Yesterday I had Vince Lanci back on the podcast to discuss everything going on precious metals and his outlook for the sector in 2026. We talked about the recent move in silver, some of the current events, and why he’s still bullish. We also talked about gold leading the whole commodities complex, platinum flying under the radar, but breaking out to its highest level since 2011, and everything else that he is watching as 2025 draws to a close. You can find Vince’s Substack below, but he’s also worth a follow on Twitter.

Podcast Summary

* The physical shortage of silver in London, how they are caught in a rolling squeeze, and the backwardated market for physical silver.

* Silver as a critical mineral, China restricting silver exports, and other shifts in the supply chain for silver.

* Other recent events with silver, including the Black Friday blackout and margin raises.

* Why he is sustainably bullish on silver for the next several years, his expectations for triple digit silver in that timeframe, and how silver becomes more precious as gold goes higher in price.

* How the physical market for silver is starting to assert dominance over the paper market.

* The tug of war between silver as an industrial metal vs. precious metal, and the tug of war between industrial demand for silver and investment demand.

* Increased investment demand for gold and silver miners over the next 12 months, and why we could see the miners catch up when gold and silver prices consolidate.

* The valuation gap between streamers and royalty plays in precious metals vs. the miners.

* Why he wants to look at gold miners that are looking to add copper exposure.

* His outlook for gold in 2026, why we could see a 10-20% selloff, and why he expects gold to continue to drag the commodities complex higher.

* Platinum and palladium as a pair, why platinum still flying under the radar, and how platinum could be ripe for a short squeeze and/or a sustained rally.

* Why silver and other commodities are going to go up relative to gold, and why commodities are going to trade at their fundamental natural ratios relative to gold in coming years.

* How he looks at ratio charts of different assets, comparing the S&P to gold, silver, and miners.

* Gold vs. silver vs. copper, and other ratios he looks at as a signpost to compare where different assets are, and how they can signal a regime change.

* The high level view on copper, and why he sees a potential catalyst for a spike in the copper price.

* Why oil is going to be the last part of the commodities complex to wake up, and why he’s paying attention to vertically integrated oil producers looking ahead to 2026.

* The Fed becoming an arm of the Treasury.

* Other things that he’s paying attention to for 2026, including inflation, rates, yield curve control and QE, as well as other asset classes.

* Book Recommendations: Absolute Batman & The Tower Of Basel by Adam LeBor.

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