The crack-up boom has begun. Fiat money is in intensive care. Central banks no longer trust each other's paper assets (US bonds). Rates on long bonds in US, Japan, UK are headed higher due to profligate spending, signaling macro trouble.

Silver supply is very inelastic. Most comes as a byproduct of copper, zinc, lead mining. If industrial activity declines, there's less incentive to produce base metals, reducing byproduct silver. Expanding primary silver production is very difficult and slow.

The big response will be price. Futures markets are in trouble with backwardation and margin calls. High prices will eventually discourage some buyers and spur recycling.

Gold miners with heavy silver emphasis will benefit. Mining stock leverage hasn't fully paid off yet, but as earnings reports show strong balance sheets, stock prices should do well.

Global environmental policies have discouraged mining and extractive industries for years, leading to underinvestment. Now the sector must play catch-up at breakneck speed.

Geology is a factor, but the market will respond to high prices with new discoveries, better processing tech, and substitution. This response is delayed due to policy and sudden inflation.

Under current runaway government spending and printing, there's no stopping currency debasement or the rise in metal prices. Only market responses or government getting its house in order could slow it.

Both. Poland is smarter, has Austrian/libertarian scholars, and has borne the brunt of wars and inflation. They are on the forefront of moving away from European socialism.

It doesn't make sense to add paper fiat assets to reserves now. All paper assets are in trouble. A further leg down in the USD or breakout in long-term US rates will send shockwaves, driving investors to hard assets.

Foreign purchasers are cutting back. This will force central banks to buy their own paper. The Fed's $40B/month QE hasn't made a dent in bond rates, which is troubling.

All three would help. A Volcker-style hike is untenable now due to debt over 100% of GDP vs. 30% in the 1980s. The solution is to balance the budget, cut spending, restore free trade (e.g., a US-China deal where China buys US debt again).

Yes. Only a very short-term shock is possible, which didn't work in the 1970s. The 1980s solution combined high rates, reduced debt, and free-market reforms (Reagan, Thatcher).

Governments could raise taxes on retirement accounts, Social Security, IRAs. This would hurt the already suffering working class and exacerbate desire for precious metals.

Absolutely. The 40-year decline in rates is over. Japan's normalization means it's no longer an outlier. Higher rates will attract funds to Japanese bonds, reducing their investment in US bonds.

Likely. The Japanese will try to manage by purchasing less US debt. Cross-financing between countries is becoming chaotic and unreliable. Private sector funding of public debt will decline as savers convert to gold/silver.

Seen in Wall Street/stock market and DC real estate. Explains the K-shaped economy: wealthy with access to credit get money first and invest; working class gets higher prices later, suffering inflation-adjusted wage declines.

Absolutely. Record-setting skyscrapers are symptomatic of financial conditions that also see global economic crisis. It was delayed by COVID money printing. Signs point to a new record in 2026.

It's happening now. People are considering using metals in barter. Smart people (Dalio, Van) see the endgame as a return to gold. Governments will resist, but people will turn to real money, possibly using crypto forms of gold/silver.

The contest (S&P 500 vs. agricultural ETF MO) embodies the idea commodities will outperform financial assets. Precious/industrial metals have done well; energy/specialty metals are moving; soft commodities haven't yet.

The best thing is people no longer trust politicians, government officials, and bureaucrats. Keep your eye on that principle for better personal decision-making.