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Eric Sprott's CRITICAL Mid-Year 2026 Warning | Sprott Money

Sprott Money Jun 25, 2026

Summary

Sprott blames silver's January break — roughly $60 in 30 hours — on banks covering dangerous short positions ahead of massive SLV option expiries.

Six straight years of silver deficits and Eastern buying near half of world supply anchor the case that prices recover from this washout.

He sees AI budgets breaking at major companies and huge IPO issuance draining liquidity, leaving the stock market's last pillar looking fragile.

For new money he prefers silver equities and ETFs, expecting them to run fastest, and names Highcroft's 2.6-billion-ounce resource as his top holding.

Highcroft's PEA (preliminary economic assessment) pegged net asset value at $10 billion against a $2.5 billion market price, implying 300% upside.

Key points on Kinross Gold

  • Eric Sprott references Kinross only as a locator for another story, noting that Freegold's Alaska gold project sits 5 kilometres from Kinross's Fort Knox mine.

Craig Hemke's takeaways

  • Top takeaway Host Craig Hemke compares gold's pullback from about $5,500 to $4,000 with March 2008, when gold fell roughly 34% (about $1,035 to $685) in the months before the stock market crash, and asks whether history is rhyming.
  • He presents a chart pricing silver against M2 money supply — growing at its fastest year-over-year pace since June 2022 — showing the January peak matched 2011, and argues silver may therefore be close to a low.
  • He flags that total gold and silver open interest sits at multi-decade lows, that EFP volumes have collapsed from 25,000-30,000 a day in January 2020 to a couple hundred, and that about $1 billion of gold a day has been leaving Comex for delivery this month.
  • He raises whistleblower Andrew Maguire's repeated references to Jane Street and worries a large ETF player — reportedly $39 billion in profit last year and roughly 25% of all ETF trades — could knock down Comex silver to profit across hundreds of related securities.

Eric Sprott's takeaways

  • Top takeaway Eric Sprott says he still has full conviction in gold and silver despite the first-half sell-off (about $4,000 gold and $57.50 silver on the June 24 recording), pointing to debt, currency debasement and a sixth straight year of silver supply deficits as reasons prices will bounce back.
  • He argues the January 30 crash — silver down roughly $55-60 in 30 hours — was engineered, citing commercial banks' heavy short positions, repeated CME margin increases, similar interventions in 1980 and 2008, and bankers at big US institutions going to jail for silver manipulation.
  • He warns the AI trade is cracking, citing Walmart, Amazon, Meta, Uber, Cisco and reportedly Google cutting AI spending — Uber spent its 2026 AI budget in four months — plus large IPOs and bond issues draining stock market liquidity, and advises staying out of AI-levered trades.
  • He expects Asian demand to overwhelm supply, citing 164 tonnes of May gold imports into China (about 2,000 tonnes annualized against roughly 4,000 tonnes of total supply including recycling), Indian demand, and China's July 1 launch of gold bank accounts.
  • He says his first new purchases will be silver stocks or silver ETFs, describes himself as a patient long-term holder who rarely sells, and dismisses Bitcoin in favor of gold and silver.