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SILVER Manipulators Failing - Move Back to $120 Will Be 'Very Quick': Mario Innecco

Commodity Culture Sep 3, 2026 38:45

Summary

Mario Innecco reads silver's defense of the $70 level by paper markets as a delaying action, expecting the next leg back to $120 to be fast.

He flags the persistent Basel III tier-one narrative and a roughly 12% Shanghai silver premium as evidence that physical demand is outrunning paper selling.

The guest argues a US Treasury gold revaluation, last done in 1973, would add balance-sheet liquidity but would debase the dollar against real goods.

He calls mining equities undervalued versus gold and broad stocks, yet recommends keeping most savings in physical metal and using miners as a smaller speculative sleeve.

He warns that tungsten supply is roughly 85% controlled by China and North Korea, a Western vulnerability now drawing UK government investment in domestic projects.

Key points on Agnico Eagle Mines

  • The guest lists Agnico Eagle among the major mining names still seen as undervalued relative to the price of gold and silver.
  • He implies Agnico Eagle belongs in a portfolio anchored by physical metal, with miners treated as the more speculative slice.

Key points on Barrick Mining

  • The guest calls Barrick one of the 'good companies' among the major precious-metals miners, citing its dividend and 'huge' cash flow.
  • He frames the majors like Barrick as 'liquidity providers of the future system' if gold and silver are re-anchored as reserve assets.

Key points on First Majestic Silver

  • The guest describes First Majestic as one of the 'good' major silver producers, paying dividends and generating 'huge' cash flow.
  • He treats First Majestic as undervalued versus the silver price and expects a metal-price re-rating to be the main catalyst for the major silver miners.

Key points on Newmont

  • The guest counts Newmont among the major miners he views as 'good companies' with dividends and large cash flow.
  • He considers Newmont and the other majors still deeply undervalued versus both gold and the broader equity market.

Key points on Wheaton Precious Metals

  • The host names Wheaton as one of the major royalty and streaming companies that have appreciated but remain undervalued versus the underlying metals.
  • Wheaton is implicitly endorsed by the guest's broader positive stance on the major and royalty-style names, even though he names a different private royalty company ('Chancery Royalty') as his personal holding.

Mario Innecco's takeaways

  • Top takeaway Argues that bullion banks and CFTC paper-shorting are defending the $70 level in silver, and that a break to $120 could come in 'maybe 4 or five days' rather than another 45-year wait.
  • Says the US is in a 'desperate' fiscal position and expects a layered statutory gold revaluation (starting around $4,000) as the most likely policy response, which would be 'massively bullish' for gold and the miners.
  • Views the major gold and silver miners as still heavily undervalued versus the metals — even relative to the 1980s–2000s bear market — but treats them as a speculative slice of a portfolio built mostly on physical metal.
  • Warns that in either a deflationary collapse or a money-printing 'crack-up boom', physical gold and silver (and miners) would hold up far better than tech and other risk assets that have run since the early 1980s.
  • Advocates a portfolio anchored by physical gold and silver, supplemented with miners and selective natural-resource bets (tungsten, oil), and notes he joined the board of a private royalty company called 'Chancery Royalty'.

Nomi Prins's takeaways

  • Top takeaway Cited by the guest as his source for the idea that silver could be treated like gold under Basel III rules and reclassified as a 'tier one' reserve asset for banks — a development he calls 'very constructive' for the price.

Matthew Piepenburg's takeaways

  • Top takeaway The guest credits Piepenburg with the thesis that allowing gold to rise toward $20,000 (rather than an instant revaluation) would add $5 trillion+ of capital to the US balance sheet to help address the debt burden, a view the guest largely agrees with.