DAVID MORGAN: Navigating Volatility and Silver’s Future!
In a wide-ranging conversation with Money Metals' Mike Maharrey, renowned precious metals analyst David Morgan offered a sobering yet insightful look at current market volatility, global economic tensions, and the long-term outlook for silver and gold.
Morgan, publisher of The Morgan Report and author of The Silver Manifesto, shared deep analysis on monetary trends, geopolitical risk, and the evolving role of silver in the global economy.
Metals Resilience Amid Market Chaos
Reflecting on the previous week’s market turbulence, sparked largely by escalating trade tensions and a partial reversal by the Trump administration, Morgan expressed surprise not at the initial drop in gold and silver, but at how swiftly both metals rebounded. Silver, in particular, suffered a steep decline of around 14%, yet bounced back with unexpected strength.
“It’s signaling strongly that gold and silver certainly have a long ways to go,” said Morgan, referencing renewed investor interest and a fundamental shift in asset allocation trends.
Beyond the Tariffs: Structural Economic Weakness
While much media coverage has fixated on tariffs, Morgan emphasized that the economic problems go far deeper. He highlighted America's systemic dependency on China for key resources such as rare earth elements, pharmaceuticals, and even some military components, calling it a “national security issue.”
Morgan argued that the global economy is in a contraction phase, regardless of trade policy, and that increasing the money supply amid shrinking goods and services is a textbook path to hyperinflation.
“Tariffs are more of a trigger,” he said, “not the cause.”
Trump, Volatility, and Investor Strategy
Maharrey and Morgan discussed how President Trump’s unpredictable negotiation style — likened metaphorically to “slapping someone in the face before a handshake” — has amplified market volatility. The VIX recently spiked into the upper 50s, nearing levels seen during the pandemic.
Morgan urged investors to remain calm and pragmatic.
“The trend is your friend,” he advised. “Shift gradually — reduce stock exposure, increase commodities exposure. You don’t have to get all in or all out overnight.”
He emphasized that the broader trend shows equities weakening while gold begins a significant uptrend — a shift already visible in institutional behavior.
Dollar and Treasury Weakness: A Turning Point?
Another surprise for many was the simultaneous sell-off in both the U.S. dollar and treasuries, traditionally seen as safe havens. Gold, by contrast, held its ground.
Morgan cited Exter’s Pyramid to explain the shift, noting that as trust in fiat assets erodes, liquidity flows to gold, the ultimate form of real money.
“The run to gold has begun,” Morgan declared, citing central bank accumulation as a stealth signal that the revaluation of gold is already underway.
CONTINUED…
READ THE DAVID MORGAN ARTICLE HERE!
Feel free to share with your friends and colleagues!