Kinesis Money, Released on 2/6/26

In this week’s Live from the Vault, Andrew Maguire reviews what he calls the largest derivative-driven intervention since 2008 before welcoming Craig Hemke, highlighting extreme margin hikes and record bid–offer spreads that hid severe shortages. Despite the engineered sell-off, Shanghai premiums stayed high, speculative positions were cleared, and institutional buying continued, reinforcing Andrew’s view that gold and silver remain on track within a strong bull market amid currency debasement.

00:00 Start
01:24 100% derivative-driven silver and gold sell-off explained
05:09 Bailout triggered to prevent collapse due to silver shortage
10:26 Central banks and sovereigns return to buy during London Open
18:25 Large institutional and central bank buying: China, Singapore, India
24:09 Craig joins; market bailout and physical vs paper
32:26 Perfect storm: margin calls, first notice day, derivative sell-off
38:39 Hedge funds washed out; COMEX gold & silver at eight-month lows
41:23 Momentum speculators and the bubble pop; physical vs screen prices
48:19 Physical markets dominate; COMEX influence wanes
54:15 Central bank demand and recurring 20% rallies; outlook remains bullish
1:01:19 Silver rally, central bank demand, and the importance of auditing US gold

Known primarily by his nickname “Turd Ferguson,” Craig Hemke is the founder and editor of the popular TF Metals Report blog and podcast, covering precious metals, the financial markets, and greater economic trends.

Andrew Maguire is an Independent London Metals Trader and Analyst, internationally renowned for his unique ability to read the precious metals market with the knowledge and experience gained over 35 years trading in financial and commodity markets. Andrew sits on the advisory board of a global physical bullion exchange and is a consultant advisor to many international hedge fund managers, bullion banks, directors and metal traders globally.

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  andrew maguire, Craig Hemke, gold, silver