- David shares how the removal of silver from U.S. coinage sparked his lifelong interest in sound money and finance.
- He argues silver is strategically indispensable due to rising industrial demand from AI, EVs, solar, and advanced technologies.
- Global silver supply has been flat to declining since 2016, creating a multi-year structural deficit.
- Most silver is produced as a byproduct of base metal mining, limiting the incentive to increase supply.
- David explains that silver trades largely as a paper derivatives market, which can suppress price discovery.
- Recent price spikes may signal a shift from paper-driven pricing to physical supply constraints in industrial bars.
- Retail investors have largely been selling into strength, while industrial demand has driven the latest rally.
- Mining stocks appear undervalued relative to higher silver prices, offering potential leverage to the upside.
- The discussion highlights how value investors and major funds may eventually rotate into precious metals equities.
- David suggests Bitcoin has evolved away from its original decentralization narrative and is now institutionally influenced.
The Silver Rocket... The Silver Party Is Just Beginning
Money Tree Investing
Money Tree Investing Podcast
4.6 • 733 Ratings
🗓️ 27 February 2026
⏱️ 73 minutes
🧾️ Download transcript
Summary
The silver party is just beginning as precious metals expert David Morgan shares his journey from early fascination with silver coin debasement to becoming a long-time financial analyst focused on the silver market. Morgan argues that silver is widely misunderstood as merely speculative, emphasizing instead its critical industrial role in AI, EVs, solar, and advanced technologies amid a structural supply deficit and declining mine output. We explore alleged market manipulation through paper derivatives and "spoofing," the growing influence of physical demand over futures pricing, and why mining stocks may be significantly undervalued relative to rising silver prices. We also deep dive into Bitcoin's impact on precious metals demand, skepticism around crypto's "freedom" narrative, and broader reflections on monetary systems, inflation, and personal responsibility in navigating an uncertain financial future.
We discuss...
Today's Panelists:
- Kirk Chisholm | Innovative Wealth
- Barbara Friedberg | Barbara Friedberg Personal Finance
- Diana Perkins | Trading With Diana
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For more information, visit the show notes at https://moneytreepodcast.com/the-silver-party-is-just-beginning-david-morgan-794
Transcript
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| 0:00.0 | Welcome to the Money Tree Investing podcast. Stock market, wealth, personal finance, value stocks, invest in your life. Hello, Smart Money Tree podcast listeners. Welcome to this week show. My name's Kirk Chisholm. I'll be your host. And today I'm joined with David Morgan. Hey, I'm doing to David. I'm doing it, David. I'm doing well. Thank you. Great. Well, glad to have you in the show. For those of you who don't know, David, David's an interesting guest. I'm glad to have them on this week. David, tell us a little bit about your background. Well, my background is kind of fascinated about money when I was a young kid, really, 11 years old. The coin has changed from silver, you know, 90% silver coins, dimes, quarters, halves. |
| 0:39.0 | It went to what I call Johnson Sl coins, dimes, quarters, halves. |
| 0:39.0 | It went to what I call Johnson Slugs, Cooper O'Nickel, getting 25 cents a week allowance, |
| 0:43.9 | and I saw the change in the coinage and got to be meaningful. |
| 0:47.4 | Silver's got to be worth more than these new ones. |
| 0:50.0 | But mostly adults around me, it's the same to pay any attention to it. |
| 0:53.7 | And so it kind of sparked an interest in how the system works. |
| 0:57.0 | And I kind of self-studied. |
| 0:59.0 | By the time I got into eighth grade, I understood how the banking system works |
| 1:03.0 | and asked questions about Constitution that was in class. |
| 1:07.0 | And I found out it can snow indoors because the teacher snowed me |
| 1:10.0 | because she didn't |
| 1:11.2 | have an answer for a while. You know, if the Constitution says we have the law says you don't have |
| 1:16.5 | to coin money, how come we're not doing that? So I could go on and on, but I'm a degree to engineer |
| 1:22.0 | Erinnell Closiering, got in the aircraft industry, both the black and white sides. |
| 1:32.2 | I was on the B1 program, the initial B1 bomber, and then I moved over to the Skunk Works that recruited me after the B1 was canceled. |
| 1:35.3 | But my heart has always been in finance. |
| 1:37.2 | And so after a fairly good career in the aircraft industry, I moved into my heart of hearts, |
| 1:43.4 | which is finance, and I've been |
| 1:45.5 | on the web as a financial newsletter writer since about 1999. And I got a pretty big following, |
| 1:52.8 | basically known as a silver expert, although that's true or false, you can pick up your own |
| 1:57.1 | mind. But I look at all the markets. I've been a student of the markets for years, |
... |
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