A Miles Franklin live Q&A focused on precious metals, war-driven market distortions, ETF and futures mechanics, delivery stress in silver, and tactical guidance on gold/silver allocation. The speakers argued that paper pricing is suppressing physical price discovery, while physical shortages, regional premiums, and vault flows point to a much higher long-run metal price.
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This was a host-led Miles Franklin live Q&A with Kevin Hower ("Tattoo") and Andrew Scheckman discussing the intersection of war, inflation, gold/silver markets, delivery mechanics, ETF flows, and practical bullion ownership questions. The conversation opened on the idea that geopolitical conflict is distorting metals markets, with the speakers arguing that gold and silver should have rallied more sharply but have instead been held down by futures-market management, perception control, and paper-market activity. They repeatedly cited COMEX delivery data, stressing that registered silver inventories are small relative to open interest and that the ongoing March delivery cycle is showing stress. A major theme was the contrast between paper markets and physical markets. …
Tactically, the setup stays bullish for physical metals if war headlines, delivery stress, and Asian premiums keep pressure on the paper market. Near-term risk is sharp volatility from a dollar bounce, oil reversal, or a temporary cooldown in conflict headlines.
Over the next few months, the base case in this discussion is a continued grind higher in physical gold and silver as delivery strain, ETF metal outflows, and regional premiums persist. A failure of those physical indicators would weaken the thesis, but for now they expect price discovery to migrate away from paper venues.
Structurally, the speakers see a regime shift away from Western paper pricing and toward gold as the neutral reserve asset. Their long-run view is that trust in fiat, ETFs, and futures clearing continues to erode while physical metal and multi-vault settlement gain importance.
The war is affecting metals markets, but gold and silver did not sustain the initial pop the way one would expect.
They said the conflict should have lifted metals more sharply, yet gains faded.
The speakers believe gold and silver are being managed through perception and paper-market tactics to keep prices from surging.
They repeatedly invoked MOPE, painting the tape, and inverse logic around price spikes.
Silver delivery data show stress, with March deliveries and open interest far exceeding registered inventory.
They cited ~81 million ounces registered, ~112,700 contracts open interest, and large delivery counts already standing.
How is the war affecting metals, especially gold and silver?
The guest says war has not produced the expected sustained spike in gold and silver because markets are being managed. He argues the bigger traders want oil and the dollar to rally instead, and they are using price action and deliveries to keep the perception calm.
Why didn't gold and silver hold onto their initial rally?
He says the move was suppressed through 'management of perception economics' and that big traders count on people expecting the opposite. He also points to strong delivery demand as evidence that the underlying physical market is telling a different story.
What is the significance of the March silver contract deliveries?
He says deliveries are exceptionally large, with more than 30 million ounces reportedly delivered and open interest around nine times available silver. In his view, that shows major players are taking metal for delivery while keeping prices and perceptions controlled.
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