Hundreds Of Tons Of Silver Scrambles To London

McAlvany Weekly Commentary

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Silver Demand In Form Of ETFs Spikes Causing Market Mayhem Golden Opportunity To Accumulate 90% Silver Coins Silver Lease Rate Soars To 200% "Just count the stuff that's coming from the US. 180 tons of silver suggests that this is now more normal pricing. The spot market and futures market come into more standard relationship. How much of a decline off of the $53.56 cent high— Do we see five, ten percent from that? A steeper decline than that? That remains to be seen. What is intriguing is the possibility of spot and futures market volatility being more extreme, even as physical metals—the OTC market—finds its mojo." —David McAlvany * * * Kevin: Welcome to the McAlvany Weekly Commentary. I'm Kevin Orrick, along with David McAlvany. Well, David, my favorite weekend for the company every year just occurred. We had our McAlvany Wealth Management clients out in rainy Durango, but it was still beautiful. You put a lot of time and effort into meeting with the clients that want to meet with you, so— Often I wish for you to have a nice vacation after this weekend, and that didn't happen. So I want to talk about what this weekend incorporated after our meeting with the clients. David: Yeah. Well, a lot to cover today. First, thanks to our asset management clients who were able to come to this year's conference in Colorado. We're honored to serve you and pleased you could make the trip to Durango. That face-to-face time is precious to us. And for those MWM clients that could not make it, there will be a full video recording of the weekend's presentations available shortly. What you missed was the meals, the conversation, the changing leaves, and, as you mentioned, this year, surprisingly, a good bit of rain. Kevin: Pretty wet. David: Yeah, it's a client-only conference, and everybody in the hard asset equity strategy will get it. No need to request it, but if you'd like to become a client, please let us know. I can tell you that the team and the process and the unfolding opportunity are worth the inquiry. Kevin: Well, and even working with the guys over at MWM, hearing Morgan speak each week, I loved to hear his presentation again. He really put that together well. Philip Wortmann, Robert Draper, you. It's nice to know that you've got people thinking on a daily basis, and a shared worldview is very, very important with investing. David: Yeah. Thank you to our team at MWM and our advisors at MPM. There's a lot of effort that goes into these weekends, and I'm grateful for the time and commitment. Many of you traveled from remote work locations out of state, and I have to say, as grateful as I am for technology helping facilitate that arrangement, you're missed, and it's always a pleasure to spend time together again. Kevin: It was nice to have some people that I normally just work remotely with. It would've been fine if you would've just had a quiet weekend with your clients, but actually, gold and silver weren't quiet at all. There are some real dynamics going on right now, Dave, that actually would take us back to the 1970s—the last time we had seen some of the chaos. And so talk about that a little bit. David: Last week, we surpassed 4,000 an ounce, and this week we're near 4,200 for gold, silver ripped through 50 and only slowed this week at $53.56 cents. At the conference on Friday morning, I was sharing about rapid liquidity issues impacting the silver market, and that continued in severity through the weekend. There are already many internet misconceptions. So as someone that did not have a weekend and was busy engaging with market insiders on many an issue, I'll share a few insights. Kevin: I was talking to our bullion manager, and I said, "How was your weekend?" And he said, "Well, I got a call Friday night while you were at dinner, Dave, with our clients." And he said, "I knew there was nothing I could do really until Sunday, but we had a lot to do.

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