Founders Sunday Talk

This is a free preview of a paid episode. To hear more, visit vblgoldfix.substack.comGood Afternoon. Find attached Sunday’s Founders conversation which was well attended and discussed multiple topics on the precious metals:Here’s a very broad topical outline. (Search the transcript for keywords to get where you want) * Analyst reversal and Shanghai vs London pricing shift* Spot–futures mechanics, carry, and correlation breakdowns* Leasing, contango to backwardation, and squeeze dynamics* Bullion bank hedging behavior and rolling shorts* Rising lease rates as the stress signal* Free float tightness in London and delivery pressure* SLV intake, allocation questions, and ETF flow impacts* JP Morgan’s central role vs other bullion banks* Basel III effects on gold vs silver market structure* Inter-dealer network behavior and liquidity withdrawal* BIS interventions and the 51 level as a tactical pivot* Open interest patterns and Friday CFTC data quirks* Resolution paths for the basis and EFP spread* COMEX settlement vs SLV pricing importance* Geopolitics and policy levers including tariffs and critical minerals* Historical analogies and case studies used to frame risk* Short-term risk controls such as margins and force majeure scenarios* Cross-asset notes on equities, crypto, and liquidity signals