Why Buy Gold & Silver Before the Next Market Shock - Andrew Sleigh | Sprott Money
Sprott Money Jul 10, 2026
Summary
New physically backed metals exchanges in Hong Kong and Singapore could restore honest price discovery, the market process that actually sets prices.
The guest expects gold near $3,600 and silver in the $50 to $54 range, and advises buying in small weekly increments rather than timing the bottom.
Gold dipped even as US-Iran strikes escalated, which margin calls, Turkey's reserve sales and soft retail demand help explain.
Private equity funds capping redemptions points to a liquidity risk investors should watch in mutual funds, which face far larger withdrawals.
His case for metals rests on currency debasement: every fiat currency eventually fails, leaving hard assets as the lasting store of purchasing power.
Andrew Sleigh's takeaways
- Top takeaway The guest is bearish on metal prices in the very short term but bullish on buying weakness: at the 10 July 2026 recording he points to a possible $50-54 zone for silver and gold potentially reaching $3,600-$3,700 per some analysts, and advises nibbling into declines in small tranches rather than trying to catch the exact bottom.
- He reads the suspension of Chinese banks' retail paper gold trading after 24 July as preparation for the newly opened Hong Kong Metals Exchange, whose paper contracts he says are 100% backed and deliverable in physical metal, rather than as a bearish signal.
- He expects the physical bullion exchanges in Hong Kong, Singapore, Warsaw and St. Petersburg to create competition for COMEX and the London LBMA, which he accuses of pushing prices down and undermining real price discovery, and says New York and London will eventually lose.
- Asked why gold fell to a two-week low while US-Iran strikes escalated, he points to margin calls across investment accounts, Turkey selling a large portion of its gold holdings, and months of weak retail physical demand, even though institutional and central bank demand has been strong.
- He says a global reset is already under way behind the scenes, treating the Iran conflict and swings in the oil price as cover stories with no near-term peace talks, and expects real market problems to show up in September 2026.
Kellen Ainey's takeaways
- Top takeaway The host sets the episode's news agenda: Chinese banks suspending retail paper gold trading after 24 July, and gold reaching a two-week low even as US-Iran strikes escalated.
- He puts the redemption math on the record, citing BlackRock and JPMorgan Chase as managers allowing roughly 5% of redemptions a year against 15% withdrawal requests, and notes that one manager suspended liquidations for four years.