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Rising tensions in the Middle East and a surge in oil prices sent gold briefly above $5,400, but Dr. James Thorne says investors should separate short-term shocks from long-term trends. Speaking with Kitco News at PDAC 2026, the Wellington-Altus Chief Market Strategist described the move as “a temporary spike if we're long-term investors,” adding that “in a bull market, you can have a 50% correction at any time and still have the secular bull market in place.”Thorne believes gold remains in a structural repricing cycle and reiterated, “By the end of the decade, I'm saying gold's gonna be 10,000.” However, he cautioned that the safety trade may be crowded and advised investors to rebalance rather than chase momentum. Thorne also outlined what he views as an eventual “Bretton Woods 2.0,” arguing the global system is moving toward a new monetary framework that could incorporate both hard assets and digital infrastructure.Recorded March 02, 2026.00:39 – Is Gold Overheating02:59 – Rotate Into Tech and Crypto04:21 – Mining M&A Still in Early Days05:35 – Inflation, Rates, and Oil Shock07:02 – Is Canada Open for Business?09:11 – Energy Security Wake Up Call12:07 – Bureaucracy vs Competitiveness14:16 – Bretton Woods 2.0 Framework18:44 – Gold Revaluation and US Reserves21:40 – Bitcoin vs Gold OutlookSpecial thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.To learn more, visit:https://www.goldmining.com/https://www.usgoldmining.us/https://www.uraniumenergy.com/https://www.uraniumroyalty.com/Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) Follow James Thorne on X: @DrJStrategy (https://x.com/DrJStrategy)#Gold #Silver #PreciousMetals #GoldPrice #Bitcoin #EnergyMarkets #Mining #PDAC2026 #KitcoNews__________________________________________________________________FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  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.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.

Gold testing $5,400 is not a temporary surge; it reflects what Wheaton Precious Metals CEO Randy Smallwood describes as a structural shift in markets. Speaking with Kitco News at PDAC 2026, amid escalating Middle East tensions and a sharp move higher in oil, Smallwood said precious metals are entering a new phase driven by fiscal imbalances, currency concerns, and renewed demand for hard assets.“I do think 5,000 is a new base for gold,” Smallwood said. “Gold is a currency. It's been a currency forever.” He argued that the long-held view of the US dollar as the primary reference currency is being reassessed as deficits widen and geopolitical risk intensifies.Smallwood also pointed to silver’s multi-year supply imbalance, noting, “We're consuming more of it than what we're producing,” after peak silver production in 2017 and 2018. His comments come after Wheaton closed a $4.3 billion transaction last week to double its silver exposure at Antamina, positioning the streaming company for what he sees as a sustained monetary and industrial shift.Recorded March 02, 2026.00:40 - CEO Transition and $4.3B Silver Deal02:32 - Gold Above $5,000 and Breakout Drivers03:54 - Energy Costs, Cost Curve, and Mining Margins05:48 - $4.3B Antamina Silver Stream in Peru07:58 - Wheaton’s Growth Engine and Streaming Model10:21 - M&A Pressure and Mine Supply Constraints11:43 - Managing Jurisdiction and Political Risk13:23 - Silver Structural Deficit Since 201716:25 - Industrial Silver Demand and AI Growth17:55 - Silver Volatility and Squeeze Narrative19:15 - Wheaton’s 2030 Production Strategy21:34 - $1M Future of Mining Innovation ChallengeSpecial thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.To learn more, visit:https://www.goldmining.com/https://www.usgoldmining.us/https://www.uraniumenergy.com/https://www.uraniumroyalty.com/#Gold #Silver #PreciousMetals #GoldPrice #SilverDeficit #Mining #Streaming #EnergyMarkets #PDAC2026 #KitcoNewsFollow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)Follow Wheaton Precious Metals on X: @Wheaton_PM (https://x.com/Wheaton_PM)__________________________________________________________________Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  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 thDisclaimer:  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.

In this Kitco News exclusive, Senior Anchor Jeremy Szafron sits down with billionaire investor and Sprott Inc. founder Eric Sprott to break down the unprecedented breakout in the precious metals market. With gold establishing a new normal above $5,227 and silver surging past $92 an ounce, Sprott details why the physical short squeeze is unfolding in real time.We dive deep into the recent CME Globex technical interruption, the drain on Western physical inventories, and why Eastern markets are now fully dictating global price discovery. Sprott also reveals the strategy behind his aggressive capital deployment, including his massive low 40 percent ownership stake in Hycroft Mining, and his recent multimillion dollar sweeps across the junior mining sector with names like Rio Silver and Highlander Silver. From systemic risks mirroring 2008 to quantitative funds fleeing US equities for hard assets, this interview provides critical insights into the resource sector's historic rotation.Recorded February 27 2026Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)Timestamps:00:00 Gold Breaks New Normal01:22 CME Halt And Squeeze04:01 India Rewrites Pricing06:32 Silver Ratio Reversion07:52 Offtake Deals Emerging09:02 Hycroft Mega Resource11:12 Junior Miners Catch Up12:10 Nortel Effect In Gold13:19 Picking Winners At $15014:42 Institutions Finally Arrive15:58 Liquidity And Deal Pricing17:19 Hunting Hidden Gems18:38 Jurisdiction Risk Check20:16 Majors Missing the Cycle21:36 Buyout Fears and Upside23:03 Risk Rules for Newcomers24:12 Do Metals Hedge Crashes26:28 Price Decks and Cutoff Grades27:46 Speed of the Bull Market29:05 Wrap Up and PDAC#KitcoNews #EricSprott #SilverSqueeze #Gold #Silver #MiningStocks #PDAC2026 #Commodities #Investing #Macro__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsLive gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  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.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.

Kitco News Anchor Jeremy Szafron sits down with Daniel Oliver, founder of Myrmikan Capital, to analyze the shifting mechanics of the global gold market and the approaching private credit cycle. Oliver argues that the smooth accumulation phase of the gold bull market is officially over. He details how the market is now entering a volatile second phase driven by stress spreading throughout the U.S. credit system.During the interview, Oliver outlines the specific pressures facing the Federal Reserve. He highlights a $10 trillion maturity wall and explains the mathematical impossibility of the central bank shrinking its balance sheet while simultaneously attempting to lower interest rates. He further explains how the private equity industry's massive leverage is setting a trap for policymakers, noting that printing money cannot solve underlying insolvency in sectors like commercial real estate.The conversation also uncovers a hidden squeeze in the physical market. Oliver reveals how nervous banks are tightening margin requirements on smelters. This action forces these entities to shrink their processing pipelines, which directly restricts the physical gold supply entering the broader market and exacerbates price volatility.Finally, Oliver unpacks the historical relationship between central bank balance sheets and gold reserves. By applying 19th-century banking standards to the modern financial system, he lays out the exact math that points to significantly higher gold valuations."Gold has to go to a price that rebalances the Fed's balance sheet, and $8,000 currently gets you to about a third, $12,000 gets you around a half," states Oliver.Interview recorded on February 25, 2026.00:00 Gold and Silver Update01:15 Dollar Weaponization Shift02:26 Stocks Priced in Gold04:24 Real Time Inflation Pricing06:59 Gold vs Silver Cycles08:34 Why Silver Is Surging11:31 Three Phase Gold Bull14:58 Private Credit Bubble Risks17:31 Liquidity and ETF Fragility21:03 Fed Trapped on Rates24:23 Debt Spiral and Politics26:58 Unsustainable US Debt Math28:29 Crash vs Slow Repression28:44 Why Crashes Matter30:00 Gold Supply Squeeze33:38 Volatility and Leverage35:16 Why Miners Lag Gold38:59 What Sparks a Mania44:21 Gold Versus Fed Balance50:09 Digital Money Control Risks52:50 Gold as Lifeboat55:18 Closing Thoughts#Gold #Silver #FederalReserve #DanielOliver #KitcoNews #Economy #Investing #Macroeconomics__________________________________________________________________FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsDisclaimer:  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.

As the global debt load hits a record $350 trillion, the financial system is facing a massive structural shift. In this deep dive, Jeremy Szafron, Senior Anchor at Kitco News, sits down with Frank Holmes, Executive Chairman of U.S. Global Investors and HIVE Digital, to map out the capital rotation into hard physical assets and the industrialization of the AI revolution.Holmes reveals why Bitcoin miners are now the "cheapest available data center capacity" for AI and how China’s $1.3 trillion "One Belt, One Road" initiative has become a geopolitical Trojan Horse. We also explore why silver has been reclassified as a strategic military mineral and the "Pac-Man" effect currently driving mining M&A.Recorded: February 24, 2024 Interview Chapters:00:00 Debt Wall Meets Crypto 00:58 Frank Holmes Joins 02:40 China Challenges Dollar 05:50 MMT and Security Spending 08:12 Gold Target Explained 11:28 Scarcity and Real Assets 13:20 Why Miners Lag 16:48 Where Upside Lies 19:04 Gold Math and Fort Knox 20:58 Bitcoin Geopolitical Risk 24:42 Silver Turns Strategic 27:14 AI Data Centers Opportunity 31:40 Cooling Bottlenecks and Canada 35:18 Macro Mispricing Housing 37:50 Gold ETFs Catch Up 39:16 Wrap Up and Subscribe#Gold #Silver #AI #Bitcoin #FrankHolmes #KitcoNews #MacroEconomy #DebtWall #Finance #Investing #USDollar #Mining__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  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.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.

Silver speculation reached a fever pitch this week following a 90-minute CME halt that hit right as prices surged passed $90. While the exchange cited technical issues, the timing - occurring just ahead of the first notice day for March Silver - has sparked intense debate over market liquidity and delivery mechanics.Peter Schiff, CEO and Chief Global Strategist of Euro Pacific Asset Management, joins Jeremy Szafron to cut through the noise. Schiff questions whether the "technical issue" was a "coincidence" or a move meant to diffuse a deeper problem, suggesting the official explanation is "better than telling the truth".In this wide-ranging interview, Schiff breaks down the "math problem" facing Washington as the administration pledges to protect Social Security while proposing to replace income taxes with tariffs. He warns that failing to cut entitlements will lead to inflation that "reduces the value of those entitlements" regardless of the pledge.Schiff also explores the "killer use case" for gold: bypassing the legacy banking system. He explains how tokenized gold and India’s massive regulatory shift - allowing 35% flexibility for equity funds to allocate into metals - are fundamentally changing price discovery and removing counterparty risk.Recorded on February 26, 2026 Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)Follow Peter Schiff on X: @PeterSchiff (https://x.com/PeterSchiff)00:00 Silver Halt Shockwave00:36 First Notice Day Basics00:59 India Opens Metals Floodgates01:30 ETF Flows And Options Buzz01:57 Peter Schiff Joins In02:27 CME Halt Market Mechanics03:44 Why Gold And Silver Rise05:14 Main Street Demand Signals07:13 Smart Money And Tether09:04 Tokenized Gold Case11:57 Adoption And Banking Exit14:15 Trump Entitlements And Debt16:46 Housing Policy Contradictions19:42 Dollar Confidence Breakdown24:02 Gold Options And Debt Crisis26:05 Controls And Inflation Playbook27:25 India Pricing And East Demand30:22 Miners And Junior Upside33:49 Juniors Catalysts And M&A37:01 Bitcoin Shakeout To Gold38:20 Wrap Up #PeterSchiff #SilverSqueeze #GoldStandard #SocialSecurity #SilverPrice #JuniorMiners #FederalReserve #Inflation #KitcoNews #MarketFriction__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. 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.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.

A 50 million pound uranium deficit exists today, and Scott Melbye says it could expand dramatically in the years ahead as supply tightens and nuclear demand accelerates.Speaking with Kitco News at PDAC 2026, the Uranium Energy Corp Executive Vice President said, “The reality is we have a 50 million pound deficit in the near term, going to 1.7 billion pounds by 2045.” He argued that Western utilities are returning to long-term contracting after years of below-replacement buying, just as available supply narrows and new production remains years away. With uranium trading off its January 2026 high above $101 and the Russia ban fully kicking in at the end of 2027, market conditions are shifting. “That deficit has to show up, and it will eventually,” Melbye added.He also discussed US efforts to rebuild domestic uranium production through strategic reserves and faster permitting, as well as rising electricity demand from data centers and AI infrastructure that could accelerate nuclear expansion.Recorded March 01, 2026.Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible.To learn more, visit:https://www.goldmining.com/https://www.usgoldmining.us/https://www.uraniumenergy.com/https://www.uraniumroyalty.com/Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)Follow Uranium Energy Corp on X: @UraniumEnergy (https://x.com/UraniumEnergy)#Uranium #NuclearEnergy #EnergySecurity #CriticalMinerals #pdac2026 00:35 - Uranium Price Pullback00:59 - Supply Deficit Reality02:20 - Geopolitics and East-West Split04:02 - US Policy and Federal Support07:12 - Strategic Uranium Reserve08:55 - AI Data Centers and Nuclear Demand11:24 - SMRs and Faster Permitting14:29 - UEC Ramp-Up and Sweetwater16:29 - M&A and Industry Execution__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ 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.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.

Gold and silver were hit by a sharp liquidation, with silver plunging more than 10% intraday and gold falling nearly $150 before stabilizing. Jeremy Szafron speaks with former JP Morgan bullion desk executive Robert Gottlieb to break down what drove the move.Gottlieb argues the selloff was structural, not conspiratorial. With gold rising from $2,600 to around $5,000 and silver surging from $28 to above $70, volatility mechanically reduced allowable position size across banks and funds. “The allowable positions based on navar become significantly small,” he explains, as value-at-risk limits tightened and banks stepped back from warehousing risk. In a crowded, leveraged trade, “selling begets selling in a market like this.” His warning to traders: “You never catch a falling knife.”He also pushes back on manipulation claims, stating, “The banks are not short,” and emphasizes that central bank demand remains policy driven: “A central bank never makes a decision based on price. They make a decision based on policy.”Recorded February 12, 2026Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)📘 Mastering Gold and Silver Markets (Released February 18, 2026): https://a.co/d/0auCvu7R00:53 - Geopolitical Headlines, Dollar System Talk & Market Reaction01:23 - Robert Gottlieb on the Silver 10.5% Collapse02:22 - Algorithmic Trading, CTAs & Volatility Spikes03:20 - Chinese New Year Liquidity & Pre-Holiday Selling04:18 - VAR Limits: How Risk Models Shrink Positions08:42 - COT Report: Managed Money & Swap Dealer Positioning13:05 - CME Silver Withdrawals & Physical Market Flows22:31 - Margin Increases & Volatility Amplification24:19 - “Bull Markets Don’t Die From Corrections”25:41 - Hedging, Leasing & How CME Futures Work27:01 - Inside Mastering Gold and Silver Markets31:07 - “Central Banks Buy on Policy, Not Price”34:26 - Dollar Strength, Interest Rates & Gold36:06 - Excess Leverage, Blind Consensus & Investor Mistakes41:03 - “The Banks Are Not Short” Addressing Manipulation Claims#Silver #Gold #MarketVolatility #ForcedLiquidation #PreciousMetals__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  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.

Silver is witnessing a profound structural shift as the physical market begins to exert dominance over paper pricing mechanisms. In this deep-dive interview, recorded on February 11, 2026, Jeremy Szafron, Anchor of Kitco News, sits down with David Morgan, publisher of The Morgan Report, to analyze the "plumbing" of the global silver market.Morgan breaks down the sustained $10 Shanghai premium, the impact of the CME’s margin hikes on COMEX volatility, and why the silver market is entering a "cash-only" phase. They also discuss the massive 40-million-ounce silver accumulation in India and why platinum is currently offering a rare 25-year value opportunity relative to silver.Key Topics Covered:-The Shanghai Divergence: Understanding why the $10 premium persists and what the SHFE’s new hedging quotas mean for global supply.-COMEX Under Pressure: How 15% margin requirements are flushing out leverage and shifting the market toward physical delivery.-The India Factor: Analyzing the 40-million-ounce surge in Indian silver ETFs and its impact on global mine supply.-The "Final Phase" Thesis: Why Morgan believes we are in the final 12 to 24 months of a historic cycle peak for precious metals.-Platinum’s Value Play: Why the rarest noble metal is sitting at a multi-decade low against silver.00:00 Introduction and Market Overview 00:06 Shanghai Silver Premium Explained 00:49 David Morgan's Insights on Silver Market 01:05 Silver Market Dynamics and Arbitrage 02:22 Comex and Shanghai Market Comparison04:10 Physical vs. Paper Silver Market 15:08 Impact of Margin Requirements 21:58 Speculative Exposure and Market Stress 25:10 Market Reactions to Regulatory Changes 25:48 Public and Institutional Trading Dynamics 26:57 Industrial Demand and Price Sensitivity 29:25 Gold-Silver Ratio and Market Predictions 32:23 ETF Accumulation and Global Demand 35:31 Macroeconomic Factors and Precious Metals 37:47 Technological Innovations and Market Impact 39:43 Platinum Market Insights 40:56 Future Outlook and Investment Advice 49:24 Concluding Thoughts and Final Advice#Silver #DavidMorgan #KitcoNews #Gold #SilverPrice #ShanghaiPremium #Comex #Investing #PreciousMetals #Platinum #MarketStructure #FinanceNews__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  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.

In this Kitco News exclusive, Jeremy Szafron sits down with Josh Phair, CEO of Scottsdale Mint, live from the Texas State Capitol to break down a historic shift in state level finance. Texas has officially launched its own state branded gold and silver bullion program, integrating physical metal directly into the state economy through a first of its kind dot gov storefront.Phair explains the mechanics of the new program, including the issuance of official Texas gold bills and commemorative coins tied directly to the Texas Bullion Depository. With gold pushing 5,100 dollars and silver at 83 dollars, this move marks a transition from passive storage to active state distribution. The interview also covers the impact of Basel Three regulations, which now classify physical gold as a 100 percent risk free asset, and how other states like Wyoming are positioning themselves in this new sovereign metals race.Interview Recorded: February 11, 2026Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow) Follow Josh Phair on X: @JoshPhilipPhair (https://twitter.com/JoshPhilipPhair)Timestamps:00:00 Introduction and Breaking News 00:57 Interview with Josh Fair: Insights from the Capitol 01:28 Historical Context and Legislative Background 02:56 Distribution and Sales Mechanics 05:28 Comparing State Initiatives: Wyoming vs. Texas 06:48 The Broader Impact on Precious Metals Market 11:32 State-Level Gold and Silver Strategies 14:14 Future of Precious Metals in State Economies 21:02 Market Dynamics and Future Predictions 29:15 Conclusion and Final Thoughts#TexasGold #GoldStandard #SilverSqueeze #KitcoNews #JoshPhair #SoundMoney #TexasBullionDepository #GoldBills #CentralBankGold #Basel__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  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.