The Deep Dive, Released on 5/19/26 (Recorded on 5/14/26)

In this conversation with Craig Hemke of TF Metals Report, we discuss why gold and silver have held up far better than many expected despite inflation pressure, rising oil, and central banks being trapped between a weak economy and higher rates. Craig explains why he believes negative real interest rates remain the key driver for gold, why silver may be acting differently this time, and why the lack of mainstream interest in mining stocks could mean this bull market still has much further to go. We also get into the January silver spike and why this cycle may not be playing out like prior blowoffs, how China and India may be changing the silver picture, why retail still has not shown up in size, and what it would take for mining shares to catch up to the move in the metals. If you value real mining conversations without the usual noise, subscribe to the channel and share this with someone else who takes this market seriously. That support helps us keep bringing on guests like this and asking the questions that matter.

0:00 Intro
1:19 Why Precious Metals Have Held Up
3:42 The Central Bank Trap
7:20 Is Silver Acting Different This Time
12:31 Why Silver Still Looks Tight
16:18 What Real Mania Would Look Like
19:51 Why Most Investors Still Don’t Get Gold
24:10 Why This Bull Market May Still Be Early

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.

  Craig Hemke, economy, gold, investing, mining, precious metals, silver