What snapped the system was the movement of 235 million ounces from London to New York at the end of 2024 and the beginning of 2025.

And what we've seen there basically is a empty barrel in the London markets

where all these billions of ounces of claims still sit.

And the world is going to become very local, Sean, and I think it's going to become very local in 2026.

The London and New York markets are going to become increasingly irrelevant as it becomes

clearer even to the most asleep people out there that they are selling promises and

not selling actual goods and that you can inflate promises to infinity.

You can increase them without limit, and that's what has happened over the decades.

And now the fraud is folding in on itself.

Hey friends, welcome back.

Happy New Year.

This is the first broadcast of 26 and my final interview of 2025.

We recorded this one on the 31st.

Now, as you're hearing this, the overseas markets are probably open.

And silver could be up four bucks.

Could be down four bucks.

But it doesn't really matter because the vault doors are slamming shut.

This is one of the biggest stories of 2026 and beyond. Got Physical? Before we start, just a quick word about a valued sponsor which sells tangible assets.

If you're over 40 and planning to retire someday, the window to protect what you've built may be smaller than you realize.

Here's a question most people never ask.

Is your portfolio built for what's coming next?

The debasement of our currency?

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