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.
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