Andrew Sleigh argues silver and gold have been unusually weak due to global liquidity stress and margin pressure, but he now thinks silver has likely turned back up near key support. He is broadly bullish precious metals over the medium to long term because of debt, fiat debasement, tariffs, oil, and geopolitical strain, and he recommends averaging in sooner rather than waiting for the perfect bottom.
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This Ask Andrew episode is a Q&A between the Sprott Money host and Andrew Sleigh focused mainly on silver, gold, debt, inflation, tariffs, and the practical logistics of buying physical metals. Sleigh says the recent weakness in gold and silver was likely driven by a global liquidity problem and possibly margin calls, which he thinks pushed prices down despite geopolitical turmoil. He highlights silver specifically as having repeatedly tested the 72 USD spot area, with a prior bearish read that it might fall toward the low 60s or even the 50s if 72 failed decisively. However, he says the market appears to be stabilizing and may already be in a short-term rally, so the recent turn has made him more cautious about waiting for a lower entry. On positioning, Sleigh repeatedly recommends averaging in rather than trying to nail the exact bottom. …
Tactically, silver looks like it may already have turned higher after defending the low-70s USD area, so chasing a perfect retrace risks missing the move. The immediate setup favors incremental buying over patience for a deeper dip.
Over the next few weeks to months, the base case is a continuing precious-metals rebound if liquidity stress eases and new buyers step in. A failed retest of support would weaken the call, but Sleigh’s working assumption is that higher prices will arrive before most sidelined buyers act.
Structurally, the transcript is built around a debasement regime: heavy debt, persistent money creation, and geopolitical fragmentation push investors toward hard assets. In that framework, gold and silver remain long-duration hedges against fiat purchasing-power loss.
The recent weakness in gold and silver was likely caused by a global liquidity problem and possibly margin calls.
He says there has been an overall liquidity issue around the world that punished silver and gold downward, along with maybe some margin calls.
Silver may be in a short-term rally after defending the 72 USD spot area.
He says the market now seems to be in a rally and that silver is above and holding above 72.
Before the recent turn, he expected silver to fall toward the lower 60s if 72 failed to hold.
He says he was bearish and saw silver going down to 60 US spot eventually if it didn't break and hold above 72.
Gold typically benefits from geopolitical turmoil, but it didn't rally during peak tensions this time. What's behind this deviation from the usual riskoff pattern? And could this mark a longer term shift in market dynamics?
Sleigh says the main explanation is global liquidity stress and possible margin calls, which were pushing gold and silver down despite turmoil. He says the market may now be turning into a short-term rally.
Do you even per say have a prediction for silver over the next few weeks?
He says he is gathering information and is not making a precise prediction, but he now advises starting to buy in and averaging up/down because silver could move quickly.
With the global debt around 110 trillion and the US debt nearing 39 trillion, does this set the stage for a major breakout in gold and silver over the long term?
He says yes, absolutely: he believes fiat currencies are collapsing under much larger debt and liability burdens than the question cited, which forces gold and silver higher in dollar terms.
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