PodcastMiles Franklin MediaMichelle Makori

Miles Franklin Live Q & A

Speakers discuss gold and silver demand, including BRICS settlement possibilities, reported physical deliveries, central-bank buying, and ongoing silver supply deficits. They also raise risks around bank bail-ins, U.S. debt, Treasury demand, and custody arrangements. Forecasts include a range of silver and gold price levels, potential shifts in pricing power toward Hong Kong, and the possibility that silver could outperform gold; these remain conditional views rather than certainties.

GoldSilverPrecious MetalsMonetary PolicyBankingGovernment Debt

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Key Takeaways

Tether’s gold purchases are reported as substantial—more than any central bank except Poland in 2025, including about 53 tons in the final six months—but the claims that Tether is acting as a Treasury proxy or that the Treasury could accumulate gold through banks remain speculation, not confirmed policy. The speaker also links BRICS members’ gold buying to the possibility of settling cross-border balances in gold through interoperable payment systems.

The speaker argues that rising U.S. debt could weaken demand for both the dollar and Treasuries, pushing rates higher, while bond-market intervention could further deter foreign Treasury buyers if they believe returns do not compensate for risk. Rick Rule’s reported expectation that the dollar could depreciate another 75% over 10 years is a forecast, not a certainty.

The speakers cite roughly $100 billion in gold and silver delivered to COMEX during the year, including more than $81 billion in gold and nearly $18 billion in silver, as evidence of substantial physical demand; they also note that some metal remained on-site. One speaker says China bought more silver in the first two quarters than ever before, even as prices fell.

Despite solar companies reducing silver use by close to 15%, the speakers say the market still has a six-year deficit, with data centers and other industrial uses supporting demand. They also argue that the small amount of silver used per product is unlikely to stop manufacturing if prices rise.

Gold was reported around $4,200 and silver near $60 even as the dollar reached an 18-month high and yields, oil prices, and inflation concerns were elevated; the speaker also says gold performed well despite 20-year-high interest rates and outperformed traditional assets over 25 years on a compounded-return basis. Against that backdrop, the speakers forecast that higher energy prices, a weakening bond market, and a slowing economy would ultimately be bullish for gold, while one allows for an uncertain lag of roughly six months.

GEO-POLITICS

Treasury Gold Theory — The speaker notes that Executive Order 14241 names gold as a critical mineral and speculates that the Treasury could accumulate gold indirectly through commercial banks. He presents this as conjecture, not confirmed policy.

“Although it wasn't put in the US Geological Survey classification, it's a little more muted…”—

BRICS Settlement — The speaker argues that interoperable BRICS payment systems could let member countries trade across borders and settle balances in gold, helping explain their gold buying.

“they all have these systems that are in fact the entire stated goal of this last bricks meeting was interoperability of all these platforms that will communicate with one another…”—

ECONOMY

Bank Bail-Ins — The speaker says that under bail-ins, depositors above the $250,000 FDIC limit—or $500,000 for a couple—could become unsecured creditors and be paid after others. He cites the First National Bank of Lindsay failure, where uninsured depositors received only part of their funds back.

“The legislation changed from bailout to bail in, meaning that you the taxpayer wouldn't be on the hook for it anymore…”—

MARKETS

Metals Performance — The speaker reports gold around $4,200 and silver near $60, alongside an 18-month high in the dollar, elevated yields, rising oil prices, and inflation concerns. He says gold has performed well despite 20-year-high interest rates and has outperformed traditional assets over 25 years on a compounded-return basis.

“Yeah, it was great. It was phenomenal. well, gold is trading back around 4,200. Silver is trading, you know, hovering around the $60 level…”—

Physical Deliveries — The speakers cite roughly $100 billion in gold and silver delivered to COMEX during the year: more than $81 billion in gold and nearly $18 billion in silver. They describe the numbered-bar deliveries as evidence of substantial physical demand, while noting that some metal remained on-site. One speaker also says China bought more silver in the first two quarters, while prices were falling, than ever before.

“I saw that, you know, to me, Kevin, it there's been a hundred billion dollars, $100 billion dollar worth of gold and silver delivered to ComX so far this year…”—

Silver Supply and Demand — The speakers say solar companies cut silver use by close to 15%, yet the market still faces a six-year deficit. They cite data centers and other industrial uses as sources of continued demand, arguing that small silver inputs per product are unlikely to stop manufacturing if prices rise.

“but yet and they've done so and they were able to I think reduce it by close to 15% or thereabouts but yet we're still at a six-year deficit which…”—

FORECASTS

Silver Price Targets — The speakers cite a conference projection of $95 silver and a forecast for silver to exceed $85 by year-end, with a substantial Q4 move and a possible retracement toward the beginning-of-year level the following year. Another speaker says triple-digit silver is possible, but the timing is unknown.

“There was a conference at the LDMA conference where they actually projected yeah 95 an ounce for silver.”—

Hong Kong Pricing — The guest argues that same-day settlement in Hong Kong, Dubai, and Singapore, including settlement in yuan, could shift significant pricing power away from the Western system. He presents this as a future possibility, not an established outcome.

“And I think eventually they're going to set the price. They've been siphoning off everything that isn't nailed down. The arbitrage enticement is still there…”—

Equity Downside Risk — One speaker argues that high price-to-earnings multiples and the S&P 500 at an all-time high leave equities with more downside than upside. This is the speaker's opinion, not a certainty.

“And I believe that the equity markets are very frothly…”—

Gold Deliveries And Treasury Buying

The hosts discuss major reported COMEX gold and silver deliveries and speculate that Treasury-linked buyers may be accumulating strategic metals through commercial banks.

Silver Isotope Demand

They consider claims about silver isotopes 107 and 109, then emphasize that solar, data-center, and industrial demand continues to outpace supply.

Hong Kong Pricing Power

The hosts argue that Asian same-day settlement exchanges and Hong Kong could eventually shift commodity pricing influence away from Western futures markets.

Oil, Inflation, And Metals

They link rising oil prices to inflation expectations and argue that energy, bond-market stress, and currency weakness may ultimately support precious metals.

BRICS Settlement Infrastructure

They describe BRICS cross-border payment systems and gold settlement as a challenge to Western financial influence, while cautioning that the timing of change is uncertain.

Debt And Monetary Reset

The speakers discuss U.S. debt, reserve-currency risks, and the possibility that gold revaluation or a broader monetary transition could address unsustainable obligations.

Tether Gold Accumulation

They cite reports of substantial Tether gold purchases and speculate that stablecoin firms could be accumulating metal as part of a wider shift in monetary arrangements.

Precious Metals Price Floors

The hosts offer conditional downside levels for silver and gold, arguing that central-bank and institutional demand could absorb weakness while volatility persists.

Gold And Silver Bull Cycle

They review a technical case for a young precious-metals bull market, with gold leading early and silver potentially outperforming later alongside mining shares.

Midterm Election Scenarios

The speakers say election outcomes are difficult to forecast but suggest political and fiscal instability could weigh on the dollar and benefit gold.

Silver Forecast And Price Discovery

They discuss a bullish year-end silver forecast and a possible move toward $125, while stressing uncertainty and silver's relatively inelastic industrial demand.

Paper Markets And Physical Supply

The hosts argue that paper-price weakness can intensify physical buying, recalling past shortages and describing delivery demand as a key test of market stress.

Exchange Control And Silver Upside

They expect Asian settlement venues to gain influence over time and say silver could outperform gold, though the timing and scale of any move remain unknown.

Bank Bail-In Risks

The speakers explain that deposits above FDIC insurance limits may leave customers as unsecured creditors in a failure, and warn that bank bond losses remain a concern.

Treasury Demand And Silver

They argue that excessive U.S. borrowing could undermine Treasury demand and the dollar, while reiterating that silver may benefit and could eventually outperform gold.

Custodian And Storage Concerns

The hosts address disputed claims about a precious-metals custodian, advise clients to verify information before transferring assets, and discuss custodial risks and alternatives.

Subscriber Milestone And Sign-Off

They discuss a possible subscriber milestone giveaway, encourage viewers to share the channel, and close by promising to return the following week.

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Important Disclaimers

Not Investment Advice: For education only — not financial, tax or legal advice.

AI-Generated: Made by AI from source transcripts and may contain errors.

No Guarantees: Past performance does not predict future results; investing carries risk.

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