The Real Reason Gold Dropped: It Is Becoming The World's 'Neutral Asset' - Peter Boockvar

The Real Reason Gold Dropped: It Is Becoming The World's 'Neutral Asset' - Peter Boockvar

The S&P 500 just hit all-time highs while inflation runs at 3.8% and real incomes fall for the third consecutive month. At the same time, gold has pulled back 12% despite ongoing geopolitical turmoil, and global bond yields are hitting multi-decade highs. Kitco News Senior Anchor Jeremy Szafron sits down with Peter Boockvar, CIO of OnePoint BFG Wealth Partners and author of The Boock Report, to decode the market's most glaring contradictions. Boockvar breaks down the reality of this morning's PCE inflation print and explains why the long end of the bond market has officially seized control of monetary policy from Kevin Warsh and the Federal Reserve. The discussion uncovers the real reason gold sold off—and why its structural transition into the world's "neutral asset" for global trade is actually accelerating. Discover what the record 6% default rate in private credit signals about the K-shaped economy, why the AI trade is hitting physical commodity constraints, and where Boockvar is finding high-yield defensive opportunities as the two-speed economy cracks. Recorded May 28, 2026 Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow) Follow Peter Boockvar on X: @pboockvar (https://twitter.com/pboockvar) Chapters: 00:00 The Gold Pullback 01:32 The Bull Case 02:54 Inside the 3.8% PCE Print 03:54 Structural Inflation 07:16 The K-Shaped Economy 09:17 Warsh & Fed Politics 12:10 Bond Market Takes Control 15:17 The Liquidity Boom 16:30 Gold's New Monetary Role 20:22 When the Thesis Breaks 22:07 The Silver Setup 23:41 The AI Trade 26:28 Private Credit Stress 29:37 AI's Inflation Problem 33:52 The China Tech Threat 35:42 The Defensive Rotation 37:52 Agriculture & Fertilizer 39:57 The Next Gold Catalyst 42:25 Japan & The Yen 43:48 What Markets Get Wrong 45:03 Closing & Subscribe #Gold #Macroeconomics #FederalReserve #PeterBoockvar  __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.  FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer:   The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer:   The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Silver Is Leaving America as China Buys at a 20-Year High | Josh Phair

Spot gold and silver are sliding to two-month lows as paper markets react to a potential U.S.-Iran interim peace draft, even as President Trump calls the Iranian reports a "complete fabrication". But behind the futures screens, the physical market is undergoing a massive structural overhaul. Kitco News Senior Anchor Jeremy Szafron sits down with Josh Phair, CEO of Scottsdale Mint and the Wyoming Reserve, for an exclusive ground-level update. Phair breaks down the reality of physical supply, revealing why silver is actively leaving the United States for overseas markets and why LBMA good delivery premiums have jumped 20 to 40 cents in recent weeks. The discussion uncovers the quiet corporate shift away from paper—including tech companies planning $200M physical bullion purchases and Tesla amending SEC bylaws for physical gold. Discover what the operational flow tells us about the decentralization of physical assets, the State of Texas releasing its own gold coins in six weeks, and why the ultimate financial reset is tracking toward 2030. Recorded May 27 2026 Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)  Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow)  Follow Josh Phair on X: @JoshPhilipPhair (https://twitter.com/JoshPhilipPhair) Chapters: 00:00 Trump, Iran & Gold Drop 01:07 Q1 Demand vs Current Flow 05:32 Tech Giants Buying Gold 11:45 The $50B Wyoming Fund 14:17 The SILVER Act Impact 17:35 Texas Gold Coins Coming 18:44 Global Bullion Interventions 26:06 The Real Silver Bottleneck 29:43 Moving Silver by Air 31:00 Analysts Missing the Paradigm 32:31 $325B in Bank Losses 37:30 Home vs Private Vaults 40:11 The 2030 Reset Timeline 42:53 Market Wrap & PCE Data  #Gold #Silver #PreciousMetals #JoshPhair  __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.  FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer:   The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer:   The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Warsh Nomination Was the Biggest ‘Hit Job’ on Precious Metals | Mark Thornton

The American consumer is flashing historic warning signs, yet Wall Street is celebrating record corporate earnings. How are both true at the same time? Dr. Mark Thornton, Senior Fellow at the Mises Institute and Austrian economist, joins Kitco News anchor Jeremy Szafron to break down the mechanics of the "Two Economies." Dr. Thornton uncovers the truth behind the historic S&P 500 valuations, warning that the market hasn't been this overvalued in 150 years. He also takes aim at the Federal Reserve, calling the Kevin Warsh nomination the "biggest hit job" on the precious metals market, and explains why a Volcker-style rate hike is impossible with U.S. debt above 100% of GDP. Plus, a deep dive into the SILVER Act, the Cantillon Effect, and why the Middle East energy shock will embed inflation for years to come. Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) Follow Dr. Mark Thornton on X: @DrMarkThornton (https://x.com/@DrMarkThornton) Chapters: 00:00 TWO ECONOMIES, ONE WARNING 01:18 MEET MARK THORNTON 02:23 THE AUSTRIAN CYCLE 04:56 LATE-CYCLE WARNING SIGNS 07:49 BROAD BOOM OR BUBBLE? 10:34 JOBS: STRENGTH OR BUBBLE SIGNAL? 11:55 WARSH TAKES THE FED 12:41 DEBT LIMITS RATE HIKES 13:54 METALS CRASH, BANKS READY? 19:54 BOND MARKET BREAKING POINT 22:16 CAN CREDIBILITY BEAT INFLATION? 24:49 SILVER’S VIOLENT BULL MARKET 28:04 THE SILVER ACT REACTION 32:20 WAR, ENERGY AND INFLATION 36:17 THE CANTILLON EFFECT 40:09 HOW LONG CAN THIS LAST? 43:13 FED HQ RENOVATION SYMBOLISM 45:31 ADVICE FOR WORKING FAMILIES 49:20 WHAT BREAKS THE METALS TRADE? 53:36 GOLD, SILVER AND FREEDOM 56:13 FINAL TAKEAWAY #gold #silver #inflation #Fed #KevinWarsh #markthornton #kitconews #preciousmetals #economy #recession __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.  FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer:   The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer:   The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

“Hawks Are Extinct”: Peter Schiff Warns Fed Can’t Stop the Debt Crisis

Wall Street is pushing toward record highs, but the bond market is flashing a severe warning. Peter Schiff, CEO and Chief Global Strategist of Euro Pacific Asset Management, joins Jeremy Szafron, Senior Anchor of Kitco News, to break down the massive disconnect between equities and the 30-year Treasury. Following the swearing-in of new Federal Reserve Chair Kevin Warsh and recent warnings from Bill Dudley, Schiff argues that "hawks are extinct" at the central bank and the 2% inflation target is now a pipe dream. Schiff details his timeline for a sovereign debt crisis, warning that the U.S. national debt will hit $50 trillion before the end of the presidential term, and explains why inflation could be worse under a second Trump administration than under Biden. Schiff also provides a critical update for physical metals investors. He breaks down why silver's recent run to $125 was just the first stop, where the AI tech bubble wealth will actually go when it evaporates into "money heaven," and shares an exclusive update on the future of tokenized gold (tGold) as a medium of exchange. Recorded May 26 2026 Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)  Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) Follow Peter Schiff on X: @PeterSchiff (https://x.com/PeterSchiff) Timestamps: 00:00 MARKETS DIVERGE 00:53 BOND MARKET WARNING 02:18 REAL RATES & GOLD 02:56 DEBT MANAGEMENT STRESS 04:06 FED CREDIBILITY TEST 06:10 INFLATION UNDER TRUMP 07:51 CENTRAL BANKS BUY GOLD 09:26 NO SOFT LANDING 12:20 WAR, OIL & YIELDS 13:11 FISCAL RESPONSIBILITY DEAD 15:55 SILVER BREAKOUT 17:55 RETAIL DEMAND RETURNS 21:19 BUYING THE PULLBACK 24:32 AI "MONEY HEAVEN" 26:00 AI BUBBLE FALLOUT 26:38 MINERS BUBBLE NEXT 27:43 M&A WAVE BEGINS 28:50 WHY JUNIORS WIN 30:33 VALUATIONS STILL CHEAP 32:00 IS IT TOO LATE? 33:39 PRICE CONTROLS PLAYBOOK 36:03 CAPITAL CONTROLS RISK 38:10 ENDGAME SIGNALS 41:00 PORTFOLIO ALLOCATION 43:09 GOLD AS CASH 45:01 TOKENIZED GOLD (tGOLD) 47:15 GRESHAM'S LAW & BITCOIN #PeterSchiff #USDebt #Silver #Gold #FederalReserve #KitcoNews  _________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.  FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer:   The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer:   The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

The One Signal That Matters for Gold and Silver Right Now | David Morgan

Silver veteran David Morgan debunks the COMEX default narrative, reveals why wholesale dealers are flooded with metal and why that is actually bullish, and names the one bond market signal that says the monetary reset is getting close. David Morgan — publisher of The Morgan Report and author of The Silver Manifesto — breaks down the structural divide in the silver market right now. Wholesale retail dealers are sitting on excess supply while commercial bars remain tight. The COMEX default story that has circulated for a decade has never materialized, and the objective inventory data from 2022 through 2025 proves it. Meanwhile, what silver did at $50 — stalling for seven trading days before exploding to $120 — is the exact same psychological setup investors should expect at $100. Morgan also addresses Hong Kong's July gold clearing rollout designed to rival London, the copper substitution threat to solar demand and why it is not a near-term driver, the energy cost squeeze separating royalty companies from miners, and why his number one signal for precious metals before year-end is not the silver price — it is the bond market. Recorded May 21 2026 ───────────────────────────────────────── WHAT YOU WILL LEARN IN THIS INTERVIEW ───────────────────────────────────────── • Why the COMEX silver default argument is fundamentally wrong — and what the actual inventory data shows from 2022 to 2025 • What the 2008 financial crisis tells us about silver in a credit contraction — silver rose 500% vs gold's 300% from the bottom • Why dealers running out of storage space from silver sellbacks is actually a bullish structural signal • The $50 psychological stall and exactly what to expect when silver tests $100 again • Hong Kong's July gold clearing system and why Eastern pricing power is a structural shift not a cycle • Why solar copper substitution cannot happen at the speed the market is pricing in • Silver price inelasticity — why industry will bid up to almost any price rather than go out of business • Why royalty and streaming companies are insulated from rising energy costs in ways direct miners are not • The one signal David Morgan is watching before year-end — and why he says it is getting close ───────────────────────────────────────── CHAPTERS ───────────────────────────────────────── 00:00 Data Over Hype 01:22 Macro Credit Crunch Setup 01:58 How Silver Acts in Crises 03:47 Liquidity Lessons From 2008 04:58 Retail Sellbacks and Price Walls 08:03 Industrial Demand and Stockpiling 11:09 Asia Imports and Accumulation 12:34 Signals From ETFs and COMEX 13:55 COMEX Default Myth Debunked 19:11 What to Watch Instead 19:46 Price Discovery and Volatility 21:04 Deficits Then vs Now 23:26 Silver Price Elasticity 24:24 Industrial Demand Inelasticity 25:51 Hong Kong Gold Challenge 27:55 Silver Institutional Bid 29:41 Solar Substitution Debate 31:56 Energy Costs and Mining Equities 36:45 Who Sells Silver at $100? 39:20 The Ultimate Bond Market Signal 42:12 Silver Sunrise and Final Thoughts #SilverPrice #DavidMorgan #KitcoNews #GoldPrice #PreciousMetals __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.  FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer:   The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer:   The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.