Silver veteran David Morgan debunks the COMEX default narrative, reveals why wholesale dealers are flooded with metal and why that is actually bullish, and names the one bond market signal that says the monetary reset is getting close.
David Morgan — publisher of The Morgan Report and author of The Silver Manifesto — breaks down the structural divide in the silver market right now. Wholesale retail dealers are sitting on excess supply while commercial bars remain tight. The COMEX default story that has circulated for a decade has never materialized, and the objective inventory data from 2022 through 2025 proves it. Meanwhile, what silver did at $50 — stalling for seven trading days before exploding to $120 — is the exact same psychological setup investors should expect at $100.
Morgan also addresses Hong Kong’s July gold clearing rollout designed to rival London, the copper substitution threat to solar demand and why it is not a near-term driver, the energy cost squeeze separating royalty companies from miners, and why his number one signal for precious metals before year-end is not the silver price — it is the bond market.
Recorded May 21 2026
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WHAT YOU WILL LEARN IN THIS INTERVIEW
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• Why the COMEX silver default argument is fundamentally wrong — and what the actual inventory data shows from 2022 to 2025
• What the 2008 financial crisis tells us about silver in a credit contraction — silver rose 500% vs gold’s 300% from the bottom
• Why dealers running out of storage space from silver sellbacks is actually a bullish structural signal
• The $50 psychological stall and exactly what to expect when silver tests $100 again
• Hong Kong’s July gold clearing system and why Eastern pricing power is a structural shift not a cycle
• Why solar copper substitution cannot happen at the speed the market is pricing in
• Silver price inelasticity — why industry will bid up to almost any price rather than go out of business
• Why royalty and streaming companies are insulated from rising energy costs in ways direct miners are not
• The one signal David Morgan is watching before year-end — and why he says it is getting close
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CHAPTERS
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00:00 Data Over Hype
01:22 Macro Credit Crunch Setup
01:58 How Silver Acts in Crises
03:47 Liquidity Lessons From 2008
04:58 Retail Sellbacks and Price Walls
08:03 Industrial Demand and Stockpiling
11:09 Asia Imports and Accumulation
12:34 Signals From ETFs and COMEX
13:55 COMEX Default Myth Debunked
19:11 What to Watch Instead
19:46 Price Discovery and Volatility
21:04 Deficits Then vs Now
23:26 Silver Price Elasticity
24:24 Industrial Demand Inelasticity
25:51 Hong Kong Gold Challenge
27:55 Silver Institutional Bid
29:41 Solar Substitution Debate
31:56 Energy Costs and Mining Equities
36:45 Who Sells Silver at $100?
39:20 The Ultimate Bond Market Signal
42:12 Silver Sunrise and Final Thoughts
#SilverPrice #DavidMorgan #KitcoNews #GoldPrice #PreciousMetals
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47 Comments
Here is what David Morgan said in this interview that you will not hear anywhere else:
📌 The COMEX default narrative is wrong — and has been wrong for a decade. Inventory from 2022 to 2025 is almost a flat line. Most "deliveries" are bank to bank, staying in the same warehouse with a different tag. Morgan's words: "It's just the pea under the walnut moving around."
📌 Wholesale dealers are running out of shelf space from retail sellbacks right now. The retail physical market is not tight — the commercial bar market is. Two completely different markets.
📌 Silver stalled at $50 for seven trading days before breaking out to $120. Morgan expects the same psychological stall at $100. Not a reversal — a stall. Watch for it.
📌 China and India silver imports have both hit records recently. Morgan's sources in Asia are using the word "hoard" for future use.
📌 His single signal before year-end: the bond market. If rates get cut and the bond market ignores it — institutional trust is breaking down.
Timestamps are in the description. Drop your questions below.
— Kitco News
We need more smelters in the US, not more coin shops! The backlogs in smelters are just insane!!!!!!!
Those closing remarks were so awesome and spiritual. Great question Jeeemy and wonderful answer David. It does take spirituality to be able to breath step back and start making decisions about a life outside of the government and banks. These are not spiritual programs!
The best question structural alignment is right! He who owns the gold runs the system. We better hope we still own some when this system goes down!
GOLD AND SILVER ARE REAL MONEY !!!
Check if Russia has bought a large quantity of silver?
Regardless of the current spot price i dont see real silver bullion and coins selling at auction at melt. The consensus seems to be around $75.
Another great one, Jeremey
Other moderators should watch KITCO. Jeremy Szafron does NOT OVER TALK, his guests. Questions given, answers taken, accepted OR discussed further to improve clarity about the subject!
KITCO Best financial news summaries! Jeremy, best moderator!
Many thanks!!
BS
I have no comment on the substance of the discussion, but David Morgan could do with a better microphone. As soon as he's not talking at full volume, he goes muffled.
Dude you gotta lose the Pete Hegseth hair do.
🎉 Thank you for the information 🎉
The day we replace silver in industry is the day that silver becomes just like gold if not better and becomes the monetary asset because quite frankly the only reason why I'm gold is the central bank's most choicest metal is is the fact that it's not used intensely in the economy on a structurally strategic high level security level status so then silver will just join gold in that ranks as money and actually more Superior than gold silver will not become obsolete I'm good eventually in due time become money as it becomes too expensive to use an industry….. same as gold
😢 David Morgan never pointed out the Monopoly of the silver Institute members and other type of monopolistic members and I've been following him since day one… well I've been following him since at least 2010 and he's never pointed out to this parasitic organization such as the Silver Institute and he's been to a lot of their meetings and he was their being interviewed by the yellow camboni from Kitco and nobody pointed to this parasitic Monopoly system that is actually put a new surround on our necks to the worst degree now than most almost any time in modern history
3:15 There it is
Great
Comex is defaulting…..any minute now….here it comes….ok well maybe next month
Imagine thinking the price of Silver Wont drop in Deflationary Senario. 😅😂😂😂😂😂😂
People will get shocked with new gold price soon.
"If it matters"? Then why does it take 46 mins to get the information out. This video needs massive editing.
The guy speaks in an annoying unclear way. He speaks like he has had a stroke. I usually love the guests on the show. This guy was just annoying to listen to
It will be a great day when Singapore and HK physical markets can handle all the silver miners ' hedges. Hong Kong physical silver market will probably not be at scale until 2028 or 2029. Singapore, even better, may be after that. Most miners are made to paper hedge to get necessary loans from bullion banks.
40:04 "Are you out of your mind?" = This is the most important sentence of this entire video = The dollar has lost 77% of it's purchasing power in just the last 15 years per the 'real' inflation rate average over those 15 years.
I bought silver back in 2012 I missed out on 10X gains on Stocks like Apple I can’t wait for silver to get over 100 so I can sell all of this fucking shit never have to listen to people like David Morgan , or anyone else again.
Stay contrarian to Wall Street and you’ll be fine.
Where can we watch silver sunrise
I like David Morgan's common sense approach. Great interview, thank you.
David must be reading my mind😂electronics stockpilers!
Silver will go to 120 soon then around 200+ gold will go to 8000 soon then ten thousand silver and gold have been money for thousands of years paper money will burn soon Trump will have a new digital dollar back up with gold the first time since Nixon days
So if most of the latest Jan arbitrage has now mostly gone to China, London must now hold much less than it did before it moved it to the US on the tariffs, last year… LBMA now has less…
How do they get it back if there's another silver rush for ETFs?… That will cause another hike in price, me thinks…💰
David Morgan is a LIAR. He said there was no silver deficit and the shops are overflowing whereas FACT is, we had a silver deficit for five years.
So everyone convinced me to buy at the worst time. Just in time for a “dull summer”. Thanks for nothing.
“Trading silver is like going on a blind date with a psychotic lady.”
David doesn’t give any predictions on price and he’s carful about exposing the truth . It’s all a racket like everything.
They teach teenagers how to write a resume but never show them how compound interest quietly destroys their future. Reading Smart Broke Dumb Rich by Zor Veyl was the first time I learned whose side the bank is really on.
Three months after reading Smart Broke Dumb Rich by Zor Veyl my whole language around money changed. I stopped saying I cant afford that and started asking why I cant afford that. That tiny shift is already opening new doors.
I used to believe rich people were lucky or corrupt. After reading Smart Broke Dumb Rich by Zor Veyl I see it is mostly financial literacy. The kind they deliberately keep out of schools so regular people stay stuck.
I always saw myself as the responsible type. Paid bills early, worked hard, saved a bit every month. After reading Smart Broke Dumb Rich by Zor Veyl I realized I was just a well behaved poor person following rules made to keep me there forever.
This guy is paid off. The $$$ will collapse.
Anyone else worried about silver after this?
40:00 why isnt the M1 a good indicator no more?
Excellent interview of a very knowledgeable expert. Thanks Jeremy.
For every 1 ounce silver minted, 1.25 ounces get consumed. David i adore the comex morgan says this is fine and the deficit is imaginary
Informative article. ✨
You 'vd WASTED 23 Minutes
Of My Prime Time 😡 🗣️💦