The “Paper” markets are in a panic, but the “Physical” world is just waking up. Philippe Gijsels returns to Kitco News to break down a week of absolute chaos: from a blistering 8.4% annualized PPI print that has the Federal Reserve’s hands tied, to the massive escalation in the Middle East. We explore the first direct strikes on Iran’s upstream gas infrastructure at South Pars and why $109 Brent oil is just the beginning of a fragmented, weaponized energy order.
Gijsels provides his most aggressive outlook to date, detailing why he believes Gold is headed to $10,000 and Silver is targeting $200 as the global “Monopoly Money” system finally meets its match in physical scarcity. We also dive into his HALO framework (Heavy Assets, Low Obsolescence), the “Turbo” opportunity in mining equities, and why your traditional 60/40 portfolio is effectively being liquidated by inflation.
Recorded on March 18 2026
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TIMESTAMPS
00:00 — Inflation Meets War Shock: Analyzing the 0.7% PPI surge and the immediate escalation in the Iran war.
01:04 — Commodities Bull Thesis: Why Gijsels calls this the “largest bull market in history”.
02:49 — Why Gold Sold Off: Safe haven flows, the dollar’s strength, and why gold hasn’t fully benefited—yet.
05:08 — Silver Leverage Unwind: Understanding the “disorderly” move and the profit-taking at $60.
07:40 — Targets and Supply Crunch: Long-term “wild targets” of $10,000 Gold and $200 Silver.
10:20 — Energy Crisis Repricing: The South Pars strike, the Jones Act waiver, and the $109 Brent floor.
14:26 — Fragmented Oil Markets: Why the global oil market is splitting into competing political blocks.
18:39 — Central Banks Lose Control: Why the Fed and ECB will eventually “let inflation run” to manage debt.
25:24 — HALO Real Assets Rotation: Moving away from digital abstractions toward “Heavy Assets, Low Obsolescence”.
28:04 — Tokenizing Commodities: The shift from paper exposure to direct programmable claims on physical metal.
32:34 — Why Miners Lag Metals: The “Turbo” opportunity in mining stocks and Tier-1 capital discipline.
35:32 — What Could Break the Bull: The deflationary risk and the “depression-style” bust scenario.
37:16 — Wrap Up and Key Takeaways: The structural case for hard assets in a “Material World”.
#Gold #Silver #Commodities #Inflation #EnergyWar #PhilippeGijsels #MiningStocks #Investing2026 #KitcoNews #SouthPars #JonesAct #HALO #HardAssets
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20 Comments
“The paper markets are in a panic, but the physical world is just waking up.” Philippe Gijsels just dropped a masterclass on the structural shift from “Monopoly Money” to physical scarcity. With Gold targeting $10,000 and Silver at $200, he argues we are only in the "second inning" of the largest bull market in history.
We want to hear from you:
Are you rotating out of the traditional 60/40 portfolio and into “HALO” assets?
Which metal hits its "wild target" first: Gold or Silver?
IRAN MOFRO NOT ERAN if you are trying to talk english do it properly
Sell sell sell a big trap being set
Not possible
A Big Arab country has sold off huge gold holdings to fund oil revenue decline in recent times.
Aaaaaaand down we go… 😴😴😴😴😴
I would love to see an episde where Jeremy interviewed himself. He is incredibly knowledgable.
Its called manipulation the USA knows high physical gold and silver are a death nail to USA treasuries. Countries are rather buying physical gold and silver and not treasuries as it has no third party risk.
This most idiots people cant face the reality about the world war 3 started…very simple to uderstand the market fall apart and economic collapse entire world wide.
340. Silv then 600. There's a way there. ❤❤❤🎉🎉🎉😊😊😊
은장사만 대박터지고 투자자는 그지 ㅋㅋㅋㅋ
Definition of a gold miner.
A liar standing next to a hole.
Nark Twain.
Huh?
En France les primes sur le physique type lingot pièces sont désormais entre 3 et 5% et jusqu’à 30% pour le lingot 1gr !!
why gold selling off.assets like gold is being sold off to settle margin calls , being sold to buy assets
It's Jewish Bullshit market
I call Bullshit. Silver barley staying over 50$. Gold down almost 1000$ an oz. These videos are ridiculous.
We all know that gold will hit 10000 eventually, but when?nobody knows !
I could predict this: when we have inflation like Argentina it might hit 100000 dollars
I know that!2
ENDLESS WAR ! ENDLESS TRUMPFLATION !!!
I can only get access to more cash in 2 weeks time. I hope it drops more so I can buy buy buy.