Video News/In Focus with Jeremy Szafron

A historic decoupling is underway. The physical precious metals market is showing signs of breaking away from the paper price, and the consequences could be permanent. In this exclusive, all-encompassing interview, Kitco News Anchor Jeremy Szafron sits down with Scottsdale Mint Founder and CEO Josh Phair, who, in his last appearance in February, correctly predicted that tariffs would be the next major story to rock the physical market. Now, with the market still reeling from the chaos of a surprise U.S. Customs ruling that threatened Swiss gold with a 39% tariff, Josh Phair returns to provide the ground truth. He reveals how the tariff threat caused a "freeze" across trading desks and has "permanently changed how people source their metal". Phair gives a stunning critique of the Western gold market, arguing London is "no longer the top jurisdiction to hold your metal in anymore" as physical gold migrates East to meet demand. He also provides a new, powerful thesis for silver, explaining how its role as a "critical mineral" for military and industrial use has created a new, non-discretionary demand floor. This is a masterclass on the fragility and radical restructuring of the global bullion market that every serious investor needs to see.