Should New York Control Precious Metals Markets? -

Welcome to this week’s Market Wrap Podcast, I’m Stefan Gleason.
Coming up in a moment, we will be joined by author and precious metals analyst Przemysław Radomski.
Radomski says gold and silver have reacted unusually to the Iran–U.S. conflict because markets are focusing on inflation and higher interest rates, not safe-haven demand.
He remains bullish on gold and silver over the long term, viewing recent weakness as a normal correction within a broader bull market. But his most interesting thoughts are where silver is heading from here.
So, stick around for another tremendously insightful conversation with Axel Merk, 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.
A broad coalition representing dozens of key stakeholders across all segments of the U.S. precious metals industry formally called on Congress this week to advance the System Integrity through Licensed Vault Expansion & Resilience Act (SILVER Act).
The SILVER Act is bipartisan legislation designed to address national security risks by strengthening the resilience, competitiveness, and geographic diversity of America's precious metals market infrastructure.
The current structure of exchange-approved precious metals depositories concentrates regulated futures market storage capacity within a small geographic area around New York City, creating vulnerabilities for financial markets, supply chains, and national security.
"Geographic redundancy is a foundational principle of resilient infrastructure and risk management across critical industries and financial systems," the coalition said in <a href="https://www.moneymetals.com/uploads/content/SILVER-Act-Industry-Coalition-Letter-6-11-26.pdf">a letter dated June 11, 2026</a> signed by more than 40 companies and trade organizations. The current single-region dependency is “creating dangerous concentration risks, limiting competition and regional participation, and imposing artificial constraints on the marketplace.”
The SILVER Act (SB 4621 and H.R. 8007) is <a href="https://www.moneymetals.com/news/2026/05/21/sens-risch-and-cortez-masto-introduce-bipartisan-silver-act-to-derisk-us-precious-metals-market-infrastructure-004933">sponsored by Sen. James Risch (R-ID), Sen. Catherine Cortez-Masto (D-NV)</a>, Rep. Mark Harris (R-NC), Rep. Russ Fulcher (R-ID), and Rep. Susie Lee (D-NV) and is <a href="https://www.morningstar.com/news/accesswire/1158299msn/cftc-chairman-to-examine-national-security-risks-from-geographical-concentration-of-depositories-for-precious-metals?tblci=GiCB9a4pBBlehdsJSAXBSvtzY7kC2AKY69BgUiVdqNpQmSDKuWUo-sCAu_nVmNN8MK67Pg" target="_blank" rel="noopener">supported</a> by the Commodities Futures Trading Commission Chairman Michael Selig.
The bipartisan bill would not require approval of any specific depository. Instead, it would establish greater transparency and objective evaluation standards for depository approvals while ensuring that geographic concentration risk and broader public-interest considerations are addressed via the inclusion of several qualified depositories across the U.S.
The coalition argues that precious metals play an increasingly important role not only as financial assets but also as critical inputs for defense, aerospace, electronics, medical technology, and energy production. As a result, disruptions affecting a narrow region around New York City could have severe consequences extending well beyond the precious metals market itself.
“Passage of this simple bipartisan bill would modernize the nation’s precious metals infrastructure by promoting regional diversification, reducing costs, strengthening domestic supply chains, enabling new innovative digital products, and expanding market liquidity and access — while better aligning the system with the realities of a national marketplace,” the coalition pointed out to Congressional leaders.
Turning to the price action, it was a rough week for gold, silver, and platinum.
Gold is currently trading at $4,230 an ounce, down about 3% from last Friday's level. Silver has also pulled back, checking in at $68.70 an ounce, a decline of roughly 2% on the week.
Platinum is trading at $1,718 an ounce, off 6% from last Friday's $1,831 level, while palladium comes in at $1,295 an ounce, essentially unchanged from a week ago.
Well now, without further delay, let's get right to our exclusive interview.
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Mike Maharrey: Greetings, I'm Mike Maharrey and I'm joined today by Mr. Radamoski. I cannot say his first name to save my life, so I'm not going to try. I'm going to let him just say it for me. How are you doing today?
Przemysław Radomski: Just perfect. Just perfect. Yes. Thank you, Mike, for introducing me. My name is Przemysław Radomski.
Mike Maharrey: Well, it's a pleasure to meet you.
Przemysław Radomski: Thank you. Thank you. And I'm happy and excited to be here.
Mike Maharrey: This is what happens when you get a Kentucky boy trying to speak Polish and it would be amusing – we could almost do a blooper reel with the first three times I tried to introduce you. All right. I'm really excited to have you with me today and just to let folks know who you are. You are a CFA and you are the creator of goldpriceforecast.com and silverpriceforecast.com, a fine analyst. And you've actually written a couple of articles for us over at Money Metals. So pleasure to actually have you on the show today. So what I kind of want to do is just start off real generally. We had a bull market in gold and silver over the last really two years and especially last year, kind of moved into the first few weeks of 2026. Then we had a correction and then we got this crazy Iran US conflict that seems to be dominating the markets right now.
So, I'm curious how you kind of see the precious metals markets right now in the current situation. Do you feel like this war is kind of a, I don't know even how to put it, almost like a lid on a pot that's kind of held this bull market in check and that the underlying dynamics are still there? Are we starting to see some changes structurally in the markets that we might have to deal with as we move forward?
Przemysław Radomski: Okay. A lot of unpack here. Let me start with the war and its impact on the precious metals sector. My main focus from the fundamental side of things is silver, but most of things that apply to silver apply to gold as well. So the key thing about this war and the market is that they are not connected in the regular way. I mean, usually you have safe haven demand for gold and for silver, whatever something's up like in case of geopolitical threats, conflicts and come on, what we have here is a full-blown war. We're way past the threats and it's this trade of Hormuz that's on the line, 20% of crude oil go through it. So this is something really major for the entire planet. However, despite that, whenever there's an escalation, precious metals tend to drop instead of rallying. So many people are wondering what's going on.
And my take on this is that in this war, gold and silver are on the so- called oil inflation rates side, not on the safe haven side. So because of the connection between the war and price of oil, we have all those implications. The key one is higher crude oil means higher inflation. Basically crude oil I think is the most versatile commodity. Well, silver is well pretty close because of all of its industrial uses, but let's face it, crude oil is still the key commodity. And when the price of crude oil goes up, the price of everything else goes up sooner or later. So we have the inflation pressure coming from high crude oil, which still trades close to $100. Well, today it's close to 90, but that's still not 50, right? It's close to a hundred and the conflict has not been resolved despite hopeful comments from both sides.
So, it's a tough call to say if the end is near end of conflict that is. So the inflation pressure could persist. This in turn keeps the Fed frozen or even leaning hawkish. That's what we have the Fed the chair that seems dovish, but he doesn't have the votes needed to cut rates and instead the market started to expect actually rate hikes later this year. So instead of the market and in this case, also the precious metals market, seeing escalation of war as something against which you need to safe-haven to protect yourself, the market sees it as something that keeps the inflation pressure up and therefore keeps the Fed either trapped or leaning more hawkish. So perhaps the market should be expecting higher rates and this is something that negatively affects the prices of precious metals. So instead of the regular positive link between escalation of conflict and the price of precious metals, we have negative link right now.
So that's that. And could you remind me what else you covered because you included so much in that one question?
Mike Maharrey: Yeah. I packed the suitcase really full. No. So with that in mind, is this kind of something that if we get a quick resolution and as you said, who knows? I mean, it's so difficult to read, especially with the current administration in the United States, what might happen next. But let's just assume for the sake of argument that the war kind of winds down, we get a resolution relatively quickly. Do you think the dynamics are still in place to support a gold bull market or have there been some more fundamental shifts that maybe have been kind buried by the market noise with the war?
Przemysław Radomski: I don't think there have been many structural shifts as far as the gold market is concerned. There is one thing that changed with regard to silver, but that's a separate topic, I mean the solar demand. And I think it would be best to see the initial market reaction. My best guess right now is that we would see the price mill market move higher on peace resolution because the channel oil inflation and rates, the channel will remain in place only playing in the other direction. So, I do expect this to be a bullish event. Again, the opposite of one would expect under normal circumstances if oil wasn't involved in such a degree. However, that's as far as fundamental outlook or structural outlook is concerned. There might be technical or emotional, if you will, reasons for the market to cool off a bit before it gets ready for another wave up.
And that happens regardless of the fundamental picture because let's face it, the rallies that we saw in the last two years and in the last year in case of solar have been spectacular. So no market, regardless of how positive the fundamentals are, can move up or down without corrections. That's just how markets work. That's how humans work. That's how emotions work. They move to the excess, the excessive greed or in case of gold, it might actually be fear because people buy gold when they are fearful about some things. Either way, it could be the case that the prices have gotten ahead of themselves and they just need to cool down for a bit. But does it mean that the entire bull market is over, that gold will get back to $1,000 level, $2,000 level? I don't think so. I don't think we'll ever see gold at $1,000 or $2,000 level.
However, those are different factors to be considered. I mean, peace could on one hand work through the channel, so bullish for the precious smells in the near term. But on the other hand, if the technical reasons, so the emotional reasons remain intact and we are in this corrective cycle, then the market could use that also to cool down as well because the market could focus on the safe haven bid being erased or declined actually because there's still war in the Ukraine and other places in the world. But in the short term, I would monitor the initial reaction the first few days. That could tell a lot about where the markets are headed in the following weeks and months, given that the fundamentals, I mean, the geopolitical situation resolves in this direction. The initial reaction should tell us more.
Mike Maharrey: That's a really good point. I just had a thought. I'm going to go completely off the rabbit trail here, but I'm curious about how you would, if you will confirm what I just was kind of thinking. You mentioned that the technical factors and I'm not a great technical analyst. I tend to look more at macroeconomic kind of stuff and way down the road kind of things. Do you think that that technical analysis is something that's a valuable tool to capture kind of the emotional aspect of the markets? Because you kind of made that association and that has never really clicked with me before, but that makes sense that it's picking up on these emotional things that may not even necessarily make sense within the broader economic context. Is that kind of a good way to look at that?
Przemysław Radomski: Yes. There's a saying that the markets are emotional in the short term but logical in the long term. So in the short run, anything could happen, but in the long run, look at the structural situation in the market, look at the fundamentals, look at the major trends, major shifts, and the price will eventually follow regardless of the current economics economic, but emotional situation. And it's analogous to, I don't know, life in general, right? You could feel all sorts of emotions in a given day or week, but this too shall pass and ultimately what happens depends on the fundamental choices that you made about your life, about relationships and so on. So, the same is the case with the markets.
Mike Maharrey: Yeah, that's a really good point. So, let's focus in a little bit on the silver market. You mentioned the impact that we've seen on solar with higher prices. I'm curious about how that shifted. And then more broadly, we've seen a couple of silver squeezes where we had significant shortages of physical metal in certain areas. So, for instance, we had some shortages in London because all the silver had gone to New York, not all of it, but I'm using hyperbole, but in general. Are we in a situation where we could still have more of squeezes? Is it kind of a case of musical chairs where we don't have enough metal so we're shifting it back and forth or is it really just a logistical issue that we've kind of seen? How do you see the silver market right now in terms of the shortage that supposedly is out there?
Przemysław Radomski: Well, right now, since silver price declined, I think we have a very, very specific situation in general and I want to talk about the entire market first and I will get to the more local point of view shortly thereafter. Perfect. So lower prices, on one hand, they indicate that the demand has gone down. So, there's less pressure to purchase to have this quiz on the market and that we would see another parabolic rally based on the shortage. That's one way to view it and to see it. On the other hand, lower prices mean that physical buyers, those that don't care that much about speculation or short-term price moves, the industrial buyers, those that need the real metal to produce something, those people might view this as a fire sale opportunity to load it up on silver at low prices. And if someone does that, I mean like one big company, maybe just maybe it could trigger some other company to see that, hey, the amount of silver that's available was low and now it's very low, so I better stock up myself.
So then, the third company could see that and the fourth and so on. And they could start bidding against each other for the last silver bars available.
Przemysław Radomski: When we had the 2008 decline, the prices plunged, which followed the general decline in many markets. So, there was a liquidity problem, and all the assets had to be sold and they fell altogether. We didn't have such a shortage of physical mail that we have right now, so that risk wasn't there. The price just dropped like storm and water. But right now initially it could also decline, but there's always this what if this effect happens? It only has to happen once for the entire market structure to change in a meaningful way. This would be like this so- called black swan event that could cause silver to rally very quickly into triple digits once again and to new all-time highs. The thing is that this is a high impact but low probability event. We haven't seen that happen in silver yet. We did see it in Palladium almost 30 years ago.
So, it can happen. It has a precedent, but what is more likely to happen is that we'll get this short-term declines that will allow people to buy more and then the price will rally once again. But moving to the local perspective, I think it would be good to mention the Silver Act here because that's connected directly with local shortages.
Mike Maharrey: Yeah, that was my next question.
Przemysław Radomski: Yeah. So basically we had spikes and silver lease rates. There was a lot of trouble getting real physical metal when people wanted to take delivery and therefore the concept is to have silver storage more diversified across Northern America to have at least two facilities per time zone because so far there are 11 Comex approved warehouses and they're all about 150 miles from New York as far as I remember. So the Silver Act is so- called System Integrity through Licensed Vault Expansion Resilience Act. And the point of the act is to introduce that, to introduce this diversification of depository facilities to prevent this kind of bottleneck from disrupting the market because right now, okay, you have all that silver close to New York, but it's actually mostly mined on the other side of the US so it has to travel all the way to those facilities.
And then if there's shortage in London because the exchange traded products suck up the inventory and the available silver on the exchange drops significantly, then you have local problem with silver availability. So within the US, the concept is to diversify it. And I personally think that it's a good idea and I'm not the only one thinking that, well, more importantly, the CFTC chairman, Michael Sellick, also publicly endorsed the bill. So it has backing. It's quite likely to be introduced in my opinion. The timing is unclear though, but I do think that the market is headed in this direction, which will improve the odds for not seeing those local shortages and jumps in lease rates and people having trouble getting hands on their silver. And this is also something that's good for the silver market itself because it connects the paper price with the real metal, the physical delivery, much more so.
Therefore, the physical demand and paper price are likely to be more connected or at least the disruption of the market in the way that we've seen it is less likely locally. It also helps people to get their own silver in their hands, which puts pressure on the market in general therefore adding to the deficits to the possibility that the Black Swan event that I was talking about several minutes ago might actually happen because if people take delivery because it's actually possible to do so and convenient to do so, then some bigger industry players could step in and also want to take their silver bars to their own warehouses.
Mike Maharrey: Yeah, that makes sense. It's kind of crazy. You think about the systemic risk when you have virtually all of the deliverable silver in North America within 150 miles of on city. You think about even just a natural disaster that creates a power outage or transportation issues, you should never have anything centralized like that in my view. I'm a big decentralization guy. So let me get you out on a fun question. Do you have a silver coin or round that you particularly like for whatever reason?
Przemysław Radomski: Actually, well, the fun part is that in my personal opinion, the less numismatic value a coin has, the more I like it.
Mike Maharrey: Yeah. I'm with you on that. I totally get that. Yeah.
Przemysław Radomski: Yeah, because then basically more of my money is being spent on the metal itself and less on the numismatic value. And if I was an avid coin collector, then I would pay more attention to all this. But if I'm using coins as a proxy to invest in the metal, then it's pretty simple. I mean, I want the most metal for my money. The best coin is the, some would say the worst coin.
Mike Maharrey: Yeah, absolutely. No, I totally get that. I'm kind of the same way. I've never been a big numismatic coin collector. I mean, I can appreciate the beauty of some of the coins and I have a sentimental connection to the Krugerrand because of my grandfather, but yeah, I'm with you. Just give me some American Eagles or some gold bars and then we're good to go. All right.
Przemysław Radomski: Actually, no, let me add one more thing because I recalled something. There is one coin that I like. That's a coin provided by Marco Burn. I mean the Tara Coin, which has the one about heritage, it connects it with values. It has, I can't remember the exact name of the coin, but maybe, I don't know, maybe you can remember We can research it later. Yeah.
No, the name slips my mind.
Przemysław Radomski: The thing is that the coin represents certain approach, certain set of values. It's important from other point of view, not for … Well, yes, the investment potential is there, but it stands for something much more important. So, if this is something that resonates with people, then that would also make sense, but not for just the reasons to own the most metal.
Mike Maharrey: Right, right. It's the tree life coin. It has the tree of life on it.
Przemysław Radomski: Oh, yes, exactly.
Mike Maharrey: Yep. And then the other side, it has some of the symbolism from Ireland's history. It's a beautiful coin. We sell them at Money Metal, so folks can pick those up if they're interested. All right. So before we go, I do want you to let folks know where they can find you. And if you want to real quick, you can let folks know what they'll find over at GoldPriceForecast and SilverPriceForecast.com.
Przemysław Radomski: I tried to name the domain, so they are quite self-explanatory.
Mike Maharrey: I like it!
Przemysław Radomski: So yeah, you will find gold price forecast and silver price forecast there, free articles. However, we also have the website, actually a community portal at goldenmeadow.eu and this is where our premium publications are located. So we have 10 premiums letters. That's where you can buy my silver book and we can go directly to silver2026.com and it takes directly to checkout. But on GoldenMeadow.eu, you see all that we offer and also you can see the performance of all the services combined, which we also deliver as something called Diamond Package. So that's our most prestigious product and that's that. You will see everything on that page. It got a major revamp over the weekend. So I think that will be the best place to investigate goldenmeadow.eu. Thank you.
Mike Maharrey: I've read through some of the free articles on there and there's some great information and analysis and folks who are interested in what's going on in the precious metal space. I highly encourage you guys to check that out. It's another great resource and we can never have too much information. Well, I really appreciate you taking time out of your day and making this interview happen. It's been a pleasure talking to you and we'll get you on again sometime at some point and hope you have a fantastic day.
Przemysław Radomski: Likewise. Thank you. Thank you, Mike. It's been a great pleasure to be here. Thank you again.
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