LIVE Q & A WITH MILES FRANKLIN
Miles Franklin hosts a live Q&A discussing precious metals market dynamics, delivery records on COMEX, geopolitical tensions affecting gold prices, and predictions for gold and silver by year-end 2026. Guests analyze the impact of the Iran peace deal, AI developments, and potential July 4th government announcements regarding gold-backed treasuries.
Summary
The episode opens with hosts discussing whether current market conditions represent a significant turning point for precious metals. They note that gold has breached and recovered above the 200-day moving average, a technical milestone. The hosts discuss an Iran peace deal signed as a memorandum of understanding, expressing skepticism about its long-term viability given divergent positions between Iranian media statements and Trump administration demands.
A major focus is unprecedented COMEX delivery volumes. In 2026, December saw 65 million ounces of silver delivered, January 49.4 million ounces, and February set records with 25.1 million ounces delivered. The January-May 2026 total of 169.3 million ounces already exceeds the entire 2023 calendar year of 203 million ounces. For gold, similar patterns emerge with February delivering 40,711 contracts (4.7 million ounces) and January-May totaling 98,720 contracts. The hosts interpret these unusual physical delivery preferences—entities standing for delivery rather than cash settling—as signals of confidence in physical metal over paper promises.
The discussion pivots to monetary supply concerns. M2 money supply has grown from roughly $4 trillion in 2000 to nearly $23 trillion in Q1 2026, a 400% increase. Notably, gold as a percentage of total M2 money supply currently stands at 171%, matching only two other historical periods: 1934-1935 and 1980, both associated with loss of confidence in government policy.
Guest Michelle McCrory joins to discuss silver's industrial applications, particularly regarding SpaceX's data center expansion in space. SpaceX's recent IPO valued the company at $2+ trillion, making it one of the largest companies globally. The hosts note that silver is essential for SpaceX's planned space infrastructure, particularly for heat dissipation in space environments where oxidation concerns don't apply. Silver's investable supply above ground is estimated at only 2.5 billion ounces—approximately 5 years worth at current consumption rates.
Price forecasts for year-end 2026 vary significantly among analysts. Wells Fargo predicts gold at $8,000 (nearly doubling from current levels), Morgan Stanley at $5,200, and Goldman Sachs at $5,400. UBS takes a more conservative stance at $3,850-$4,000. The hosts predict gold reaching approximately $5,500 by year-end 2026, with expectations of $7,000+ in 2027 and potentially exceeding $10,000 by 2028. For silver, predictions range from the hosts' $125-$135 target to Michael Oliver's more aggressive $300-$500 projection.
A significant portion addresses potential July 4th announcements regarding gold-backed treasuries. Paul Winfrey, appointed as an advisor to the Federal Reserve Chairman, has advocated for gold-convertible treasury instruments and parallel gold standards. The hosts discuss the possibility of Trump announcing gold-backed 50-year treasuries on July 4th, estimating 50/50 odds. Such an announcement would represent a major policy shift supporting domestic manufacturing and monetary reform. The hosts suggest this could be part of "Project Vault," an initiative to establish strategic silver and gold stockpiles and implement price floors to incentivize domestic mining.
The discussion also covers digital applications for precious metals, including Tether (which has accumulated significant gold holdings) and Paxos, as potential infrastructure for commodity-backed digital ecosystems. The World Gold Council reportedly issued guidance on making these platforms interoperable.
Concerns about market liquidity are raised regarding upcoming IPOs for Anthropic and OpenAI, each potentially valued near $1 trillion, which could drain capital from other sectors. However, the hosts argue precious metals would be less affected than equities, as AI investment and precious metals represent different investment ideologies.
About this episode
👍 Like, 🔔 Subscribe, and Stay Informed Join Miles Franklin Media for expert interviews, market insights, and real-time coverage of gold, silver, Bitcoin, and global economics. Hit the bell to get notified the moment new content drops – don’t miss a move in the markets. ___________________ Miles Franklin: 📞 Call us: 1-952-929-7006 📧 Email us: [email protected] 🔗 Website: https://milesfranklin.com/ ▶️ YouTube: https://youtube.com/MilesFranklinCo?sub_confirmation=1 📱 X: https://x.com/MilesFranklinCo 📸 Instagram: https://www.instagram.com/milesfranklinmedia/ 💼 LinkedIn: https://www.linkedin.com/in/miles-franklin-9a6632369/ 📘 Facebook: http://fb.com/MilesFranklinCo 📩 For media inquiries, contact: [email protected] 📺 About Miles Franklin Media Join Miles Franklin Media for unfiltered financial and economic news and insights. Through expert interviews and real market intelligence, we cut through the noise and challenge the mainstream narrative. Anchored in the principles of sound money, we uncover the truth about money, markets, macroeconomics, geopolitics, and power – delivering credible insights to help you protect your wealth, future, and freedom. 🏦 About Miles Franklin Miles Franklin is a trusted leader in wealth preservation, with over $11 billion in precious metals sales since 1989. Specializing in gold and silver, we help clients safeguard their wealth with real assets that stand the test of time. ___________________ Disclaimer: The views and opinions expressed in this video are those of the individual speakers and do not necessarily reflect the views of Miles Franklin Precious Metals, its affiliates, owners, anchors, producers or hosts. This content is provided for informational and educational purposes only and is not intended as financial, legal, or investment advice. Nothing said in this video should be construed as a recommendation to buy or sell any financial asset. You should always consult with a qualified financial advisor, legal professional, or tax expert before making any investment decisions. Investing involves risk, including the potential loss of principal. By watching this video, you agree that neither the hosts, guests, nor Miles Franklin Media are responsible for any investment decisions you make based on the information presented. Use of this content is at your own risk.
Key Insights
- COMEX silver deliveries in January-May 2026 totaled 169.3 million ounces, exceeding the entire 2023 calendar year total of 203 million ounces in just five months, representing a 45% increase over all of 2023 in half the time period
- Entities are standing for delivery of physical numbered bars instead of accepting cash settlement, with June 2026 already showing $12-13 billion in gold deliveries in the first 10 days, suggesting unusual preference for physical possession
- Gold as a percentage of M2 money supply currently stands at 171% in 2026, matching only two other historical periods: 1934-1935 and 1980, both associated with loss of confidence in government policy and monetary systems
- Only approximately 45% of all mined silver is investable, with the remainder used and destroyed in industrial applications; of that, roughly 2.5 billion ounces exists above ground, representing only approximately 5 years of supply at current consumption
- SpaceX's $2+ trillion market cap company requires massive quantities of silver for space-based data centers, yet silver continues trading at current levels despite this emerging mega-demand source that hasn't been priced into the market
- Real inflation measured independently over the last decade, including food, energy, and housing, averages approximately 11% annually, yet this is substantially higher than official CPI figures that exclude these essential categories
- M2 money supply has grown from approximately $4 trillion in 2000 to nearly $23 trillion in Q1 2026, representing a 400% increase over 26 years
- Paul Winfrey, recently appointed as advisor to the Federal Reserve Chairman, advocates for gold-convertible treasury instruments and parallel gold standards that would allow gold backing to constrain government spending without full currency replacement
- Gold's previous 50% retracement from 1,800 to 5,500 suggests a support level around 3,650, and current testing of the 200-day moving average combined with low open interest indicates potential for significant upward movement with minimal resistance
- Authorized participants can quietly redeem ETF shares for physical metal without COMEX transparency, then move the metal to COMEX to cover short positions, making deliveries appear as internal transfers rather than new demand
- Tether has purchased more gold in the last two years than any entity except Poland, and continued gold purchases by Tether and other fintech platforms would systematically devalue the dollar while appreciating gold without direct government action
- The Clarity Act, expected to pass by July 4th, would allow fintech companies to offer rewards rather than interest on deposits, addressing banking industry concerns about deposit migration while supporting stable coin dominance
Topics
Transcript
[0:03] [music] [music] [music] Welcome back. We are live at the Miles Franklin Q&A. Uh, as you see, I am sitting here solo right now, but that I [0:33] hear him screaming, so he's on his way. Um, I don't think we can ever get it right. No matter what we do, no matter what time we do it, I just don't think that we can actually ever There's Jean in the corner. Um, yeah, I just don't think we can ever get it right. Uh, but getting down to the nitty-gritty. Um, could this be it? Could this be the turn uh that we've been waiting for? Uh, so we breached the 200 day moving average. We are now…
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