Where Is The Bottom For Gold & Silver? | Andy Schectman

Current declines in gold and silver prices function as a tool of misdirection, masking record-breaking physical demand and strategic accumulation by sovereign entities. Institutional and sovereign players are prioritizing physical ownership over paper promises, evidenced by record COMEX deliveries—nearly 34,000 silver contracts and 99,000 gold contracts in early 2026. Central banks continue to aggressively accumulate gold, with actual purchases far exceeding official reports, signaling a systemic shift away from dollar-denominated reserves. Furthermore, the U.S. Mint’s issuance of high-premium commemorative coins and policy discussions regarding gold-backed treasury instruments suggest a potential, gradual reintegration of gold into the global monetary system. Investors currently facing losses can utilize a "precious metals tax swap" to book tax losses while maintaining their physical holdings, as commodities are exempt from standard securities-based wash rules.