➡ The American financial system is facing a crisis due to the potential devaluation of the dollar and the insolvency of pension funds. Experts warn that the traditional investment portfolio is outdated and a global debt of $120 trillion could cause a major economic fallout. They suggest that gold and silver could be safer investments as they are tangible assets. It’s also advised that people should invest in industries they understand well and not confuse liquidity with solvency.
➡ Social Security was designed to support people over 65, but with increasing life expectancy, it’s important to plan for your own retirement. The U.S. government’s ability to honor its financial obligations is questionable, given its $120 trillion in unfunded entitlement obligations. The value of the U.S. dollar is decreasing, and it’s predicted to lose 75% of its value over the next decade, similar to the 1970s. This, along with other financial crises, is leading investors to move their money into physical assets like gold and silver, which have historically thrived in times of financial instability.
➡ The article discusses the potential for a significant increase in the value of silver due to various factors. These include the declining purchasing power of currencies, particularly the US dollar, and the increasing demand for physical silver over paper silver. The article suggests that silver could become a valuable asset as faith in paper markets collapses, and as the demand for physical silver outpaces supply. It also mentions the potential for a surge in the value of silver due to industrial demand and the possibility of a currency collapse.
➡ The article discusses the potential for a significant increase in the value of silver due to increasing industrial demand and limited supply. It suggests that as the demand for silver grows, particularly in industries like solar power and electric vehicles, the supply is not keeping up, which could lead to a spike in prices. The article also warns of a potential financial crisis due to the devaluation of currencies and the reliance on governments, suggesting that investing in physical silver could be a way to protect wealth. It emphasizes that this is not financial advice and encourages readers to consult with a licensed professional before making investment decisions.
➡ Sam recently met a client who has invested all their money in gold, which he thinks is a foolish decision.

I think the problem with America, the currency is the reserve currency. If the foreigners take fright and say, we’re getting out of the dollar, you’re looking at ownership of the dollar, which exceeds US GDP by fully one third. That could be a real problem. If you believe, as I believe, that in this sense past its prologue, that the US dollar will lose 75% of its purchasing power over the next 10 years like it did the back in the 1970s. And I believe that I think it’s reasonable to suppose that the nominal price of gold. When I say nominal, I mean US dollar price of gold, will increase in a way that mirrors that.

You’re watching Silver News Daily. Subscribe for more. The financial system is quietly cracking beneath your feet. And the retirement you were promised, it might not exist. Pension funds, the backbone of millions of futures, are being exposed as functionally insolvent. And nobody’s talking about the math is terrifying. While the media distracts you with stock market rallies and AI bubbles, the Fed admits to 8% real inflation and US treasuries are locking savers into guaranteed losses. Experts like Rick rule and Alistair MacLeod are sounding the alarm. The traditional 6040 portfolio isn’t just outdated, it’s a suicide pact. But this goes deeper.

A $120 trillion debt bomb is ticking at the heart of the global economy. And when it detonates, the fallout won’t just hit pensions or the dollar. It will rip through everything. Stocks, bonds, savings, even currencies themselves. And what comes next could shock everyone. Gold is expected to surge, but silver. Silver is set to explode thirtyfold. And right now the world is sleepwalking straight into that explosion. So what exactly is triggering this wipeout? And how do you protect yourself before it’s too late? Let’s break it down. And towards the end of the interview, we’ve got to give people some life.

You know, this is pretty gloomy. I’ve noticed a lot of use of the phrase diversification. And I think another problem is that we’ve enjoyed so much success as investors in the last 40 years that we’ve become hubris ridden. Diversification is only good if you understand the sectors you’re diversifying into. I am pretty undiversified. I understand conventional financial services, which is to say banking, insurance, asset management, investment management, and I understand natural resources. I’m asked all the time about crypto and I say I don’t do it because I don’t understand it. I’m asked about technology. I’m not really sure how to pronounce Nvidia.

I think I got it right. But the idea that I could tell you if it was overvalued or undervalued, not understanding what it is they do for a living, the probability of that is nil. So I would caution people with regards to diversification. I would ask people to invest to the extent that they could in industries where they or their financial advisor understood them well. Perhaps it’s because my own brain span is constrained, but the idea that a human, or even many amalgamations of humans in asset managers could understand 100 industries or 200 industries has always seemed suspect to me.

I would throw out one more caution. That is that today people seem to conflate the term liquidity with the term solvency. And I think that’s one of our great conundrums, even in government. Our government’s quite liquid today. But I would argue that they’re insolvent. To make this personal, let’s say in the United States that you have a job that’s paying you 60 or $65,000 a year, and you have $30,000 in. Pension funds were built on a promise. Work for decades, contribute steadily, and retire with peace of mind. But that promise is evaporating behind the scenes. These funds are cracking under pressure.

And the numbers don’t lie. According to Rule and Macleod, the return on so called safe US treasuries is now a guaranteed loss, 3.5% annually, while real inflation rages closer to 8%. That’s not growth, that’s erosion. And for pension portfolios loaded with bonds and outdated equity allocations, it’s a slow motion collapse. This isn’t just a theoretical risk. The Federal Reserve’s own policies have ensured that most pension funds are structurally incapable of meeting their long term obligations. They’re chasing returns in a market distorted by years of artificial interest rates and endless debt monetization. And what’s worse, the 6040 portfolio model, the same one pushed for decades, is mathematically doomed.

In today’s environment, Bonds don’t protect against inflation anymore. Stocks are volatile, overvalued, and deeply tied to the same system that’s bleeding out. Rule calls it a suicide pact for a reason. We are watching the slow implosion of the most trusted retirement model in modern history, and no one is coming to save it. The system isn’t bending, it’s breaking. So if retirement safety nets are failing, the next question is, what’s fueling this breakdown and how far can it go? One thing you said in that little bit was that there’s a bit more volatility and all the rest.

I tell you, pension fund managers do not want volatility. They want certainty as much as possible. So volatility is not the way to go. It really isn’t. And you know, if they’re going to be looking at things like bitcoin and so on and so forth, I mean, you know, that’s, that’s the end of life as far as they’re concerned. I mean, the situation that Rick described is exactly the same in Europe, but we’ve got other things on top which make it even worse. First of all, we’ve got something called defined benefit pension schemes. Now these basically will pay a guaranteed two thirds of salary, inflation linked, et cetera, et cetera.

But guess who’s got them? Bureaucrats, civil servants. Nobody else has got them. So in other words, the cost of this is just escalating. And as to Rick’s point about inflation, I mean, not only is it running at far higher level than CPI statistics would have us believe, but on top of that, my forecasts are that we’re going to get far higher inflation in the next two years. The reason I say that is if you look at what’s happening, gold is signaling, if you like it, is anticipating a collapse in the purchasing power of fiat currencies. I reckon this is the end of the fiat currency era, which started in 1971.

Now, under those circumstances, you’re going to see prices rising, not because they’re rising, they’ll actually be falling in real terms, but because the currencies are falling even more rapidly. This is playing havoc with any pension fund manager’s arithmetic. I mean, it really is. And then on top of that, of course, over the last, I don’t know, 50, 60 years, pension fund managers have been encouraged to diversify asset bonds and into equities. So when you get an equity market bubble going, pop, this is going to again cause huge damage. And further on that, of course, was the sort of baby boomer population which Rick and I are honorable members.

We’re all drawing pensions now and the numbers have increased quite substantially. I mean, just everything in this arithmetic has just gone wrong. And you cannot rely on, on a pension to keep you in your old age. I mean, you know, I know so many people who’ve been in government, for example, they got these lovely pensions. I reckon that at the end of the day they’re probably worth nothing. So, you know, you’re going to actually start thinking for yourself in this one. It goes all the way to the top, to the very foundation of the financial system itself.

Debt. The US Government isn’t just in debt, it’s drowning in it. As of the second quarter of 2025, federal debt has soared past $36.2 trillion, rising at a pace that outstrips GDP, tax revenues and even inflation. And that’s just the official number. When you factor in unfunded liabilities like Social Security, Medicare and pension backstops, the real figure balloons toward $120 trillion. That’s not just unsustainable, it’s a slow motion detonation waiting to rip through the entire economy. Every new dollar printed to service that debt devalues the ones already in your pocket. And every interest rate cut meant to stimulate growth only accelerates the collapse.

The debt isn’t being paid off, it’s being monetized. Quietly, permanently. And with every step, the dollar becomes weaker. Foreign holders see it. That’s why reserve currency outflows are picking up pace with countries like China and Russia dumping treasuries and ramping up gold and silver reserves. They know what’s coming. This isn’t just a debt problem, it’s a confidence crisis. A global financial architecture built on trust is losing it fast. And when that trust breaks, when the world collectively realizes that $120 trillion will never be paid back in sound money, the only thing left standing will be assets with no counterparty risk, real tangible stores of value, gold, silver, and especially silver, which remains historically underpriced and systemically underestimated.

The debt spiral is accelerating and the next phase, it’s already beginning to hit the dollar. Well, first of all, fire their advisor. Personal financial planning over time is a very long term endeavor, but the arithmetic around it is fairly simple. The second thing is that talking to either Alistair or myself about retirement is fairly foolhardy. Both of us have failed completely. It’s important to note that when Social Security was instituted in the United States, its mandate was to provide basically poverty style existence for people above the age 65. And the median life expectancy of an American male when Social Security was instituted was 66 years.

Demographics has changed and so it makes perfect sense that people would need to prepare to live longer. I don’t recommend retirement myself. I enjoy working. Let’s just say that my mind needs to be either stimulated or sedated. Working for me is much healthier than drinking and the consequence of that is that I like to work. On a more serious note, I think that if you look at the solvency of various retirement systems, including Social Security, that you come to the conclusion that you need to take care of your own retirement. If you are American, you need to bear in mind that according to the Congressional Budget Office, the net present value of unfunded entitlement obligations in the United states exceeds now $120 trillion.

This number doesn’t come from a balding fat, cranky old libertarian. It comes from the Congressional Budget Office. Now to put that in perspective, gross Federal income is $5 trillion a year. What do you think the probability is that the United States and Alistair will have to give the European or British numbers? But what do you think the probability is that the U.S. government, with $5 trillion in gross income and of course a government and a nation to run, can honor $37 trillion in on balance sheet liabilities and $120 trillion in off balance sheet liabilities. Think about the arithmetic around this.

And think about despite the the fact that despite the fact that you paid into Social Security for 40 years, which is irrelevant, there isn’t enough money to take out. Think too about some other form of retirement entity, perhaps private, that invested the bulk of their proceeds in 20 or 30 or 20 or 30 year debt obligations yielding some number like 4, 4 and a half or 5 where the underlying inflation rate is 8. The managers are in for a tough spell. If they sell those low yielding instruments, they take hits to principle down. If they hold them, they guarantee the fact that they can’t fund their obligations over time.

Talk about a rock and a hard place. So understand where you are, understand who you are and plan accordingly. It’s your only chance. Just before we get going, we just launched the official Silver News Daily Telegram. To kick things off, we’re running a 10 ounce silver giveaway. Yes, real physical silver. Not a voucher, not digital credits, actual bullion. This Telegram will be our new home for real time silver discussions, market insights, collection picks and everything. Precious metals. It’s where the community truly comes alive. Here’s how to enter the 10 ounce silver giveaway. Be subscribed to Silver News Daily on YouTube.

Turn on the notification Bell comment 10 ounce giveaway on three separate videos. Be an active member of the Telegram group and say hi. Once we hit 500 Active Telegram members, we’ll pick one lucky winner to receive 10 ounces of silver shipped directly to you. So get in early. Stay active. The US dollar, the world’s reserve currency, is quietly bleeding out. It’s not a collapse in name, not yet, but in purchasing power, the fall is already underway. Rick Rule draws a chilling comparison. Just like in the 1970s, we’re on track to lose 75% of the dollar’s value over the next decade.

And the early signs are already flashing red. From 1970 to 1980, inflation gutted the dollar. But now the setup is even more dangerous. Real world inflation, as tracked by the Chapwood index, sits between 6 to 8% annually, far above the official 2.4% CPI. That means that every year your dollars are silently losing strength, and the markets know it. The dxy, an index tracking the dollar against other currencies, is already down 3% year to date. This isn’t just market noise, it’s systemic decay. Foreign investors are bailing. Confidence is crumbling. And for the first time in decades, the dollar is being openly questioned as a safe haven.

The Federal Reserve’s response, rate cuts, more money printing. The same policies that got us into this mess are being used to pretend it isn’t happening. But the world is catching on. Central banks are stocking gold, silver ETF inflows are surging, and physical silver demand is exploding. Why? Because they understand that fiat currencies have a shelf life. And the dollar’s expiration date is drawing closer. If the dollar loses 75% of its value like it did in the 70s, we’re not just looking at higher prices, we’re looking at a systemic repricing of everything. And silver, it doesn’t just survive that environment, it thrives.

In 1980, silver surged from $1.94 to $50. That wasn’t a fluke, that was a currency crisis. And history is beginning to rhyme. But this time it’s not just inflation pushing the dollar down. There’s something much bigger, something more chaotic emerging behind the scenes. A poly crisis that could push silver to heights no one’s ready for. You know, the Roaring twenties, which was the, you know, the puffing up of credit, the credit bubble. And then you had the collapse from high Point, I think in September 29th. Market lost 90%. And guess what? We had tariffs as well.

Smoot Hawley Tariff act that came in. The whole situation is so reminiscent of that, but this is far larger. This is a dangerous time. But at some stage, investment managers are going to realize they’re doing completely the wrong thing. And I think it’s just beginning. For example, you see major banks like Goldman Sachs, bank of America, Citicorp, whatever, now saying gold’s going to go 4,000 or 4,300, whatever they say. But think about their poor clients. I haven’t got any. I’d be knocking on the door and say, look, your analyst is saying gold’s going to 4300. What have I got? You’ve just got me the wrong bloody stuff.

And this will be acute when that bubble, when that credit bubble pops. Because I tell you what, it’s going to be a very nasty scene in industrial equities, in stocks and all the rest of it. And I don’t know how much people will be able to get out. But at the moment, on average, if you look across the roughly 300 trillion of investable assets, less than half a percent of that is in gold, they’ve got it completely wrong footed. So I really think that the next few months, and I think it’s that soon, the next few months are going to be extremely interesting from the point of view of the switch, if you like, away from the current winners which will become suddenly like solenoid to investors, into, into obviously what’s already running and they just haven’t bought.

It so fascinates me that, I mean, I, you know, look, I’m fairly simple soul, I just say, you know, get hell out of credit, just get into gold or silver. Rick actually is more at the, at the coal face, analyzing companies and all the rest of it. So that’s probably where the Lee Bridge is on this extraordinary story. At this moment in time, we are not facing one crisis, we are facing many, all converging at once. Alistair MacLeod calls it the poly crisis. A multi front assault on the global financial system that leaves no safe corner untouched.

Inflation isn’t the only threat. Add to it sovereign debt, explosions, geopolitical upheaval, central bank desperation and an unraveling faith in fiat currencies and you have a storm unlike anything we’ve seen. Each of these issues alone could disrupt markets, but together they threaten to shatter the entire framework that holds the financial world together. And here’s the terrifying the policies designed to fix one crisis actively worsen the others. Rate cuts to ease debt loads, feed inflation. Currency devaluation meant to spur exports erodes domestic savings. And every bailout signals that the system can’t stand on its own. Investors are waking up.

The illusion of safety in stocks and bonds is fading fast. In response, capital is moving quietly, urgently into hard assets. Not ETFs, not contracts, but physical metals. Real stores of value that can’t be inflated, defaulted on or frozen. Rule and MacLeod argue this isn’t just a market rotation, it’s a survival instinct kicking in. Gold is a haven, yes. But silver? Silver is the overlooked escape hatch with exponential upside. Why? Because while gold reclaims lost trust, silver offers something. Scarcity. Industrial utility, and historical explosiveness in inflationary chaos. This polycrisis isn’t a future risk. It’s already unfolding. And while most investors chase tech hype and central bank narratives, the smart money is quietly fleeing paper assets for the one thing that has always thrived in the ruins of a collapsing system.

But silver’s role isn’t just defensive. It’s about to become the most aggressively revalued asset on the planet. And that starts with understanding the true magnitude of what silver brings to the table. Especially when trust in everything else is vanishing. The baby boomers were coming of age. They had that wonderful demographic boom, great labor force participation around the world, increasing amounts of free trade, wonderful, wonderful, wonderful time. Falling real interest rates, US dollar, hegemony. So financial stability, I think about 2022, that epoch came to an end. And I think people are continuing to invest as though that set of circumstances were true.

That’s really the challenge. I don’t think that you’re going to see falling long term real interest rates again for a long time, despite government’s attempts to manipulate them. I don’t think that you’re going to have the demographic advantage that you had with the baby boomers, although I do think that rising emerging and frontier markets economies will help temper that. But I also think that you’re going to have falling real yields. And by that I mean that the yields offered up around the world on savings products are likely insufficient to cover the deterioration in purchasing power from various currencies.

Most importantly, of course, being the US dollar. I say most importantly not merely because I’m American, but because the U.S. economy generates 23% of the world’s savings and investments. It is, for better or for worse still the world’s reserve currency. If you believe the CPI, the government statistic, I refer to it as the CP lie. You believe that the deterioration of the US dollar is proceeding along at about 2.9% a year, compounded. Not good, but not bad. If you look at the basket of goods and services that real people consume, including prominently, tax. The CPI doesn’t include tax, which makes it a silly measure of the cost of living.

I believe that the deterioration of the US dollar is going along at about 8% a year. So you can see the problem arithmetically. If you’re saving at 4.5% and you’re spending in a currency that’s depreciating at 8%, buying what is allegedly the safest savings instrument in the world, the US 10 year treasury guarantees you a 3.5% compound loss and that’s the real challenge facing asset managers. The old long bond portfolio for university endowments and insurance funds guarantees that you won’t have enough money to Satisfy your obligations 20 or 30 years out. Silver isn’t just a hedge.

It’s the pressure valve of a failing system. While gold is the metal of kings, silver is the metal of revolt. It’s volatile, undervalued, and historically, it’s where the biggest gains happen, when fiat currencies crumble. Rick Rule doesn’t mince words. He sees silver as the asset most primed to explode. Why? Because the setup is unmistakable. In the last major currency collapse of the late 70s, gold rose eight fold. Silver, it surged 25 fold. And that was without today’s supply crunch or industrial pressure. Fast forward to now. With inflation biting, dollar debasement accelerating, and faith in paper markets collapsing, silver is once again being called the poor man’s gold.

But this time, that label is a massive mispricing. Analysts forecast a potential move to $80, even $100 per ounce in the next few years. And it’s not just retail investors piling in. Central banks and sovereign wealth funds are quietly increasing physical holdings. Meanwhile, premiums on physical coins and bars are rising rapidly, with some silver coins trading 6 to $7 over spot. That’s not speculation, that’s panic. Investors are paying steep premiums just to ensure they have silver they can hold, not promises on paper. And that distinction matters now more than ever, because Ruhle and MacLeod both warn paper silver, especially through COMEX and ETFs, is vulnerable to default.

There are simply too many claims and not enough metal. In a true crisis, physical beats paper every time the clock is ticking. And once the price suppression mechanisms fail, silver doesn’t just rise, it detonates. Gold may regain lost ground, but silver, it has to reprice entirely. 30 times higher isn’t a fantasy. It’s a reversion to historical norms. Under crisis conditions, and with confidence in fiat evaporating by the day, investors aren’t just seeking protection. They’re chasing escape velocity. And that’s exactly what silver is built for. But before the explosion, there’s one fault line the system can no longer the growing cracks in physical supply.

Broadly, I think what Rick says is absolutely right. I mean, anyone looking at a pension fund is actually on a loss on a loser. The only thing you can really do now is protect yourself against the declining purchasing power of currencies. And the only way in which you can do that is to buy physical gold. I mean, I would prefer ownership of gold rather than indirect credit through an etf. And the other thing I think is to look at maybe some other commodities because the one thing that’s happening which we just don’t understand in the west is that the whole world out there being run by, dare I say, China and Russia, you know, are sworn enemies, but they basically are assembling the majority of the world’s population and they’re going to industrialize it and that’s going to require an awful lot of base metals.

It’s going to require also gold and silver for monetary purposes. And so that’s the area where you’ve got to look. And we haven’t had any sort of move out of conventional investments into these defensive sectors. And that I think is going to be an interesting challenge, particularly when you understand that equity markets are basically being sustained by a credit bubble. I mean, just look at what’s been going on with the leverage, if you like, the debt leverage through loans to investors who have been leveraging up in order to improve their returns on, presumably on the Magnificent Seven or whatever.

They’re so greedy. I mean the latest figures from FINRA looks, I mean you’re looking at over a trillion dollars standing there now that’s got to be unwound and it will. I mean it’s a sign if you like. It’s the clearest sign. This is a credit bubble. And if you look at the behavior of investors, I mean they’re just chasing momentum. Who gives a damn about value? That’s not the way to go. So this again, it reminds me so much of the dot com bubble back in 2000. So all the symptoms are there, the psychology and everything else.

And then on top of that we’ve got President Trump’s beautiful tariffs. And I tell you, this just reminds me of 1929 when we had the physical silver market is under siege and the cracks are now too big to ignore. For years, silver’s paper price was kept in check through futures markets, leveraged contracts and short selling by institutions. But 2025 is different. Physical demand has broken free. Investors aren’t trusting digital promises anymore. They want the real thing in their hands. And the result? Comex silver inventories have plunged to a five year low, sitting at just 290 million ounces.

Delivery defaults have jumped 10% this year alone and premiums, they’ve gone vertical. Standard silver coins like the Australian Snake series are trading nearly $6 over spot. And dealers are warning of extended wait times for even basic orders. This isn’t just a supply chain. Hiccup it’s a market on the edge of rupture. Silver ETF inflows are up 12% year over year. But even those are losing appeal as investors flee counterparty risk. The big question being asked now is what happens when more people try to take delivery than there is silver to deliver. Andy Schectman says it Comex isn’t built to withstand a physical run.

There are too many paper claims stacked on too little metal. And once that illusion breaks, silver could go no offer, meaning there’s no price at which sellers are willing to part with it. This is the moment the suppression mechanisms collapse, not with a whisper, but with a bang. The entire pricing structure could disintegrate overnight, leaving only physical metal as the true benchmark. And once trust in paper silver vanishes, demand will flood into the already strained physical market like water into a broken dam. But what makes this silver squeeze even more dangerous is what’s happening outside the monetary system.

Because while investors panic, buy coins and bars, the industrial world is quietly draining the supply from the other end. And that’s where things go from unstable to uncontrollable. Yeah, as to the that point, I mean, I also remember, you know, government bond yields in the 70s, the UK government bond yields soared to over 15%, I think top. It was about 16%. And I’ve said on Darling of the show before that I well remember the issue of the Treasury 15 and a half of 1998. Can you imagine? I mean, basically these bond yields are a reflection of the market’s understanding of the risk, investment risk when it comes to buying government debt.

And that risk is increasing for the very simple reason that government finances are spinning out of control. They have debts which they cannot really fund finance if you like. And yet they’re borrowing more and more and more. Under those circumstances, there’s only one way for bond yields to go and that is up. And I can’t even say that. I don’t think. I mean, I can’t even say that It’ll stop at 15.5% this time, certainly in this country. I think the problem with America is you’ve got two elements of this. Firstly, the currency is the reserve currency and it’s very, very highly owned by foreigners.

All the rest of it, that in the past has been very, very good for the dollar. But if the foreigners take fright and say we’re getting out of the dollar, then you’re looking at ownership of the dollar which exceeds US GDP by fully one third. And that is, you know, that could be a real problem. And it’s not just the foreigners. Also in domestic institutions are gradually waking up to risk. And when this credit bubble does pop, I’m sorry to go on about it, it is going to pop. Then I think they’re going to be looking at bond yields differently.

And the interesting thing is that if you go back to 1929, 1932, the best performing stock of the lot was homestake. What? Oh, my. I can see. I mean, basically there’s very good reasons for that, because gold, if you like, is money. And as John Pierpont Morgan said, all else is credit. So if you’ve got someone who’s actually digging money out of the ground at a time when the value of credit is collapsing, that’s where you go. So I think that there are lessons in the past which I think we could actually spend a little time maybe researching in order to protect our wealth.

And I think, incidentally, it’s now a question of wealth protection rather than wealth accumulation. Silver isn’t just money, it’s infrastructure. And in 2025, its industrial demand has transformed from a tailwind into a tidal wave. While investors scramble to secure physical metal, manufacturers are quietly devouring the rest. The solar industry alone now consumes over 280 million ounces annually. 40% of global industrial use. And installations are accelerating. China’s aggressive push for renewables and Russia’s ramp up in BRC s aligned infrastructure projects are just the beginning. Add in electric vehicles, AI servers and 5G hardware, and Silver’s role in powering the future becomes undeniable.

There is no substitute, no alternative. Silver’s unmatched conductivity makes it irreplaceable in everything from solar cells to battery systems. But here’s the problem. Supply isn’t keeping up. Global mining output has flatlined at 850 million ounces, even as industrial demand pushes past 700 million. Projections show that by 2030, we’ll need 1.4 billion ounces just to meet industrial needs. That’s before you count a single coin bar or etf. And with COMEX inventories already collapsing, the market is being squeezed from both ends. Monetary panic on one side, industrial demand on the other. This is the setup for a runaway scenario.

As supply dwindles, industrial buyers will begin hoarding, just like investors. And when manufacturers start competing with hedge funds for physical silver, prices won’t just rise, they’ll spike uncontrollably. J.P. morgan’s old strategy of shorting paper silver to cap prices simply won’t work. When the metal is needed to build cars Servers and solar farms. The game is changing. Silver is becoming the most strategically vital resource of the modern economy. And yet it’s still priced like an afterthought. That disconnect won’t last. We are approaching a moment where the industrial and financial systems collide. And when that happens, silver doesn’t just become valuable, it becomes indispensable.

So the only question left is when all these forces hit at once, what does the revaluation actually look like? Savings. But you have a million dollar mortgage. You have 35, 30, 35,000 in your jeans. So if you want a case of beer, you can buy one. The problem is that you can’t service a million dollar mortgage on $60,000 a year. You’re liquid, but you’re not solvent. And when I look at the pension structures existent around the world and I look at the slavish reliance that people have on communal organizations called governments, and I look as a credit analyst, which at the bottom of my soul is what I am, I see a circumstance around the world where we have more than ample liquidity.

There’s lots and lots and lots of dry powder in the world. But on an actuarial basis, looking at 20, 25 or 30 years, we’re insolvent. I mean, I know, I know how this ends. You reprice the debt securities, or more more correctly, you devalue the denominator. You reduce the purchasing power of the currency that this insolvent instrument is held in and you have a dishonest default. I understand how it ends. I watched it in that way in the decade of the 70s. By the way, Dunnigan, many people don’t realize this, and I’m sorry to revert to US dollar terms always, because I’m an American, I understand them.

That same Congressional Budget Office that I cited earlier says that in the period 1970 to 1980, the purchasing power of the US dollar declined by 75%. That’s the way we solved our last debt crisis. We devalued the real value of the payments. And I suspect that’s how this one ends too. Not the end of the world. We survived the 70s. It was a character test. None of us needed it. Alistair and I were both characters at the beginning of that epoch. We didn’t need the test that we faced. But that’s how it works. And people need to prepare for that.

The revaluation looks nothing like the gradual climb most expect. It looks like ignition. A convergence of collapse and necessity where silver is no longer an asset. It’s a lifeline as trust in paper markets crumbles as inflation guts the purchasing power of fiat currencies, and as the industrial world fights for every remaining ounce, Silver’s true value reveals itself not as a hedge, not as a speculation, but as the one asset that bridges both monetary chaos and and technological revolution. A 30x move sounds extreme until you realize it’s not a prediction, it’s a historical echo. Silver has done it before, and with everything happening now, it could happen again, only faster and with more force.

Investors who wait for mainstream validation will miss the move. Because when this market turns, it won’t be a gentle rally, it will be a repricing event. Gold may lead the charge, but silver will be the explosion, the debt bomb, the dollar collapse, the pension wipeout. These aren’t separate events, they’re signals, warnings. And silver is the response. Physical silver, not paper promises. Because when systems break, only what you can hold matters. If you see the signs, if you understand what’s coming, then you know this is the moment to act before silver’s next surge isn’t just news, it’s history.

Make sure you subscribe to stay ahead of the curve. And remember, this isn’t financial advice. Speak to a licensed professional before making any investment decisions. I guess I’m delighted given that I’m positioned. I just think it’s self defense for the institutions. If you believe, as I believe, that in this sense past its prologue, that the US dollar will lose 75% of its purchasing power over the next 10 years, like it did the night back into the 1970s. And I believe that I think it’s reasonable to suppose that the nominal price of gold, when I say nominal, I mean US dollar price of gold will increase in a way that mirrors that in the decade of the 70s, the last time the US dollar lost 75% of its purchasing power, the gold price ran 30 fold.

Now I’m not suggesting that over the next 10 years the price of gold runs 30 fold, because as an example, since the year 2000 it’s already risen 13 fold. But I am suggesting that the increase of the gold price, the nominal gold price, may likely mirror the decline in purchasing power of the US dollar. If that’s true, the nominal gold price would increase three or four fold in the ensuing 10 years. If that happens, a reasonable allocation to gold can hedge a lot of the portfolio deterioration that you would experience in other parts of the portfolio.

I want to say too that this isn’t the only way up the mountain. I personally save in gold, but I maintain liquidity in US dollars. There’s a very, very, very big difference between saving and maintaining liquidity. I don’t own gold because I think it might go up. I own gold because there’s been a golden constant. If you save in gold, if you look at home prices or if you look at grocery prices or you look at anything in your budget save tax, you’re surprised at how cheap things are measured in gold in the period 2000 to 2025.

I think too that it’s possible to overallocate to gold. I know that’ll be travesty in this call, but I note in the decade of the 70s, in the middle of an equities bear market from 1968 to 1982, a 14 year long bear market that both Alice Bear and I were part of the Warren Buffett who believed that gold was a pet rock, generated 24 or 25% compound internal rates of return over time. I would suggest to you that gold is merely a component, albeit a major component, of the strategy that will get you through the next 10 years.

Alistair mentioned earlier that on a global basis, allocation to gold relative to other savings and investment asset classes, according to JPMorgan Chase, is about 1/2 of 1%. Despite the blandishments of the Harvard Endowment, the four decade mean market share is 2%. If ownership reverted to mean, at least in the US market, that would result in a fourfold increase in demand for precious metals and precious metals related securities. I’m not smart enough to tell you what that would do to the price, but I think it would be interesting again. I had a phone call with a former client a couple days ago who is now 100% in gold.

This is daft. This is truly daft. Sam.
[tr:tra].

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