A bullish-but-cautious silver and gold interview centered on Glenn Jessum’s view that geopolitical conflict, energy shocks, and critical-mineral politics could trigger a near-term flush in precious metals before a larger secular bull run resumes.
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This is an interviewer-led conversation with Glenn Jessum, president and CEO of Silver Tiger Metals, about silver, gold, energy prices, and the macro backdrop. The speaker argues that silver’s run to above $100 was driven by a major regime shift: the U.S. classifying silver as a critical mineral and China treating it as strategically sensitive with export controls. He frames silver as a geopolitical weapon between the U.S. and China, and says the long-running supply deficit matters more now because demand and strategic importance have changed. At the same time, he is tactically bearish on the immediate setup because of Middle East instability and higher oil prices. He expects markets to “flush,” liquidity to tighten, and gold and silver to fall further before bottoming. …
Immediate setup is risk-off for silver and gold: the speaker expects a liquidity-driven washout tied to Middle East tension and oil volatility before any tradeable bottom forms.
Over the next few weeks to months, he expects metals to base after the flush and then resume higher if stagflation and supply tightness persist; a calmer geopolitical backdrop would weaken that path.
Long term, the transcript argues for a structural precious-metals bull market driven by critical-mineral geopolitics, deficit dynamics, and energy insecurity, with silver treated as a strategic asset rather than just a commodity.
The U.S. classifying silver as a critical mineral was a major turning point for silver prices.
Speaker says this 'woke me up' and helped explain the move above $100.
China’s export restrictions on silver increased its strategic importance and reinforced the U.S.-China geopolitical angle.
He links the Chinese export ban to silver becoming a weapon in geopolitical competition.
The current Middle East situation will flush liquidity and push gold and silver lower in the near term.
He explicitly says markets will flush and metals are going down, maybe not yet at the bottom.
What is happening in the silver markets, and why are we on a downward trend right now?
Jessum says the earlier move above $100 was driven by critical-mineral geopolitics, but the current move lower is a near-term flush tied to Middle East instability and liquidity.
How does the Middle East situation and higher oil prices affect the global economy?
Jessum argues the oil shock hurts China and Europe, creates inflation, risks recession, and leaves the Fed unable to satisfy both sides of its mandate, leading to stagflation.
How do higher oil prices affect the mining sector?
He says higher energy costs raise costs across all industries, including miners, but his project is designed with low capex and should remain attractive.
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