With all sorts of rumours about physical shortages of silver, for your Sunday thought piece today, I spoke to precious metals dealer Joshua Saul to try and find out what is really happening in the metals markets.

Joshua Saul has been dealing gold and silver bullion for 20 years. He’s never seen anything like what’s happening now.

His key points: silver is catching up from decades of undervaluation. The gold-silver ratio historically sat at 15:1. In recent years it hit 100:1. That’s not a price quirk - it’s a structural anomaly that’s now correcting.

Supply can't keep up. Most silver comes as a byproduct of other mining, so production can't respond quickly to price spikes. Industrial demand is surging (solar, EVs, data centres). Mints are sold out. China's quietly accumulating. Physical premiums are spiking globally

The Pure Gold Company has metal, but only because they have large contractual commitments with the Royal Mint, but he’s clear - this is unprecedented. Even 2008 didn’t look like this.

Find out more about the Pure Gold Company, here.

NB: I was trying out a new camera and I know it looks crap. Won’t happen again.

Meanwhile, ICYMI, here is this week’s commentary.

Until next time,

Dominic

PS Let me give my buddy Charlie a plug. His monthly gold report, Atlas Pulse is, in my view, the best gold newsletter out there. Get your copy here. No pay nada.

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$100 silver, $5,000 gold (almost). Wow.