“The Physical Market Is Taking Over the Paper Market” | Nomi Prins

Gold and silver are commanding attention, but Dr. Nomi Prins says the more important shift underway is structural, not cyclical. Rising debt stress, institutional friction, and supply constraints, she argues, are reshaping how capital moves through the global financial system.

Speaking with Kitco News at VRIC 2026, the geo-macro economist and Prinsights Global founder said, “we are really in the beginning of a major super cycle in commodities,” driven not only by uncertainty but by shortages that “you can’t just snap your fingers and have them go away.” She said metals such as silver, copper, and platinum face long development timelines that limit how quickly supply can respond.

Prins also pointed to central banks reducing reliance on sovereign debt and prioritizing gold, while banks and institutions increase exposure to physically backed markets. During periods of political and financial stress, she said capital moves toward assets that cannot be diluted or controlled, noting that “the physical market is actually taking over the paper market.” While volatility remains part of the cycle, Prins said the forces supporting hard assets and select miners remain firmly in place.

Recorded January 26, 2026.

Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials.

00:39 – Gold and Silver Market Dynamics
02:55 – Institutional Friction, Lawsuits, and Market Uncertainty
05:13 – Central Banks, Sovereign Funds, and Hard Asset Rotation
08:47 – Mining Supply Constraints and Sector Insights
11:04 – Forecasts, Volatility, and Investment Strategy
14:07 – Government Involvement and Strategic Commodities
16:42 – Energy, Oil, and Other Commodity Outlooks

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