Keep Calm and Carry On! -

With silver pushing toward $100 and gold knocking on the door of $5,000, there is a lot of excitement in the precious metals space right now.
Sometimes, this level of excitement can lead to over-exuberance and excessive hype.
In this episode of the Midweek Memo podcast, host Mike Maharrey corrects a story relating to Chinese silver exports that he initially overstated, and sets the record straight about rumors of silver shortages at the U.S. Mint. He uses these examples to urge balance and discernment when perusing and evaluating precious metals news. 
Mike warns against getting caught up in hype and hyperbole. However, he says you also need to understand the magnitude of this bull market. 
Mike opens the show explaining the origins of the "Keep Calm, Carry on Meme," noting that it was a British propaganda campaign launched in 1939 as England was preparing for war with Germany. 
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Mike says this is good advice for people following the gold and silver markets. 
He reminisces about his time in TV news. 
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<blockquote>
"I worked in TV news for about five years. I produced web content for the NBC affiliate in Lexington, Kentucky. So, I’ve seen the evolution of a news story from its breaking to the final report plenty of times. One thing you’ll notice is that initial reports are often wrong. I’ll give you a great example. On 9/11, the first report that came across the wire was that a small plane had hit one of the towers.
"People get conspiratorial when they see reports change as the story develops, but it’s not generally anything nefarious. It’s just that the information comes in very fragmented and incomplete. Eyewitnesses are notoriously bad at remembering what they saw. People jump to conclusions and make assumptions that later turn out to be wrong. "And then you have the copycat nature of news. When one news outlet reports something, others will follow the leader. Nobody wants to seem like they’re behind. Being measured and waiting until all the facts are in does not pay off in today’s modern 30-second news cycle. I had my boss say to me more than once, 'Just get something up.' We’ll fill in the details as we get them."
Mike says he was always uncomfortable with that approach. 
"I mean, I get it. If you’re doing breaking news, you want to break the news. Maybe it’s just me, but I’d rather be a little late to the party and get it right the first time. However, it’s really hard in the modern media landscape."
</blockquote>
Mike notes that the notion of "unbiased" reporting isn't really a thing. We all have biases. 
<blockquote>
"The goal is to be balanced in your reporting. Good journalists do their best to put aside their biases and assumptions and report the facts while balancing opinions from both sides. Here’s the thing – it’s hard to be a good journalist, and they are few and far between.
"I really want to be a good journalist. Now, I’m not working for a neutral news source. That means I have more editorial license than a true journalist. You should be aware of that when you read my stuff or listen to my pontifications. However, I never want to cross the line into making stuff up just to hype precious metals. I don’t want to exaggerate or use hyperbole to scare you into buying gold or silver. I want you to come away with a realistic understanding of what’s going on out there so you can make the best decisions for your situation."
</blockquote>
Mike confesses that he made a mistake <a href="https://www.moneymetals.com/news/2026/01/08/china-is-weaponizing-silver-using-export-restrictions-004596" rel="noreferrer">reporting on Chinese silver export licensing rules</a> that went into effect on January 1. 
<blockquote>
"Last week, I reported that China was attempting to control the silver market using more restrictive export rules and that it could exacerbate global silver shortages. China has used a similar strategy to control the markets for other rare earth metals. However, analysis by Metals Focus reveals that the practical impact of the new rules will likely prove minimal, although it will take time to understand how the Chinese are applying the rules."
</blockquote>
Mike explains the Chinese licensing in light of analysis by the Metals Focus team based in Shanghai. They carefully examined the list of approved exporters and found it was almost identical to last year's, with the addition of two new firms.
<blockquote>
"Given China’s history of controlling rare earth metals, it wasn’t unreasonable to think the Chinese government was hoping to apply the strategy for silver. However, the nuts and bolts of the policy shift don’t support this conclusion."
</blockquote>
Mike says his caveat comes with a caveat.
<blockquote>
"It remains unclear how the new export regime will play out in practice. The Chinese government could use the license approval process to limit exports despite the repeal of export quotas, but it's not at all clear that is how it plans manage the scheme."
</blockquote>
Mike says, regardless, this doesn't change the underlying realities in the silver market. 
<blockquote>
"There still isn’t enough metal to go around – no matter what the Chinese do."
</blockquote>
Mike notes the silver market has been in a supply deficit for five straight years, with the supply shortfall reaching the equivalent of an entire year of mining supply.
<blockquote>
"This means silver users must source metal from existing above-ground stocks. People who already hold silver are reluctant to give it up at the current price, which is one of the dynamics driving silver higher."
</blockquote>
Mike points out that the Chinese export licensing story isn't the only precious metals news to be exaggerated in recent days. Reports that the U.S. Mint was out of silver stemmed from a misreading of an official statement. The Mint removed its numismatic products (collectibles) to reprice them. 
<blockquote>
"When spot prices continue to rise, sellers — including the US Mint — have to update their pricing constantly so they do not sell at a loss. With the sharp rise in the price of silver, the fixed prices for the U.S. Mint’s high-premium "burnished" and "proof" coins were suddenly no longer twice the silver spot price, but priced at or below the current spot."
</blockquote>
Mike emphasises this doesn't mean the Mint is running out of silver, specifically Silver Eagles. 
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Meanwhile, Money Metals has plenty of inventory. Mike notes you can still get "<a href="https://www.moneymetals.com/news/2025/12/06/why-buying-junk-silver-makes-total-sense-right-now-004526" rel="noreferrer">junk silver</a>" at below spot (depending on the order quantity). 
<blockquote>
"Anyway, if you want silver or gold, we can get it for you! We have plenty of Silver Eagles, although you might get a better deal buying silver bars or rounds. You can check out our inventory and pricing at MoneyMetals.com. The only issues we have are delays in order processing due to the overwhelming volume of retail purchasers and sellers that are choosing to do business with Money Metals."
</blockquote>
Mike ends the show urging listeners to save in "real money." If you save in dollars, your purchasing power is eroding every single day.
<blockquote>
"If you have questions, you can talk with a Money Metals precious metals specialist at 800-800-1865. But if you know what you want, I encourage you to order online at moneymetals.com and avoid possible wait times on the phone."
</blockquote>
<h2>Articles Mentioned in the Show</h2>
<a href="https://www.moneymetals.com/news/2025/12/29/silver-squeeze-20-drives-price-over-80-004576" rel="noreferrer">Silver Squeeze 2.0 Drives Price Above $80</a>
<a href="https://www.moneymetals.com/news/2025/10/20/london-india-and-the-anatomy-of-a-silver-squeeze-004422" rel="noreferrer">London, India, and the Anatomy of a Silver Squeeze</a>
<a href="https://www.moneymetals.com/news/2025/11/11/silver-designated-a-critical-mineral-by-us-government-004470" rel="noreferrer">US Adds Silver to List of "Critical Minerals"</a>
<a href="https://www.moneymetals.com/news/2026/01/16/exuberant-silver-investors-on-hair-trigger-falling-into-overhype-004617" rel="noreferrer">Exuberant Silver Investors on Hair Trigger, Susceptible to Overhype</a>

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