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Silver: Manipulation or Fundamentals?
Episode 135

Silver: Manipulation or Fundamentals?

Minor Issues · Mises Institute

November 8, 2025

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Show Notes

Is silver “manipulated,” or are fundamentals doing the work? Mark Thornton sifts the evidence and finds a simpler story. Big players have gamed markets before, but the long arc of silver prices reflects structural forces: the 1960s demonetization that pushed vast coin hoards into private stockpiles, decades of shifting industrial demand, and the rise of by-product mining. Add environmental compliance and hard-to-recycle “green” uses that sequester silver, and the result is stubbornly low real prices.

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Topics

Money and BanksProtectionism and Free TradeU.S. Economy