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  I will say that we are at a point now and I warned people for many many years. I always said be careful what you wish for. You know people are talking about a hundred $200 silver 5 $10,000 gold. The reason you be careful what you wish for is because as I mentioned everything is derivatized. Uh you've got massive shorts that were put on for years and years and years to suppress the price. Now those shorts are being broken and you're gonna see dead bodies and those will spread be counterpart.

So again, let me just say again, be careful what you wish for. You know, are you hoping for $200, $500 silver? Are you hoping for 10 20 $50,000 gold? Uh be careful. >> And these stocks are priced like gold's still worth 3,000 ounce, not 4,400. And the silver stocks are prices if silver's at 35, not not 70. So there's a long ways for these mining stocks to go higher. And then of course again in the panic manic mode, people that are late to the party will look for the cheapest gold and silver stocks they can find.

Welcome to Gold Silver News, your go to destination for all things economics and finance. Whether you're an experienced investor, an inquisitive student, or just someone who wants to stay ahead in today's everchanging economic landscape, you've come to the right place. Now, we'll show you the best scenes of the latest interview. But first, smash the subscribe button, hit the like button, and send us super thanks if you find our daily recaps valuable. Enjoy the episode. Well, uh, you know, I was

actually my thought on that was, you know, limit up for a few days. So, a few days closer, but you know, you have to think outside the box. Could you close the market? So, basically what happens is you go to a cash market like Bill keeps saying. So, at that time, you uh, you know, the egg market and the milk market used to be in the futures industry. Neither one of those exists in the futures industry anymore, but they both exist on a cash market. So, they would go. The problem is what happens if

we go to a cash market meaning if pick a number silver's at 200 how many people want to turn that that silver into fiat some will I would say but probably not so you're going to go to a market that's controlled primarily in a free manner between a bid ask between someone that owns the physical and someone that wants to buy it for something else could be barters like look give me this much silver and you can buy my you, you know, my used car a lot. Who knows? But I don't see that happening

uh at, you know, could happen. I won't rule it out. I think again that there'll powers that shouldn't be are going to do their best to blame it on the speculators. Maybe remonetize gold. I'm not sure. Maybe put it in the new system. I agree with what Jim Sinclair said. If I got it right, Bill's right here. But, you know, I think they're going to try their new system with a tie to zero. Just their their good word and it'll fail and they'll come back and have to tie the

new system to gold. I think Jim's got it right. But I don't know, but he's pretty clear thinker in my view. I've followed Jim Sinclair since I was have, you know, run big time. But all you have to do is look at a chart. I mean, you could look at at you could have been a German in 1920 and said, you know, the price of gold and the price of silver is crazy. >> But what happened 3 years later? And one thing that very few people are talking about um and people used to talk about uh quite a bit was derivatives.

>> The the problem with the system today is that everything is financialized. Everything is derivatized. And I mean, you're talking about over two quadrillion dollars worth of derivatives. And all you have to do is get one market that goes offside and that'll spill over to all markets. And and I have have posited for at least 10 years that I thought because silver is the smallest market and and the most the most suppressed. It's my thought that silver is the fuse to the derivative

time bomb. I think silver is going to fail to deliver first. That'll spill over to gold the same day or the next day and within 72 hours markets will be completely dysfunctional if they're even open. >> It's both, but primarily it is the retail markets mostly selling back. I mean, I talk with a lot of the major dealers and wholesalers and they're stocking inventory and they've got to finance it. I mean, if I have to make a market in the metals, uh, I might have, uh, you know, my bank account might be,

I don't know, five million, but I've got to buy up 25 million in product. I got to finance that. So, I got to buy it and maybe below spot or whatever, but then I still have to finance that. I got to borrow the money from the bank to make that market. And the longer I got to hold that metal on the shelf, the more it cost me. So I'm willing to lower my premiums to move the metal so I don't have the financing charges. So that's one side of the market. The big people, yeah, they're coming in. These are, you

know, I never bought gold before, David. What do I do? I don't want to make a rookie mistake. And of course, I set them up. uh but the insatiable demands coming from India and China primarily and this is mostly industrial demand although in Hong Kong if you look at this King Kong 888 I think it is Eric Young he's showing you that a lot of wealthy uh Asians are coming in and buying you know I won't say boatloads of silver but substantial amounts North America net sellers Asia net buyers

primarily I would say the industrial side. >> Yeah, you're you're definitely seeing uh selling in North America. >> Uh retail is definitely selling. Uh you've you've seen I I think what you're looking at is the economy is nowhere near as good as the official government statistics. There's no money on the streets and people are raising money by liquidating metal just to live. uh prior to let's say 2005 the United States was the game but now it's an it's the entire world and the

United States is not uh it's not leading as far as uh you know purchasing gold and silver you the you're seeing massive demand out of Asia and Asia those people are cash and carry Americans accept ed, you know, a contract for this, a contract for that, as good as gold, so to speak. But that's not the case. What what what we're looking at now is you've got Indians, you've got uh the Chinese when they buy, they want the metal, and the problem is you can't print the metal. The metal doesn't exist. And the

the real short the real shortage is in silver. I mean, gold is considered money. Uh, silver is not primarily considered money. It's I mean, it's got it the demand for silver comes from so many different industries and it is cash and carry. I mean, you can't you can't put uh a paper contract into uh into technology. You can't put a paper contract into a medicinal use. It has to be the real metal. And the problem is they can't print it. And that's where the the severe shortage is

showing right now. And that's where it's going to break is in silver, not gold. Gold will follow. And if there was no such thing as silver, gold would ultimately break on its home. But silver is going to going to be the blasting cap. David Morgan and Bill Holter contend that silver is the real Achilles heel of the worldwide financial structure because it is limited, heavily restrained and vital in tangible form, making it the most probable market to reveal breakdowns in paper agreements

and derivatives. They maintain the shift into gold began discreetly with smart capital and is now accelerating through phases towards significantly higher volatility. While silver is nearing a stage where genuine demand may overpower existing physical supply, compelling a transition to cash and carry markets and revealing futures as incapable of delivery. In their perspective, the systems reliance on credit confidence and enormous derivatives makes silver the fuse that could ignite a wider collapse, potentially forcing officials

to rush toward digital frameworks before metals destabilize the present paradigm. Let's explore the interview Achilles heel of the whole financial system. I made that video more than 10 years ago explaining that silver is going to pull the trigger, not gold, and the reasons behind it. So, if I'm on record at least a decade ago stating silver is the key uh regarding where we are, just to reiterate, you know, I discussed the move into gold before anyone talked about the move into gold. And I said,

"Look, I understand what's occurring because smart capital is entering in a covert manner, which was the banks." And they were accumulating gold at a rapid pace between 24 and 25. And then we began to surge. And I offered the analogy that it starts like a stroll, you know, very gentle walk, then a brisk walk, then a light jog, full jog, a light run, a full run, and an all-out sprint. And that's a metaphor for how fast this market advances to the upside. And as I mentioned earlier, I think

we're in maybe the light run right now and we're far from the all-out sprint. I don't know if we're far from it. I mean, maybe, you know, we go limit up 4 days consecutively and the exchange shuts down because, you know, there's chaos. People aren't receiving delivery as Bill indicated and, you know, game over. I'm not forecasting that. What I'm saying is we have a very volatile market. Nobody knows how much actual demand can be met by real metal. That's the key as Bill

has stated. And so, yeah, I'm in complete agreement and I don't think we have um a long distance to go. You know, there's my peer group. Many are saying, "Oh, we've got a 10-year bull market in silver from this point onward." In theory, we do. But in practice, no. Because the financial system needs to be or the powers that exist, powers shouldn't want this to continue within their framework, which means total control with a digital-based cashless society. And they want to transition to

that before these metals wreak havoc on their existing financial system. Yeah, I think uh there's no way to there's no way to assign a date. There's no way to time it. Uh but the behavior itself indicates something has definitely shifted. There are no major smash buyers. What this is all about is and this is something my my former partner Jan who passed away two two years ago repeatedly said is that the endgame would be a cash and carry market and the paper game would disappear and that the

paper is paper is not desired. I mean, he talked about a $50,000 bid on gold and nobody selling and $10 an ounce offered on the COMX and nobody buying. Why would you purchase a contract that can't deliver? And I and that's where we're headed is toward a cash and carry market versus the futures markets that are deceptive. They're being they're going to be proven deceptive. That's the bottom line. When they can't deliver that demonstrates they were a fraud. Well, first of all, it's an individual

decision. So, there are some stackers out there that say, "Okay, I don't know. I'm just going to ride this thing to the top or close to the top." And there are people that are waking up. You know, maybe they've watched Bill for 3 years but never acted and now they are encouraged. So, in those situations, I'd say dollar cost average. You know, if silver goes from 70 to 200 and you don't want to buy it at 70, but you don't own any, you should because if you don't

have metal or real money, who knows how this will conclude. If it ends in the scenarios we've described, you'll be very thankful you have some. So, you buy it, you know, over the next 6 months, dollar cost average in. So, that would be for people that are late to the party that need to acquire it. On the mining side, I'd say that applies to both. I believe you need real metal first before you ever purchase a mining share anywhere but there is leverage in the miners and the miners are certainly a

gift in a sense because they're trailing the current prices in both metals. So if you do it carefully, I mean we at Morgan port weight the portfolio have done that for years survived the major you know down earn and resource the resource sector from you know the 2011 peak until you know the last few several months back where we really started moving again but that's an opportunity as well and there are people that simply disregard all and just say you know I'll buy an ETF or whatever and that's fine

but just recognize you're still within the paper framework with no you know real solid solid contingency plan if things to conclude poorly. I would continue uh to definitely overweight silver simply because the ratio even at what is it now 63 64 down from 120. So from that 120 silver has already doubled the performance of gold. Uh but I think you're going to see a a silver to gold ratio probably 20 25 maybe lower. Who knows? But silver is undervalued relative to gold. you would again it

can't default just like gold can't default so I would choose the CH to the cheaper rail on a relative basis I would select the less expensive of the two and understand that yes it takes you know for large capital you need an enormous amount of storage space but for the average individual if you want 100% silver I don't have an issue with that because you may end up using it to live on for I don't know 2 weeks more than a couple months number one I think for 20226 you need to be extremely cautious

about cyber warfare are cyber attacks. I think that's uh a narrative that's out there that isn't discussed frequently enough and the vulnerability in the system. Uh number two, I think would be war just a broad label because it appears they're going to intensify, not deescalate. So that would be number two. And third would be war with who? War with who? Well, all the wars that exist. We've got Ukraine. We've got the Middle East. We've got Europe possibly appearing like they're heading toward

war. Maybe Russia is going to expand theirs. Uh we've got what's occurring in Venezuela, which is quasi war. So I see war escalation. Let me express it in those terms. Gota. And the third I think then this is a little ethereal, I suppose, but a bit of consciousness. I mean, I recall a couple years ago they asked Bill this question and he said, you know, there going to be a lot of truth bombs that will emerge over the next year. I forget what year he stated that 2024. And I would say it aligns

with that, but the truth is we can't rely on these. So, you know, the erosion in trust is already accelerating. We need to come back together is one of my good um associates in Germany said, "Can you get in touch with Bill Halter? Everybody over here wants to meet Bill. make sure he brings his cowboy hat. And so I don't know how many years ago that was, but they admire Bill and I. And then we finished with um the lecture. We kind of held an impromptu gathering upstairs wherever and those people

wouldn't allow us to leave. One of the primary concerns at that time was about war and what was going to happen to Europe. So there you go. This conversation illustrates a portrait of a financial system under increasing stress with silver appearing as the crucial pressure point where physical scarcity, declining confidence in paper markets, and global demand converge. The speakers caution that extreme price movements in silver and gold would signal profound systemic disruption, not prosperity. Yet

they also assert that silver remains undervalued relative to both its industrial significance in gold as credit derivatives and trust deteriorate. The move toward physical metal and cash and carry markets could accelerate swiftly making the coming period critical. If silver truly becomes the trigger, how rapidly could a delivery failure spread to gold and wider financial markets? How should individuals balance holding physical metal versus exposure to mining stocks in such an unstable environment?

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