Coffee and a Mike David Jensen #1335
Mar 18, 2026
David Jensen, a precious metals analyst and mining executive, outlines risks around gold, silver, interest rates and geopolitics. He covers London market disruptions, a looming silver shortfall, how metals drive bond and yield moves, and why bitcoin may distract from physical metals. Expect sharp takes on energy, food supply risks, and the limits of paper markets.
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How London Reforms Enabled Endless Paper Gold And Silver
- Gold and silver act as monetary warning systems that reveal loose central-bank monetary policy.
- David Jensen links 1986 UK reforms handing London bullion oversight to the Bank of England with creation of promissory-note trading that enabled effectively infinite paper metal claims.
Silver Shortage Is Pushing The Paper System To The Brink
- A physical shortage in silver is stressing the paper-market structure and will force higher interest rates.
- Jensen estimates only ~150–170 million ounces liquid in exchange vaults versus 1.2B oz annual market and UBS forecasting a 300M oz deficit this year.
Metals Demand Can Trigger Rapid Bond Market Repricing
- Rising gold/silver demand can quickly force bond selling and higher yields, collapsing asset bubbles.
- Jensen compares the current sell-gold-buy-bonds dynamic to the 1970s where metals spikes forced rates to ~19% and ended the loose-money era.