Metal flow started with gold before Christmas last year, then silver picked up. Repatriation to China and BRICS nations accelerated. Merchant banking moved metal in advance of Trump election. We're in a mineral/metal war for control of resources.

100% yes. Assets go where treated best. Premium to bring metal back to UK, but companies hesitant due to potential US tariffs. Silver boarding airplanes last week - expensive vs boat transport. Interest rates in London reached over 100% annualized (now ~10%) vs traditional 1-2%.

Trump moves at speed of tweet - tariff risks come and go. Don't tax what you need: 80% US silver consumption imported. Could see export tariffs especially if on critical mineral list. Hidden hands worldwide buying assets including central banks and OTC buying by China/BRICS/US.

People underexposed to asset class. Central bankers buying to double/triple gold on balance sheets. Morgan Stanley recommending 20% gold allocation. Capital doesn't know where to go - not bonds, not treasuries - going to trustless system (gold).

China requiring insurance companies hold gold. Retail frenzy in China malls. Silver now seen as precious metal not just commodity. Previously institutional buying while retail selling. Now retail awakening worldwide - clamoring for metal.

Banks will lift projections - potentially triple digits for silver. Required element for hybrid cars, electronics, solar, military, chips. Governments (Russia, Saudi) buying physical silver for balance sheets. US putting silver on critical mineral list means building stockpiles.

Silver extremely competitive with tight margins. Airplane costs $75,000 vs boat few cents. Arbitrage spread must justify. Last Christmas through February: every commercial flight with high-security waiver carried 3+ tons gold. We're in metal war securing above and below ground.

They're short - don't have enough. Metal moves where treated best. Global pricing system but if someone wants it more, they pay premium (exchange for physical price).

Both - also shakeout. Refineries floor plan with banks. Backlog 2-4+ months for gold/silver. Can't finance quickly. Some places can't even take metal. Industry frozen. Rates dialing back down - could fix in week. Chaos not over, price not necessarily down.

Some on pause. Cash companies with assets continue. Serious capital moving - bankers doing well.

Potentially yes. Nation states want metal out of pool - in their vaulting facilities, audited, eyes on. Jurisdictional risk: UK not EU, EU/UK not getting along with Trump administration. Insurance risk: metal values rising so much aggregate limits blown.

Big. US/Japan integrated (Nippon Steel deal). Metal industry critical/strategic for US survival. Not in globalism - not trading friendly. Activated as foreign trade zone to handle tariff risks.

Banks buy ~90% based on assay, prepay, then settlement. Bank refactors rate, charges mining company. Merchant banking resurgence: when nations not trading, bank buys material, refines elsewhere, ships to another government.

Yes. Institutional customer wanted all readily available metal. Supply shock. Many sold at $30s-$40s, now new class of buyers. Retail ready product takes time to produce.

COMEX is where metal goes last in normal market. Quite bit of silver in US - supply lines flowing well. Europe feeling different. Watch weekly/monthly metal flow in/out of major depositories.

Big leverage. Started when West seized Russian assets. BRICS building vaults across nations, gold spread out, creating settlement layer to compete with dollar. Bifurcated trade coming - two worlds (Axis/Allies). Only one US company can trade gold/silver with mainland China.

Challenge. Started with Trump tweet: 'don't create competitor to dollar and don't back it.' Clamping down of price points changing. More free market price point - where should gold really be?

China locked up assets in Africa. US playing rapid catch-up. US focus: Western Hemisphere (North/South America).

Don't kill your customer - squeeze London, not kill. China trying to control world metal trade. US re-shoring gold to not lose status.

Price now indicator. Governments debasing currency monthly. Elon Musk found three extra money printers in US government. People turning to hard asset due to lack of trust. Huge monetary pressure - need monetary reset.

Fair-Sinclair Ratio: foreign debt of US divided by stated gold holdings = over $30,000. Hit target twice before (1970s to $887.50, 2001 to $1,650).

Will be volatile both ways. Establish position, reallocate portfolio. Want to be earlier side. In 3rd-4th inning, target around 2030. Not overnight - don't be emotional, use gut.

Already hit ratio twice in lifetime. Not even in frenzy mode - retail just started days ago. 2011 was speculative trading - this is physical demand market (hidden hand: institutions/governments).

Depends on gold/silver ratios. Gold slow/steady, silver wild ride/volatile. Higher allocation start layering more gold. Great opportunity with both.