Source: Miles Franklin | Date: January 16, 2026

Key Takeaways

Paper-to-physical shift accelerating: Massive unprecedented delivery demands on COMEX (100M oz silver, 5M oz gold in 40 days) are breaking the rehypothecated paper system that relied on <1% delivery rates
Fiscal dominance emerging: US spending more on debt interest than military for first time; by 2030-31, 100% of tax revenue will just cover interest payments
AI creating economic paradox: While boosting productivity for asset owners, AI is eliminating taxpaying jobs and shrinking the tax base, accelerating wealth inequality (K-shaped economy)
Supply chain weaponization: Countries moving to secure physical assets; China controls 70% of silver refining, 90%+ of rare earth refining, and is limiting exports
Central banks abandoning dollar: Four consecutive years of 1000+ tons gold purchases by central banks; foreign ownership of US debt collapsed from 50% to <30% since 2008

Market Views

Silver targets: Described as "going parabolic" due to physical delivery squeeze; up 80% in 2024
Gold outlook: Goldman Sachs reportedly said gold would "go to the moon" if Fed loses independence
Bond market warning: Liquidity shocks expected as foreign demand continues declining; Fed trapped between defending bonds (creating inflation) or allowing rate rises (collapsing assets)
Dollar debasement intentional: Administration embracing weaker dollar to restore manufacturing competitiveness

Silver: 100M oz delivered on COMEX in 40 days; China limiting exports despite controlling 70% of refining
Gold: 5M oz delivered recently; central banks buying over 1000 tons annually for 4 years
Copper & Platinum: Added to US strategic mineral list alongside silver
Oil: 20% of global supply flows through Strait of Hormuz (Iran threat)
US Treasuries: Facing declining foreign demand; Fed resuming $40B monthly purchases

"You've got to wake up. You got to take the red pill. It's the value of your currency that's plumbing."
"All you need to know is ask yourself, who in the hell is doing this? Who stands for delivery for 100 million ounces of silver?"

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