Rebel News Podcast: "What the Silver Selloff Really Means"

Date: February 7, 2026
Hosts: Jeremy Wiseman & Jerry Karia
Special Segment: The Real Money Show
Episode Theme: Unpacking the Dislocation in Silver Markets and the Real Story Behind the Recent Selloff

Overview

In this episode, Jeremy Wiseman and Jerry Karia delve into the recent dramatic swings in silver prices, dissecting the key drivers behind both the selloff and physical buying frenzy. They focus on the widening disconnect ("dislocation") between paper and physical silver markets, explore new U.S. critical mineral stockpile initiatives, discuss regulatory and industry responses worldwide, and debunk popular misinformation. The central message is clear: the action in silver—and gold—is in the physical market, and the recent volatility signals huge changes ahead rather than weakness.

Key Discussion Points

1. Silver's Rollercoaster: Excitement, Panic, and Dislocation

• Market Movements:
  • Silver surged past $100/oz, triggering increased buying; then fell to $75–$85, spurring renewed "buy the dip" excitement (00:23–01:57).
  • People rush in on movement—whether up or down:
    • “When there’s action in the market, people get excited by the action and it propels them to do something...Whether you’re buying at $100+, or at $80, you’re going to be happy you have the physical product.” – Jeremy (01:43)
• Dislocation Defined:
  • Repeated heavy selling in paper markets creates sharp price drops, but the physical market stays “sold out” and premiums rise—showing the disconnect (02:23–11:24).
  • “It’s all paper carnage … this is the end of financialization, or the limiting of financialization, and the elimination of a lot of leverage.” – Jerry (03:43)
  • Even as the price falls, there's no product available—a classic sign of dislocation:
    • "Why is it that the price is coming down but there's no product available?" – Jeremy (12:10)

2. Physical Market Stays Strong: Scarcity and Exploding Premiums

• Global Troubles Getting Metal:
  • Perth Mint in Australia halts sales; Swiss dealers sold out; Dubai premiums spike.
  • U.S. dealers report delivery delays of 8–14 weeks for London bars.
  • “The market’s basically going unobtainium here.” – Jeremy (11:24)
• Physical vs. Paper:
  • “This is textbook bull market behavior. You have these pullbacks … before the next leg higher. The physical stays tight, the premiums stay high, the prices start to diverge.” – Jerry (12:19–13:30)
• Practical Advice:
  • If kilo silver bars are unavailable:
    • “Go with 100-ounce bars, go with Silver Maples, just as liquid as the smaller stuff … get it while you can, because the rush for collateral is on.” – Jerry (17:42)

3. Fundamental Shifts: Project Vault and U.S. Critical Mineral Stockpile

• What is Project Vault?
  • $12B strategic stockpile for critical minerals/country sovereignty, including silver, backed by public-private partnership.
  • “A country does not have sovereignty if we don’t have control of our critical minerals, steel production, and our industrial base ... we are taking back our sovereignty and we are going to have this Vault project, a strategic mineral reserve.” – Scott Bessant (07:42–08:18)
• Impact of Policy:
  • Clear message: physical commodities matter for industry and sovereignty—paper market manipulation won’t be tolerated.
  • “They want this stockpile that has nothing to do with the military... It’s just about industry.” – Jeremy (08:18–09:30)
  • U.S. goal is to put a floor under prices, supporting domestic production and industrial users.

4. Paper Games and the End of Financialization’s Dominance

• Unwinding Leverage:
  • Recent selloffs forced by liquidating paper contracts to raise cash & cover margins; central banks still buying physical gold hand-over-fist.
  • Major U.S. and Chinese banks/investment vehicles falter when their derivatives are unwound; regulators step in (e.g., Shanghai). (04:43)
• Bullion Banks Exit Positions:
  • “JP Morgan already got out of their positions. These are the rest that are trying to get out … more physical deliveries coming out of exchanges and they don’t have the product.” – Jeremy (21:03–21:50)

5. Debunking Misinformation & Media Noise

• AI-Generated Panic & Social Media Rumors:
  • Fake rumors (e.g., dealers reporting cash transactions over $3k, or price moves caused by political appointments) are rampant—don’t be distracted.
  • “AI-generated channels on YouTube giving absolute, complete misinformation ... You really want to stay with people who are real, who can corroborate the information.” – Jeremy (14:08–15:30)
• Historical Examples:
  • Reference to the 2022 Trucker Convoy and bank runs highlights the fragility/illiquidity of banking versus physically owned assets (19:48–20:29).

6. Macro: Currency Crises, Legislative Solutions, and Gold/Silver Forecasts

• Collateral Stress:
  • Huge global demand for “real stuff,” as even Bitcoin tanks and ETFs are forced to sell to meet margin calls.
  • “This is collateral stress, it’s increasing globally ... the move towards real stuff is collateral, and that’s the theme, that’s the key word going forward.” – Jerry (17:42–18:22)
• Possible Gold Standard Return:
  • Discusses bills in Congress (HR25, HR9145) to repeal income tax and restore the gold standard.
  • “What was the best way of regaining credibility? What was the best collateral ever in the U.S.’s history? Oh yeah, it was gold.” – Jerry (18:22–19:44)
• Big Bank Forecasts:
  • JP Morgan, SocGen, and UBS project $6,000+/oz gold; even higher possible.
  • If gold hits $6000, a 35–40:1 ratio puts silver in the $160–$170+ range.
  • “The banks … are still very positive on the metals ... Michael Oliver might be bang on with some exciting fireworks for the rest of the year.” – Jeremy (25:47)

Notable Quotes & Memorable Moments

• Dislocation Theme:

  • “We call that dislocation.” – Jeremy (12:11)
  • "This is not weakness in the physical market ... textbook bull market behavior." – Jerry (12:19)

• Physical is King:

  • "If you can't hold it, you don't own it." – Jeremy (end)

• Sovereignty and the Future:

  • “We are taking back our sovereignty and we are going to have this Vault project, a strategic mineral reserve ... the level of security it is going to give us going forward is phenomenal.” – Scott Bessant (07:42–08:18)
  • “We’re going back to a world where we’re building trust once again through mercantilism ... on technology that is transparent and we’re leveling the playing fields.” – Jerry (23:40)

• Misinformation Warning:

  • "The only people who are really panicked are people who are watching him (the AI guy) because of the misinformation…" – Jeremy (21:03)

Recommended Timestamps for Deeper Listening

• Silver price action + psychology: 00:23–02:26
• End of financialization, leverage unwinding: 03:43–05:39
• Project Vault + critical minerals: 07:30–08:18
• Difference between paper and physical market: 11:24–12:19
• Industrial implications, U.S. policy: 14:08–15:30
• Physical supply crunch: 17:20–18:22
• Legislation, gold standard debate: 18:22–19:44
• Debunking cash reporting rumor: 19:44–21:03
• Inventory status, physical delays: 21:03–22:10
• Bullish gold/silver price forecasts: 24:43–25:58

Takeaways

• Physical silver demand is exploding, even as paper prices dip—classic late-stage bull market signs.
• Crucial U.S. policy moves (Project Vault, critical minerals list) signal a shift away from paper-dominated pricing and toward real commodity-backed value.
• Expect ongoing volatility, shortages, and high premiums as paper positions unwind; banks and nations are building stockpiles, not selling out.
• Ignore media noise; stick with verified sources and focus on owning the metal, not derivatives.
• Long-term, hosts see explosive upside for both gold and silver as the world shifts from financialization to real-asset collateral.

For more insights or to explore physical ownership, visit Guildhall Wealth or tune in to the next episode of The Real Money Show.