Think in Ounces, Not Dollars | David Morgan
The Deep Dive Jul 1, 2026
Summary
Count silver wealth in ounces, not dollars: a slide from $120 leaves your 150 ounces intact — the fiat exchange rate moved, not your metal.
David Morgan argues the core reason to hold physical metals is to stand outside the fiat regime, so the ounce count is what matters.
Profit-taking still makes sense because fiat remains the main payment system, even though the core position exists to escape it.
Position sizing is a sleep test: if a metals position grows large enough to cost you sleep, that is the cue to rebalance.
David Morgan's takeaways
- Top takeaway Morgan argues silver holders should think in ounces, not dollars: if you held 150 ounces through a move to the $120 mark, you still own the same 150 ounces, so nothing has been lost in metal terms even if the fiat value fluctuates.
- He says most people keep a position in physical metals precisely to be outside the fiat regime, while acknowledging that taking some profit is reasonable because fiat remains the main payment system.
- He frames price swings as a choice of perspective: investors can be upset that the price has changed, or take peace of mind from still owning the same amount of ounces, or some combination of the two.
- On position sizing, his advice as of the video is that if you own so much metal that you cannot sleep at night, you should think about rebalancing your portfolio.