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New Hong Kong GOLD System Changes Everything - 'This is a BIG DEAL': Eric Yeung

Commodity Culture Jul 11, 2026

Summary

Hong Kong's new gold clearing house could shift global gold trading toward physical settlement, challenging the paper-heavy LBMA (London Bullion Market Association) market.

The guest expects the new hub to run 50-70% physical backing, versus roughly 99 paper claims per physical ounce in London.

India's mid-May restrictions on purified silver imports drove silver from the mid-80s to the high-50s; a reversal could restore the mid-80s.

China's CIPS payment system saw daily volumes jump roughly 50% since the Iran war began, steering surplus yuan toward gold reserves.

Miners still price in lower metals despite record earnings; the guest suggests gradual positioning and keeping cash for a sell-off.

Michael Oliver's takeaways

  • Top takeaway The host credits Oliver with the biggest silver call made on the show: $300 to $500 silver in 2026.

Eric Yeung's takeaways

  • Top takeaway Yeung argues Hong Kong's new HKPMCC-cleared OTC gold market is a more serious attempt than the Shanghai Gold Exchange International to attract foreign capital, and he expects 50-70% of its contracts to be physically backed versus roughly 99-to-1 paper-to-physical at the LBMA.
  • He contends India's mid-May restrictions on purified silver imports removed the market's marginal buyer and drove silver from the mid-$80s to the high-$50s, and that reversing the policy could send silver back to the mid-$80s.
  • He says silver can regain $100 and revisit $120 by year-end only if gold first breaks out of its $450-490 range, and he declines to back $300-500 forecasts.
  • He argues the US government wants higher silver prices to move refining onshore ā€” about 70% of global silver refining is done in China ā€” citing the Pentagon and JPMorgan's planned Tennessee smelter and planned minimum prices for critical minerals.
  • He expects China to keep expanding the Hong Kong gold hub, likely via a gold Southbound link, and points to CIPS daily volumes jumping about 50% since the Iran war began as steps toward a BRICS and Global South alternative to the US dollar.

Peter Schiff's takeaways

  • Top takeaway The host recalls Schiff's earlier call on the show for $200 silver.

Ed Steer's takeaways

  • Top takeaway The host recalls Steer saying to 'pick a number': silver will reach levels we cannot imagine once paper manipulation is cleared out.

Matthew Piepenburg's takeaways

  • Top takeaway The host recalls Piepenburg's earlier call on the show for $300 silver.

Jesse Day's takeaways

  • Top takeaway The host presses the case that gold and silver miners look undervalued, barely outperforming the metals despite record producer earnings and falling share prices.
  • He asks whether investors should hold extra cash for an AI-bubble sell-off that would drag down even high-quality names, and he frames China's CIPS as a potential SWIFT competitor.