Video News/In Focus with Jeremy Szafron

David Morgan, Founder of The Morgan Report and author of The Silver Manifesto, says the silver market is undergoing a structural transition as physical demand increasingly influences pricing dynamics. Speaking with Kitco News anchor Jeremy Szafron, Morgan examined the sustained premium in Shanghai trading, ongoing volatility on COMEX, and the mechanics of global silver arbitrage. He discussed how margin adjustments and shifting leverage conditions are affecting futures positioning and physical delivery trends. Morgan also highlighted rising silver accumulation in India, including significant ETF inflows, and assessed how those purchases interact with global mine supply. He outlined his view that the market is entering a late-stage phase of the current cycle and evaluated the gold-silver ratio in that context. In addition, Morgan compared silver’s positioning with platinum, describing relative valuation conditions that he believes warrant attention within the broader precious metals complex.