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David Morgan’s weekly perspective focuses on the silver deficit, but he argues that today’s deficit must be understood in historical context. He explains that silver was also in a major structural deficit from roughly 1990 …

The May issue of the Morgan Report centers on a macro-level thesis that the global financial system is approaching a late-stage phase, where structural imbalances could force a reset. The prevailing expectation is not immediate …

David Morgan reviews the year-to-date performance of metals and energy, noting strong gains in aluminum, tin, nickel, zinc, crude oil, heating oil, and gasoline, while gold leads the precious metals and silver remains positive but appears …

This week, I wanted to take a slightly different approach and revisit an older Morgan Report from December 2022. From time to time, looking back at prior work can provide useful perspective on where we stand …

This week, I want to share something a bit different from our usual market-focused discussion. At the recent Silver Party in Las Vegas, both Mike Maloney and I addressed the group. These remarks were not …

Triple-digit silver was never just a number. It was a milestone, a signal, and for those who have followed the market closely, an inevitability that finally arrived. For years, the move to $100 an ounce …

David Morgan’s weekly perspective focuses on a market environment being driven by war, energy stress, and early signs of systemic pressure. Oil is the dominant story. Crude prices have pushed above $100 per barrel amid …

Silver had a volatile week, and it raised some important questions about where the broader market may be headed. In the latest Weekly Perspective, David Morgan breaks down the sharp move in the silver market …

David Morgan reviews research from the Silver Institute examining the relationship between above-ground silver stocks and the price of silver. At first glance, the study’s conclusion appears counterintuitive because it states that there is no clear …

Metals or Miners: Why Not Both? | https://www.themorganreport.com In his Weekly Perspective, David Morgan keeps the update concise while highlighting major geopolitical and market developments. He begins by noting escalating geopolitical tensions, particularly the outbreak of war involving Iran, …

David reviews the state of physical silver availability by examining withdrawals and inventories across China, the Shanghai Gold Exchange, COMEX, and the LBMA. He notes that Shanghai silver withdrawals in 2025 were near record levels and …

In the Commitment of Traders data tied to COMEX and reported by the CFTC, banks appear within the Commercial category. Across full market cycles, that category remains weighted net short silver futures. After sharp selloffs, …

Gold and silver prices sold off sharply, underscoring the outsized influence of paper markets in driving short term price action. Yet beneath that volatility, the physical market continues to assert control through sustained demand and tightening …

David Morgan verified recent claims about unusually large silver deliveries on the COMEX. Major delivery months in 2025 and early 2026 are confirmed, with volumes generally ranging from roughly 68 to 80 million ounces, plus one smaller month near 45 …

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As silver continues to move, it won’t creep higher. It will accelerate. History shows that the most dramatic gains occur in a compressed window, when volatility spikes, emotions run hot, and rational decision making becomes …

The precious metals market is moving quickly, and key developments can unfold before most investors realize what is happening. Gold and silver reward those who stay engaged and informed, not those who check in after the …

David Morgan opened the new year with a comprehensive update tied to the latest Morgan Report, which was just released to members and the free list. This month’s report steps back to assess the broader macro …

Gold and silver in 2025 were not simply strong performers. They were signals. Each metal delivered a message about where capital is flowing, how confidence is shifting, and what investors expect from the monetary system …

Beginning in early 2026, a rule change will allow precious metals, including silver, to be held inside 401(k) plans for the first time in modern history. Not as a workaround. Not as a fringe option. …

You are looking at a rare setup. Silver is pushing to new highs while Junk silver premiums have collapsed to levels no one expected. The metal is in a strong climb, yet the most trusted form …

Silver just pushed to a new record near 56.75 dollars. The move caps a year of steady gains that have more than doubled the price from earlier levels. This is not a brief spike. It reflects …

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Acapulco, Gro. The Secretary of Economy, Marcelo Ebrard Casaubón, said that in 2026 Mexico will restart large scale mining exploration. He said pending permits will move faster and processing times will shorten to support new investment. …

Rising volatility is pushing the metals trade into territory that demands closer attention. You are seeing stronger intraday swings, wider spreads, and faster reactions to pressure coming from outside the metals market. Tech stocks, crypto, and …

When Wall Street Finds Religion: Morgan Stanley Says Buy Gold, But Can You Trust Them? | https://www.themorganreport.com When Wall Street finds religion, it usually means the smart money already moved. When Morgan Stanley tells investors to buy gold, …

Rates Rise, Stocks Stall, Metals Poise for the Next Move | https://www.themorganreport.com Rates are rising despite a recent Fed cut because of investor reaction to the Fed’s future guidance, the relative resilience of the economy, and higher-than-expected inflation data, …

For most of recorded history, one ounce of gold bought about sixteen ounces of silver. That 12-to-1 ratio held steady for centuries because it reflected what the earth produced and what markets valued. Today, that ratio …

Silver doesn’t lie. Paper does. Every printed promise weakens over time, but metal endures. Empires rise on credit and fall on debt, yet silver remains. It has no counter party, no expiration, no need for faith. …

You can feel it in the markets right now—something’s shifting beneath the surface. Stocks are stumbling, the dollar’s losing its grip, and yet gold and silver are quietly holding their ground. That doesn’t happen by …

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Fifty-four years ago today, President Nixon went on national television and quietly made one of the most consequential announcements in economic history: the U.S. would no longer redeem dollars for gold. What was sold as a …

Silver’s not just knocking on the $40 door — it’s pressing higher in a way that’s got seasoned investors paying close attention. In this wide-ranging conversation, David Morgan, longtime analyst and publisher of The Morgan …

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