David Morgan, founder of the Morgan Report, discusses gold’s recent surge above $3,000/oz, attributing it less to the Federal Reserve and more to geopolitics, central bank buying (1,000 tons/year), and ETF inflows ($9.4B in February), though he cautions the market is overbought and may face a shallow correction despite its upward trend. He highlights a shifting financial landscape, with gold and the US dollar rising together in a liquidity squeeze—echoing John Exter’s inverted pyramid theory—driven by safety-seeking investors amid stock market rollovers, persistent inflation (2.8%), and tariff risks, suggesting a “brisk walk” toward gold is underway, potentially escalating as equities falter.

Morgan also examines silver, now at $34/oz, noting its 60% industrial demand (up from 35% decades ago) and multi-year deficits (200-250M oz/year) haven’t yet spiked prices as expected, though he predicts this could change as tech and renewable industries lock in supply.