Why Gold and Silver Are Surging: Cash‑and‑Carry, Fiat Collapse, and the Future of Metals

Q: The Current Metal Surge

- Gold, silver, and platinum have entered a “parabolic” phase, with prices climbing 100 %+ in weeks. - The hosts attribute the rally to a mass migration of real buyers—not speculative traders—who are purchasing physical metal for delivery. - Industrial demand (AI data centers, electric vehicles, etc.) is prompting companies to secure multi‑year metal inventories.

Q: Cash‑and‑Carry vs. Futures Markets

- **Cash‑and‑carry**: Buyers pay cash and take physical delivery, insulating themselves from contract settlement risk. - **Futures**: Described as “fraudulent” because many contracts cannot be fulfilled when the underlying metal is scarce. - The panel predicts a near‑term collapse of the futures market for precious metals, leaving cash‑and‑carry as the dominant trading method.

Q: Fiat Devaluation and the End of the Experiment

- All major currencies are losing value against gold and silver; a 100 % rise in metal price implies roughly a 50 % devaluation of the currency. - Central banks are resorting to quantitative easing, rate cuts, and potentially Yield‑Curve Control to prop up failing fiat systems. - The hosts argue that fiat will not reach absolute zero, but the perception of imminent collapse is already fueling metal buying.

Q: Silver as the System’s Achilles’ Heel

- Silver’s market cap (~$3.8 trillion) now exceeds that of major tech firms, making it the “fuse” of the global financial system. - Over‑$2 quadrillion in derivatives ties the entire market together; a failure in silver delivery could cascade to gold and other assets within 72 hours. - The shortage is real because physical silver cannot be printed, unlike paper contracts.

CapitalCosm

Summary Date: 2025-12-25 00:33:30

•

3 min read

About This Summary

This summary was generated using YouTubeToSummary - a free web tool for converting YouTube videos into text summaries. Summaries are tool outputs, not original content. You can use the tool for free to create your own summaries from any YouTube video.

Channel: CapitalCosm

Video Summary

3 min read

Why Gold and Silver Are Surging: Cash‑and‑Carry, Fiat Collapse, and the Future of Metals

Introduction

The December 22 2025 episode of Capital Cosm featured a round‑table with Bill Halter ("Mr. Gold"), Dave Morgan ("Mr. Silver"), and host Danny. The conversation centered on the explosive rise in gold, silver, and platinum prices, the shift from futures trading to cash‑and‑carry buying, and the broader macro‑economic forces driving a potential end to the fiat system.

The Current Metal Surge

Gold, silver, and platinum have entered a “parabolic” phase, with prices climbing 100 %+ in weeks.
The hosts attribute the rally to a mass migration of real buyers—not speculative traders—who are purchasing physical metal for delivery.
Industrial demand (AI data centers, electric vehicles, etc.) is prompting companies to secure multi‑year metal inventories.

Cash‑and‑Carry vs. Futures Markets

Cash‑and‑carry: Buyers pay cash and take physical delivery, insulating themselves from contract settlement risk.
Futures: Described as “fraudulent” because many contracts cannot be fulfilled when the underlying metal is scarce.
The panel predicts a near‑term collapse of the futures market for precious metals, leaving cash‑and‑carry as the dominant trading method.

Fiat Devaluation and the End of the Experiment

All major currencies are losing value against gold and silver; a 100 % rise in metal price implies roughly a 50 % devaluation of the currency.
Central banks are resorting to quantitative easing, rate cuts, and potentially Yield‑Curve Control to prop up failing fiat systems.
The hosts argue that fiat will not reach absolute zero, but the perception of imminent collapse is already fueling metal buying.

Silver as the System’s Achilles’ Heel

Silver’s market cap (~$3.8 trillion) now exceeds that of major tech firms, making it the “fuse” of the global financial system.
Over‑$2 quadrillion in derivatives ties the entire market together; a failure in silver delivery could cascade to gold and other assets within 72 hours.
The shortage is real because physical silver cannot be printed, unlike paper contracts.

Market Dynamics: Retail, Institutional, and Asian Demand

Retail: Individual investors are buying at premium prices, often paying 10‑30 % above spot.
Institutional: Banks and sovereign funds are accumulating metal as a “last‑resort” asset on balance sheets.
Asian buyers: India and China are the biggest net purchasers, driven by both industrial needs and wealth preservation.

Credit, Derivatives, and Systemic Risk

The global economy runs on credit; confidence in credit hinges on the ability of markets to settle.
Derivative overload means a single market failure could erode confidence, leading to a credit freeze.
When credit dries up, everyday transactions become impossible, amplifying the need for tangible assets like gold and silver.

Strategies for Stackers (Physical Metal Investors)

Dollar‑cost averaging: Continue buying small amounts regularly, even at all‑time highs.
Prioritize physical metal over paper ETFs or mining stocks; use wholesale‑price platforms (e.g., Boolean Standard Pro) to avoid inflated premiums.
Mining stocks: Can provide leverage but lag behind spot prices; focus on silver miners for higher upside.
Prepare for market closures: Consider bartering or cash‑market transactions if futures markets shut down.

Predictions for 2026

Cyber‑warfare and geopolitical conflict will intensify, adding volatility to markets.
A breakdown of public confidence in institutions and media, leading to a surge in truth‑seeking narratives.
Metal prices will continue to outpace fiat, with silver‑to‑gold ratios potentially falling to 20‑25, making silver the cheaper relative store of value.

Final Thoughts

The panel warns that while the metal rally offers protection, it also signals systemic stress. Investors should focus on acquiring real, deliverable metal, stay wary of derivative exposure, and monitor credit conditions as they could dictate the speed and severity of a fiat collapse.

The surge in gold, silver, and platinum reflects a fundamental shift from speculative futures to cash‑and‑carry buying as fiat currencies lose credibility; silver’s scarcity could trigger a broader market breakdown, so securing physical metal now is the most reliable hedge against an impending credit and currency crisis.

We use AI to generate summaries. Always double-check important information in the original video.

Key Takeaways

Gold, silver, and platinum have entered a “parabolic” phase, with prices climbing 100 %+ in weeks.
The hosts attribute the rally to a mass migration of real buyers—not speculative traders—who are purchasing physical metal for delivery.

Educational Value

This summary can be used as an effective educational tool. Students can use it to create study notes, researchers can use it to extract information quickly, and professionals can use it for meeting preparation or continuous learning.

For Students:

Use this summary as a foundation for your study notes

For Researchers:

Extract key information quickly

For Professionals:

Prepare for meetings or continuous learning

Full Transcript

These are not traders coming in. These
are buyers that are are cash and carry.
They're buying a metal. They're having
it delivered to them because they un
they understand that the currencies are
devaluing and they're ultimately going
to devalue to zero. So you either have
gold, you either have silver, or you're
not going to have wealth when this is
all done. Why would you buy a contract
that can't deliver? And I and that's
where we're headed is toward a cash and
carry market versus the futures markets
that are fraudulent. They're being
they're going to be proven fraudulent.
That's the bottom line. When they can't
deliver, that proves they were a fraud.
Danny, they did not have derivatives in
Y marginally.
>> Yeah, that's that
>> and there was more cash and carry. There
wasn't as much credit then either.
There was credit, but not nearly the
amount. I mean, you know, it was like
net 30 and 30 days later you got your
cash, not net 90 and all this crap. I
mean, it's just gotten so distorted.
You're watching Capital Cosm. My name is
Danny. It is December 22nd, 2025. And my
two guests today, glad to host on.
Couldn't come at a better day. Actually,
the metals are roaring. Gold and silver
are exploding. Platinum's going bonkers.
Today we've got Mr. Gold himself, Bill
Halter. And I guess I could call you Mr.
Silver. Dave, we got Dave Morgan.
>> All right. Thank you.
>> Thanks for coming on, guys. Well, let's
just dive right into the action here.
Bill, I mean, this thing has really
taken off a lot faster than a lot of us
anticipated. uh what's your view on this
this explosion in the metals price uh
over seemingly overnight to at least
with with respect to these gains that
we're seeing today.
>> Yeah, this is uh first and foremost it's
important to understand that gold and
silver don't change. They don't go up
and down. An ounce is an ounce.
announced today is announced 100 years
ago and will be announced 100 years from
now.
What's changing are the currencies and I
believe what you're looking at right now
is this is the end of the fiat
experiment. You're watching uh
currencies devalue. I mean if you have
something go up 100%. It means
if you've got silver or gold that goes
up 100%. That's a devaluation of 50% of
the currency. And that's what you're
watching worldwide is that all
currencies worldwide are are devaluing.
And this is not these are not traders
coming in. These are buyers that are are
cash and carry. They're buying the
metal. They're having it delivered to
them because they un they understand
that the currencies are devaluing and
they're ultimately going to devalue to
zero. So you either have gold, you
either have silver or you're not going
to have wealth when this is all done.
>> Yeah. Yeah. I mean, it it seems like
people are just wanting to buy this
stuff at at rapid rate and in in view of
something big coming down the line here.
Uh we were talking off air uh just now,
Dave and Bill, and you typically see
this root this move up in price at the
very tail end of a cycle. Uh Dave, are
we getting close to that tail end of the
cycle or are or or not? Is this somehow
different this time around?
>> Well, I think what's different is kind
of what my main thesis was when I
started on the web in 1999,
meaning that the money metals would act
as money in the, you know, at some point
in time. And really they looked like
industrial commodities for most of the
year 2000 till recent uh recent months.
There were some spikes there but they
were short-lived. So you know they got
out of the box or out of the cage and
acted like money but it was again you
know matter of weeks and then were you
know they were under control again or
under management. This time there's no
doubt that the the end is nigh. As Bill
said, whether or not we get the, you
know, the zero point not or not remains
to be determined. I mean, he's
absolutely accurate. I've said for, you
know, decades, you know, all fiat fails.
Three three words that really portend
the exact reason we're in the metals.
However, I really think there'll be some
type of a reset uh before it goes to
absolute zero. But that's maybe a side
issue. As far as the acceleration, yeah,
this looks like what I expect near the
the end of a of a bull run, but since we
now switch from it's commodity to if I
don't have it industry-wise can't do
business.
So, it's not a matter of price. It could
be a thousand. Why not be in position?
In many industries, it's not a matter of
how much does it cost me. It's it's
going to cost me my business. So, I need
x amount of house ounces. So these
businesses are thinking in terms of how
many ounces do I need for the next year
or two two years or three years. Oh,
what do we look forward? We're going to
build out AI centers. We're going to
build out this many data centers. We're
going to do this much electric car
production or whatever. Let's look
ahead. Oh, I need uh our current supply
of silver plus, you know, 20% going out
three years or whatever it is. So
there's that part of it. On the currency
crisis side, as Bill said, it becomes a
worldwide phenomenon where all
currencies depreciate against a constant
that that solid ounce of silver, that
solid ounce of gold. And just to
reiterate what Bill said, when you see
that acceleration where saying your
currency's dropped in half in one year,
it's a wakeup call. And you know, as as
harsh as that may sound to the general
public that doesn't understand how these
fiat systems lose control, they see it
in the grocery store. You know, I don't
know what the official number is, 17%. I
know it's BS because I grocery shop and
I know it's probably I would say
doubled. Some products have. Point being
that people are seeing it uh seeing the
emperor with no clothes. The game is
over. The jig is up. the finance
ministers on high are going to do their
best to manipulate interest rates and
try to spur something that never works
printing their way out of this thing.
And so the current the currencies are
devaluing because game's over really. I
mean it's not over like tomorrow and
everything burns to the ground. But as
far as the ability for these guys to
gain control back again, it doesn't look
like it'll take place.
Yeah, it does seem like they're also
setting the stage for just going bonkers
with the printing press. A week ago,
last week, we got the new CPI numbers,
2.7% year-over-year, below expectations.
But again, I mean, you you and I know
and most of the audience knows, like you
have to take that CPI number with a
grain of salt. They could do all sorts
of things to manipulate it down. But the
key point is is that they're framing it
as inflation's under control. It's it's
below expectations and they're setting
the the stage for themselves to begin
quantitative easing and rate cuts in I
believe March is when they said the next
one would be and of course that
coincides with the end of Powell's term
and who knows what kind of dove you get
in his place. I mean not that he was any
like that much of a hawk but you know
relatively more dovish fed chair in his
place. So, it really does seem like
they're setting the stage to just, you
know, just print to just devalue the
hell out of this currency. Is that is
that an accurate assessment in in your
view, Bill? Are or do you think that
they do you think they'll let the the
markets crash or do you think that
they'll just
essentially monetize everything?
>> Well, there's no question they will try
to monetize everything. The problem is
investors sensing monetization are just
going to dump treasuries. I've talked
about this several times before that uh
if you look at the the last easing
cycle, rates went higher, market rates
went higher, and here we are again.
We're we're they're starting to cut
again. And where are rates? Rates are
slightly higher than where they cut
rates a couple weeks ago. Uh so it it's
it's the Fed losing control of the yield
curve and that's a problem. The you have
to understand that the reason gold and
silver have been suppressed for all this
time is because the US Treasury had to
be able to borrow basically unlimited
amounts of money. And that's that's what
this game is all about. There's
mathematically
they have to monetize and mathematically
it won't work. they the the money
doesn't exist
to pay the debt back and to pay the debt
service. So what do they have to do?
They've got to print more. And when they
print more, that dilutes what's in
existence. And in you know, they will
dilute to oblivion.
>> Yeah. Are we looking towards yield curve
control here? Uh Dave, I'll let you take
it away. where they will just end up
printing the money to buy up their own
uh bonds to bring the yield curve down.
>> Yeah. More and more
they they will print to keep the game
going. And as far as like another
operation twist where they play with the
long end and try to get, you know,
interest rates to be quote unquote
normal. Yeah, that's a possibility. I've
thought about that. They'll probably try
it, but they're at the end of the rope
because no matter how much printing or
buying they buy, basically the rest of
the world is fed up with our with our
dollar dominance. And that means the
buyer last resort is the Fed. So they
are going to print until the market
wakes up and says, "Wait a minute, this
currency is worthless." Now again, I
want to be on record that I don't think
it's going to absolute zero, but the
perception that it's getting there
quickly is already in play. And there'll
be more and more momentum and that mean
and as that takes hold you may see much
further acceleration than we've already
seen in these metals. I mean for an
example if we double this year for round
numbers in silver and platinum market
maybe they'll go up three-fold next
year. I'm not predicting that. I'm just
trying to give you the idea of when we
hit that panic manic phase. Uh this will
look like uh you know a light run. when
it becomes an allout sprint, you're
really gonna see fireworks. And I think
we've probably got another year or so to
maybe where the new system comes in, the
digital euro, the who knows? I mean,
it's I think out of I don't know the
exact number. I think it's 190 countries
in the world, like 163 are making
digital currencies. What does that tell
you?
>> Yeah, Bill, I I mean, what do you what
do you make of all that? I mean, you and
I have spoken about the digital
currencies coming down the road. Uh, but
looking at where the metals are today,
if you were to allocate more capital, I
mean, they've run up a good deal.
Uh, is this thing anywhere close to
being over even though they've have
started to go parabolic here in a sense,
>> Bill?
Yeah, you broke up somewhat. I didn't
catch the whole whole question, but
yeah. Uh
the the the
medals have
have, you know, run big time. But all
you have to do is look at a chart. I
mean, you could look at at you could
have been a German in 1920 and said, you
know, the price of gold and the price of
silver is crazy.
But what happened three years later
and one thing that very few people are
talking about um and people used to talk
about uh quite a bit was derivatives.
>> The the problem with the system today is
that everything is financialized.
Everything is derivatized. And I mean
you're talking about over two
quadrillion dollars worth of
derivatives. And all you have to do is
get one market that goes offside and
that'll spill over to all markets. And
and I have have posited for at least 10
years that I thought because silver is
the smallest market and and the most the
most suppressed. It's my thought that
silver is the fuse to the derivative
time bomb. I think silver's going to
fail to deliver first. that'll spill
over to gold the same day or the next
day and within 72 hours markets will be
completely
dysfunctional if they're even open.
>> Yeah, I'm looking at the market cap
right now of silver. Silver sitting at
$3.8 trillion market cap. It just
recently overtook Alphabet Google in the
rankings. Number four now. Gold is
number one, $ 31 trillion market cap,
and it looks like the it looks like it's
going to be gold number one, silver
number two, and then all the tech
companies right beneath it.
Are you starting to see general
interest, guys? D, I'll start off with
you, Dave. General interest from the
public uh switching over to gold and
silver. Um because I mean, Dave, you
have a subscription newsletter. Bill,
you know, you deal with people all the
time as a broker. Are you seeing this on
the ground, boots on the ground wise?
Are you seeing general interest start to
shift up for the metals? Or is this
price rise primarily consolidated into
elite finance, smart money, insiders,
etc.?
Yeah, it's uh it's both, but primarily
it is the retail market's mostly selling
back. I mean, I talk with a lot of the
major dealers and wholesalers and
they're stocking inventory and they've
got to finance it. I mean, if I have to
make a market in the metals, uh I might
have uh you know, my bank account might
be, I don't know, five million, but I've
got to buy up 25 million in product. I
got to finance that. So, I got to buy it
and maybe below spot or whatever, but
then I still have to finance that. I got
to borrow the money from the bank to
make that market. And the longer I got
to hold that metal on the shelf, the
more it cost me. So, I'm willing to
lower my premiums to move the metal so I
don't have the financing charges. So,
that's one side of the market. The big
people, yeah, they're coming in. These
are, you know, I've never bought gold
before, David. What do I do? I don't
want to make a rookie mistake. And of
course, I set them up. uh but the
insatiable demands coming from India and
China primarily and this is mostly
industrial demand although in Hong Kong
if you look at this King Kong 888 I
think it is Eric Young he's showing you
that a lot of wealthy uh Asians are
coming in and buying you know I won't
say boatloads of silver but substantial
amounts North America net sellers Asia
net buyers primarily I would say to the
industrial side.
>> What about you, Bill? What What are you
seeing on your side of the the fence
there in terms of um people people's
interest in gold and silver?
>> Yeah, you're you're definitely seeing uh
selling in North America.
>> Uh
retail is definitely selling. uh you've
you've seen I think what you're looking
at is the economy is nowhere near as
good as the official government
statistics. There's no money on the
streets and people are raising money by
liquidating metal just to live. uh prior
to let's say 2005
the United States was the game but now
it's an it's the entire world and the
United States is not uh it's not leading
as far as uh you know purchasing gold
and silver
you the you're seeing massive demand out
of Asia and Asia those people are cash
and carry Americans accepted
you know, a contract for this, a
contract for that, as good as gold, so
to speak. But that's not the case. What
what what we're looking at now is you've
got Indians, you've got uh the Chinese
when they buy, they want the metal, and
the problem is you can't print the
metal. The metal doesn't exist. And the
the real short
Sorry, you broke up there, Bill. What
did you say in the last few seconds
there?
>> The real shortage is in silver. I mean,
gold is considered money. Uh
silver
is not primarily considered money. It's
I mean it's got it the demand for silver
comes from so many different industries
and it is cash and carry. I mean you
can't you can't put uh a paper contract
into uh into technology. You can't put a
paper contract into a medicinal use. It
has to be the real metal. And the
problem is they can't print it. And
that's where the the severe shortage is
showing right now. And that's where it's
going to break is in silver, not gold.
Gold will follow. And if there was no
such thing as silver, gold would
ultimately break on its home. But silver
is going to going to be the blasting
cap.
>> What do you say there, Dave? Do you see
it that way as well? Is is the real
shortage in silver? And is silver not
already blasted through? Is this not the
the key sign that we've been waiting
for? or is there a bigger side up ahead?
>> Well, I think uh the best way to answer
that, Danny, is to ask people to go to
my YouTube channel, the mortgage
report.com, and type in the search
engine in YouTube. Silver is the
Achilles heel of the entire financial
system. I did that video more than a
decade ago explaining that silver is
going to pull the trigger, not gold, and
the reasons therein. So, I'm on record
at least a decade ago on silver's the
key. uh as far as where we are to just
to repeat you know I talked about the
run to gold before anyone talked about
the run to gold and I said look I know
it's happening because the smart money
is getting in in a stealth manner which
was the the banks and they were buying
gold at a rapid rate between 24 and 25
and then we started to take off and I
gave the analogy that it starts like a
light you know a very light walk then a
brisk walk then a light jog full jog a
light run, a full run and an allout
sprint. And that's a metaphor for how
fast this market moves to the upside.
And as I said before, I think we're in
the maybe the light run right now and
we're far from the allout sprint. I
don't know if we're far from it. I mean,
maybe, you know, we go limit it up four
days in a row and the exchange is closed
because, you know, there's chaos. People
aren't getting delivery as Bill
indicated and, you know, game over. I'm
not predicting that. What I'm saying is
we got very volatile market. No one
knows how much real demand could be
filled by real metal. That's the key as
Bill has said. And so yeah, I'm in total
agreement and I don't think we have um a
long ways to go. You know, there's my
peer group many are saying, "Oh, we got
a 10-year bull market in silver from
this point on." In theory, we do. But in
reality, no. Because the financial
system needs to be or the powers that
be, powers shouldn't be want this thing
to continue in their paradigm, which
means total control with a digitalbased
cashless society and they want to move
to that before these metals wreck havoc
with their current financial system.
>> What do you think about that, Bill? Do
you think that we are this close towards
a big blowoff in in silver that Dave's
kind of alluded to? A lot of people talk
about a 10-year time horizon. Dave's
talking about something along the lines
of a couple years. Is the is the end
truly that near in your in your view as
well,
>> Bill?
Yeah, I think uh
there's no way to there's no way to give
a date. There's no way to time it. Uh
but just the action
itself tells you something that
has definitely changed.
The
there are no big smashes buyers. What
this is all about is and this is
something my my past
partner Jan who passed away two two
years ago
consistently
said is that the end game would be a
cash and carry market and the paper game
would evaporate and that's the the paper
is paper is not sought after. I mean, he
talked about uh $50,000 bid on gold
and no one selling and $10 an ounce
offered on the COMX and nobody buying.
Why would you buy a contract that can't
deliver? And I and that's where we're
headed is toward a cash and carry market
versus the futures markets that are
fraudulent. They're being they're going
to be proven fraudulent. That's the
bottom line. when they can't deliver,
that proves they were a fraud.
>> Yeah. Well, next question is here's for
you, Dave. But before we do that, a
quick note, guys. Hit that like,
subscribe. If you're getting value out
of this content, um any of you, you're
enjoying yourself here. Remember to hit
that like, subscribe down below,
comment, let me know your thoughts. It
really does go a long way. Dave, you
mentioned uh you could have limit ups in
the silver price. Now, if something like
that happened when they if they closed
the markets like they did with nickel a
couple of years back,
um what would that imply for the mining
stock companies within the silver
sector? Does that imply that that would
carry over to gold and let's say
platinum as well? Would you start to see
investors start to flock into those two
metals if the silver sector the silver
market becomes closed? What are some of
the spillover effects of something like
that occurring? What do we learn from
the nickel uh debacle a couple years
back?
>> Yeah. Well, the late great Jim Dyn
talked about, you know, going in unison
at the at the end times. So, yeah, if
you So, okay. So, you're a new investor.
You're panicking. We're in a panic mode.
You call up Bill. Hey, Bill. I want to
buy some silver. Bill says, "Well, I've
got some Numei coins. That's it." What
do you mean? There's nothing. I don't
have anything to sell you. What do you
have? Well, I got a little bit of
platinum. All right, I'll take it. So,
all four metals will move in unison at
some point, which they're doing right
now, as we all know. And then as far as
what the miners will do, well, the
miners lag because it's the way the
stock market works. And stocks are based
on earnings. And these stocks are priced
like gold still worth 3,000 ounce, not
4,400. And the silver stocks are priced
as if silver's at 35, not not 70. So
there's a long ways for these mining
stocks to go higher. And then of course
again in the panic manic mode, people
that are late to the party will look for
the cheapest gold and silver stocks they
can find. And unfortunately, it's been
my very seasoned experience being in
this industry for so long that a lot of
charlatans will come out with a lot of
moose pasture and a really great story
and a great website and AI clone talking
about the merits of this moose pasture
and they're going to discover more gold
than what's in all of Australia and
people buy it because it's 12 cents and
just the buying pressure will take it to
a buck 20 and everyone will think they
did a wonderful thing except it was a
big lie from the get-go. And I'm sorry
to say that about our industry, but it
does take place. They're not our
industry. Let's just say it's grifters
that take advantage of these things. And
they do it in all sectors, not just the
mining sector, although the mining
sector seems to be one of the worst when
things really get rolling.
>> Yeah. Bill, what are your thoughts on
what Dave just alluded to there about
the the prospect of a closure of the of
the markets? What what do stackers do at
that point? Like if if you want to buy
more gold or silver, in this case, most
likely silver, what would you do as a
stacker? I mean, if you had like uh if
if if you wanted to get on in on the
market. All right, quick break here
because if you're buying gold or silver
the normal way, you're probably
overpaying by a lot. And that's because
most retail dealers quietly tack on
these huge markups. sometimes 10%,
sometimes 20%, sometimes even 30%. And
you don't even notice it. It's like
paying $115
for a $100 bill. Doesn't make sense,
right? So that's why I've been using the
Boolean Standard Pro. It's a membership
that basically lets you buy precious
metals at real wholesale prices, the
same prices that dealers get. So no
inflated premiums, no middleman games.
their platform updates every five
seconds straight from mints and
distributors. So, what you see is
literally the real market. And here's
the crazy part. If you buy something
like this gold American Eagle, here's
the amount of money you're going to be
saving at the time of this recording at
least. So, it basically pays for itself
multiple folds on many occasions
depending on what you buy. And if you
want to try it out, they're hooking up
my viewers with an exclusive 10% off
their first month. Just use promo code
COSM10 at checkout. That's coosm 10 at
checkout. So if you're stacking,
investing, or just tired of getting hit
with hidden markups. Check them out now.
Boolean Standard Pro. Click on the link
down below in the description box and
use promo code. Now, let's get back to
the video.
Well, if gold and silver are
unavailable, uh, markets will be closed.
And if markets are closed, you're not
going to be able to buy minor.
You're not going to be buy able to buy
anything. Banks will be closed, etc.,
etc. I would say that we are at a point
now, and I warned people for many, many
years. I always said be careful what you
wish for. You know, people are talking
about a$100, $200 silver, $5, $10,000
gold. And I always said be careful what
you wish for because what kind of world
are we going to live in under that
scenario. Uh
the
the reason you be careful what you wish
for is because
as I mentioned everything is
derivatized. Uh you've got massive
shorts that were put on for years and
years and years to suppress the price.
Now
those shorts are being broken and you're
gonna see dead bodies and those dead
will spread because counterparty.
So again, let me just say again, be
careful what you wish for. You know, are
you hoping for $200, $500 silver? Are
you hoping for 10, 20, $50,000 gold? Um,
be careful.
>> Yeah. Well, once it comes down to to
that point,
uh Dave, I'm going to pose the same
question to you. What do you do as a
stacker once once they close the
markets? I mean, do you have like a plan
of action in place or or something like
that?
>> Well, uh you know, I was actually my
thought on that was, you know, limit up
for a few days. So, a few days closer,
but you know, you have to think outside
the box. Could you close the market? So
basically what happens is you go to a
cash market like Bill keeps saying. So
at that time you uh you know the egg
market and the milk market used to be in
the futures industry. Neither one of
those exists in the futures industry
anymore but they both exist on a cash
market. So they would go. The problem is
what happens if we go to a cash market.
Meaning if pick a number, silver's at
200, how many people want to turn that
that silver into fiat? Some will, I
would say, but probably not. So, you're
going to go to a market that's
controlled primarily in a free manner,
between a bid ask, between someone that
owns the physical and someone that wants
to buy it for something else. Could be
barter. It's like, look, give me this
much silver and you can buy my you, you
know, my used car lot. Who knows? But I
don't see that happening
uh at, you know, could happen. I won't
rule it out. I think again that there'll
powers that shouldn't be are going to do
their best to blame it on the
speculators. Maybe remonetize gold. I'm
not sure. Maybe put it in the new
system. I agree with what Jim Sinclair
said. If I got it right, Bill's right
here. But, you know, I think they're
going to try their new system with a tie
to zero, just their their good word and
it'll fail and they'll come back and
have to tie the new system to gold. I
think Jim's got it right. But I don't
know, but he's pretty clear thinker in
my view. I've followed Jim Sinclair
since I was a kid. So, anyway, that's
how I see it.
>> I see. Well, I I want to ask you this
then. If you're like a stacker who's
likely
Yeah. Hey, go ahead, Bill.
Um, I just wanted to interject that
what we're not talking about and we
should be talking about is credit.
>> Yeah. Can Can you hear me?
>> Yep. Yep. Go ahead.
>> Yeah. What we're not talking about and
what we should be talking about is
credit. The entire world, the real
economy and all financial markets run on
credit. Credit is is forthcoming as long
as there's confidence. And if you have
commodity markets that have broken and
the contracts have failed and been
proven fraudulent,
what does that do to confidence?
>> And what would that do to credit?
Credit at some point in time is going to
shut down. credit will cease and and
that's the end.
>> Yeah. It would shatter confidence and
thereby shatter credit. It would cease
to exist like you said. And credit is
the lifeblood,
>> right,
>> of the economy, right?
>> Of everything.
of everything of everything you do.
Absolutely
everything
you do
all all day long
has had a use of credit to put it into
existence.
Yeah. So once that once that shuts off,
it's basically pandemonium. I mean, I
don't think many people appreciate what
you just said, Bill, because once credit
is completely out of the picture, then
transacting becomes a mission in and of
itself. It's not like we take for
granted we just tap our credit cards and
just like get a bottle of water or
something. Um, once once that goes away,
I mean, does anyone really still have
cash, carry around cash, let alone gold
and silver? I mean, Dave, what what do
you think about that?
No, I've, you know, I mean, when I first
met Bill on the internet, uh, I used to
think, "God, that guy sounds just like
me."
But, uh, no, he's right. It is. And it's
a very fragile system. I mean, it's been
robust for a long time, but as the
credit cycle tightens, which of course
now they're trying to loosen it, it's
going to work against them. As Bill
said, interest rates are going up even
though they're lowering the cost of
money at the discount window. the market
says better than that. Screw that. I'm
not going to give you that kind of
interest rate. I need higher because I
don't trust the inflation. Anyway, back
on point. Yeah, it will have to seize up
and it will be, you know, it'll be
devastating. As Bill said, be careful
what you wish for. Again, I'm not sure
we're going to go that far. I won't rule
it out, but I think again that there'll
be an interjection. But you know, these
bankers are so arrogant. They've got so
much hubris. Uh they might think that
they can just move us to the beta test
that's been the Chinese system for over
a decade and roll it over Europe and
North America and guess what? It doesn't
work. Or perhaps there's a patriot in
the software that put a back door in
this thing and uh you know makes it
fail. Who knows? I mean we are in very
interesting times and everybody is
concerned about their money because the
way the system works it's a based on a
transaction commerce between us
everything has to deal with the currency
deour where you're in yen or euros or US
dollars doesn't matter if you don't have
money nothing happens and if you can't
borrow money which is credit then things
stop I'm just reiterating what Bill
said, but that's a scary thought. Most
people don't want to think about it, but
it's true. Look at the Just real quick
to go down the rabbit hole a little bit.
Look at the normal car dealer. You think
all those cars that are on his lot are
paid for? No. He's on credit. He's got
to borrow money to keep that inventory
on there and every week that goes by or
month goes by, he's got to pay the bank
or the to to finance those cards. So,
it's kind of what I said about the
silver market on the wholesale side. So,
it's a mess and it's going to continue
to be printed away until perhaps the
currency fails. Meaning, we just don't
trust this stuff anymore. And the metals
are showing us that we're not trusting
the stuff.
>> The the way people try to frame it is,
and maybe it's true, maybe it is true,
but they it's being framed as the
bankers losing control of of gold and
silver. Are they really losing control
or is this part of or do they stand to
benefit in some weird way from a from
rising gold and silver prices? Um I'll
let you take I'll let Bill answer
afterwards. Go ahead.
>> I'll jump in. I mean I've said over and
over again that uh you know the banks
have been uh buying gold hand over this.
There's reason for that. It's the money
of last resort. When all else fails
they'll have the lion share of the gold.
They can restart with what's always
happened in the past. Fiat fails, go to
gold standard. Fiat fails, go to gold
standard. So they have that capability.
But again, will that be what they want
to implement? I say no. They'll try
something just digitally first with some
kind of memecoin. And I'm not being
funny. And if that fails, then they've
got the gold to back it up. That's how I
see it.
>> What do you think, Bill? Is are they
letting gold and silver rise or are they
really losing control? Is this is this
real or is this part of some plan,
Bill?
>> Yeah. No, I I I I
think the the the powers that be are
definitely losing control. Uh if you
look at a chart of gold, when did it
start rising? It started rising the day
after uh Biden administration
sequestered the 300 billion of Russian
treasuries. Exactly.
>> Basically were stolen from them and it
it became a bandwagon of nations joining
the bricks and there's no question about
it. Uh they're they're countries are
bailing out of treasuries and they're
using those funds to buy gold. And the
reason they're doing that is they're
looking at their balance sheet and
they're saying, "Oh, we're 60 70% in
treasuries. What happens if the Treasury
market gets smoked? What happens if the
US Treasury doesn't like us and takes
the treasuries? So, what they're doing
is they're putting something on their
balance sheet that cannot bankrupt. It's
the only gold and silver, the only two
monies on the planet that cannot
default. So they're put putting a
default free asset on their balance
sheet that will be valued much much much
higher in the event of a a Treasury
default or or uh you know Treasury more
Treasury confiscations, a break in
confidence, whatever. But that's what
they're doing is they're putting gold on
their balance sheets because they need
they're going to need something to fill
the black hole that treasuries will
become.
>> Yeah. Well, it's it's definitely shaping
up that way. Um, I want to ask you guys
this question. Given the recent rise of
gold and silver, if you're like a normal
stacker, I mean, people who watch this
channel already have their own stack of
gold and silver, but you're now posed
with the dilemma that if you do want to
invest more, if you do want to buy in
more, you're now having to buy in at
these all-time high prices.
What do you guys think is the best
course of action here? Do you just
systematically just keep buying whenever
you have capital available? Maybe you
look at the mining stocks now for added
leverage. Maybe you look at the silver
mining stock because if you look at it
from a ratio perspective, silver miners
have lagged behind silver as opposed to
gold miners and gold. How do you tackle
this question? Dave, I'll go to you
first. Bill, I'll uh I'll go to you
after Dave. Go ahead, Dave.
>> Well, first of all, it's an individual
choice. So, there's some stackers out
there that say, "Okay, I don't know. I'm
just going to ride this thing to the top
or near the top." Then there's people
that are catching on. you know, maybe
they've watched Bill for three years but
never took action and now they are
motivated. So in those cases, I'd say
dollar cost average. You know, if silver
goes from 70 to 200 and you don't want
to buy it at 70, but you don't have any,
you better because if you don't have
metal or real money, who knows how it's
going to end. If it ends in the
scenarios we've outlined, you're going
to be very grateful you have some. So
you buy it, you know, over the next six
months, dollar cost average in. So
that'd be for people that are late to
the party that need to buy it. On the
mining side, I'd say that applies to
both. I think you need real metal first
before you ever buy a mining share
anywhere, but there is leverage in the
miners and the miners are are definitely
a gift in a way because they're lagging
the current prices in both the metals.
So if you do it judiciously, I mean we
at the Morgan report wait the portfolio
have done that for years survived the
big you know downturn in resource the
resource sector for you know 2011 top
till you know the last couple several
months back where we really got going
again but that's an opportunity as well
and there are people that just ignore it
all and just say you know I'll buy an
ETF or whatever and that's fine but just
realize you're still in the paper
paradigm with no you know real solid ID
backup plan if things do end badly.
>> But what if you're already allocated and
you know you've you've gotten your
paycheck for the month or whatever and
you've got some money to deploy and both
gold and silver are at all-time highs
you know is the best opportunity out
there like asymmetry wise in my view I
would say it's a silver miners right
now. Maybe you have a different view um
I don't know but how would you kind of
>> tackle that question? I mean, if you
don't want to give like a specific
answer, how what was what would be kind
of the mindset
um to working out the problem, solving
it?
>> Well, if you're in the sector and you
have metal already, then the best place
to go is to find the silver miners from
top to bottom. you fit in, you know, a
top tier, a mid-tier, and a couple
selected juniors that have got maybe
they're mining a small amount and they
can expand their mind or their
explorations fairly well underway and
you got a pretty good grip on how much
what the grades are and where they're
located jurisdiction wise. So, that
would be what I would do. Uh, as far as,
you know, someone knew the party already
outlined.
>> Yeah. What What do you say, Bill? if
you're like a a regular stacker, someone
who's like been buying from you
systematically or
>> I will let me quote uh
>> yeah, let let me uh give you a a couple
of quotes. One is mine and the other is
Richard Russell's.
my quote when people ask me how much
should I put into gold and silver and
now especially because of the laws being
on the books for the great taking my
standard answer is whatever you don't
want to lose now add that on top of
Richard Russell's famous quote of
in the end the winner is going to be who
lost the least
>> wow
very very profound answer there. So
essentially anything you're not willing
to lose you would but in terms of like
deciding where where do you see the most
opportunity right now if you were to
choose between gold, silver, platinum,
the mining stocks, where where's your
eye at right now in terms of asymmetry?
I would continue uh
to definitely overweight silver just
because the ratio even at what is it now
63 64 down from 120. So from that 120
silver's already double the performance
of gold. Uh, but I think you're going to
see a a a silver to gold ratio probably
20 25 maybe lower. Who knows? But silver
is undervalued to gold. U
it again it can't default just like gold
can't default. So I would pick the ch
the the cheaper relative on a relative
basis I would pick the cheaper of the
two and understand that yes it takes you
know for big money you got to have an
awful lot of storage space but for the
average person if you want 100% silver I
don't have a problem with that because
you may end up using it to live on for I
don't know two weeks maybe more than a
couple months
Yeah. And of course, nothing nothing we
talk about is financial advice. I'm just
getting these are just opinions on, you
know, what Bill and Dave would do if if
they were in that scenario. So, um,
before we wrap up here, guys, I've been
asking all of my guests this question as
we head on down to 2026, and that is to
drop three big predictions for the year
ahead. So, I'm going to start off with
you, Dave. uh what are three of the big
predictions that you're forecasting that
or that you see heading into the new
year?
>> Number one, I think for 2026, you got to
be really careful about cyber warfare or
cyber attacks. I think that's a meme
that's out there that's not discussed
often enough and the vulnerability in
the system. Uh number two I think would
be
the war just a a big label because it
looks like they are going to escalate
not deescalate. So that would be number
two.
And third
would be
>> war with who? War with who?
>> Well all the wars that are there. We got
the Ukraine. We've got the Middle East.
We've got Europe maybe looking like
they're going to war. Maybe Russia's
going to expand theirs. Uh we got what's
going on in Venezuela which is pseudo
war. So I see war escalation. Let me put
it in those terms.
>> Uh and the third
I think then this is a little airy fairy
I guess but a little bit of
consciousness. I mean I remember a
couple years ago they asked Bill this
question and he said you know it's going
to be a lot of truth bombs that will be
coming out over the next year. I forget
what year he said that 2024.
And I would say it aligns with that. But
the truth is that we can't trust these
so you know the breakdown in trust is
already accelerating. We got to get back
together as you know human beings. And I
think you'll see that I'll call it
consciousness. Use whatever label you
want. But you know like just going down
rabbit hole a little bit. I mean one of
my good um co-arts in Germany said can
you get a hold of Bill Holter? Everybody
over here wants to meet Bill. make sure
he brings his cowboy hat. And so I don't
know how many years ago that was, but
they loved Bill and I. And then we got
done with um the lecture. We kind of did
an impromptu gathering upstairs
wherever. And man, those people wouldn't
let us go. And one of the main worries
at that time was about war and what was
going to happen to Europe. So there you
go.
>> Interesting. Well, Bill, I'm gonna pose
the same question to you. Three big
predictions for 2026.
Yeah, let let me just give you I think I
agree with
David and I think the third one is most
important of confidence and I think 2026
uh I think people have pretty much had
enough. They know they're being
bullshitted
about everything everywhere. Everywhere
they look, all the information, it is so
hard to get real information now. And I
think 2026
uh confidence is going to break. I think
people have
have had enough.
They want truth. And
I guess uh
and
uh oh, we lose Bill.
Do you hear him, Dave?
>> I'm I'm not speaking.
>> Oh, I hear you now. Go ahead.
>> Yeah. I just ended with the truth will
set you free. I think 2026
uh truth is going to come forth and I
think confidence in many many areas will
break.
>> I see. Well, that's interesting you
mentioned that Bill. I've been noticing
like a pattern with all my guests I ask
this question to. That prediction comes
up time and time again. I.e. that there
will be like a grand reveal or a great
unveiling
of of the truth. Um the lies will be
revealed or something that capacity. I
think we all kind of sense it moving up
ahead. Um, each year that passes by has
been one,
I guess, iteration of an awakening after
another. So, will 2026 be an even
grander one? I guess we'll have to wait
and see. But, J, it's been a pleasure
having you both on.
>> Yeah.
It never
it never
mattered in
the past.
>> Yeah.
>> When we got
Think about it. Think about the truth
that's come out just in the last week or
two. The the CDC guy who retired said
that they knew it was a death shot. uh
315,000 ballots in in uh in Georgia
turned out to be, you know, there's no
chain of of custody. I mean, people and
and it still doesn't matter because
markets are still good and everybody's
still okay, but there's more and more
people that are tuning into the, you
know, we've been fed nothing but
 As soon as the markets roll
over, and they will roll over, that's
when the truth is going to matter.
That's when the truth when when people
will care about the truth. They don't
care about the truth or they have not to
this point, but they will.
>> Yeah, they don't have the incentive.
>> Yeah, it's all that's all part of the
break of confidence in my opinion.
>> Yeah, I think so too. the the the
biggest question is is that will they
just pump the markets full of capital
just to keep them like like in in Vimar
Germany the markets in real terms in in
gold terms collapsed but in in their own
currency they actually kept going up so
I mean who knows how long they can keep
the can going down the kick kick the can
down the road I uh I guess we'll have to
wait and see but uh
>> they did not have derivatives
they
They did not have derivatives in Yari.
>> Yeah, that's that
>> and there was more cash and carry. There
wasn't as much credit then either.
>> There was credit but not nearly the
amount. I mean, you know, it was like
net 30 and 30 days later you got your
cash, not net 90 and all this crap. I
mean, it's just gotten so distorted.
>> Yeah. I mean, just look at this. This is
uh this is the S&P priced in gold. Now,
you would think the S&P is at an
all-time high. It is when priced in
dollars, but if you price it in gold,
you're actually down, I want to say 30%
uh year-over-year.
>> Yeah, 33%. There you go. It's a 33
number.
Um but yeah, I mean, the S&P is nowhere
near an all-time high. It's actually
been going down, but they've been able
to mask it because they've pumped so
much liquidity into the system. It's now
catching up to them with this rising
gold price. But, uh, but yeah.
So, anything else you guys would like to
talk about before we take this thing
home?
>> I'm good.
>> All right. Well, if uh
>> I just want to say merry Christmas,
happy holidays, and a healthy new year
to everyone.
>> Thanks, Bill. Yeah, merry Christmas,
happy holidays. Happy New Year, Dave.
Bill, thank you guys so much for coming
on. Truly is a dream panel to have uh
both of you guys on at the same time. We
just need Bill's cowboy hat like Dave
alluded to earlier on. So,
but uh Cole, drop us where people can
find you guys. Um, start off with you
Dave. Where where people find your work?
>> Uh, the morganreport.com
and then the, uh, documentary I just
completed finally. It came out the end
of this year or came out a couple months
ago. silver sunrise.tv. Go ahead and
have a look. It's about 90 minutes. Took
two and a half years to produce it, but
it's going through a lot of what we
talked about today.
>> Excellent. Bill, what about you?
Uh you can go to my website
billholder.com
uh if you need to contact me there is a
contact
button
or you can uh reach me directly through
my business email.
>> Yeah, we we'll have your we'll have your
email and link down below. Bill Dave,
you as well we'll have all the socials
down below. So check them all out, guys.
Jen, thank you so much for coming on,
guys. Thank you so much for watching.
Hit that like and subscribe. Comment go
Bill go Dave Go in the comments section.
And if you agreed or disagreed, let me
know your thoughts. I do in fact read
all the comments, good or bad. So let me
know what you thought. Let me know what
your big three predictions are for 2026.
I'm interested in getting your takes
here. And uh yeah, by supporting us, by
hitting that subscribe button, by
engaging on YouTube, you do help in
supporting this channel in a in a pretty
easy and free way, most importantly of
all. But if you'd like to support us
even further, check out the whole host
of products we have in the description
box. Uh by supporting my affiliates, you
do support me in the process. I do get a
commission from uh the affiliates in the
description box and pin comment down
below. So there it is, guys. Have a
great rest of the day and enjoy the
ride. I'll catch you guys later. Bye.

Need Help?

Have questions about using the tool? Check our FAQ page or contact us.

About This Summary

Video Summary

Why Gold and Silver Are Surging: Cash‑and‑Carry, Fiat Collapse, and the Future of Metals

Introduction

The Current Metal Surge

Cash‑and‑Carry vs. Futures Markets

Fiat Devaluation and the End of the Experiment

Silver as the System’s Achilles’ Heel

Market Dynamics: Retail, Institutional, and Asian Demand

Credit, Derivatives, and Systemic Risk

Strategies for Stackers (Physical Metal Investors)

Predictions for 2026

Final Thoughts

Key Takeaways

Educational Value

Share This Summary

Need Help?

Embed This Summary

Stay Updated!