Silver: Could We Soon Run Out? What You Need To Know | Don Durrett

Liberty and Finance Jul 5, 2026

Summary

Silver deficits averaging over 100 million ounces for five years stem from investor demand, and the guest expects genuine physical shortages ahead.

Gold's 29% correction from 5,600 mirrors past bull-market pullbacks; he expects one more dip below 4,000 before a year-end rally.

The guest's key signal is the gold-to-S&P 500 ratio: above 0.77 would mark rotation into metals and the next miner leg.

He argues US deficits near $2 trillion yearly create a doom loop, making Fed monetization, recession, and a gold fear trade likely.

Silver follows gold as a monetary metal: he targets roughly $150-175 silver and 8,000-plus gold over the next three years.

The guest says Hecla trades under $20 as of the interview and expects most investors will end up buying it at $40 to $60 instead of accumulating early in the bull market.

The guest notes Newmont trades at about a 10x free cash flow multiple and argues fair value is nearer 15x once investors embrace the mining trade.
He expects a second phase in which sentiment pushes Newmont to a 15 to 20x multiple as the next leg of the bull market develops.

Top takeaway Durrett argues the gold bull market is intact despite the roughly 29% correction from January's $5,600 peak, and expects one more dip below $4,000 before a second leg up begins around November 1, 2026.
He expects gold near $8,000 within 36 months, calling that conservative, and sees silver following to a $150 to $175 target area as the gold-silver ratio compresses into the 30s.
He predicts real silver shortages ahead: five straight years of deficits averaging over 100 million ounces, driven by investor demand rising from about 20% to 30% of supply, with an eventual corporate announcement that a plant must shut for lack of silver.
He argues the US is already at a doom loop, with $2 trillion annual deficits and $1 trillion in interest payments, and expects a recession to begin in 2026 that the Fed cannot fix, like Japan's lost decade.
He turned bearish oil after the Iran war showed ample supply, expecting a $50 or even $40 price within 12 months, and sees AI as a near-term net negative that kills jobs and drains liquidity rather than saving the economy.

Top takeaway Durrett cites Kevin Warsh's claim that AI will act as a deflator but disputes the timing, arguing it may only hold late this decade, not within the next two years.

Top takeaway As host, Johnson presses on downside targets, what would confirm the correction is over, and what move investors will regret not making by July 2027.
He flags a flipped physical dynamic at $100-plus silver, where costly hedging left dealers with a glut that was hard to sell, and asks whether scarcity returns in the next stage of the bull market.