Trillions Metal Mania
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Feb 12, 2026 John Ciampaglia, CEO of Sprott Asset Management, oversees physical precious metals and mining ETFs. He breaks down the forces behind gold and silver rallies, contrasts gold with bitcoin, and explains uranium’s comeback. He also digs into logistics of moving physical metals, rare earths and geopolitics, and which miners or commodities could matter next.
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Metals' Recent Parabolic Run
- Gold and silver experienced unprecedented ETF trading volumes and parabolic price moves that surprised many investors.
- The frenzy looks partly like FOMO layered on a longer-term bullish trend in metals and ETFs.
Debasement Defined As Investment Driver
- 'Debasement' describes high debt and inflation eroding real returns and prompting investors to hedge.
- Precious metals have long served as an alternative store of value in such environments.
Central Banks Fueling Gold Demand
- Central-bank de-dollarization after Russia's asset freeze pushed many reserves into physical gold.
- Institutional recycling of treasuries into gold helped sustain a structural bid under prices.