The Delingpod: The James Delingpole Podcast Keith Weiner
Feb 17, 2026
Keith Weiner, monetary analyst and founder of Monetary Metals, explains why fiat money fails and how paying interest on gold and silver can restore honest savings. He covers backwardation in silver, how gold can withdraw its bid from the dollar, and practical mechanics of earning yield on physical metals. Short, sharp conversations about monetary science, market incentives, and real-world precious metals solutions.
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Backwardation Reveals Hoarding Pressure
- Backwardation (spot > futures) signals market scarcity and hoarding, even in gold.
- Weiner explains backwardation arises when holders refuse to lend metal despite free arbitrage profits.
Gold Withdrawing Bid Destroys Dollar
- The critical risk is the gold-bid withdrawing from dollars, not offers disappearing in gold.
- When gold holders refuse dollars, commodity prices skyrocket in fiat terms and hyperinflation perceptions follow.
Central Banks Facilitate Government Spending
- Central banks exist chiefly to enable governments to borrow and spend beyond tax revenues.
- Weiner argues the Fed's mandates are window dressing for a system that benefits politicians and operators.
