps support our programs.”

Small Participation Can Add Up

Consider a 50-member lodge.

Suppose 20 members eventually participate and each purchases an average of $100 per month in qualifying precious metals.

That represents approximately $24,000 per year in member activity.

Or consider a church with 500 members.

If only 10% participated at an average of $100 per month, that would represent approximately $60,000 in annual member activity.

At 25% participation, it would represent approximately $150,000 in annual member activity.

Those numbers are not predictions of what an organization will earn. The actual commission depends upon the amount and mix of qualifying gold, silver, and Goldback net sales.

They simply demonstrate how recurring member activity can accumulate over time.

What Do Participating Members Get?

People who establish their own Alpine accounts through an organization's referral relationship aren't simply generating commissions for the organization.

They're Alpine members with their own individually owned accounts.

According to Alpine, eligible members may have access to benefits including:

• A free U.S. bank debit card
• Precious-metals lease programs
• Member-to-member transactions
• Access to the AGX Merchant Shop
• Up to $2,500 per week in eligible no-fee withdrawals

The individual's account remains the individual's account.

Participation should always be voluntary.

Two Completely Separate Strategies

This distinction may be the most important point in the entire article.

An organization considering these opportunities has two completely independent questions to consider.

The first is:

Should our organization place any portion of its own long-term reserves into precious metals?

That's the question addressed by our historical CD-versus-metals research.

The second is:

Would our organization benefit from participating in Alpine's Club Partner Program?

The Club Partner Program does not require an organization to move its existing CDs, savings, or reserve funds into precious metals.

An organization could decide that CDs remain appropriate for 100% of its treasury and still participate in the Club Partner Program.

Likewise, an organization could hold precious metals without participating in the partner program.

They are separate decisions.

How an Organization Can Get Started

An organization interested in the Club Partner Program should first establish an Alpine Gold Exchange account for the organization and then enroll through Alpine's Authorized Partner portal.

Apply Through the Alpine Gold Exchange Authorized Partner Portal →

When applying, the organization should identify itself as an organization interested in the Club Partner Program.

Alpine handles enrollment, referral tracking, individual account relationships, and commission reporting through its Authorized Partner infrastructure.

The Bigger Picture

We began this research with a fairly narrow question:

How would a long-term CD have compared with gold, silver, and Goldbacks when both started with the same money at the same time?

The historical results gave us useful information, but the research also led to a broader idea.

Organizations don't necessarily have to look only at their own treasury when considering how precious metals might support their mission.

Their members and supporters can build assets for themselves, while the commercial relationship created by those voluntary purchases can also provide ongoing support to the organization.

That concept began as a K2BX proposal to Alpine Gold Exchange.

Today, it has been incorporated into Alpine's Authorized Partner Program through the Club Partner Program.

For churches, lodges, clubs, charities, and other organizations looking for additional ways to support the work they already do, it's an opportunity worth understanding.

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About the Author

Ken Inman is co-founder of K2 Bullion Exchange LLC. His background includes business ownership, management, operations, and logistics. His work with K2BX focuses on practical applications for Goldbacks and precious metals, including merchant adoption, precious-metals payment systems, and ways businesses and organizations can incorporate sound money into everyday operations.

Methodology & Important Disclosures

The historical examples in this article are educational illustrations based on the methodology developed for this study. Historical performance does not guarantee future results. The modeled Goldback figures are not historical Goldback returns; Goldbacks did not exist throughout the full study period.

The historical precious-metals lease calculations are hypothetical back-tests. Alpine's current lease structure did not exist throughout the historical periods studied.

The baseline assumes a constant 2% APR with monthly reinvestment. Additional scenarios assume constant 4% and 6% APRs using the same reinvestment method. These are modeling assumptions, not evidence that each rate was historically available or is available to every account today.

The 2%–6% current range is attributed to Alpine's October 2, 2026, communication to K2BX. The 4% scenario is an illustrative midpoint. The expanded results are approximate and are calculated from the original rounded 2% values as explained in the methodology.

The model does not include taxes, early CD withdrawals, metal transaction spreads or premiums, changes in lease rates or eligibility, inflation, or Goldback collector premiums. Individual circumstances can materially affect actual results.

Precious metals fluctuate in value and can lose value over the period an organization holds them. Lease returns do not eliminate market-price risk. Alpine Gold Exchange determines its own account eligibility, lease availability, program terms, commissions, fees, and benefits, and those terms may change.

K2 Bullion Exchange is an Alpine Gold Exchange Authorized Partner and may receive compensation from qualifying activity through its relationship with Alpine.

Review the Complete Methodology, Data & Calculations →

This article is provided for educational purposes and is not financial, investment, tax, accounting, or legal advice. Organizations should consider their own governing documents, fiduciary obligations, liquidity requirements, and professional advice before making financial decisions.