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Good Afternoon. Find attached Sunday’s Founders conversation which was well attended and discussed multiple topics on the precious metals:

Here’s a very broad topical outline. (Search the transcript for keywords to get where you want)

* Analyst reversal and Shanghai vs London pricing shift

* Spot–futures mechanics, carry, and correlation breakdowns

* Leasing, contango to backwardation, and squeeze dynamics

* Bullion bank hedging behavior and rolling shorts

* Rising lease rates as the stress signal

* Free float tightness in London and delivery pressure

* SLV intake, allocation questions, and ETF flow impacts

* JP Morgan’s central role vs other bullion banks

* Basel III effects on gold vs silver market structure

* Inter-dealer network behavior and liquidity withdrawal

* BIS interventions and the 51 level as a tactical pivot

* Open interest patterns and Friday CFTC data quirks

* Resolution paths for the basis and EFP spread

* COMEX settlement vs SLV pricing importance

* Geopolitics and policy levers including tariffs and critical minerals

* Historical analogies and case studies used to frame risk

* Short-term risk controls such as margins and force majeure scenarios

* Cross-asset notes on equities, crypto, and liquidity signals