Shanghai-London arbitrage and metal flows

Willem Middelkoop says the monetary reset is no longer a forecast. It is unfolding now.

Speaking with Kitco News at PDAC 2026, the Founder and CEO of Commodity Discovery Fund reiterated his aggressive silver outlook. “It was 2021 when I called for $100 silver,” he said. “Now I'm calling for $500 silver.” Middelkoop argues that historical benchmarks still matter, noting the gold-silver ratio “traditionally has been one in 10 for over 2000 years,” while physical supply continues to tighten. He added, “If you look at the silver production in Peru, it's down 40% over the last five years.”

Beyond price targets, Middelkoop believes the global financial order is shifting east. “The price discovery mechanism for gold and silver is moving from Chicago to Shanghai,” he said, adding, “I think this is Bretton Woods 3.0.” He warned that “the next crisis could be a sovereign debt crisis,” but maintains that despite volatility and geopolitical tension, “We are just starting.”

01:06 - Silver Squeeze Setup
02:47 - Comex Credibility Cracks
04:18 - Shanghai Takes Over
07:36 - Mexico Mining Risk
08:50 - Fed No Longer Matters
09:53 - Bretton Woods 3.0
11:32 - Sovereign Debt Reckoning
13:39 - Middle East Political Fallout
17:20 - What It Means for Miners
19:01 - M&A and Copper Deals
23:06 - Portfolio Positioning
25:44 - Black Swan and Stacking

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The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.