Description
Silver hit a record $121.67 an ounce on Jan. 29, 2026, and was under $50 by late October. Many silver investors say the exchange killed the rally. David Morgan, publisher of The Morgan Report, says it didn't. He called January a "classic top" and said "there is no parabolic move in recorded history that doesn't end almost as rapidly as it goes up."
Morgan said 1980 was different. He said the man who ran the Hunt brothers' trust told him "they changed the rules." He also said COMEX silver inventories have risen over the last several years, that solar is no longer the main driver of silver demand, and that he does not expect a gold-backed yuan.
With silver near $51, Morgan said the metal is in the "wear you out" phase. He backed off his call for $70 by year-end but put the odds of new highs in gold and silver in 2027 at "70, 80%." He said he took partial profits in January, bought more at $52 and is holding cash. He is watching $47 on the downside and $70 on the upside.
This interview was recorded on Nov. 10, 2026.
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CHAPTERS
00:00 Three Silver Rallies: 1980, 2011 and 2026
01:06 Did the Exchange Kill the Silver Rally?
04:30 Lessons From the 1980 Silver Mania
06:21 The Hunt Brothers and the 1980 Delivery Standoff
09:05 Are the COMEX Silver Vaults Being Drained?
12:12 Solar Demand and Silver Thrifting
15:46 Hot CPI and What It Means for Silver
18:07 Silver Discipline and the Odds of New Highs in 2027
22:04 Is the World's Gold Moving to China?
24:08 The Gold-Backed Yuan Debate
26:25 The $300 Billion Freeze and Gold Repatriation
28:44 Moving Gold Home, Keeping Dollars
31:20 The Silver Case Wall Street Misses
33:07 The $8 Trillion Sitting in Money Markets
34:34 Making Silver Easy to Buy
36:13 Buying and Selling Physical Silver
39:38 Bullion vs Numismatic Coins
42:18 Gold Scams and Safe Storage
44:17 The Silver Levels He's Watching: $47 to $52
45:47 What He's Doing With His Own Metal
47:44 Where to Follow David Morgan
#silver #gold #DavidMorgan
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