About this episode
Tom Bodrovics welcomes back Keith Weiner, CEO and Founder of Monetary Metals, to discuss their 2026 Gold Outlook Report and the current state of the gold and silver markets. Weiner expresses that the gold market is in a bull phase, with prices exceeding his conservative targets. He attributes this to a global search for an alternative to the U.S. dollar, which, despite its flaws, is still widely desired. Weiner argues that gold is emerging as the ultimate settlement currency due to the failures of other candidates like the Indian rupee, Chinese yuan, and even crypto-currencies.
Keith also discusses the role of silver, which he sees as a monetary metal rather than just an industrial commodity. He notes that as gold prices rise, more people, especially those in lower-income brackets, are turning to silver as a more affordable store of value. This substitution effect is driving up silver prices and increasing its monetary demand. Weiner also touches on the concept of backwardation in the silver market, where the cost of hedging makes it difficult for refiners to process silver, potentially leading to a shortage.
The conversation also covers the volatility in gold and silver prices, which Weiner attributes to the dollar’s instability. He argues that this volatility is not conducive to the metals’ use as money and that the recent price swings have been driven by speculative trading rather than fundamental demand. Weiner also shares his views on Bitcoin, which he sees as more of a speculative asset than a store of value, and the future of the U.S. dollar, which he believes is inevitable but not imminent.
Timestamps:00:00:00 – Introduction00:00:34 – Reviewing 2025 Predictions00:01:50 – Currency Competition Dynamics00:05:43 – Global Gold Demand Drivers00:08:45 – Chinese Yuan Distrust00:10:12 – Tether’s Gold Holdings00:11:38 – Silver’s Monetary Role00:16:55 – Silver Supply Challenges00:25:00 – Silver Investment Thesis00:28:49 – Metals Price Volatility00:37:37 – Bitcoin Money Critique00:39:10 – Dollar’s Future Prospects00:41:12 – Fed Chair Policy Outlook00:45:23 – Concluding Thoughts
Guest Links:X: https://x.com/RealKeithWeinerWebsite: https://monetary-metals.comWebsite: https://goldstandardinstitute.netFacebook:
