In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos examine why BRICS nations and central banks continue buying physical gold even at historically elevated prices. The discussion emphasizes that these buyers are not treating gold as a short-term trade. Instead, they see ownership of the actual metal as strategically more important than the day-to-day price itself.
The episode also explores the critical difference between physical precious metals and paper-based exposure through ETFs, futures, and mining shares. Dean and Chris argue that while those instruments may serve certain investment purposes, they are not the same as direct ownership, especially in an environment shaped by de-dollarization, reserve diversification, and long-term financial uncertainty.
The conversation then shifts to silver, where they discuss the growing physical supply deficit, shrinking inventories, and the possibility that years of demand exceeding supply could eventually force a major repricing in the market.
Key topics include:

• BRICS gold accumulation and central bank demand
• why physical ownership matters more than short-term price
• the difference between real metal and paper exposure
• silver’s multi-year supply deficit
• how shrinking physical inventories can affect price
• why gold and silver remain central in a changing financial system

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