Kerry Lutz sits down with precious metals analyst David Erfle to break down the latest moves in silver and gold, and why recent price action is being driven by structural forces rather than short-term speculation.

They trace decades of paper-market intervention — from 1960s silver controls to the Hunt Brothers episode — explaining how regulatory and exchange actions have repeatedly distorted price discovery. This time, however, physical shortages are forcing a widening disconnect between paper prices and real-world supply.

The discussion ties precious metals strength to a sovereign debt spiral, currency devaluation, and shifting institutional demand, while also covering refinery inventory stress, margin hikes, intraday reversals, and their impact on mining equities. David explains why he has capped subscriptions to his newsletter due to liquidity risks in junior miners and shares candid views on select opportunities and flawed capital structures.

Find David here: https://JuniorMinerJunky.com

Find Kerry here :https://khlfsn.substack.com and here: https://inflation.cafe

Kerry's New Book "The Armstrong Economic Code: The 5 Truths Investors Must Never Forget" is out now on Amazon!

Get your copy here: https://a.co/d/bvYbZOz

"The World According to Martin Armstrong – Conversations with the Master Forecaster" is a #1 Best Seller on Amazon. .

Get your copy here: https://amzn.to/4kuC5p5