Liberty and Finance

"While retail investors panic over a 38% price crash, the world's largest physical buyers are quietly accumulating—draining COMEX Registered inventories to levels covering just 13% of open interest."
In this episode, Andy Schectman of Miles Franklin reveals the hidden battle beneath silver's paper price crash: Western panic meeting Eastern accumulation. While January's collapse triggered margin calls and liquidations, Shanghai premiums surged to a historic 13% above Western benchmarks—indicating physical strength, not weakness. Schectman argues this is a deliberate misdirection, engineered to shake weak hands out of positions before the real move begins.
He points to critical data: London's LBMA gold and silver vaults are being drawn down by sovereign buyers. COMEX Registered silver hit a 15-year low in October 2024 and has not recovered. China's new export licensing on refined silver now ring-fences 60-70% of global supply just as industrial demand from AI and solar infrastructure accelerates.
Schectman distinguishes two silver markets: the paper market (futures, ETFs) driven by sentiment, and the physical market (bars, coins) driven by industrial and sovereign demand. The paper market is crashing. The physical market is tightening. These two realities will eventually converge—and when they do, price will follow physical.
His advice: ignore the paper noise. The strong hands are accumulating. And patient physical holders will be rewarded when the misdirection ends. Press play for his exact strategy.

"Silver just got hammered—down 35% from its January peak. The headlines are screaming 'crash.' But according to Craig Hemke of TF Metals Report, this isn't the end of the bull market. It's a structural shakeout engineered by paper markets that are rapidly losing control."
In this urgent episode, we sit down with Craig Hemke to break down exactly what's happening to silver—and what comes next. The World Silver Survey 2026 confirms the sixth consecutive year of structural deficit, now projected to widen to 46.3 million ounces[citation:3][citation:9]. Since 2021, a staggering 762 million ounces have been drained from global inventories—a drawdown with "no modern precedent"[citation:6].
But here's the twist: demand is falling, yet the deficit is still getting worse. Total silver demand is forecast to drop 2% in 2026, while supply is falling faster—down another 2%[citation:3]. When both sides shrink but the gap widens, the physical market is tightening, not loosening.
Hemke points to the COMEX margin hikes—two in recent weeks—as the primary trigger for the selling cascade[citation:5]. But he argues the physical bid remains strong, with Shanghai premiums persisting at 13% above London prices—a gap that cannot be arbitraged[citation:2]. Meanwhile, COMEX open interest has collapsed to historically low levels, with speculators now dominating what remains[citation:2].
"Don't look at it and go, 'Oh, it's too expensive,'" Hemke warns. "Your currency is just getting weaker and weaker, and that trend is not going to change"[citation:1]. Coin and bar demand is forecast to rise 18% in 2026 as U.S. buyers return[citation:9].
The paper smash is noise. The physical shortage is real. And patient investors at these levels may look back at $70 silver as the last great entry point. Press play for Hemke's full breakdown of what's next.

"Six straight years of deficits. 762 million ounces drained from global stockpiles. And now—a mining company with $100 million in annual cash flow just became the most overlooked opportunity in the sector."
In this urgent episode, we break down the convergence of two powerful forces: a historic silver supply crunch and elite-tier mining economics. The Silver Institute's World Silver Survey 2026 confirms the sixth consecutive annual deficit, with 2026 projected at 46.3 million ounces—and cumulative drawdowns since 2021 now exceeding 800 million ounces, equivalent to an entire year of global mine production [citation:1][citation:6][citation:9]. This isn't a cyclical dip. This is structural depletion.
While most investors fixate on daily price moves, we're analyzing the companies with free cash flow to survive volatility and profit from the coming repricing. Bank of America's metals team sees silver reaching $135 to $309 per ounce if physical shortages deepen—a range that reflects just how depleted above-ground inventories have become [citation:5].
We examine how sovereign mineral scrambles (Canada's 20+ critical mineral agreements, America's $12 billion Project Vault) are directing capital toward high-grade deposits [citation:5]. And we analyze the explorers and producers leveraging this environment—including those with fully-funded 2026 drill programs targeting district-scale polymetallic systems.
Perfect for investors tired of paper-market distractions and ready for the physical-reality trade. Press play for the perfect storm.

"Silver just dropped 10% in a week. The headlines are screaming 'crash.' But according to Peter Krauth—author of The Great Silver Bull—this pullback isn't the end of the bull market. It's the opportunity."
In this urgent episode, Krauth breaks down the technical and fundamental drivers of silver's recent 10% decline from its $75 price point. He attributes the selling to continued liquidation by the "weak hands"—retail investors who bought near the January highs and are now being forced out by margin calls . The CME's 18% margin requirement remains historically high, creating a ceiling for immediate price appreciation .
But Krauth argues the fundamentals haven't changed. The World Silver Survey 2026 confirmed the sixth consecutive deficit . Mine production is falling, not rising. Recycling is constrained. Meanwhile, industrial demand—from solar, EVs, and data centers—is projected to hit record highs in 2026 . Krauth projects a massive cumulative deficit of 762 million ounces since 2021 .
The key is the commercial short position. When large speculators buy, they don't buy physical—they buy futures, which drives price discovery. Krauth estimates the market needs to see the managed money net length fall from its current high to a level where new buyers can enter . He also notes that the "February effect" (when Chinese buyers return after the Lunar New Year) could absorb the current selling pressure .
Krauth remains bullish: "I think we're going to see $85 silver this year, and triple digits in this cycle." His advice: position with physical metal and wait. The 10% drop is noise. The supply shock is coming. Press play for Krauth's exact strategy for the next three months.

"Silver just got cut in half from $121 to $75. The headlines are screaming 'bear market.' But according to David Morgan—the man they call the 'Silver Guru'—this isn't the end. This is the pause before the real supply shock hits."
In this urgent episode, we sit down with David Morgan of The Morgan Report to break down what just happened to silver—and what comes next. Morgan warns that while the 38% collapse was "hair raising," it's not unprecedented[citation:4]. He compares it to 1980's Silver Thursday, when prices dropped over 50% in a single day. The key difference today? Industrial demand now exceeds 60% of the market, versus just 30% in 1980[citation:7]. Silver has become a strategic metal—solar, AI infrastructure, EVs, next-generation batteries—and that demand isn't going away.
But here's the real story: the supply shock. The World Silver Survey 2026 confirms the sixth consecutive year of structural deficit, projected at 46.3 million ounces[citation:6]. Since 2021, 762 million ounces have been drained from global inventories[citation:6]. Total supply is forecast to decline another 2% in 2026[citation:6]. When supply falls faster than demand, the gap widens—and the physical market eventually overpowers the paper market.
Morgan points to another catalyst: governments. The Biden administration is reportedly evaluating strategic silver stockpiles for national defense[citation:7]. If the U.S. even hinted at buying 50–100 million ounces, the market would explode.
Morgan's bottom line: "I think we are going to see triple digit silver again—but I don't think it's a week from tomorrow"[citation:4]. Correction is healthy. The supply shock is real. And patient buyers at $75 may look back at this as the last great entry point. Press play for the full breakdown.

"Western markets claim silver is crashing. Eastern sovereigns are quietly draining the vaults—and the disconnect has never been more extreme."
In this episode, Andy Schectman—President and CEO of Miles Franklin—explains why the paper silver price is sending the wrong signal entirely [citation:4]. While headlines focus on 38% crashes and COMEX margin hikes, Schectman argues the real story is physical: record deliveries, shrinking registered inventories, and a structural shortage that no amount of paper selling can solve [citation:6][citation:2].
We examine the "COMEX Registered cushion" which has collapsed to cover just 13% of open interest—a historically dangerous ratio [citation:6]. Schectman warns that the banking system's friction (blocked wires, rising counterparty risk) makes direct physical ownership more essential than ever [citation:4]. Meanwhile, China continues its quiet accumulation, implementing export licensing on refined silver that ring-fences 60-70% of global supply [citation:6].
He distinguishes price weakness from fundamental reality: "Nothing moves in a straight line without a breather." [citation:7]. Schectman dismisses AI-driven narratives and predatory dealers designed to shake retail holders out of bullion through engineered complexity [citation:4]. His bottom line: the paper market's credibility is failing, and the silver market is finally getting set free from decades of suppression. Press play for the complete breakdown of the most important wealth preservation story of 2026.

"Most retirees are watching their purchasing power evaporate while feeling powerless. You think your million-dollar nest egg is safe—until you realize it's denominated in a currency that's melting like an ice cube."
Welcome to Liberty and Finance. Your host, Dunagun Kaiser, tackles one of the biggest questions investors are asking right now[citation:8]. In this live "Ask the Broker" Q&A session, we cut through the noise of market turmoil to deliver the hard truths your financial advisor won't tell you.
We discuss why the traditional retirement portfolio—heavily weighted in stocks and bonds—is facing unprecedented stress from broken supply chains and the necessity of refinancing debt at much higher interest rates[citation:1]. Dunagun explains why relying on paper assets is a dangerous game of groupthink that ignores the reality of currency debasement[citation:10].
What's the alternative? We explore the undeniable importance of precious metals as a hedge against this chaos. From silver's violent volatility (which Dunagun argues is no reason to panic) to gold's deep historical significance, we cover the strategic moves you need to make now to protect your freedom and your future. We also touch on the role of cryptocurrencies and why true financial resilience requires a complete mindset shift[citation:1][citation:9]. Whether you're retired or planning to be, this Q&A is essential listening. Press play to learn how to weather the storm, not just survive it.

"The February 2026 silver collapse cleared out the weak hands. The 38% drop from $121 to below $64 triggered the largest redemption of paper silver in history."
In this episode, Clive Thompson—analyst with 50 years of experience in global bond, currency, commodity and equity markets—explains why the collapse was a "clean-out" rather than a trend reversal . Using the analogy of an 80-story building with a "broken toilet" flooding the bottom floors, Thompson describes how margin requirements increased from 2% to 18% over a few months, peaking the day of the crash . The COMEX crash changed the market landscape, with no second-tier or retail traders remaining, he says: "This is a wholesale play now" .
The LBMA has been trying to change its rules to avoid defaults . The paper silver market is "dead," Thompson explains. "Open interest collapsed from 190,000 contracts to below 100,000" . The key is physical silver, which trades at a $0.80 premium in London for 1,000 oz bars, versus a $0.15 discount pre-war . COMEX Registered silver has been drawn down to just 42.4 million ounces—another 15% decline in the last month . With the Silver Institute projecting a $0.4 billion deficit for 2026/2027, Thompson warns: "We're in the final and violent part of a multi-decade trend." Patience will be rewarded, but the risk of being shaken out before the move is very real. Press play.

"The market was up 170%. Then it crashed 38%. Now, the smart money is quietly positioning for the next leg up."
In this episode, Chris Vermeulen—Founder & CIO of The Technical Traders—delivers his updated technical analysis on silver after the violent January 2026 collapse. Vermeulen explains that while the CME's 50% margin hike triggered cascading liquidations, the underlying bullish structure remains intact. The "complex 4th wave pullback" may have found support near the $55-65 zone .
Using Fibonacci retracements and Elliott Wave analysis, Vermeulen identifies the next target at $106, aligning with the upper boundary of a rising price channel mapped from 2024 . He warns that the "green line" of critical support sits in the mid-70s—a break below could signal a deeper retest toward $39 . His current analysis suggests 70% cash and waiting for a confirmed higher high before re-entering silver positions .
Longer-term, he still expects silver to trade toward $150-$250 per ounce as part of a major commodity advance . He's less enthusiastic about miners, citing higher energy costs, labor risks, and jurisdictional instability (Mexico, Chile), and prefers physical metal and large-cap miners with diversified operations over speculative juniors . Press play for Vermeulen's exact trading plan for 2026.

"Silver hit a record $121 an ounce in January—then crashed 35%. Most investors think the rally is over. Peter Krauth says the real bull market hasn't even started."
In this episode, Peter Krauth—author of *The Great Silver Bull* and editor of the *Silver Stock Investor* newsletter—explains why silver's structural deficit is widening even at lower prices [citation:1][citation:3]. Since 2021, 762 million ounces have been drawn from global inventories . For five consecutive years, demand has exceeded supply by roughly 20% annually . The 2026 deficit is projected to widen 15% to 46.3 million ounces, despite total demand falling 2% [citation:5][citation:9]. Why? Because supply is shrinking faster—mine output is flat, recycling is constrained, and above-ground stockpiles at COMEX, LBMA, and Shanghai exchanges have collapsed 40-70% since early 2021 [citation:1][citation:6].
Krauth argues industrial demand from the solar sector (now consuming nearly 25% of mine supply) has fundamentally transformed the market, while investment demand has shrunk to 40% of the mix [citation:1][citation:4]. When investment demand returns, there will be less metal available each year—driving prices "higher and faster."
He also highlights the Fed's rate-cutting cycle: in the last three easing cycles, silver exploded over 300% on average within 12-18 months [citation:1]. With central banks losing credibility, silver's 100:1 gold-silver ratio suggests extreme undervaluation. Krauth maintains his long-term target of $300 silver in a mania phase, a target he emphasizes is "very realistic" [citation:1]. The bull market is still early. Press play.