David Morgan - "Paper Won Last Battle, but Physical Silver will Win"
19 February 2026

David Morgan - "Paper Won Last Battle, but Physical Silver will Win"

Reinvent Money

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Paul Buitink talks to silver guru David Morgan, author and publisher of The Morgan Report.They discuss what's happening with the silver price and whether there is still a bull case for silver. David explains the forces behind the drop. Paper won this last battle. Physical will win the next.David also discuss the Chinese Newyear, physical shortages at the CME, LBMA and Shanghai.He explains why silver is in such high demand, who is buying it and whether there is a substitution risk with for example copper.At the end he lays down the bull case for gold as well in a time where the dollar is weaponized.Follow David Morgan here:https://x.com/silverguru22https://www.themorganreport.com/blog/Follow Paul on X here:https://x.com/paulbuitinkTimestamps:0:00 Intro1:17 Bio David Morgan4:03 David's analysis of silver's price fall: correction or manipulation?7:18 Silver price forecast8:12 Impact of Chinese newyear9:01 Four phases of investing: pessimism, skepticism, optimism, euphoria11:13 Physical versus paper silver14:04 Why bullion banks and govt want to manage the silver market22:48 Physical shortages in silver (CME, LBMA and Shanghai)26:34 Where is the silver going to33:05 Are nations stockpiling silver34:53 Silver vs copper and pain levels for solar producers39:41 The bullish case for gold and the role of the dollar42:44 Outro