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 I'm Charlotte Mloud with investingnews.com and here today with me is Mario Inko. You can find him right here on YouTube on the popular MCO 64 channel. Thank you so much for being here. Great to have you. >> You're welcome. And it's great uh talking with you again. Uh Charlotte, >> absolutely great to have you here as well. Happy New Year. Hope 2026 is going well for you so far. And we've got so much to talk about to catch up on since our last conversation. I thought we

could start with what's making headlines today, which is this criminal investigation into Jerome Powell from the Trump administration. So, there's a lot of information that's flying around. I wonder if you can start by breaking down what you see happening there, what your initial impressions are. Yeah, I mean I spoke about that today in my my video and um I was kind of surprised but uh that this uh criminal investigation is underway. They've subpoenaed documents and uh it's supposed to be related to the renovation

of the Fed's headquarter in Washington DC, but Jay Pal came out and said it's not. It's basically because they want him to uh cut rates. And he he's probably right. I think they're they're using any kind of u uh let's say tricks to try to get rid of him because I I think uh the administration even though they talk about how the economy is doing so great, they are desperate. And uh the reason they're desperate is because if you look at non-form payroll for example, uh that's

been trending down. Even though I know these numbers are doctorred, but even with them being doctorred, they're not looking good. And we have a midterm elections this year. And uh yeah, they they need something uh quick. Uh they're desperate. They're so desperate that they also announced that I think uh Trump is going to make uh credit card rates limited to 10%. And that's backfired. The major credit card issuers like Capital One. Uh I think the stock was down 6% earlier today. So

yeah, it's all related to that. I think uh he's trying to get rid of uh POW. He doesn't want to wait till May uh as quickly as possible. Uh uh you probably know that I'm not a fan of central banking. So all this talk in the mainstream media that it's horrible. It's against central bank independence. But uh central banks uh basically they create inflation to keep uh Wall Street like um uh whole when they have a crisis and the people in general suffer the general public and they have suffered

since the Fed was created in 1913. Uh the dollars doesn't buy I I don't even think a penny of what it used to do in 1913. So to me, the best thing would be to just abolish the Fed. But I think uh Trump is not a sound money guy. He just wants to take over the Fed and print as much as possible. So that's how I see it. >> Yeah. Yeah. Of course, I do recall that you're not a fan of Fed and the central banks. I'm wondering if you can talk a little bit more about what you see

coming in this environment. So we know that Trump wants lower rates. We know that Powell has been resistant to that. His term is ending in May, but as you're saying, it looks like Trump wants Powell out sooner. So, what's what's the path forward then for interest rates, do you think? >> Lower, especially in the short end, uh because they can control the short end rates, maybe up to a year, uh but the longer term rates is not so simple. When they started cutting rates, uh actually

in September of 2024, the 10-year yield was at 3.6% 6% and as we speak here it's around 420. So I would expect the bond vigilantes to come out. They've been in hibernation for decades. Uh but I think they're coming back. Yeah. So lower short-term rates um higher long-term rates. So a steep yield curve and uh more and more inflation because it's really simple. We've got a lot of debt not just in the US but in the whole world and the only way to make that debt uh manageable is to make it worth less.

So that's what they do best. Um central banks and governments they inflate. Uh inflation is not something that comes out of the blue. It's just them spending the government spending too much money and uh the Federal Reserve obliging uh with uh well you can call it uh increasing reserves or you want to call it money printing. So yeah that that's why I think gold and silver are making all-time highs today. Uh and not to talk about what's happening in the Middle East and Iran that that could be another

trigger for for the metals. Yeah, of course. I do want to also get your take on what's driving gold and silver prices. Certainly, the action that we're seeing today would be playing into that. What else are you are you looking at when it comes to drivers for the metals right now? uh deolarization I think uh is important uh with what uh I mean even uh Trump's uh America's allies uh even where you are Canada, Greenland, Europe uh no one even knows anymore if America is uh their friend

but let alone the other countries uh in the global south and what happened to Maduro is a a really stark warning to these countries. countries and I think I'm not saying they're going to get rid of all their dollars, but they're going to uh hold u yeah just enough as much as as little as they need and the rest they're going to be putting in the u yeah the safest and the most the and the asset with the most track record best track record excuse me in the few last few thousand years that's gold and even

silver now we're seeing central banks um getting involved. India is putting silver back into the um credit market from April this year. Uh they're allowing people to use it to collateralize uh their their borrowing. So yeah, that's driving uh gold and silver too. >> I think with prices at the levels they are right now, a lot of people are looking at them and I think it's clear from all the factors that the the stage is set for them to potentially move higher. What ranges are you looking at

when it comes to prices for gold in 2026? >> Uh yeah, I mean there will be a correction along the way. Uh I don't know, it could be next week, but uh I think we're going to continue to see a lot higher prices because um yeah, not just the fundamentals, but technically as well. I look at the technical analysis sometimes um and uh we've broken through some really key technical long-term levels like LA I think it was uh 2024 I was uh looking at 2700 and we broke through there uh and then

we uh corrected below that level after the US election uh as a testing of the breakout uh and then From last year onwards, we we've just kept going higher. And if you look at this chart, uh it's to the early 70s and it's logarithmic. It still looks like there's a lot of room and silver. Uh you probably heard of this uh cup and handle formation. Uh that's 45 years and we finally broke out of that late last year. And uh yeah, a lot of people have been calling tops for silver, but it

just keeps going. Uh so yeah, I wouldn't Yeah, I think we'll be a lot higher at the end of this year. Uh along the way, of course, it's difficult to tell exactly what it's going to do. Yeah, I know silver of course is inherently volatile, so definitely hard to predict the inbetweens, but so we have gold and silver prices. They're at all-time highs. You mentioned before we turn the camera on, there's stock market indexes around the world that are also at highs right now. And I think that can

be confusing for investors who might not expect these things to be at highs together. So, what can you say about what's happening in that respect? I I I think it's a little bit like uh if you look at Venezuela for example some like a decade ago maybe less and Zimbabwe um and Brazil um a lot of times their uh stock market indices performed really well and the reason it did is because they were pumping so much money uh and credit into the system inflating the system and and I think that's what's

happening in the West as well. I've seen a lot of headlines this year here in the UK because the Footsie broke 10,000 for the first time ever and um everyone's really excited, but if you price the Footsie in terms of gold, uh we're actually really dipping. Uh and to me that that's uh the only way to price um being um a sound money guy, it's the only way to press price assets in terms of gold. So I I would say to to uh investors, yeah, maybe buy um the stock market, but uh be aware that uh it's

kind of a false um false uh value. I think in my opinion, if you can yeah, if you can have some gold and silver on the side, it might help neutralize the the loss of purchasing power in the currency as well. And it it says uh Charlotte that gold and silver are are outperforming the the the stock market and I think uh and the bond market for that matter and I think that's going to continue. >> I think it's it's very tricky for people who are looking at the stock market and they do keep seeing it go up and up.

What do you think would be the the trigger at this point for a correction there >> in the stock market? >> In the stock market. >> Yeah. I mean, it's u people have been calling tops the last 6 n months and it just keeps going up. Um maybe it could be some kind of uh crisis out of left field, you know, a banking crisis maybe triggered by this credit card uh announcement or anything else. So it could be like uh the uh the uh let's say bombing of Iran by by the United States. That that could uh be

it. Uh we could see a sharp correction in the stock market lower. But then because oil prices would also like go through the roof and that hurts the economy. But then uh I would think that the central banks and the governments would jump right in to um yeah to save save the day again. So um yeah, they're not going to let things get out of hand. So yeah, but then again, gold and silver will do even better. So yeah, everything goes back to gold and silver. And I know it's like a bit of a repetition, but we we're

not in normal um like um Goldilock times like the '9s or the the first decade of the 21st century. Uh this is um like I think uh like the end of this fiat currency regime and um when things are near the end um the people in charge and the system itself gets desperate and um they try as hard as possible to keep it going. Um and I think that's what uh Gold and Silver are telling us. And um yeah, I think um the system will be reset when we see things like the the Dow gold ratio or the S&P to gold ratio go down to levels

that we last saw maybe in 1980 or even 1933. So, a lot of room um for uh I I think for gold and silver and even hard assets in general, commodities to outperform uh paper assets. >> Yeah. I remember last time we spoke, we talked about the importance of gold and silver, but also real assets, hard assets. So, I'm wondering, are there any aside from gold and silver commodities that you are bullish on right now that you think people should be paying attention to for 2026 and beyond? >> Yeah, I guess copper, um, that's making

all-time highs. uh platinum, palladium, all the base metals I think and and the and also not just the fundamentals are uh like look good for these uh metals but also the uh geopolitical situation in the world. The fact that the world is breaking up um in terms of uh we don't have the US being the hgeimon anymore. we have like a multipolar world and um the US is trying to like um get back into producing rare earth metals and commodities because the west has just neglected that in the last 30 years

because we have this uh environmental uh philosophy of not uh not digging nor nor ex you know exploiting the natural resources of our countries. and they left let the Chinese do that and they've they control everything now. So that's a big problem. So I I just saw that the US the Pentagon invested $150 million in the mining company that mines gallium, which is something I I'm not even sure what it's used for, but it's one of these rare earths. So yeah, I I think um rare earths, uh base metals, precious

metals, uh even maybe you know oil, I think um that's been kind of uh on the back foot and kind of a hated uh commodity. So I think it could surprise on the upside and it could be because of what's happening uh visav Iran in the Middle East. >> Well, and you mentioned China's influence on the critical minerals market and that goes back to another point we touched on last time which was China's growing role in pricing gold and silver. So I wanted to check in with you on that. There's been a lot of China

developments when it comes to precious metals since then. How how is the dominance of China developing since we last spoke about 6 months ago? >> Well, it's even more um clear that it's becoming more dominant. Yeah, it's u I just saw earlier today that uh the price of silver on the Shanghai gold exchange and the futures exchange was trading around $934. Uh, and I think uh the Chinese exchanges, they're more they're less um leveraged than COMX or the LBMA, their real physical market. Not saying that

maybe there might not be speculation there, but it's less speculative. And I think that's one of the reasons why uh gold and silver have been going up so much is because the uh paper game uh is now unwinding because yeah people want the physical um and we've had also in silver the uh supply uh deficit uh production deficit for the last five six years and um we have countries like like I said earlier um India they they need a lot of silver uh not just for um to uh back um loans uh collateral but they they're also into

solar power a lot and they have a a growing economy and a huge population so they they need a lot of this stuff and uh also um unfortunately the world seems to be becoming more and more dangerous uh and susceptible to a major war and raw materials always become really important during times of war. Um so I think that's one of the reasons why as you know that's happening as well. >> Great point and I wondered if I could get your take on the Chinese silver export controls that we saw getting a

lot of attention toward the beginning of the year. Are those significant for the market? How how are you looking at it? >> Yeah, I I think they are. I mean, they they definitely are. And some people didn't think they would be. Uh but I think it's one of the reasons why silver's gone up already this year. Uh I think it's settled uh around uh 76. I've got the numbers here. Hold on. I wrote them all down. Uh yeah, it's actually silver settled at 7160 last year. So we're we're up uh I I

think where are we now? Uh 85. So we're already up $14. So I think it is having an impact because China realizes that America is going to do the same thing. They're going to close off uh uh and control exports because yeah, they're the two biggest rivals. So it's normal that uh China is doing that and it's not the biggest silver producer but it it it does refine and produce a lot of uh like silver related uh stuff and um I definitely think uh they wouldn't approve u silver

being shipped to uh the comx or thema so I don't think it's a a blanket um let's say blocking of exports, but they're going to be a lot more uh careful uh of who, you know, what kind of silver and to whom the silver shipped abroad. >> Another another point I wanted to ask you about silver when it comes to China and maybe India as well. You were mentioning the solar demand from those countries. I was reading last week, I think it's Chinese companies that are looking at substituting silver and solar

panels as the price goes higher. So, do you see that having a a big impact on silver industrial demand moving forward or what do you think? Uh I mean I'm not uh an expert like in all those details but from what I hear from people who have looked closer at this than me is that there's a lot of um goods that need silver that um you know the silver is so minuscule in that product that even if the price of silver doubles it doesn't make too much of a difference to the price of that product. But of course

there will be things that uh like solar panels that maybe they'll try to substitute. But um the other thing uh is that the more valuable silver becomes it it could be uh like a substitute in terms of jewelry for gold and it could be even become like a status symbol you know because with silver at 20 bucks you know it's not not but if it's like 500 bucks you know if you're wearing silver you've got money right so yeah it's not just the industrial I think uh the jewelry part could be interesting.

>> Yeah. Yeah, I agree. I haven't heard too much about that yet. So, thank you for bringing that up. And as you said, you know, you are in touch with a lot of experts. I wonder for silver, there's there's so much going on below the surface there. Are there things you've been hearing or noticing that you think investors might be missing right now when it comes to silver? Yeah, I mean one thing you won't hear in the mainstream is the uh situation visav COMX and the LBMA and the fact that u

the the physical silver in those two exchanges are you know the supply you know and the availability of it is going down quite a bit and you don't see the mainstream uh cover that that much and I think it's one of the reasons why people have been shocked with with the fact uh with the fact that silver just keeps going up because they don't understand that um because uh it's such a leverage market in that um there's a lot of shorting, paper shorting and uh if people other counterparties are

demanding physical these shorts they're they're going to have to buy buy the contracts to close it out and that drives the price higher. I think uh yeah, we hear very little about that on the mainstream financial press. That's something that I think people need to uh like be aware of. >> Yeah, I'm I'm starting to hear more more and more about how these large entities are all starting to want to take delivery of silver. Is there anything more you can say on that note? Maybe

maybe who's doing this? What we can expect to see moving forward? Yeah, I think uh the institutions that want to take delivery are sovereign wealth funds uh very wealthy individuals and I I think uh the penny is dropped and they don't trust um the paper contracts and also central banks um uh in the Middle East. Uh, I think uh the bricks uh aside from gold being a really important part of their new monetary like um architecture, I think silver is going to be part as well. And I think uh like places like Dubai and places in the

Middle East, Saudi Arabia, they want to be a hub for silver. So, they're not going to just buy futures on COMX or uh unallocated silver on LBMA. They don't care. They just want the physical. Um yeah, the the paper is nothing for them. >> That's really interesting. So, potentially bricks and other countries moving from well maybe in addition to gold into silver. And I think we all know how impactful that's been for gold. So would you see them putting silver as as important as gold or maybe a

secondary metal for them? >> Yeah, secondary I guess. Yeah. But important more important than it's been in a very very long time. >> Yeah. Yeah. That's that would be quite impactful. And I think as people are watching the silver price move, they're also looking at the stocks and wondering why the silver equities haven't performed as as well as they might think they would given the high price. So do you have any thoughts there? I know I know when it came to gold stocks, we had

to wait for a while for them to catch up to the price. Is that is that just what is happening here with silver? >> I I think so. Yeah, I think so. And uh yeah um maybe uh there's still a lot of disbelief that the price might not stay up here for too long. So people are a little more cautious. But uh I I think the silver miners uh they've got the best uh potential really even more than the gold miners. And that's where I've uh uh I've put my uh money to work uh in uh I mean I have some gold miners, but

I've shifted a lot to the silver miners. You just have to be patient. >> I think it makes sense in terms of where we are right now. When it comes to the silver stocks, are you focusing on the miners or developers or the smaller companies? Is there an area you like more than another? Oh, just the just u like companies that are already producing. Yeah. Not not the uh there's not too many like silver exploration uh companies and there's not that many um primary silver producers, so it's tough.

But I've got the uh the major silver miners on in my portfolio. I don't think you need to complicate it. Yeah. Yeah. It's kind of funny to ask that question because you just don't have that many choices. I don't think you can go overly wrong in in the silver stocks. As we're getting to the end here, I'm wondering where would you place us overall in the precious metals bull market right now? Because typically we hear that gold moves first and then silver follows and definitely it seems

like we're going down that path, but it doesn't feel like we're at the end at all really. So, what are your thoughts? Yeah, I mean I I have a couple of dates. Uh I look at cycles. Uh one of them is uh around 2027 28 and that's to do with the Dow gold ratio. And I've looked back in history like um from 1933 to 1980 uh we went from 2:1 in the Dow and then back to 1 one and that that cycle took uh yeah 47 years. And um so if you add 47 to 1980, you get 2027. But I I've heard from people who are a

lot more uh thorough and and have done uh like really long-term analysis of the cycles going back to like the 1600s. And I think it's Bert Dolman. He he's a German American uh investors uh in the precious metals and he's got a date of 2032. So I I think we still got a quite a bit of time um in the precious metals bull market. Uh I don't think we are like in 1979 uh which was like the the last year of the uh 1970s bull market that culminated in 19 January 1980. I think we got more

time on our hands. >> Definitely. I I agree. It feels that way. And just before I let you go, any final thoughts that you would leave investors with heading into the new year? >> Yeah, don't leverage. And uh be right and sit tight. That was a saying from Jesse Livermore. And I think um yeah, being long gold and silver has been the right right thing to do. and I think is going to continue to be. So yeah, don't don't uh be distracted by the naysayers and just uh stick with it.

>> I think that's a great place to wrap up. So thank you so much for coming on to talk about gold and silver and what's happening in the markets right now. >> You're welcome. Thank you for having me on. >> Of course. And once again, I'm Charlotte Mloud with investingnews.com and this is Mario Ino. Thank you for watching. If you like this video, make sure you hit the like button and subscribe to our channel. We'd also love to hear your thoughts, so leave us a comment below.