step in. So yeah, it's something people should really really pay close attention to. And if the banks don't want to lend money to other banks, what does it say about keeping your money within a banking system? What does it say about the systemic risk within the banking system itself? I think people should think about that as well. This is one of the things that we've talked about a lot on your show is just how safe is the banking system with the change to universal commercial code with with the


great taking by David Rogers web with being an unsecured general creditor over the FDIC limit. All of these things we've talked about bailins versus bailouts for a long time. This is how it would start. In essence, this is where the trouble starts before the stocks get wind of it, before the uh the the credit markets get wind of it, before the media gets wind of it. starts right here because you're talking the most well-informed traders on the planet. [music] In today's market recap, we're looking


at fresh forecasts for gold, silver, and platinum. Gold has rebounded strongly after finding support near $4,000, climbing back above $4,500 despite a stronger US dollar. If it stays above the $4,50 zone, analysts expect a move toward the $4,170 to $4,180 resistance. The World Bank maintains a bullish outlook on gold due to central bank buying, geopolitical uncertainty, and tight supply. Although the Federal Reserve's recent hawkish tone is creating short-term volatility, investors are still hoping for a rate


cut later this year, which could further support prices. Silver is also back in rally mode, pushing above $50.50 as the gold to silver ratio eases toward 80. A breakout above $51 could open a pathway toward $52.60 to $52.80. Strong industrial demand from solar, electronics, and EV manufacturing continues to underpin silver's medium-term strength, though delays in expected US rate cuts could trigger pullbacks. Platinum attempted to dip below $1,520, but quickly rebounded to around $1,540. If it clears the $1,550


moving average, it may advance toward $1,620 to $1,630. Years of supply deficits, reduced recycling, and growing jewelry demand, especially as consumers shift away from high-priced gold have helped platinum outperform other metals this year. Analysts expect a possible small surplus in 2026, but the market remains tight for now. Rona Okonnell from StoneX notes that a muchneeded correction has cleared some excess speculation, setting the stage for a healthier trend. Global precious metals markets also reacted to


hawkish Fed comments, though the World Bank still sees gold, silver, and platinum staying strong into 2026, supported by demand, supply constraints, and ongoing geopolitical risks. Now, we'll show you the best clips from the latest interview. Something is happening in my mind beneath the surface of the financial system. Uh because over a fiveday stretch over the last two weeks, the Federal Reserve injected $125 billion into the repo market. And the popular talking heads would say it was to ease funding stress as we saw uh in


2019 with the repo market problems in 2008 with the fail of layman brothers and the great financial crisis. But it's important to understand that 125 billion, especially over a few days, over a period of 5 days, is akin to crisis-like behavior. It's on par with what we saw when layman fell. It's on par to the 2019 blowout in the repo market. But let's let's first kind of try and dumb down what the repo market is. It's the plumbing of the financial system. And it's where banks, big banks,


lend to each other overnight, literally overnight. And they do this to keep things flowing, if you will. Normally, this market, you never hear about it, and that's what it's supposed to be. It's quiet. It means everything's working. But when the Fed steps in with huge amounts of cash, mind you, typically, if there was a little bit, if there's no stress, you won't see much of any movement in the repo market or usage of it. If there's uh a little bit of stress, you might see 3 4 5 billion put


into it or trading in it. Uh if there's moderate stress, maybe 10 12 billion. At 125 billion, it's the equivalent of hearing loud banging noise every time you turn your water on in the walls. You know, something's not right. Something's not flowing right. But what makes this concerning and very different than what we saw in 2008 and 2019 is that in 2008 and 2019 it was an issue of liquidity or lack thereof. Now this is not a we're out of money problem. Um, today the banks that that


the big banks that would trade in the repo market actually have twice the reserves that they had during the 2019 repo crisis. And in this environment, the Fed would rarely, if ever, inject liquidity into the overnight market when reserves are this high. In this environment, repo injection should be near zero because the banks have enough money to trade with one another back and forth. It's just overnight exchanging collateral. typically um treasuries, sometimes mortgage back securities or whatnot. But this isn't


about money, it's about trust or lack thereof. And in essence, then again, banks are looking at each other and saying, "Not a chance in the world am I going to borrow anything or lend anything to you or uh not even for one night." And and cuz I'm not [clears throat] sure you're going to pay me back tomorrow morning. And the reason this matters is because you typically only see repo market stress right before market corrections. And and that's an ominous sign. It's an ominous sign in


that this is all about the lack of trust. And when the most well-informed traders on the planet, the very very large commercial banks are saying, you know what, I'm I'm not lending my money into this system. I'll just park it at the Fed instead. I am not going to do it. And and you start to see the overnight lending system dry up. Uh it it portrays I think serious fractures within the entire system and is far more concerning than just a lack of liquidity. It's a lack of trust which is far more systemic


and troubling. So I mean the banks don't the banks are trading with other banks small or regional maybe and also with large hedge funds. And even though, you know, um even though you would think that this would be something that should be easy peasy, it's not. And uh because now it's it's a lack of trust, it's also a lack of faith in collateral. We've been seeing a lot of a lot of um subprime and uh mortgage back securities, not subprime, but mortgage back securities rather used as collateral. Now, you


would do that uh after you've already I mean, you're doing that because you don't have treasuries or you don't want to trade your treasuries. You're you're trying to give the collateral that is less than perfect. So, they don't trust the collateral and or they don't trust the partners. That is not a good thing because you're trading overnight. You're talking the most liquid, safe, secure trading platform on the planet. Uh you can't get more conservative than trading


overnight with the big big banks and using the collateral that is you know either mortgage back securities which are bundled or um or the um treasuries and this portrays that the system itself is rotting from underneath and the big players know this. Um it's concerning for sure and I think people should keep a close eye on it. >> Don't forget to smash that subscribe button.