Well, Silver’s moving like it has in years. Multi-dollar swings are becoming a new normal. And for those of us who’ve lived through this long grind, it feels like a market waking up from hibernation. The Morgan Report with David Morgan. Discover how to build and protect your wealth at themorganreport.com. David Morgan with the Weekly Perspective. Well, Silver’s moving like it has in years. Multi-dollar swings are becoming a new normal. And for those of us who’ve lived through this long grind, it feels like a market waking up from hibernation. First up on the screen here from Garrett Doggin.

Thank you. Shows the price movement here as you can see from 1975 where we had the first spike to 50 and then 2011 just under 50 and the current move closing above 46 on Friday. And what’s interesting is underneath it in the gold is the volatility. And you can see that the volatility is actually quite low at the present time. And that’s interesting to note because with low volatility, it implies that there’s greater upside. And once the volatility catches up, which it will, we will see probably a correction. And I’m expecting one.

In fact, could happen in any time. Moving on, the daily dollar plus moves are increasing stresses in the system and not just speculative froth. The COMEX inventory is registered and eligible are worth watching closely. And there has been a lot of metal that came in from London, as many of us know. And it’s a registered category that you really have to watch. When the registered stocks fall, it exposes that the powers that be are getting thin on inventory. It’s one of the last places you’ll actually see metal come out of, although it has happened in the past.

And physical premiums are really low on the retail side with the exception of silver eagles. And this is the fact that a lot of silver investors are actually giving up at this point in time and taking profits. I shouldn’t say giving up, but many of them have seen $40, $42, $44, $46. And these are numbers that haven’t seen in 13, 14 years. And so a lot of them, I’ll call them stale longs, they’re saying, look, I’m older or whatever. There’s lots of reasons I won’t go through every one of them, but the sales have been greater than the buys.

As of late, it seems from my last time I took an inventory, which was earlier last week, that’s starting to move more toward kind of even as many buys as sales from the retail side. Regardless, there is a big move in silver ahead. And I don’t think we are at the top yet. It’s more than a precious metal, as we all know, it’s a strategic metal. And because of that, it’s used for solar panels, electric vehicles, AI hardware, and defense. And all these things add up because of silver’s conductivity. The US has declared it as a critical mineral.

And that changes how governments think about it. Now, the strategic stockpile, which I wrote about a few weeks back, I explained that the hundred and thirty nine million ounces of silver that was held by the US government was voted by legislation to go ahead and put into the Silver Liberty program, better known as Silver Eagles. And that took the stockpile down to zero. And then the government had to buy silver from domestic sources. And that wasn’t sufficient to keep the Eagle program going. So they changed the law and said we can get it from anywhere to keep the Eagles Liberty program intact.

That’s all I’ll say about that. We’ve talked about that in the past. Bixwares gone into deep dives on that topic, which if you’re interested, I’m sure you can find some of this earlier work. So unlike gold, which is a central bank hoard, silver is consumed irreversibly. In other words, some of the computers and some of the things that silver is used for end up in landfills never to be recovered. This isn’t to say that there isn’t recycled silver. There is. It’s around 150 million ounces on an annual basis. But there is a great deal of it is lost and probably will not ever be recovered.

That’s the quiet squeeze, not just financial shorts, but industrial demand outstripping future mine supply. And we’ve provided a look at this in the past. We’ve noted Matt Watson’s work. I’ve shown it on several of my up not so much on the update, so I think I might have done it once, but I have done it in many of the podcasts that I do. I’ve probably done it four or five times and I’ve done it at the you know, live events. The key signals for actual squeeze, which we are not in for my view, are the following.

You’ve got to watch for like at least two to five dollar moves intraday and with record volumes. You would have to see physical shortages across multiple areas, not just the COMEX registered inventory, but perhaps mints that are not delivering, which you already know that the U.S. Mint is not, and refiners. We’re not seeing that as of yet, or maybe just a few of those. The COMEX registered stock post that earlier would start to plunge, while ETFs start huge inflows. And ETFs are actually low compared to historic standards going back, you know, a decade.

I mean, we had more ETF involvement in the silver market years ago than we have now, but I believe it will pick up. So if those align, huge moves, huge volume, physical shortages across multiple places, COMEX registered draining quickly, and the ETFs getting huge inflows, now we’re looking at a potential squeeze. If those align again, it’s not a rally. It’s a scramble. So how to play it, physical stackers, your insurance is intact. Don’t let it go to your head and get out in the heat of the moment. Need to take some profits, take some.

Certainly there are people selling back, as I just said, and various reasons for that. Some are, you know, they’re stale. They’re just done with silver. Some need the money. Some are compromising. Like, I’m going to take a little off the table here. You know, hey, 14 years to get here. I deserve to take some. Buy the right amount if you’re new. Balance of portfolio with zero exposure. In other words, if you have nothing in the silver market right now, certainly get involved, but don’t go all in. Expose yourself with enough to make a difference, but not so much to cause you stress.

And, you know, you listen to someone like Jim Rickards or many others. 10% is probably enough. Mining equities will ride the wave. They’re outperforming and have been for some time. But scale in incrementally. Think of going in in tranches. And this is where volatility can actually work in your favor. If you go in with, let’s say, a six month time frame at, you know, one sixth of the quantity you want to invest, then you’re going to get a better average price and you’re going to keep your emotions pretty much in check. Traders, that’s a different story.

They have to be nimble. And don’t confuse an event with a squeeze. We’re in a secular trend. And that’s a trend for the precious metals to continue higher. We see confirmation with platinum making very big gains as well as silver and gold, and palladium has joined as well. So we do have a new secular market moving up. So this is a generalized outline for markets in general. It could be the stock market, the real estate market, and of course it could be the metals market. So where are we in here? Well, we’ve gone through a long dragged out pretty much downtrend, and that’s shown as a small one here, but kind of sideways for a very long time.

And then what we have is the institutional investors coming into the gold market hot and heavy since about 2022. So 23, 24, 25, they keep buying lots and lots of gold. And so we see that taking place. And of course, gold broke through the 2000 level. It’s almost at 4,000 now. And that’s been rather rapidly, as we all know. So where are we on this? I would say we’re right in here where my cursor is. Starting to get some media attention, but not really that much. And what we’re seeing is a nice move up, you know, like double from here and right in this area.

And we’ll see more media attention. Once that takes place, you know, we’re probably starting to go up further and the public will start to come in. There’ll be more and more people that maybe gave up at, you know, 40 and watch you go past 50 and say, I’m going to get back in. Some will do that. And we will continue to see more public participation come back into the market and institutional as well. The institutions are coming in now. I think you’ll see more and more ETF participation. And if the US government decides to fund with silver, not with cash, we’ll buy with cash silver for the critical mineral inventory.

And let’s say they just go to, you know, what they held in the past 139 million ounces of thereabouts. That’s still another demand on the market that’s already pretty tight. And then of course, the public comes back, then you’ll start to see this accelerate and you can see this line goes up more into a parabola type of formation. And these are, it’s not scaled as far as time goes, but this is where I picked up from Jeff Christian years ago that 90% of the move in the last 10% of the time, you just kind of does that.

You know, I have this long kind of upward trend and then a big downtrend and then it comes back up, but the institutions aren’t early and then the media attention comes in and then it really starts to go. And that move between the cursor here from, we’ll say media attention all the way to the new paradigm, everyone’s screaming, it’s going to pick a number. And of course it does top out. And then of course, this curve shows, you know, it drops heavily and there’s denials and it gets a nice bounce. It’s going to return the normal, probably going to make new highs, but it doesn’t then it starts down again and there’s fear and capitulation and on it goes, it comes back to the mean.

So the mean is right here going up and to the right, which is true of all these markets. Why? Because we keep printing more money. So there’s more money in the stocks, more money into real estate, more money into metals, more money in the bonds, you name it, it keeps going up. Doesn’t mean that those asset classes are appreciating. It really means that the dollar is depreciating. When that is thought of and known by more people, then you will see more and more participation in this market. So everyone else has chased the headlines and I’d like to leave you with this.

The real squeeze won’t be measured in dollars per ounce, but in who actually gets the ounces. When the industrial man collides with financial panic, availability, not price will be the story. That’s the moment that the silver market rewrites itself. Stay tuned to the Morgan report. David Morgan signing out this week. Financial reset, whether anyone wants to admit it or not. And if you’re still relying on mainstream headlines or financial advisors who just tell you to write it out, you could be blindsided when things really shift. That’s where the Morgan report comes in.

For over 25 years, David Morgan has been helping investors cut through the noise. He tracks what actually drives markets from precious metals and mining stocks to global debt and monetary policy and show you how to protect and grow your wealth when the system is under stress. This isn’t just about gold and silver. It’s about having a clear-eyed view of where things are headed and making sure you’re not caught off guard. The Morgan report gives you real research, honest analysis, and strategies you can act on, even in a world of rising debt, unstable currencies, and economic uncertainty.

Go to TheMorganReport.com today, download your free report, get informed, get ahead, and take back control of your financial future. TheMorganReport.com, because $37 trillion in debt won’t fix itself. [tr:trw].

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