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

Date: February 7, 2026
Hosts: Jeremy Wiseman and Jerry Karia
Episode Focus: Analysis of the recent dramatic silver selloff, the divergence between physical and paper silver markets, the implications of new U.S. strategic mineral stockpiling, and why market dislocation presents both risk and opportunity for precious metals investors.

Episode Overview

This episode unpacks the recent tumultuous movements in the silver market, exploring the substantial price swings, the growing dislocation between paper and physical silver, and the broader macroeconomic and political forces shaping these dynamics. Jeremy and Jerry provide context—from investor psychology and bank failures to emerging government policy such as the U.S. "Project Vault"—arguing that big changes ahead mean opportunity, especially for those holding real, physical metal.

Key Discussion Points & Insights

1. Market Dislocation: Physical vs. Paper Silver

• Recent Price Swings: Silver surged past $100/ounce before sharply retreating to $85–$75, triggering both eager profit-taking and renewed dip buying (00:23–02:26).
• Psychological Dynamics: Investors become highly responsive to volatility—rushing to buy on dips and sell into rallies.
• Dislocation Defined: The divergence between low, manipulated paper prices and scarce, premium-marked physical product—physical silver holders remain "very excited to buy the dip" even as paper prices fall (01:45 & 12:11).
• Memorable Quote:

  "We call that dislocation."
  — Jeremy Wiseman (12:11)

2. Origins of Selling Pressure & Paper Carnage

• Big Pullbacks: Hosts explain that rapid price drops stem primarily from leveraged paper markets being unwound, not from the physical market (02:26–04:43).
• Historical Comparison: Citing Rick Rule and past cycles (1970s, 2000s), Jerry reassures listeners that steep corrections were historically followed by massive gains (02:26–03:54).
• Notable Quote:

  "Nobody [is] selling the physical. All of this is paper carnage."
  — Jerry Karia (03:54)

3. Bank Failures, Margin Calls, and Collateral Shortages

• Bank Failures: Recent failures (Metro Cap Bank and Trust, First Independence Bank) demonstrate broader systemic stress. Simultaneously, futures were sold en masse to meet margin requirements, intensifying the silver drop (03:54–04:43).
• Collateral Stress: The rush for high-quality collateral (like physical metal) is intensifying globally (17:42–18:22).

4. Government Action: Project Vault & the Critical Minerals List

• Project Vault: The Trump administration's launch of a $12 billion strategic mineral reserve highlights a pivot toward securing domestic supply chains for critical minerals, with silver now officially included (05:39–08:18).
• Sovereignty & Security:

  "A country does not have sovereignty if we don't have control of our critical minerals... we are taking back our sovereignty."
  — Scott Bessant, Project Vault Launch [Audio Clip] (07:42–08:18)

• Implication: The U.S. aims to set a price floor for vital commodities and break away from foreign price control/manipulation (08:18–10:02).

5. Physical Market Crunch: Global Shortages and Premiums

• Shut Downs & Supply Shortages: Perth Mint and major bullion dealers are suspending physical sales; Dubai premiums soar; Swiss dealers out of stock (11:05–11:24).
• Scarcity Despite Price Drops: As paper silver drops, actual bullion becomes harder to get and premiums spike—definitive proof that the downturn is paper-driven.
• Quotable Moment:

  "The market’s basically going unobtainium here."
  — Jeremy Wiseman (11:24)

6. The War on Misinformation and Narrative Control

• AI-Driven Panic: The hosts criticize AI YouTube channels spreading misinformation about supposed reporting requirements and bank restrictions, which is causing panic among retail investors (14:08–21:03).
• Call for Discernment: Follow credible, verifiable sources; many rumors are debunked directly on air.
• Quote:

  "You really want to stay with people who are real, who can cooperate [sic] the information."
  — Jeremy Wiseman (14:08)

7. Regulatory & Political Shifts: The End of Financialization?

• Deleveraging Era: The episode frames current events as "the end of financialization," with leverage unwinding, paper price manipulation losing power, and new US policies intending to set price floors on metals (03:54–10:02, 12:19–13:55).
• Legislative Moves: Potential return to gold standard is discussed, referencing HR25 and HR9145 in Congress (18:22–19:44).

8. Outlook & Investment Implications

• Bullish Institutional Forecasts:
  • JP Morgan predicts $6,300–$6,900 gold, UBS $6,200, SocGen $6,000—implying silver could reach $160/ounce or more (25:47–25:57).
  • "The world needs actual goods, actual commodities to build things," not endless financial instruments (14:08).
• Personal Approach: Hosts emphasize holding physical, not paper, gold/silver; managing their own inventories to weather shortages (21:03–22:10).
• Advice:

  "If you can't hold it, you don't own it."
  — Jeremy Wiseman (final remark, ~26:20)

Notable Quotes & Memorable Moments

• On the Paper/Physical Divide:

  "This is textbook bull market behavior. You have these pullbacks… before the next leg higher, and that's what's being forecasted."
  — Jerry Karia (12:14)

• On Sovereignty and Economy:

  "A country does not have sovereignty if we don't have control of our critical minerals..."
  — Scott Bessant (07:42)

• On the Endgame:

  "We're going back to a world where we're building trust once again through mercantilism… we're leveling the playing fields. It's phenomenal to see."
  — Jerry Karia (23:40)

• On the Importance of Physical Metals:

  "If you can't hold it, you don't own it."
  — Jeremy Wiseman (final remarks, ~26:20)

• On Currency Debasement:

  "All fiat currencies go back to their intrinsic value of zero."
  — Jerry Karia, quoting Voltaire (24:43)

Key Segment Timestamps

• 00:23: Discussion of silver price surge and pullback; investor psychology.
• 02:26–03:54: Historical context—past cycles, paper carnage, leverage unwinding.
• 05:39–08:18: U.S. Critical Minerals List and Project Vault; clip from Scott Bessant on sovereignty.
• 11:05–11:24: Global bullion shortages, premium spikes.
• 12:11–13:55: Explanations of dislocation, shift away from London paper dominance.
• 14:08–21:03: Combatting misinformation, narrative control, AI-induced panic.
• 18:22–19:44: Legislative updates on gold standard proposals.
• 21:03–22:10: Real-world impacts—delivery delays, inventory management.
• 25:47–26:20: Institutional price forecasts, closing calls to own physical metal.

Summary & Takeaway

The episode delivers a resounding message: Ignore short-term price drops driven by paper market machinations. The rupture between physical and paper markets signals both unprecedented collateral stress and tremendous opportunity—especially as powerful new U.S. initiatives signal the end of unchecked financialization. The hosts urge listeners to own real, physical gold and silver, anticipate much higher long-term prices, and be wary of misinformation as the market undergoes seismic change.