Silver is witnessing a profound structural shift as the physical market begins to exert dominance over paper pricing mechanisms. In this deep-dive interview, recorded on February 11, 2026, Jeremy Szafron, Anchor of Kitco News, sits down with David Morgan, publisher of The Morgan Report, to analyze the “plumbing” of the global silver market.
Morgan breaks down the sustained $10 Shanghai premium, the impact of the CME’s margin hikes on COMEX volatility, and why the silver market is entering a “cash-only” phase. They also discuss the massive 40-million-ounce silver accumulation in India and why platinum is currently offering a rare 25-year value opportunity relative to silver.
Key Topics Covered:
-The Shanghai Divergence: Understanding why the $10 premium persists and what the SHFE’s new hedging quotas mean for global supply.
-COMEX Under Pressure: How 15% margin requirements are flushing out leverage and shifting the market toward physical delivery.
-The India Factor: Analyzing the 40-million-ounce surge in Indian silver ETFs and its impact on global mine supply.
-The “Final Phase” Thesis: Why Morgan believes we are in the final 12 to 24 months of a historic cycle peak for precious metals.
-Platinum’s Value Play: Why the rarest noble metal is sitting at a multi-decade low against silver.
00:00 Introduction and Market Overview
00:06 Shanghai Silver Premium Explained
00:49 David Morgan’s Insights on Silver Market
01:05 Silver Market Dynamics and Arbitrage
02:22 Comex and Shanghai Market Comparison
04:10 Physical vs. Paper Silver Market
15:08 Impact of Margin Requirements
21:58 Speculative Exposure and Market Stress
25:10 Market Reactions to Regulatory Changes
25:48 Public and Institutional Trading Dynamics
26:57 Industrial Demand and Price Sensitivity
29:25 Gold-Silver Ratio and Market Predictions
32:23 ETF Accumulation and Global Demand
35:31 Macroeconomic Factors and Precious Metals
37:47 Technological Innovations and Market Impact
39:43 Platinum Market Insights
40:56 Future Outlook and Investment Advice
49:24 Concluding Thoughts and Final Advice
#Silver #DavidMorgan #KitcoNews #Gold #SilverPrice #ShanghaiPremium #Comex #Investing #PreciousMetals #Platinum #MarketStructure #FinanceNews
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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.
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37 Comments
The data is moving faster than the news cycle. While David and I were recording this morning, the COMEX Registered stocks were reportedly steady. This afternoon, we see a 3.2 million ounce drain.
David argues that the physical market is now dictating the price. With the Shanghai premium holding at $10 and Indian demand reaching 40 million ounces in two months, are we watching a permanent shift in global pricing power?
I want to hear from you. Does this warehouse drain confirm a structural shortage, or is this just a standard delivery rotation before the March deadline?
Can the banks face a class lawsuit for their use of over selling silver derivatives? My understanding is it at a massive Ponzi level….the largest theft in history.
David Morgan… thank your for the calm objective analysis.
Jeremy, thanks for having David on.
Great choice.
Silver costs more to ship, it's more volatile and dealers are simply protecting themselves. I talked to a local dealer that said he lost his azz selling 100 oz bars for $500. less than he bought them for, so naturally I think why sell? He may have been thinking it's best to lose 500 rather than 1500. Refineries and wholesalers will start buying again at thinner margins / premiums. Refiners bought until they had a5 month back log, That is about 2 months into the 5 months. In 3 months give or take a few weeks they will start buying sterling and scrap silver. They will then and beyond be thin on silver and looking to buy lots more silver.
Silver 🥈 is tha next gold 🥇
Bullshit! 🥰🙃🙂
Hydrogin technology will take off but it won't need platinum.
I agree with 30 to 1 once we settle with supply and demand . I think its going to explode with the upcomin aupply shortage
New tax laws to "squash the middle class yet again". 39% Capital Gains on metals…who's aware yet?! 😢
Silver 39% taxes
No shit the top isnt in. $100 is way too low. Its hitting $500 by years end
Great video love David Morgan true seasoned metals investor!
$100 silver is no longer a milestone with vastly inflated USD
silver institute has no credibility
Why are the margins always put on Friday and ride at Clinton time to trigger all the ribs to go down?
You can buy fractional platinum online for 1% of spot and sell it back the other 1%
For more information about bank silver manipulation, read the works of Ted Butler (deceased) and Ed Steer. Ted identifies all the banks and schemes.
Will we ever have a paper shortage, and how will that affect the price of metal?
Hi upcoming increase or decrease in silver please tell any one
So basically or fundamentally speaking 'leverage' ~= 'volatility' ??
Silver is only volatile because the overleveradged paper manipulators make it so. Then they can cry its too volatile and not good as money. Likely they will gain control again of this market. Eventually once the physical market completely dries up then true price discover will happen.
Why do you never interview the COMEX, CME, LBMA etc…. how come the other side is never interviewed and KITCO does not even disclose that you made efforts to speak to them…
The importance of silver merely indicates the division of wealth. To the poor it is practically impossible to imagine a piece of gold. Also the silver may be needed in rockets and ammunition. But I must add that it had been a carnal experience to own a piece of gold. Just a golden Sovereign.
protect everyone? yah right…
Everybody is mentioning graphene as a substitute for silver solder, but they forget to mention cost and time as hurdles for implementation. It is very expensive to produce graphene due to the high temperatures require to burn the carbon and then deposit one atom thick layer of graphene. Also, this technology development into commercial applications will take up to ten years…
When the market makers are criminals, it's time to boycott!
When law makers are criminals, it's time for revolution!!
I am glad to see the cheerleaders toning the tenor down on silver, we're entering a much more sober market. However, for the best part of one hour the volume counter was not registering flows, and judging by the candles they were all sales of very similar volumes, similarly spaced apart, and not a purchaser in sight! Ten percent drop and nobody watching, not even the computers since there was no volume recorded and yet the market corrected violently!!
Good techs. But inflation drives metal demand.
Great interview, Jeremy
The comex is one big Farce
They’re definitely is some intentional downward manipulation of silver by institutions you wouldn’t dump high volume contracts into a small market unless you’re trying to move price because you wouldn’t accidentally moved the price against your own selling and undercut the price that which you get for selling paper silver when you bunch you’re selling selling up thereby moving the price against yourself as you sell paper silver. You don’t place big orders on a penny stock for the same reason because you will affect the price you get and place some big orders on a penny stock so you spread your order out.
The 2nd. Phase most of the inventory will go to project operation vault
This guy knows his stuff, no hype
Let's get back to reality it costs $20 dollars to mine and ounce of silver. Longterm silver is heading much lower.
Great show, do think the level of trust with the dollar and treasuries is very very low currently.
My guy-
Go back to marshals and get your money back for that cheap suit. It cheapens the entire kitco experience.
Morgan is a shill. Stopped listening to him ages ago