Gold Winning, Dollar Losing; David Morgan Issues Silver Alert -

Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.
Coming up we’ll hear from our good friend David Morgan of The Morgan Report. David tells us why he believes we’re witnessing the playing out of a battle between gold & silver and the U.S. Treasury & credit markets as the safest and most trusted investment vehicle – and how central banks growing gold reserves indicate which asset is winning that battle.
David also shares with our audience his thoughts what the silver price will do between now and the end of the year and then tells us whether or not we should expect to see the white metal make a run at a new all-time high in 2027 after the extreme fireworks we saw late last year and during the first month of 2026.
So, stick around for Mike Maharrey’s interview with the man they affectionally dub the Silver Guru as they discuss that and a whole lot more, coming up after this week’s market update. And as a reminder please download, like, rate and subscribe to this podcast wherever you consume this content.
Well, precious metals are finishing the week with some serious momentum, and the catalyst this time is coming straight from the U.S. Treasury market.
Gold has surged back toward and even above the $4,600 level and is now up roughly 5% on the week, putting the yellow metal on track for a third consecutive weekly gain. Silver is participating in a big way as well, pushing through $69 and trading around the $70 level as we record.
That represents quite a turnaround from the brutal correction precious metals investors endured earlier this summer.
The latest move began after the Treasury Department announced it would substantially increase its purchases of longer-dated Treasury securities through its so-called liquidity support buyback program.
The Treasury will double the maximum size of individual buybacks in the 10-to-20-year and 20-to-30-year maturity ranges, from $2 billion to $4 billion per operation. The expanded program is scheduled to begin September 9th.
Now, Treasury officials can describe this as improving market liquidity or maintaining market plumbing.
But the mechanics aren't particularly complicated.
The Treasury will step into the market and become a larger buyer of older long-term government bonds. More buying pressure means higher bond prices – and higher bond prices mean lower yields.
And the announcement came at a very interesting moment.
The 30-year Treasury yield had climbed as high as 5.34% this week, its highest level since 2007. After the Treasury announced the expanded buybacks, that yield quickly dropped back toward 5.2%.
In other words, the bond market was demanding substantially higher compensation for lending money to Washington for three decades.
This news really fell flat – and rang some alarm bells.
The actual dollar amount involved isn't enormous relative to the roughly $32 trillion Treasury market. But the signal being sent could be much more significant.
The Treasury has demonstrated that when long-term interest rates become sufficiently uncomfortable, the government is prepared to intervene directly in that part of the market.
Precious metals investors immediately took notice.
Gold jumped back above $4,500 following the announcement for the first time in roughly two months. The rally has accelerated since then, with gold approaching $4,600 this morning and silver breaking out to nearly $70.
The dollar has also weakened, with the Dollar Index falling below 99, providing another significant tailwind for gold and silver.
While the Treasury is making these dramatic moves, not the Federal Reserve, it's just another form of government intervention designed to influence interest rates.
And that matters because Washington has an increasingly powerful incentive to prevent its borrowing costs from getting out of control.
The national debt has now crossed an astonishing $40 trillion, while annual federal interest expense has already exceeded $1 trillion.
At some point, the arithmetic becomes very difficult.
The government needs to sell enormous amounts of debt to finance enormous deficits. But investors are increasingly demanding higher yields to absorb that debt.
Higher yields then make servicing the debt even more expensive, requiring still more borrowing.
That creates an obvious incentive for policymakers to find ways to push those yields back down.
And that's where this week's development becomes particularly interesting for precious metals investors.
Gold doesn't pay interest. So, all else being equal, rising real interest rates tend to make bonds more attractive relative to gold.
But if policymakers begin actively suppressing long-term yields while inflation remains elevated, the equation changes dramatically.
The return available on government debt becomes less attractive, while concerns about currency debasement and fiscal sustainability become more pronounced.
That is almost tailor-made for gold.
And the market appears to understand that.
Even with the 10-year Treasury yield still hovering near 4.7% this morning, gold and silver are surging. That suggests investors aren't merely trading a few basis points of movement in interest rates. They're beginning to focus on the larger fiscal picture.
There are still plenty of crosscurrents.
Oil remains elevated amid continuing tensions with Iran and disruptions around the Strait of Hormuz. Higher energy prices could keep inflation pressures alive, potentially forcing the Federal Reserve to maintain a tighter monetary stance than markets would otherwise expect.
Fed officials have also continued to signal that another rate hike remains possible if inflation refuses to cooperate.
So, this isn't necessarily a straight-line move higher for the metals.
But the development in the Treasury market this week may be giving investors a glimpse of a much bigger problem.
Washington is caught between high inflation on one side and an increasingly expensive mountain of debt on the other.
Allow interest rates to rise too far, and servicing $40 trillion in debt becomes increasingly painful.
Push rates artificially lower, and you risk weakening the dollar, encouraging inflation, and driving investors toward alternative stores of value.
Gold benefits from that dilemma either way.
And increasingly, so does silver.
After lagging during portions of the recent precious metals move, silver has come roaring back, climbing toward $70 and compressing the gold-to-silver ratio to around 66.
So, as we close out the week, investors should keep an eye not only on gold and silver prices, but on the bond market.
The message coming from Washington this week was significant.
When long-term borrowing costs get uncomfortable enough, the government is willing to intervene.
And with $40 trillion in debt and counting, this won't be the last time policymakers find themselves trying to keep a lid on interest rates.
For precious metals investors, that may ultimately be the biggest story of all.
Well before we get to our conversation with David Morgan, let’s take a look at the specifics of the weekly market action here and where we stand at the moment.
Gold is up about $230 to check in at $4,618 advancing a robust 5.3% now since last Friday’s close. Silver is oscillating on either side of $70 and currently trades above it at $70.18, up nearly $5 on the week or 7.3%.
Turning to the PGMs, platinum is showing an outsized gain of 7.9% and comes in at $1,893, while palladium is up a more muted 2.0% to trade at $1,360 an ounce.
And finally, copper appears to be making a run back towards its all-time high of roughly $6.80. Dr Copper, as they call it, currently checks in now at $6.58 per pound.
Well now, without further delay, let’s get right to this week’s exclusive interview with a metals market insider.
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Mike Maharrey: Greetings. I'm Mike Maharrey and I'm joined today by David Morgan. David is a macro economist and publisher of the Morgan Report and fantastic analyst and a great guy to boot. How are you doing today, David?
David Morgan: Doing well. First interview today. It's good to see you and glad to be back.
Mike Maharrey: Well, it's nice to be the first, I guess. I'll get you warmed up for bigger and better things down the road or something. I just kind of want to start with just a little bit of an overview. It's been a pretty good month for both gold and silver. As we're recording this, we have gold pretty solidly over $4,500 an ounce and silver's knocking on the door of $69. And I'm curious just how you see the overall market right now. Is this kind of a signal of maybe we're breaking out of this sideways pattern that we've been in over the last few months? Or is it too early to say that with any kind of certainty?
David Morgan: Well, every day that goes by, it's easier to have more certainty. I've said in the past, but the market's proving one of my favorite statements. The market knows more than me. We broke out some time ago. There's little doubt about the levels that I chose, which was below 60 wouldn't last long. So far that's proven to be true. Once we got a solid print above 60 and maintained it, that was a breakout. Unlikely a fake out. Gold was the 4,000 level. It touched under there just barely a couple times, a few times, and we're above that. And now we're substantially above those. I mean, 4,500 gold, 10% of 4,000 is 400, 500 above it. So 10% move in a few weeks, obviously better than what you get on a T-bill. Same thing with silver. I will say that I still think there's a slight possibility, and I kind of said it from the get-go, that we could get a spike low where something happens in the bond auction or interest rates or in the straight removes or some crazy thing, the overused term black swan, and all of a sudden we get a real sharp punch in the mouth, so to speak.
I was saying that earlier with the idea that we could see maybe touch that 4,000 level in gold and maybe low 60s in silver or below 60 even. I'm going to revise that and maybe the market will prove this wrong. As much strength as we've had now in the weakest seasonality, which is August, we're doing this strong. I now think that if we were to get that sharp spike low, that it would not reach those levels. In other words, gold could go from 4,500 to 42 and somebody could go from wherever it's at to 62 and a half or something. So, I'll just leave it at that. I mean, the main thing I think that Money Metals does a great job of, and I've done my best, and that is try to stay away from the day-to-day moves. Look at it from a long-term perspective.
If you save in real money, you're going to come out in the long run. Unfortunately, some people buy at a high and their long run is six months because something happens. They got to get a car repair or whatever. And I empathize with those people, but the main idea I put in this 10 rules of silver investing was dollar cost average, take the emotion out of it, build your wealth slowly over time. Very few people get rich quick. And a lot of people that do get rich quick lose it. You look at some of these NFL guys that were in the league for only a couple years. I mean, Jamarcus Russell, I'm a Raiders fan. Most people aren't Raiders fans. I have no idea what I'm talking about. But he was the number one pick that we had for quarterback eons ago. And now this year we got Fernando Mendoza as the number one pick.
The point being is I think that Russell got like $40 million and he's broke. And some of these lottery winners are broke. So I don't want to harp on it too much, Mike. But honestly, hard earned money, you stack it a coin at a time, 10 coins at a time, whatever it might be, and you know it took effort to earn it, but you're building wealth over time.
Mike Maharrey: Yeah. That's a really good point and something I try to emphasize as well. I'm more than happy to get rich slowly. That'll work for me. And I think it's a really good point. It is easy to get caught up in the fluctuations that are caused by every headline. And that kind of brings me to something that I've kind of been thinking about. You look at the day-to-day price movements and you see these kind of spikes in metals whenever we get good news on the Iran conflict, people are pleased about that. They feel like maybe that's a little lower of an inflation threat. And then when we get bad war news, that'll sell off. And to me, that kind of signals that the underlying bullish factors that were supporting the precious metals markets before this war began are still in place. And they're maybe being papered over a little bit by the day to day headlines in the war news.
Is that a fair take in your mind? Am I on the right track there?
David Morgan: Yeah, I'll go a little bit deeper or maybe look at it differently. But I think the war, I was thinking about this before the interview. I think we're at a point in time now, and it's called a tipping point or a paradigm shift or whatever. I'll make a big deal. But as you said, Mike, look, I think we're now at a place where we're at a, I'll call it a war or a battle. Let me use the word battle, between what is the safest, most trusted, most confident investment class for a monetary system. And that's simple. It's the US treasury market, the credit markets where it's gold or gold and silver, you could say. Or you could say it's all the credit markets, all the sovereign nations that's issue bonds.
But that has proven throughout time to always fail. And the market is telling us, if you know where to look, that gold has won or gold is winning, I should say. Why? Well, for number one, and this is common knowledge among gold bugs or people that pay attention, that the central bank holdings, number one holdings, as far as reserve assets are concerned, is now gold, not credit markets. Not a promise to pay something in the future. With that promise that they're going to pay is going to basically take advantage of your down payment. Or maybe I should say it better more accurately. When you buy your $1,000 bond for $1,000, you're almost guaranteed to not get the same purchasing power five years, 10 years, 20 years, 30 years from now. And because of that fact, I'm going to buy gold and preserve my wealth there, not in the credit markets.
And since the whole system is based on credit, I mean, there are very few businesses that are wholly owned, no debt whatsoever, almost all doing a spread basically between the cost of money that they borrow and how much money they make in the business. So, if they have a million dollars owed every quarter, they better be making a million plus something to service their debt. And that's the system at large. Yeah, there's a few exceptions, but so few. So, I elaborated on it. I hope that helped to pound it in because if I am correct, and it's a hypothesis, that the banks are showing their hand. Okay, we got to see their ace in the hole. And now the general and the sophisticated investors have woken up to it. The institutions are perhaps seeing it. And I think the confirmation I'll call it, Michael, is mining shares.
I think if we see institutions come into the heavy hitter mining shares, the new months, the barracks, the Wheaton Precious Metals, the Franco-Nevada’s in size, then I think that would be confirmation of what I just said. Feed it back to you. You think we're there? I'm biased. I mean, I've been studying this market for four decades plus, and I know what happens at the end. And the real debate is, will I be around that long? But seriously, am I overstating the case? What do you think?
Mike Maharrey: No, I don't think you are at all. And I think a tug of war is a great way to put it. And I've seen other analysts, I can't remember who said it, but several months ago they said that gold is going to be the last safe haven standing. And so you're not alone in this. I don't think you're biased and I don't think you're off base at all. That actually kind of sets me up for the next thing that I wanted to ask you about. What do you make of the treasury department's move yesterday to basically double their buybacks of long-term bonds to. I mean, to me, it seems like desperation. We've got to figure out something to push these high long-term rates down a little bit. And of course they're calling it, oh, this is just to fix the plumbing. It's always about the plumbing.
I don't think we have a plumbing problem. I think there's a bigger one than that, but what do you make of this move?
David Morgan: I agree with you. So, let's just break it down a little bit further. So, when you're at auction for selling the 30-year bond or the 20 or 10-year note or whatever, it's a bid ask spread. So, someone says, "Okay, I'm going to offer you this interest rate for this 30-year bond." And the market says, "Well, I think your inflation rate's too high. I'm not going to accept that. I will accept this." And so the interest rate gets bid higher. So I'll do it in my head because I mean the exact. It changes daily, but it's 4.87, so I'll run it up to five. So the market said, no, no one's buying it at a 5% yield. So now it's offered at 5.1% yield. And that means that the bonds become less valuable because when interest rates go high, bonds lose value, not face value, but market value.
Well, to prevent that from happening, you're going to send in your own team at the auction and your own team has now doubled. And so when the offer's at this, oh yeah, of course we'll buy them at that price. So it's manipulating the market. It's controlling the yield curve, and it really isn't how a free capital market system should work. The market should determine what the cost of money is. And if you don't trust the value in the future, then you bid up the yield. But that isn't what they're doing. They're fixing the plumbing, which means the fix is in.
Mike Maharrey: Yeah, I agree completely. I mean, when you've got $40 trillion in debt, which is what the federal government now holds, you can't afford higher yields. You can't afford to pay that interest out. They're already well over a trillion dollars for interest expense just in the year alone. So yeah, to me, that's what it looks like, but they're trying really hard to sell it as everything's no big deal. So let's talk a little bit specifically about silver. I talked to Michael DiRienzo over at the Silver Institute last week, and he's pretty bullish despite the correction and whatnot. And he actually said that he could see the possibility of new records in the not too distance future. So how do you see the silver market as we kind of move towards the end of the year? And what do you think it's going to take to say, let's say we're trying to get silver back to $100.
Do you think that's feasible by year end? And what would require to get there?
David Morgan: I do think it's possible. I'll be consistent. I've said on most all the interviews I've had over the last month or so, I don't expect more than maybe $78, $82 something in that range. But silver surprises everybody, even me. I mean, I've just got more experience in the silver market than most on the planet, but that's because of my age. No, it is monetary demand that drives the market. Yes, industrial demand's extremely important, but it doesn't really fluctuate that much in a given year. Although in the last 25 years it's gone from 35% to 60% in the total market. So obviously the trend is more and more and more and more industrial use, but in any given year, it's not going to have that big an influence. In other words, it's going to be 60% this year plus or minus 1%. But monetary demand can go cuckoo.
Now, what happened in those latter months of last year and the first month this year was industrial demand that drove it. Now it coupled with monetary demand. So they kind of legged on each other as I've mentioned in many interviews. What happens when industry and investors are fighting for the same thousand ounce bar? Well, we couldn't saw what happened. The price skyrocketed. And so will that happen again? Yes, it will. Will that type of event happen before the end of this year? I doubt it. However, I think we're going to get in that steady Eddie kind of grinding higher, maybe a spike low here and there to kind of shake out the weekends or give people second. I was going to buy it. I was going to buy a hit 80. I'm going to buy it. And then for some reason they never pick up the phone and it's down 10 bucks because of X, Y, Z.
Oh, I'm so glad I didn't buy it. And then they don't come into the market. But if you're just on a plan of buying a hundred bucks every month or 200 or whatever you set for yourself, pay yourself first. If you can, which most people these days can't, I'm empathetic to it. There were times in my life I couldn't. But the point being, if you can pay yourself first and the rule of thumb is 10%. So if you're netting, I don't know these days, I haven't went for a wage for 35 years, but if you're making, I don't know, 4,000 a month and then you could put 400 away, which would be hard to do, I get it, but that would be optimum, I guess. Anyway, I'm drifting off, bring me back, but I think we will have stronger markets by year end. I do think the highs are not in.
I do believe we're going to see record highs in both metals, but I don't see it this year. I see probably 2027, 2028. And I think by that time, and maybe I'm guessing, we will see a new system of some way, shape, or form that the banking elite said, "We got to fix this debt. Here's how we're doing it. We're starting the resetting at zero. All aboard the one world digitally based blockchain." I don't know.
Mike Maharrey: Yeah, I could see something like that for sure. Looking more in depth at the silver market, you mentioned the industrial demand, and that's kind of a hard thing for me to parse out. And DiRienzo and I talked about it a little bit, but of course you've got the tug of war with the higher price. That obviously is incentivizing the end users of silver, the solar panel makers and the folks that are building computer circuit boards. They're looking for alternatives. How do you see that industrial demand playing out in this higher price environment? Do you think that substitution can significantly lower that silver demand or are we kind of at a point where they need the silver and to some degree it's not as price sensitive as we might think? How do you factor all of that in?
David Morgan: Yeah, well, did a pretty good look and not really hugely in depth on the copper substitution idea for solar panels. And my conclusion thus far is that yes, there will be, and there are instances of using copper, but it doesn't really replace silver. I mean, you're going to have less silver in a copper-based panel, but it's like silver plated or whatever. Silver's still in the panel, in other words. But the problem is what's the longevity? So if you look at the total economics, if you sell a panel for one half X because it's copper-based, but it'll last five years instead of 25 years, you've now shot yourself in the foot. So the problem is doing that test long enough to know what you've really got. Because if you substitute copper, and again, it only lasts half as long as a silver panel, you're out of business.
No one's going to want that, and that's an unknown. On top of that, let's just do a thought experiment and say that there's a breakthrough and graphene issues or something. There's enough pent-up demand between batteries, robotics, the electrical build-out that's necessary for this AI infrastructure, semiconductors that are being used more and more, and all things electrical and electronic. So even if you were to cut the solar industry down by something substantive, I think it would be more than made up with those other key things I just mentioned. It's really hard to get away from silver in a high-tech society. The robotics thing would take a while, but it's going to be there. Right now, I'm doing a study on it, Michael, and the best sources I can find, and believe me, it's a lot of conjecture because there aren't many robots out there. It's between 20 and 30 grams per robot.
Thirty grams of silver, as you know, and most of the audiences are roughly one ounce. So 10 years from now, if you've got a hundred million robots per annum, that's a hundred million ounces of silver every year. Now, I'm not saying we're going to do 100 million robots. I don't know. The market knows. My point being is it will have an effect, but it won't be for a while because a one ounce per, that's a lot for a cell phone or something like that. Of course, there's nothing near that amount in the cell phone. My point being that there is a substantial amount in a robot, how many robots are we going to have, and how long is it going to take to get there? Nonetheless, it is another demand on the silver market that's barely in existence right now.
Mike Maharrey: Yeah. I just had this apocalyptic vision of people mugging robots to get their silver.
David Morgan: Well, someday they will put the humanoid robots in the landfills to dig out all the circuit boards that they can to get the silver back.
Mike Maharrey: Yeah, no doubt. Stefan and I were having a conversation earlier today about silver premiums in Asia, and he's seen some reports, which he thinks are a little bit wild of multi-dollar premiums over there right now. He was kind of maybe doubting it was quite that high, but I'm curious if you followed that at all, what you're seeing in terms of Asian premiums and why there would be those premiums if they do indeed exist.
David Morgan: Yeah, that's one that I'll give you the best of my ability. Doesn't mean it's a hundred percent correct. It's as accurate as I can find so far. So there's several factors. One is there's a tariff situation from their side. The second thing is that there's currency fluctuations, so you got to hedge that. The other one is a trust factor. So if you look at what they're going to add to the price just for coming into China, that's not the premium, that's something you got to pay. Then you've got, well, what is the currency going to do between the renminbi and the US dollar while it's being shipped? So, that's the cost. Then you do have shipping costs. So if you factor in all the costs, and I probably left one out, all of a sudden that quote unquote premium isn't the premium. It's like four other costs and maybe a dollar premium on the metal itself.
So, if you look at all of it logically and objectively, as I just outlined, are you going to ship a thousand-ounce bar or several of them across the ocean to China for a $1 spread when silver moves so much as a dozen a day? And the answer's probably not. So, I wish I had a really definitive answer, but that's more than you probably heard from anybody else.
Mike Maharrey: No, that's actually very illuminating. And you do, you forget about all of the cost involved. It's not like you can just teleport silver across the world. And of course that was part of the issue that we saw back in October of last year with the first squeeze was the issue of too much metal in the US and not enough in London or Asia. So that's always a dynamic I think that maybe is a little bit understated. Let me kind of get you out on this one. This is just kind of a fun one to let you vamp on whatever you want. But I'm curious if there's something right now that you're following in the markets that most people in the mainstream aren't going to hear about if they're just watching CNBC or Fox Business. What's something that's kind of got your attention right now that's significantly factoring into your forecasting?
David Morgan: That's a great question. I don't know if I have a great answer. One I think is that I was very much in the bearish camp on the US stock market over the longer term. In other words, it's so overvalued by any metric you want to use that it almost has to or it must fall, it must correct. There must be a signal where this market goes back to fair value instead of being so extremely overvalued. And that idea has changed on me some time ago. I still think that's the most likely case, but not inevitable. Before I thought it was inevitable. Now I don't because if we're going into this highly inflationary environment and this lack of trust we talked about earlier in the interview where we're looking at who wins gold or a promise to pay, we could get where the stock market does, let's say a nominal Zimbabwe, Venezuela, Argentina stock market where it just keeps going up.
But the value of the currency is depreciating faster than the appreciation of the stock market. That's what you see in all these hyperinflations. Now I want to be consistent. I do not think that the US dollar will hyperinflate. Although beef prices went up 9% in a month. Well, that by definition would be a hyperinflation. Now whether it goes up 9% next month, I don't know. They're closing down what, three major beef processing plants in the United States. That's
Mike Maharrey: Wild.
David Morgan: I mean, things are going to get harder and harder. And the other thought that popped in my head since you've giving me free reign, and thank you, is an article I wrote for the paid subscribers, I don't know, about four months ago. All inflations end in deflation. And that's kind of a hard one to bite on if you haven't lived it. I have not. My parents did – were in the Depression. But we will see a point where the money does what it's most likely to do, which is inflate further. People don't trust it. There's some kind of a reset. But normally in those resets, the new system is the money, whatever that is. Of course, we know money is gold and silver, but I'll call it the monetary unit, whatever that is, that digit, that token, that whatever is scarcer and more difficult to obtain. And perhaps even if it's static, okay, we start at zero, everybody gets a UBI, universal basic income of 2,000 digital units a month.
There's not as much beef to buy. There's not as many pickle choices. Getting grapes from South America only happens in certain stores with very wealthy client base, that type of thing. A high lifestyle is a good measure of whether you're wealthy or not. It's not how many pieces of paper you've collected over your lifetime. It's what are your choices in life? What are your choices of transportation, living quarters, entertainment, all that stuff. And as that contracts, and food is like your number two cost outside of living. That is the way most of the world lives, America, for those that haven't been overseas or seen it with their own eyes. Wake up. Sorry, I ran a bit. Michael, I know you'll let me. And that'll be, I think, what we're already facing. Let's not kid ourselves. A lot of the middle class is like, "Well, I'm not going out to karaoke every other weekend because hamburgers costing eight bucks a pound.”
David Morgan: I can't go to karaoke and have a hamburger." Well, guess what? You're going to probably choose to eat more than you're going to choose to go for entertainment. I think I made my point, but you can have more cash and a lower lifestyle just because of availability. And that's something I think maybe I'm thinking outside the box. I certainly know you don't hear that on CNBC.
Mike Maharrey: No, that's a really good point too. And something that I try to emphasize from time to time. We're so money-focused in our way we talk about the economy and we talk about wealth. And you make a great point. It's not about the paper units. That doesn't tell you anything. It's ultimately about stuff. The economy's about stuff. I don't care about the paper. I want to be able to get a hamburger. I want to be able to go sing karaoke or whatever. And those papers represent my labor and my ability to obtain things. And I think people forget that. We get so tied up into the dollars that we lose track of the reality of the economy, which is stuff. And then the other thing that I thought of as you were talking is the inflationary impact on asset prices. And I think we've kind of evolved into this world where inflation just means consumer prices are going up.
The point being that inflation also shows up in other places. When you have an increasing money supply, it doesn't necessarily only show up in consumer prices. It also shows up in asset prices, real estate, stocks, and it can give you this kind of fake wealth effect. You feel like you've got all these digits, but you don't have much more stuff. So great points on all of that. And now I'm rambling, so I'm going to stop and I'm going to let you tell folks where they can. I'm the Morgan Report, and you mentioned that paid subscribers get some pretty good analysis. So tell folks how they could avail themselves to that if they're interested.
David Morgan: All right. Well, you can go to the landing page, which is themorganreport.com. Three-step process. Step one is get the free newsletter. Step two is watch two documentaries for free. And step three is come behind and paywall if you want to be a paid subscriber or have a consultation. I consult with anybody that's willing to pay me. The purpose of owning Precious Metals is not the exact date the monetary system changes. It's to be positioned before confidence changes. And as we discussed, it's changing and changing more rapidly, more often by more numbers of people. Goal provides monetary insurance. Silver provides monetary insurance with industrial leverage. Own the physical foundation first, then carefully selected equities if you're interested in the work that I do primarily, but you have to be able to accept the additional risk. The least risk take is physical metal, which I've always advocated as your starting point.
Mike Maharrey: Wonderful advice. And I hope folks do check out the Morgan report, check out your work because you're fantastic. One of the finer analysts that are out there. And I wish you were out there on CNBC and Fox Business instead of some of these clowns were subjected to on a daily basis. So appreciate you coming on this show and taking time out of your day to hang out with me. It's always a pleasure to talk to you. And I definitely appreciate everything you do. So thanks a lot, man.
David Morgan: Well, thanks for the kind words, and it was fun to be with you. I'm looking forward to the next one.
Mike Maharrey: Absolutely. We will have you back in the not too distant future. Until then, take care of yourself and be well.
David Morgan: Will do. All
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Wonderful stuff as always from our good friend David Morgan, and it was certainly great to have him back on again. I trust you enjoyed that as I did.
Well, that will do it for this week. Be sure to check back next Friday for our next Weekly Market Wrap Podcast. And remember to tune in as well to the Money Metals Midweek Memo, hosted by Mike Maharrey.
To check out any of our audio programs just visit <a href="https://www.moneymetals.com/podcasts">MoneyMetals.com/podcasts</a> or find them on Spotify, Apple Podcasts, Google Podcasts, or wherever you listen to your favorite podcasts. And as a big help to us we would ask you to please like, subscribe, download and rate our podcasts. Doing so helps us extend the reach of this material.
Until next time, this has been Mike Gleason with <a href="https://www.moneymetals.com/">Money Metals Exchange</a>, thanks for listening and have a wonderful weekend everybody.

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