Well, let’s start with the metals. Gold is holding firm above $3,300 and I want to emphasize something. This isn’t a spike. It’s re-pricing. Central banks have been buying net buyers for two years, going in the third year. China, Russia, Turkey and others are accumulating real assets while the west debates interest rates whether they’re going to go higher or lower. So what’s a real story this week? It’s silver. Once we broke through the $30 or really $35 ceiling, we are in territory that is an easier path to 50. However, it’s really in a trading range right now.

I don’t expect it to break out of that for a while. However, there’s a great deal of talk on the internet as usual for the massive amount of Stanford deliveries in July. I’ve seen this many, many, many times and do not get very excited about it. Although there’s always the possibility and there has been big deliveries in both the metals this year, other years, but this year in particular. However, there’s also been a very big buildup in silver physical into the COMEX over the last few months and my idea is that it may be there for a reason and that is if there are unusually large silver deliveries that they have built the inventory to sufficient level to take care of them.

We’ll have to see how many actually roll over into the future months, which is which happens almost every time. So anyway, let’s find out what happens. I’ll stay neutral on it, but I’m not all excited about, you know, we’re going to wipe out the silver supply with the amount of Stanford deliveries on first notice days and people are actually going to take it off the COMEX, but time will tell. So remember that silver doesn’t move slowly when it breaks out. It usually does so with force. ETF flows are rising. The COMEX inventories have built up.

They may decline with the July deliveries and industrial demand, as you know, from solar to batteries is relentless. It’s not about hype. It’s about silver becoming more and more needed, wanted and used. So for some mining insights, cracking energy, which is one enlisted in the Morgan Report was halted this week. It’s now delisted following a merger with Arrow Energy. And it’s important to note this wasn’t a delisting for failure. It was a corporate acquisition. Here’s what matters. Consolidation is heating up. Three of our really well-picked mining companies have already had merger and acquisitions this last six months, year at the most, which is good in a way because people, you know, had significant increases in their value, but perhaps not as much as the companies would have been valued for on their own.

Regardless, it does show stock picking ability. So let’s come back to cracking. Again, here’s what matters. The consolidation is heating up across the junior and mid-tier space. Smart money is moving toward hard assets and the companies that produce them. Watch the drill results. Watch the offtake deals because the majors are waking up. New discoveries are rare and they need the ounces. All right. Well, let’s zoom out a bit. What’s happening in the world? Global trust is breaking down. Wars are active. Debt is exploding. Digital control is rising. And central banks are buying gold like there’s no tomorrow.

Why? Because they know. They know it isn’t forever. They know you can’t fake confidence forever. And they know the next monetary system will be backed one way or another by real assets. I’m neutral on that. I think it’s true at some point, but they may float out the first one backed by nothing. We’ll find out. Normally in any great financial reset, we come back to hard assets, usually gold or gold and silver. This time could be different. So this is a great rotation from paper to metal, from allusion to substance, and it’s taking place now.

So what can you do? Stay informed. Remember to get on our free list at themarketreport.com. And every week I share insights like this without noise, without love, just hard work on money, metals, and mining. That’s it for this week. I’m David Morgan. Until next time, stay strong. or financial advisors 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 the Morgan report.com today, download your free report, get informed, get ahead, and take back control of your financial future. The Morgan report.com, because $37 trillion in debt won’t fix itself. [tr:trw].

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