Silver’s Final Phase: Why $100 Was Only the Beginning | David Morgan

Silver is witnessing a profound structural shift as the physical market begins to exert dominance over paper pricing mechanisms. In this deep-dive interview, recorded on February 11, 2026, Jeremy Szafron, Anchor of Kitco News, sits down with David Morgan, publisher of The Morgan Report, to analyze the "plumbing" of the global silver market.Morgan breaks down the sustained $10 Shanghai premium, the impact of the CME’s margin hikes on COMEX volatility, and why the silver market is entering a "cash-only" phase. They also discuss the massive 40-million-ounce silver accumulation in India and why platinum is currently offering a rare 25-year value opportunity relative to silver.Key Topics Covered:-The Shanghai Divergence: Understanding why the $10 premium persists and what the SHFE’s new hedging quotas mean for global supply.-COMEX Under Pressure: How 15% margin requirements are flushing out leverage and shifting the market toward physical delivery.-The India Factor: Analyzing the 40-million-ounce surge in Indian silver ETFs and its impact on global mine supply.-The "Final Phase" Thesis: Why Morgan believes we are in the final 12 to 24 months of a historic cycle peak for precious metals.-Platinum’s Value Play: Why the rarest noble metal is sitting at a multi-decade low against silver.00:00 Introduction and Market Overview 00:06 Shanghai Silver Premium Explained 00:49 David Morgan's Insights on Silver Market 01:05 Silver Market Dynamics and Arbitrage 02:22 Comex and Shanghai Market Comparison04:10 Physical vs. Paper Silver Market 15:08 Impact of Margin Requirements 21:58 Speculative Exposure and Market Stress 25:10 Market Reactions to Regulatory Changes 25:48 Public and Institutional Trading Dynamics 26:57 Industrial Demand and Price Sensitivity 29:25 Gold-Silver Ratio and Market Predictions 32:23 ETF Accumulation and Global Demand 35:31 Macroeconomic Factors and Precious Metals 37:47 Technological Innovations and Market Impact 39:43 Platinum Market Insights 40:56 Future Outlook and Investment Advice 49:24 Concluding Thoughts and Final Advice#Silver #DavidMorgan #KitcoNews #Gold #SilverPrice #ShanghaiPremium #Comex #Investing #PreciousMetals #Platinum #MarketStructure #FinanceNews__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.