In this new episode, Jan Skoyles separates myth from mechanism to explain what’s really happening behind the headlines. Silver’s recent surge isn’t a scandal it’s a system under strain.
Jan explains how the century-old silver market clears demand, why shelves can look empty when bars are plentiful, and what backwardation, lease rates, and spreads are really telling us.
In this video:
Why spot silver is trading above futures and what “backwardation” means
Why lease rates, spreads, and airfreight all signal the same thing: stress, not scandal
How retail shortages differ from wholesale supply
Why industrial demand is colliding with investment demand
What to watch next as the system rebalances
This isn’t a tale of villains or manipulation it’s a practical look at how real metal moves through a complex global network under pressure.
On Tuesday, 21st October 2025, we’ll be hosting a live conversation about what record-breaking gold and silver prices really mean. It’s titled “Gold at $4,000, Silver at $50: Peak or Turning Point?” which captures the mood of the moment.
Gold has climbed more than 50% in a year and silver has broken through levels not seen for more than a decade. Some say this is the peak. Others believe it is the market quietly rewriting the price of money itself.
Disclosure: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation ...
Disclosure: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.
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