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
__________________________________________________________________
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:
Instagram:
Facebook:
LinkedIn:
Listen to the PODCAST on
🎧 Spotify:
🎧 Apple Podcasts:
🎧 All podcast episodes available here →
Visit: for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.
Live gold price and chart:
Live silver price and chart:
Live crypto market data:
For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at:
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.
source
24 Comments
What do you think matters more right now, gold accumulation by central banks or warning signals from bond markets?
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
No one believes in rotten America and America has been causing problems all the time.🤮. AMERICA is in trouble🤮🤕. No on e needs the US dbt 🤣🤣👎👎keep it. AND START LOOKING AT AMERICA REALISTICALLY. GO BRICS…👋🖐️💪❤
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 🤑💰🤑💰😊