Stefan Gleason of Money Metals breaks down recent silver and gold dynamics, discussing trends in the US retail market, as well as backups at refineries.

While the situation has begun to normalize, he sees potential for further disruptions in the future. "I think that there's been a bit of an awakening in the retail market in the US, and I think it was what was happening in silver that really got everybody's attention," he said.

This interview was filmed on February 18, 2026.

0:00 - Intro

0:18 - Repair period for gold, silver

2:47 - US retail market waking up

6:34 - Impact of refiner backups

13:20 - China's role in silver market

15:52 - Comex silver inventories

18:10 - Next leg higher for gold, silver

19:31 - Hawkish Fed is a fiction

21:36 - Gov't should stay out of gold

26:06 - Fort Knox audit, other initiatives

32:42 - It's time to buckle up

33:30 - Outro

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