$3K Gold Climbs, $50 Silver Breaks Out: Is It Next? (Uncut) 03-30-2025

ALERT: $3K Gold Climbs, $50 Silver Breaks Out: Is It Next? | David Morgan

If gold is doing this well, while the dollar is doing this well, what happens is a rhetorical question. That is, when the dollar starts to slide, what is gold’s event? Well, obviously, it will go even higher, faster. And that will probably be the nail in the coffin.

That will be when we’ll hear more rhetoric about the new system, or the change of the system, or the treasury taking over from the Fed, or who knows what’s going on in these smoke-filled rooms. We’ll have to talk about today gold. Gold price move.

Historic date yet again for us here in the gold space. Gold hit a new all-time high, roughly 3058 per ounce. I don’t look at future contracts.

I only look at spot personally. So we’re there. New all-time high.

Really, really exciting. Silver, though, lagging. Gold-silver ratio is roughly at 90 today.

We’ll have to catch up with David why that is. Why isn’t silver catching up to gold? It should be outperforming. It isn’t.

The question is why. We’ll chat with the silver guru about that. Before I switch over to David, please hit that like and subscribe button.

Helps us out tremendously and helps us bring guests like David on to the show. So thank you so much for that. Now, David, it’s great to have you back on the program.

It’s good to see you. How have you been? I’ve been well. Thank you very much, and it’s great to be back.

Yeah, happy to have you back, David. Historic day yet again. I’m not sure how many more times I can say it because gold keeps making new all-time highs pretty much once or twice a week here.

How euphoric are you about gold? Maybe we’ll start there. I’m going to back up and go back maybe not two years ago, but probably at least a year and a half. I think I was one of the few to start talking about the run to gold, and I kept emphasizing that the run to gold had begun.

People were kind of scratching their head because I was doing it when gold was actually going flat. In other words, it was just going sideways. It wasn’t moving up.

It wasn’t moving down. It was just going sideways. As I said, the run to gold has begun because the smart money is moving into gold in a big way, and that was when the central banks started having to report how much gold they had bought on an annual basis, and it was setting records.

In fact, it set records two years in a row. And I emphasize the fact that the run to gold is a metaphor for how all markets move, but particularly, I think, gold. And the reason I say that is the old adage, there’s no fever like gold fever.

And gold becomes a need beyond a want at the end of a currency crisis or as a currency crisis matures. So, what’s happened is we see it as a metaphor. It’s a very leisurely walk, and then it’s a full walk, and it’s a brisk walk, and it’s a jog, and then it gets into a run in and all out sprint.

That’s a metaphor for how the market moves. The sprint is the manic panic phase where the latecomers come in and buy all things gold. Gold coins, gold bars, gold futures, gold options, any mining stock that has gold in the name, ETFs, you name it.

That’s probably a year or two away, probably two years, but no one knows the future. So, gold finally broke out of that channel formation, and it started to move and move substantially higher. And now, as you say, we’re hitting new highs, you know, kind of week after week.

Get used to it. I remember when Cisco, which was the darling of the tech boom, you know, 20 years ago, I remember one of the financial channels saying, I can’t believe it. This stock goes up every day.

And it almost did go up every day. I think we’re going to see that in gold, and we’re going to get, you know, continue to get new highs. Now, having said that, silver has been lagging, as we talked about.

I don’t know if you want me to dive into that yet or not. Not just yet. Not yet.

Let’s leave it there. What speed are we moving at right now, using the runner’s analogy? We’re past the white walk where no one notices. The fund managers, nation states, other nation states, the repatriation of gold coming out of the LBMA.

So, we’ve gone from the light walk to walk. Maybe we’re approaching a light jog right now. So, it’s like, wait a minute.

I got to get going on gold. Where’s my gold? We own it. Let’s get it into our hands.

Let’s not leave it at the Bank of England. Let’s get it in our hands. So, it’s starting to gain momentum.

It’s starting to get more into mainstream news, as you well know. And people are paying attention to it. In fact, even Powell has to mention the word gold once in a while.

So, it’s starting to come into the consciousness now. Yeah, we need to talk about the energy bars or maybe the factors of urgency that are causing us to pick up the speed here. One, and I don’t want to put answers into your mouth, but increased interest in the mainstream media.

Joe Rogan, Elon Musk, Donald Trump all talking about gold and the Fort Knox audit, of course, must have helped. My personal concern, David, I’ll be honest, is that gold currently is a little overhyped even, although we haven’t seen the retail masses run into it. I don’t see the Robin Hood traders jump into gold just yet.

But looking at the chart, it reminds me of what I’ve seen in other asset classes perhaps in the recent past. How worried are you about that and what factors are really pushing gold higher right now? My thoughts are similar to yours, Kai. I think that we’re overbought.

That’s unquestionable, but you can be overbought in the market for a very long time. Cisco was a great example of that. Having said that, all the good news is out in gold.

I mean, there really can’t be much more beneficial news on gold, really. And so, I think we’re probably going to establish a trading pattern here around the $3,000 level. Is it possible to drop below there and go lower? Yes, it is.

I’m not predicting that. And I could be wrong. I mean, one thing you really don’t want in a market is something that just takes off to that final phase where you get to where it just goes up and up and up.

It goes parabolic and you’ve got to pick a place to get out. And that will happen in gold, I’m convinced. But we’re not there yet, as I said a moment ago.

However, it would be good, in my view, if we kind of back and filled as an expression in the commodity sector where we get a nice new high and then it comes back down and people get a little disappointed. No, gold’s not going to break through $3,100. And we get steps.

It’s really good to actually get a longer duration market, more participants, more liquidity. People get slightly disappointed, and then it continues on its path upward. So, that’s what I think may be taking place.

But I’ve been saying that for a while now, and it does keep making new highs. But they’re kind of nominal. They’re not astronomically high, but that’s how new highs are made.

So, hopefully, I didn’t overthink that. Now, it’s an interesting move, of course. And it all started – maybe I’ll have to rephrase that.

But it seems like the limelight has been shown on gold with the talk about Fort Knox, of course, and the Fort Knox audit. And then, of course, tariff talk, meaning – or the interpretation that gold has been moving back to the U.S. because of tariffs as well. That was in the headline news.

Even the Atlanta Fed, with their GDP Now index, stumbled over gold because they forecasted minus 2.8% or 2.4% negative GDP because of the gold imports causing a massive trade imbalance here. How significant is gold to the economy and maybe as a warning sign right now, especially at this level? Are we putting too much importance on it or maybe not enough even? That’s a tough one to answer. I mean, too much importance on it in the terms of GDP and how much it will affect in today’s current economy.

You never can overemphasize enough about gold or silver’s importance in the scheme of reality. Meaning that without a truthful, honest monetary system, we’re doomed in the long run. So, you know, I have to answer from both sides of my mouth.

I mean, my mission statement is to teach and empower people to understand the benefits of an honest financial system. We can’t look each other in the eye and meet our obligations on a sound basis where there’s value for value. We’re screwing each other.

And this is what the United States has done from August 15th, 1971, saying, hey, take this piece of paper that has an intrinsic value of zero and give us your labor, your goods, your services, your whatever it is. So that system has been over 50 years. Usually you get a comeuppance around that time frame.

And I think we’re starting to see it now. So hopefully I made my answer clear philosophically, morally, structurally, universally worldwide. It’s extremely important to have an honest, sound financial system.

I don’t use gold or silver in my mission statement. We could do it theoretically with a paper system, although that’s never worked. But gold fails as well.

And it’s not gold that fails. It’s man’s intervention in the gold. For example, for the United States saying, hey, we can back all of our dollars, all our pieces of paper at $35 a ounce.

So they couldn’t because they lied about it. They printed more pieces of paper than it was gold to back it up. And that was a human problem, not a gold problem.

Yeah, I know. And maybe that leads to the revaluation discussion real quick. We haven’t had that talk yet.

David, I’m curious. Scott Besson sort of ruled it out. It doesn’t make any sense.

The question is what else is he going to monetize on the balance sheet? Just real quick because it’s been a bit of an older story now. But what are your thoughts on revaluing gold on the U.S. balance sheet and maybe just to help cover some of the debt here? Yeah, we wrote about it in our premium service. One, it doesn’t do any good at all, really, to revalue gold at $33,000 a ounce, $3,500, even $10,000, because the amount of debt outstanding versus what the revaluation would mean in percentage terms of paying off the debt is more or less meaningless.

What I went on to say, and it hasn’t been talked about too much, is that the idea of how do you get good debt? Good debt is collateralized. You’re putting up your house, which is an asset to borrow on, or your car or whatever. And there is no real collateral behind the United States unless you re-monetize gold at $50,000 a ounce or so.

But there’s this idea floating out there that we will take all the assets, quote unquote, in the United States, all the parks, all the land that the U.S. owns, basically, and all the minerals under that land, and all the trees and the pine needles and the animals and the lakes and the rivers, and we’ll collateralize those on a blockchain type of system. And that will give us the collateral we need to keep this scheme of printing money going on for a long, long time. Because if you tokenized all the, quote unquote, assets that I just named, you would have collateral backing up the debt.

And is that going to take place? I don’t know, but it has been mentioned. We wrote about it extensively in the Morgan Report, and it’s something that concerns me because it keeps this system that largely is unfair continuing. Now, that’s an interesting aspect, monetizing national assets, whatever that means, really, but national parks.

Somebody said, well, we should just nationalize Nevada. There’s nothing there besides dust. And it’s mostly BLM land, I think.

So, of course, trying to be funny. But it’s an interesting point. David, we have to talk about gold holding up versus other asset classes and gold, U.S. dollar comes to mind here.

Yes, it’s been a bit lower, but it’s still trading at 104.3 or so on the Dixie. If you compare it to other currencies, so it’s not really weaker against gold. It’s been holding in there.

What’s the role of the U.S. dollar in gold strength right now? Where do you see it fit in? To me, this is probably one of the most important points that we can discuss, Kai, and here’s why. Normally, gold and the dollar go opposite. But at the end of the Great Reset, what you see is that they move up together.

And the reason is on the extra pyramid, the liquidity squeeze, where people start to distrust their derivatives. They’re worried about their housing price, commercial real estates in the dumpster. Even stocks are overvalued as they start to look for what is what I need to do.

I need to save more, quote unquote, money. For most people, that money means the U.S. dollar, even in foreign countries. Remember, 60% of the printed pieces of paper are overseas.

And this is because if you’re in Venezuela or Argentina or Turkey or some of these other places, you’re actually using physical U.S. dollars in trade on what’s called the black market, really it’s the free market. And so that’s the most coveted. The second below that that’s the most coveted financial history is gold.

So gold and dollar going up together, or dollar being strong, means that we’re nearing the endgame. We’re nearing the end where people value losing least. In other words, in a depressionary environment, be it a hyperinflationary depression or a debt liquidating depression or a severe stagflation, you want security and security means liquidity.

Liquidity means what’s in your wallet, what you could spend for anything. You don’t have to take a stock and convert it to cash. You’ve already got the cash.

So this is an indicator to me that we are getting near what I consider to be the last leg up in this major market in gold and silver. I think silver will participate. And we need to look at what sectors are moving against what final statement.

I think of all the asset classes, gold has outperformed the last year or so. We’re talking real estate, bonds, stocks, almost anything you can name. Gold has outperformed it, which means when you measure against a constant, because gold is an ounce of gold, the mass is the same anywhere in the universe at all times.

So gold is your stable coin. When you look at it being better than anything else that you can measure against it, it means we’re getting near the end. You said the end of the Great Reset, and I have to drill down on that, David, because what do you mean by that? We need to elaborate on that a little bit.

I’m sorry. Yeah, I kind of misstated. I mean, the end of the status quo, the end of the current system moving into the reset.

I’m sorry. Thanks for catching up. Yeah, no worry.

Even what that means, the Great Reset, we have to sort of explain. Everybody has a bit of a different definition, especially what the outcome could be as well. Yeah, I will go.

I’ll try to be brief. Really, it means a new system. And of course, what the new system has been indicated by Mark Carney and others is a blockchain-based system, probably a cashless society and all that.

However, I’ve got to emphasize that I’m going to be writing about this in the next month’s Morgan Report, and that is David Rogers Webb and talking about what he’s written in his book. And this is where there’s the possibility or probability of, if there is a great financial washout, that the ownership reverts to the banking sector and not to individuals. And they, Rogers Webb and some people in Tennessee, and I think it was South Dakota, have put up legislation against this.

And I’ll be writing about that, and I’m going to be interviewing him for the second time here probably within the next month or two. But this is the great taking, and the great taking is something that very few people, even in our sector, are that familiar with. They might have become aware of it, I don’t know what it’s been, a year and a half ago or so, and all of a sudden kind of forgot about it.

But it’s out there, and it’s still at law. And will it take place or not remains to be determined, but it’s something to be massively concerned about. So that is part of the system going totally into the hands of the banking elite, where even people that think they own something don’t, similar to a bank account.

And this is where if that were to occur, I’ll use the word if again, then we would be in a system where basically everyone becomes a futile slave in a new system. You’re muted right now. Apologies, I was coughing earlier.

No, what you’re talking about, David, is of course CBDCs. And I had Ed Griffin on the other day, or G. Edward Griffin, the author of The Creature from Jackal Island. He made some interesting comments about CBDCs, that even Trump or the current administration pushing back on CBDCs doesn’t really change anything.

And also he made an interesting comment that the Fed, who might be controlling the CBDCs, is on its last legs as well. Do you care to comment on that? Yeah. A little bit on where this is headed? I don’t know what Ed said.

No, no, no. I could guess, but look, I think there’s a way to sell this. A lot of these politicians, in some ways, are salespeople.

And so, oh no, we get rid of the Fed and we do it in private hands. So this public-private partnership stuff has been going on for a long time. So they sell to the public.

No, no, Central Bank has nothing to do with it. It’s a private enterprise. In fact, it could have more than one.

And so it’s sold to the public as a private, voluntary currency that’s issued by major banks, for example. And, oh, okay, well, I’m safe. And then, of course, there’s a privacy clause.

And, you know, we’re not going to monitor everything. And, of course, they will. So I think that’s something that where it could appear to the conservatives that are not a little more than surface level, but really, let’s say, trusting in the political class more than I do, saying, oh, well, this is great.

Fed’s gone. We’ve got our own U.S. Treasury. We’re issuing the currency.

It’s going to be digital. We have our privacy. What could be better? But you’re just looking at the surface.

If you dig deeper, you’re finding out, really, the old boss is the same as the new boss is the same as the old boss. It’s just got a different name, a different structure, and all that. But the underlying control mechanism remains in the hands of people that we really might not trust.

One question, just maybe to explain, like, how CBDCs work or the digital euro, Fed coin might work. Because I watched an ad for the digital euro, and it reminded me a lot of PayPal. It’s like it’s nothing different.

It’s just a payment platform, which we’re already used to. So the question is, of course, now, why? I’m just trying to understand the role of a Fed coin or digital euro in that regard. Why can’t we just implement it on the credit cards? It feels like we’re already very digital, and it sounds like a very naive question here because the control aspect comes into it.

But I use my credit card on pretty much everything now. Apple Pay, just tap your phone, tap your watch, you’re good to go. What change is there? I think we need to work that out so people understand the real difference between what we currently have and what we’re moving towards.

Really, there is not much difference. I mean, you really hit the nail on the head. I mean, first of all, even the unbanked can use BMO or some of these other apps without needing the bank account.

So really, digitized is digitized. I think the difference is, where does all the data go? And right now, the digital system goes to your local bank, whoever you bank with, and that data is stored there. And, of course, that data can be sent to a member bank, and then that member bank can send it to the Federal Reserve, the part of the system which all banks are, basically, except for maybe very, very few.

And so I think, really, the change would be, instead of going – there’ll be no intermediary where it’s your local bank. It’ll go directly to the central authority bank so that all data goes directly there instead of being segregated or diversified between all these separate banks that exist now. That would be the biggest change.

Other than that, just to go a step further, I said, years ago, I was talking, I believe, in Hong Kong, and I talked to a lot of people talking about foreign exchange and all this and the one world currency. And I said, here’s the one world currency. I held up my Visa card.

I go, I’ve been in the UK, I’ve been in Switzerland, France, I forget, about four or five countries, and here I am in Hong Kong, and I never once had to go through and get new currency. I just used this the whole time. There is a one world currency.

It comes through the banking system that mitigated whatever the exchange rate on the day I bought a coffee in the airport in Hong Kong or bought a meal in France. It took care of all that. All I had to do was stick this piece of plastic out there.

So you’re right. It’s really in place pretty well. Yeah, I think we’re already trained to use it anyway.

We’ve been conditioned. And we don’t need to go there, but COVID was an interesting accelerator of it all because even some of the coffee shops or others say, hey, we still prefer cashless payments. It’s just easier for them, right? Right, it is.

I’m sorry for the minutiae, but I was, I think, in Switzerland or Sweden and they couldn’t, would not, I had the currency and they would not accept it. I had to use my card. And my card wasn’t going to work because it was a debit card.

It would only take credit card or some nonsense. And I was like dying for a cup of coffee. I couldn’t get one.

Even though I had two means of payment, the one would work. Yeah, but you feel helpless when that happens. There’s nothing worse when you tap your credit card and it says declined for whatever reason.

There’s nothing worse. There’s no worse feeling than that. David, let’s get back on track here.

Appreciate you humoring us on the CBDCs here. But interesting question popped into my head about the U.S. dollar. Right now you said, you know, dollar is holding strong.

Gold is doing really, really well. But what happens if the dollar all of a sudden starts to dip? My question comes from the thought, at one point, do we wake up and realize that the dollar is doomed? Because that’s what it will lead to. When do we see the decoupling? I don’t know when.

It’s not far away, I know that. And that’s where we go from that jog into a run, you know, or a brisk jog. And then that breaks into a run.

And now we’re pretty close to, you know, a fast run and then an all-out sprint. So that’s kind of the turning point. Because if gold is doing this well, while the dollar is doing this well, what happens, I’m just being rhetorical question, and that is when the dollar starts to slide, what does gold do then? Well, obviously it will go even higher, faster.

And that will probably be the nail in the coffin. That will be when we’ll hear more rhetoric about the new system or the change of the system or the treasury taking over from the Fed or who knows what’s going on in these smoke-filled rooms. Using that as a metaphor.

But we’ll see. But it’s not far off. These bankers seldom lose.

And so they’ve got a plan in place and they’re going to do their best to implement it. How do we separate the signal from the noise? And the signal, of course, is the dollar breaking down, but the noise is the reason why it’s breaking down here. Tariff discussions are one that actually keep the dollar higher, but Trump wants a weaker dollar.

At the same time, he wants a strong dollar brand. So how do we separate from political-motivated lower dollar prices versus a recession signal or a breakdown signal that this is falling apart? Well, a few things. One, we’ve already talked about, and that’s repatriating your gold.

So I don’t want it at the Bank of England anymore. I want to make sure it’s mine and send it home. Another one is the setup for how the new system looks.

I lectured about that in New Orleans. Talked about the new monetary system straight off the BIS website, the Bank of International Settlement, and what they have. If you look up ISO 222, you’ll see that all these banks are already in cahoots to settle through one system, regardless of the pushback by BRICS, which is probably real but isn’t a breakaway system.

They’re still going to clear through one clearinghouse, which is international, and all are involved. So I think the last thing to look at is what is put out by the mainstream press. And when the press starts pushing the dollar down, not metaphorical, but in real terms, that the dollar is starting to fail, or the dollar is below 100, or this currency is doing better than the dollar or whatever, when you start seeing those kind of headlines, you know that the system is failing in two ways.

One, it’s going to fail eventually under its own weight. Mathematically, it can’t help but fail. But on the other hand, the political class may be using it in their own way in order to implement the new system and start using it as a ruse almost to get people involved with, oh, I see what happens now that the Treasury has taken over the monetary system and we got our own currency, we’re going to da-da-da-da sell the benefits.

So I think it’ll be actually useful to the narrative for people to accept the new change and why it’s beneficial and why we need to redo the system and why the dollar shouldn’t be king anymore and we have a new system, blah, blah, blah, blah. So I think that’s what’s going to happen. Yeah, we need to talk a little more in main markets as well, David.

I’m trying to understand, when does the generalist money start to move? And maybe it has already in small amounts. But my question targets, when does Main Street understand that 25% or 20% compounded annual growth rate in the S&P 500 isn’t possible this year or maybe even next? When does the penny drop here? Yeah, I think it’s started. Again, if you look at, there’s a curve out there, I forget the name of it, but it shows you how markets move and there’s like a stealth phase and then there’s a phase that’s smart money and then it moves into like institutional money and then it starts to move into retail.

And so that has started. It’s just in a stealth phase right now where people can’t see it because they’re still convinced that real estate’s the only way to go, stock market can only go higher, hold for the long term, don’t worry about the dips. Well, you have to worry about the dips if they’re 20 years long.

And this is the kind of dips you can get in the stock market. I’m not forecasting that. But I’m already, and I’ve already written about this last month about the shift in asset classes, moving out of equities, perhaps bonds as well, even real estate and moving into the commodity sector with the top tier being the monetary metal.

So I think that’s going to continue. I think it started. It’s in the stealth phase.

Very few see it, but that’s how I see it. No, I appreciate that. And I’m just waiting for the penny to drop on the general list, as you said, where we entered the sprint phase or even just start jogging.

Like if I look at ETF flows, I’m not impressed yet, quite honestly. There’s, Europe is selling that more, personally, that is more of a recession indicator to me in Europe than anything else because if you can’t afford to own or hold gold, you’re selling and there’s usually something else behind it. Would you agree with that statement? Oh, absolutely.

I mean, there’s a, the normalcy bias is extremely high and people, for the most part, are herd animals. So they want to stay in the comfort of the herd. And if everybody’s saying, well, you know, real estate’s going to be okay, just hold on.

Or, you know, stocks, okay, we got hit hard. I’m not, I don’t have all tech anyway. I’m okay.

And that type of thing. And so they want to stay in the comfort of their, you know, let it be, don’t change, accept it, that type of thinking. And it’s not until they get scared usually and that fear starts to creep in.

Oh, wait a minute. I’m down 20% and gold’s up 30% and I don’t own it. Maybe I better buy some.

When you start seeing that come, and it isn’t even coming, as you said, from some of the management. So if it’s not there yet, we still have a long ways to go. Obviously we’re in the buy the dip phase for gold.

I think we can agree on that. The question is like, where do you draw the line until you, where you stop buying the dip? Is there sort of a line in the sand where you say, okay, let’s wait here? Well, yeah, there’s algorithms for that. And, you know, it depends where you start.

A lot of the smart money buys high in order to see it go higher. In fact, most of your pros buy on the way up, not on the way down. It’s the amateurs that usually average down.

Sorry, David, to jump in. Talking about the pros, we’re at the end of the month. The pros should be jumping in right now just to show performance on their, on their books.

Sorry, just to throw that in. If you could, you know, include that perhaps in your answer here, David, sorry. Yeah.

So what happens is the pros are. So what happens is the pros actually buy high and go higher. In fact, that’s one of the best ways to trade.

If you read how to trade stocks by William O’Neill, the founder of investors business daily, that whole book is basically about how really to make money in the stock market. So here near the end of the month, you’re going to see what’s called window dressing. You’ll see some of the professionals starting to look at what they can do to look good at the end of the month.

And probably look at the bull market, take participation, maybe greater than normal. And so we’re going to see this more and more where we see this shift. As I said, it started subtly and now it’s starting to become more and more mainstream, a lot of talk about gold, and you’re going to see it continue.

We may cool off for a while, as I indicated, but certainly this is the biggest shift that’s going to take place in monetary history in a very long time when the new system is implemented by the powers that be. Gotcha. Sorry for jumping in and interrupting you there earlier, but I felt like it fit in talking about, you know, the month end option expiry and all the good stuff.

And that’s why we’re seeing the all-time high today, I believe, as well, David. We have to move on to silver. We spent the first 31 minutes talking about gold, David, and how it really impacts the overall system.

But silver, gold’s little brother, of course, is lagging behind. It feels like we need to hold it by its hand and start dragging it along here. But why is it lagging behind? Why is it limping perhaps? And why isn’t it really starting to catch up and still walking at a slower pace here? Well, the reason that gold does so well is gold is mainstream.

Now, no one, a few people like myself will say that. And of course the bankers will not admit that. I mean, if you ask, you know, Bernanke, why is gold important to you? Well, it’s tradition, you know, but gold is held by central banks for a reason.

It’s the, as Jim Dines, the late great Jim Dines said, it’s the monetary hitching post to the universe. Gold is the ultimate money. It’s always has been that way.

And the five, four, 5,000 year history, it still is, but it’s not admitted to. It’s issued as a barbarous relic and all these terms that you hear in the mainstream financial past class quite often. But the reality is that they all own it.

They’re buying it. As I said, hand over fist, the last couple of silver, on the other hand, is ceased to be a monetary metal a long time ago. And official though, it still could be considered a monetary metal.

But it’s also a huge industrial metal. So, because we’re in a situation where the big money, the smart money needs to protect itself, gold is king. And it will probably always remain that way.

On the other hand, silver is more strategically aligned with a high tech society than gold by far, which means the industrial base cannot be denied, nor is it going away, regardless of a stagflation or a severe recession, or even a depression. There’ll still be gold, excuse me, silver used in vast quantities. It could subside because of a great depression, but it wouldn’t go away entirely.

On the other hand, what happens on the monetary side of silver is when gold gets priced out of the means of the average person or that last panic, manic phase, or everybody’s bike thinks they need gold, or they’re going to die financially. Silver will catch a bit because it will be so much cheaper. And the merits of silver as a monetary resource, which does exist, we’ll hit on the consciousness.

This is what happened in the late seventies, started to see people with, you know, $300 goals, expensive. And then, you know, six weeks later, it was at eight 50. I mean, as that happened, you watch silver go out of the six, seven, $8 range up to 15, and then up 30, and then finally 50 in a matter of weeks.

So this, I think is what will be similar this time around. And I think that most of your silver investors are just burnt out. The most of them are probably sitting at break even or a profit because they’re sitting at near 34 today.

But, you know, there were a lot of premiums involved. And so if they bought $28 silver, they end up paying 32 for it because the premium, you know, they’re not real happy. So retail sitting on their hands, the retail market is very, very quiet right now.

Yet the silver price keeps moving up. Why? There’s demand. Where’s the demand? It’s coming from the institutional side, not so much for monetary purposes, although that’s starting to pick up, but it’s also the industrial side that needs it for a critical reasons in order to stay in manufacturing of all these high tech items that we enjoy everything.

No, it makes a lot of sense. And, uh, if I put the word silver squeeze into any title, all I get is laughing emojis these days. People just ignore it.

I hate to say it. I think that, uh, ship has sailed for now. People are just, as you said, a bit tired of it, um, quite honestly.

So it’s, it’s a good point. Um, gold silver ratio. Should we still pay attention to it? Is it still relevant based on what you just said in terms of industrialization and, uh, usage? I think it is.

Uh, first of all, you know, you, you need to know what it is because you want to know, you know, what the cost is. If gold is a constant and we’ll make that constant, then what’s the terms of wheat or oil or silver in terms of gold? Well, that’s the gold silver ratio. Having said that, I look at it a little differently from that.

And that means what is a proper gold silver ratio as far as the financial system is concerned. And with the Dow theory, you need the industrials and the transportations to confirm the utilities or all those together. In other words, the industrials needed to be confirmed.

I think gold needs to be confirmed by silver. And so what, what I’m, we keep talking about is the monetary aspect. Well, gold’s monetary aspects basically always been there, but silver’s has not.

And for silver to act as a money and for it to be bought by investors, retail on up, we need to see the gold silver ratio. I’m picking a number. I would say out of a hat because I’ve studied this market so carefully.

My number 70, just because I said, it doesn’t make it. So, but it does from all my work and, you know, over 40 years in the industry, know what that number means. So until we get there and we’re not there, I don’t think silver has taken on its monetary role whatsoever.

It’s only sitting there as we just discussed on the industrial side, maybe a little bit on the institutional side. I think it will get there. I think it will actually outperform.

I’m not looking. I’m smart enough to say the market’s going to do it. I mean, I’ve written articles 20 years ago that I said we could get back to the classic or the monetary ratio, 16, one or a gold silver ratio.

Right now we’re around 90, but even when we get back to the bull market so far, where it got to 33, one or a day or two, I think that could be achieved. And so taking that as a basis at a 90 and, and rounding down to 30 to one, that would mean that silver outperformed gold on a basis from today to that point, if and only if it hit it on a, on a threefold, a three bagger. In other words, for every thousand dollars you made in gold, you would have made 3000 in silver.

Had you taken the risk of a silver investment or silver versus gold. I always have said you need to both. It is disappointing, but the market’s not over.

And if we see a somewhat of a repeat, a rhyme, not an exact of the 1979, 1980 move into the precious metals on a global basis, it’s not a few Saudis and the Americans, but all the Chinese, South Americans, all the North Americans, Indonesia. I mean, look at how much gold goes through Indonesia. Look at what Dubai does.

I mean, you get that kind of run the gold this time versus what happened in 1980. Don’t tell anyone this market. Now, maybe last question on silver, but is this the perfect contrarian bet? Oh, absolutely.

I mean, I think if you look at the curve of industrial use only that was done by Matt Watson a few years ago, even the low case for gold, not the high case. So the most conservative view is we cannot move forward from this point onwards for the next 20 years without using all the above ground stock products, silver basis, some conditions, one, the mining and recycling stays flat, which I believe it will for at least five years. There is no technological change that gives silver a substitute like graphene.

We start taking, don’t use silver in a solar panel as an example. So there are some caveats, the basis, our best data knowledge right now, we will absolutely start using up the above ground supply that started a couple of years ago and continue in that mode for at least 10 or 20 years. Again, basis, the caveats I gave.

No, no, fantastic. Thanks for that. I can’t let you go without talking about mining for a second here.

You’re based in the US. It’s also top of mind of the administration right now. Dig baby, dig a lot of executive orders and initiatives being kicked off.

How are you looking at it and what’s your perspective on mining in the US in general? And are you betting on it or meaning investing in it? Of course, that’s the proper term. Yeah. Well, for my private newsletter, I’ve been telling anyone that has, you know, physical, which I emphasize the way to really make some money is in the mining sector.

There’s no doubt about it. We have our top tier, mid tier and our speculations. And, uh, in our top tier, we only have like six stocks.

Three of them are making new highs. I don’t know who else in the industry can make that statement. That’s where I emphasize big money.

I say 70% of your money in the mining sector should be in the top tier. It’s blue chip conservative. You’re going to make money and, and speculation is fine, but that’s not how you make big money in the sector.

So I think that’s the place to be. It’s overlooked. It’s undervalued.

It’s certainly hardly ever talked about yet. There’s a lot of value from a value perspective. You’re a value investor in some of these bigger gold miners, and it’s starting to get some noise out there.

If you know what to see in the financial press, but certainly this is where people that never bought silver that wanted to buy at $5 a ounce can do that because if you buy in the right silver miners, you’re actually buying pretty close to those levels. I may be exaggerating slightly, but you’re getting such true value by buying the underlying producer. Remember, you know, would you rather buy the golden goose or the gold egg? I mean, if you buy the gold egg, that’s great safety.

It’s wealth preservation, but buy the goose. It’s going to continue to lay egg after egg after egg, and that’s what the mining sector provides for those women who take the added risk. The added reward, I think, is absolutely greater than it’s been in a very long time.

And as I said, I’ve been in this business over 40 years. Yeah. GDX performance, 32% or so year to date while the S&P more or less is flat or down 3 to 4% actually.

Is that the wake up call we need? I think it is. Maybe of the stocks as well. Yeah.

These algorithms don’t miss much. I mean, these guys could be asleep at the wheel, not that they are, but I forget the movie, but you know, those algorithms tell them every day what’s going on. Sooner or later, someone’s going to say, you know what, sell 30%, move the cash, and I want you to filter into the GDX over the next two months.

That type of thing. That might happen. David, you, before we hit the record button, you told me about an interesting project that you’re involved in called Silver Sunrise.

Let’s talk about that a little bit, because it’s an interesting motivation behind it, and it really fits into our narrative that we discussed earlier as well. Give us a bit of an update what you’re working on there. That’s a documentary.

I decided not to write another book on, you know, monetary affairs or the precious metals, and it’s called SilverSunrise.TV. That’s the title or the URL for it. G. Edward Griffin is one of our interviewees in there. Foster Gamble that produced the Thrive movies, one and two, is in it.

Several others, and the premise is the fear and control that money exerts over our lives and how to break free. I mean, I’ve always been for the underdog, and I’ve always been for freedom, and a free monetary system allows freedom, and when you’re in a controlled monetary system, you’re under control. So it’s about that and what we can do individually and collectively to overcome, let’s say, the fear and control that money exerts in our lives.

Oh, fantastic. It’ll be interesting. Like, is there a release date or so? I know you told me that it’s currently in post-production, but people work better when they have deadlines.

What’s the release date? I don’t have one. I mean, my producer is, you know, is working on it, and it’s kind of, at this point, a one man effort, but he’s pretty close because he’s shown me clips of each segment that he’s already perfected or near perfection, and that means it looks like it’s only like two or three to go. He’s probably done eight.

So we’re getting close. I would guess probably end of July this year, we’ll probably have it. Gotcha.

Fantastic. Now, we’ll put the link down below, SilverSunrise.TV, you said, correct? Correct. And we’ll put that down below.

David, what a wonderful conversation, as always. Can’t believe it’s been 43 minutes. Time just seems to fly by these days, having fun talking about these topics here.

Where else can we send our viewers besides the website for the documentary, David? Certainly get on the free list, go to themorganreport.com, sign up. I just need your first name and an email. And I do a weekly perspective every week that does kind of a review of the financial sector from oil, stock market, and of course, the precious metals and what to look for in the coming months.

And then we also have access to certain things. I haven’t done one a long time. I’m working with a dealer right now in precious metals, probably give you one of the best, lowest markups in the sector that you’ve seen a long time, but that’s a promise I may not deliver.

I’m still working on it, but that’s, that’s a thought. There’s features in that, that are free, that’s worth the price. Fantastic.

David, thank you so much for your time. Tremendously appreciate it. And we’ll, we’ll have to catch up soon and maybe I’ll see you in New Orleans next in person, at least that’d be, that’d be fantastic.

David, thank you so much for your time. We’ll, we’ll talk soon. And to everybody else, thank you so much for tuning in here to soar financially.

I hope you enjoyed this conversation with David Morgan. He is the silver guru on X of course, and a commodity in our space. I’m really appreciative of his time.

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