Ray Dalio warns the monetary order is breaking down, and Dr. Mark Thornton says the fiat system is now in the “Intensive Care Unit.” In this interview, Kitco News anchor Jeremy Szafron sits down with Dr. Mark Thornton, Senior Fellow at the Mises Institute, to break down why central banks are fleeing Treasuries for physical gold and what the “Skyscraper Curse” signals for a 2026 crash.
They discuss the massive 150-ton gold purchase by Poland, a strategic move by a NATO ally that signals a loss of trust in the debt-based system. Dr. Thornton also exposes a critical, under-reported crisis in the silver market: supply is “inelastic” and “wasted” on war and solar panels, meaning the market cannot physically respond to price spikes. With Japanese bond yields spiking and the “Jeddah Tower” restarting construction, the signals for a major economic pivot are flashing red.
Recorded: January 20 2026
IN THIS EPISODE:
-The “Fiat ICU” Thesis: Why the dollar system is on life support and what replaces it.
-The Silver Supply Crisis: Why a recession will actually cut silver supply due to the “byproduct paradox” (70% of silver comes from base metal mines).
-The Poland Signal: What it means when a frontline NATO nation dumps bonds for 150 tons of physical gold.
-The Skyscraper Curse: How the restart of the world’s tallest tower in Saudi Arabia predicts an economic crisis in 2026.
-Stocks vs. Manure: Mark Thornton’s shocking bet that fertilizer will outperform the S&P 500 this year.
Follow Jeremy Szafron on X: @JeremySzafron (
Follow Kitco News on X: @KitcoNewsNOW (
Follow Dr. Mark Thornton on X: @DrMarkThornton (
TIMESTAMPS:
00:00 Introduction and Market Overview
00:22 Volatility in Metals and Central Bank Moves
01:08 Ray Dalio’s Insights on Fiat Currency
02:30 Interview with Dr. Mark Thornton
04:33 Silver Market Dynamics: The Inelastic Supply Problem
09:07 Impact on Mining and Supply Constraints
18:14 Geopolitical Implications of Gold Reserves (Poland & Russia)
22:18 Bond Market and Global Economic Shifts
24:39 Volcker Style Rate Shock and Fiscal Reform
25:54 Balancing the US Government Budget
26:38 International Cooperation and Trade Deals
33:32 Japan’s Bond Market and Global Implications
39:49 The K-Shaped Economy and Wealth Inequality
43:09 The Skyscraper Curse and Economic Indicators
47:47 Return to a Gold-Backed System
51:10 Investment Strategies for 2026 (Stocks vs. Manure)
#Silver #Gold #Economy #KitcoNews #Investing #MarkThornton #Recession #Japan #RayDalio
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35 Comments
What do you think matters more right now, gold accumulation by central banks or warning signals from bond markets?
I am watching Silver and if it has a major drop I will buy more. I own some silver rounds that i bought a few years back and I am in at $27.00 an oz. Today the silver spot price is $77.98 per oz. That is a $50.98 gain per oz so I think something is going on and I would like to see our currency backed by GOLD again. Silver is under valued and we are using it faster than it is being replaced. Supply and demand will force the price up before much longer.
On behalf of all gold holders I thank Donald Clown Trump for making us rich
Pity he is also destroying America but 77 million voted the second time for this
I’m not hoping the economies crash… but I’m planning for it.
Austerity driven depression caused by excessive debt with the massive headwinds of the costs of an aging population and a leader who has always been a bad debtor
A very intelligent guy.
Thus guy is a total shrill he knows nothing about metallurgy even less about tec
Didn’t MARK say that if we mentioned it in the comments, we could get a free copy of “Hayek for the 21st Century?”
Here I am!?
You don't see Central banks stockpiling silver…… Buyer beware…..
Hair looks good Jeremy.
How will the untrustworthy central banks mitigate risk ? 🤣
Paper will always reign supreme.
Ever wiped yer bum on gold bullion?
Very scratchy.
Why do we not discuss taxation for all.. even the uber wealthy
I think we end consumers should break away from this silver rally. We've paid enough! The cost of producing silver is $12 to $15 per ounce. Now's the time to get out and let the senseless market run wild. The West's best reserves are 900 and 920 silver. They won't give you much for them. Only gold will matter. Have a good week. P.S. I love silver. But it's not my industrial metal.
I’m buying ZSL ……leveraged short ETF Silver futures market is 90 to 1 obscene leveraged and capital outlay on AI may slow down because it’s draining the cash flow and no return on the balance sheet
16:46 Extended car Warranty….
Plssss, central banks are all comtrolled by 1 family..
I will NEVER give more than $1500 for 30 gram piece of metal!? Everything more is stupid and crazy! Till then I am very happy to use "fiat money" 😀👍
Should call it the Tower of Babbel curse
The guy doesn’t know how to turn off his phone
Excellent PodCast
3 yrs ago, I was homeless for 18 months, and finally got my own place. I played an online poker tournament and won 40k and bought 20k of gold and 20k of silver, 3 yrs ago. Best decision I've ever made.
Hey are you all in a panic like your twin Crimex??? Everyone knows you help on the rigged price. Can’t stop silver and dam sure can’t stop gold 😂😂😂😂😂😂😂😂😂😂😂 makes you mad don’t it
Excellent report 👍👍👍👍👍👍👍😊 silver it's real money 🤑💰🤑💰😊
Great guest!
Great and informative interview (Kitco never disappoints..) but it would be great also to recover a couple of subjects from the shadows: 1. ethically sourced metals (and minerals) and recycling. 2. the "coming back"(?) of Palladium and Rhodium. Cheers guys, always extremely interesting to be here.. Even if I guess most of us are too in love with metals anyway… ahah
printing money + fake CPI data are the norm.
31:34 let us never forget that all these whom are voting these policies, laws, city ordinances, rules, regulations all of them jokers have all disobeyed my Lord in the swearing of their Oaths to the Constitution and whatever the F.
The Trickle Down Economy does not help the poor; it only helps the rich who don't need help. A Trickle Up Economy would help everyone; since the poor will buy things they need from rich producers.
Finally! Rational non-sensational analysis. No hyperbole. And humbly presented.
Fantastic interview
Copper Lake resources❤❤❤
So are all the SILVER short sellers aka naked shorts being squeezed due to physical delivery demands outpacing the paper markets and price discovery kicked in?
Snap back means buy more.
But the refiners are not accepting junk silver, lower than 0.9. Supply chains choked up? Can someone explain?