Author of “The Silver Manifesto,” David Morgan, told Cambone that this isn’t another isolated currency wobble—it’s global. If the U.S. dollar takes a real hit, he argues, there’s little shelter outside monetary metals. For liquidity, gold and silver remain the go-tos.
He calls gold a barometer rather than a thermometer: It doesn’t tell you how hot it is—it signals what’s ahead. With gold printing record highs, he places markets in an “acceleration phase,” the late stretch where most gains arrive in the least time, and fear of missing out (FOMO) does the rest.
Gold price on Oct. 2, 2025.
Morgan floats a hypothetical glide path: gold cleared $2,000, neared $4,000, and—if momentum holds—could push toward $6,000–$8,000 by mid-2026. Late entrants using futures leverage, he warns, can make or lose “retirement money” in months. That’s the mania zone, where discipline matters most.
The warning lights aren’t subtle: debt, geopolitics, and aging portfolios. Fear is the stronger catalyst, he says—fear of shrinking purchasing power and pricier groceries.
One tell he flags: stocks and gold rising together. Because gold usually moves opposite equities, a slide in the S&P could send bullion into overdrive. If it’s strong while stocks are strong, he asks, how strong could it be when stocks stumble?
Silver price on Oct. 2, 2025.
Silver, he argues, carries the torque. Industrial demand has climbed from roughly a third of use to as much as 60%–70% even as mined supply rose from about 550 million to 850 million ounces. The market has run years of deficits, patched by above-ground drawdowns. If 1% of $7 trillion in money-market cash chased silver, that’s roughly two years of mine output.
He adds two caveats: exchanges tend to hike margins during moonshots, and shakeouts are standard issue—think a whipsaw from $47 back to $40.
Globally, he says “follow the gold”: flows from West to East hint at a power shift. At home, he laments widening social fractures, arguing that debased money cheapens civic life—and that integrity, not political idols, is the foundation worth defending.
“What made America great, I said this way before the MAGA thing, was that we had high integrity,” Morgan said.
He added:
“And I try to shout it out. It was integrity that made America. That we have a set of laws that are the same rules, laws, accountability for everybody. Everybody’s treated the same. It doesn’t matter if you’re a senator or, you know, a janitor. does not matter. Well, it does matter now.”
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