Video News/In Focus with Jeremy Szafron

A massive physical drain is accelerating in the silver market, says bullion bank veteran and author Robert Gottlieb. Speaking with Kitco News Anchor Jeremy Szafron, the former executive and author of Mastering Gold and Silver Markets detailed that 29 million ounces have left COMEX vaults in just two weeks, warning that the market may need “150 million ounces to normalize.” Gottlieb believes these dislocations are exposing deeper structural issues, as central banks diversify away from the dollar and drive a “different kind of rally” in gold. Gottlieb’s forensic research has mapped the widening gap between paper and physical prices, which he describes as the most significant in decades. He also warned that platinum’s supply picture “may be even more dire than silver,” citing weak mine output and underreported industrial drawdowns. The conversation offers a rare insider’s view into how the bullion banks interpret today’s shortages, and why he believes the system is entering a new phase of stress.