Executive Global
®
Productivity | Strategy | Profitability
The tide has turned. And spectacularly.
But 2025 will be remembered as the year when that illusion finally cracked. The markets are now facing the first honest accounting in generations. Silver, long dismissed as the “poor man’s gold,” is marching toward $100 per ounce, and gold itself is carving out new all-time highs in both dollar and rupee terms. The significant revaluation of real money has begun.
THE END OF PAPER SILVER
The warning signs were visible to anyone watching the plumbing of the bullion system. COMEX inventories have become the physical metal of last resort, while the LBMA in London — historically the beating heart of global settlement — has seen unprecedented withdrawals. Once, hundreds of millions of ounces sat “registered” and available for delivery. Now, those ounces are being taken out of inventory faster than they can be replenished. Commercial bar silver is being shipped quietly to India, China, and other nations that still understand the meaning of tangible wealth.
India has been on a historic silver binge. Its imports this year exceeded 8,000 tonnes, a record even by its own voracious standards. The reason is simple: silver has become essential to India’s solar-power rollout, its surging electronics manufacturing, and the jewellery trade that forms part of its cultural DNA. But this is not merely an industrial story — it’s a monetary one. As the rupee weakens and inflation persists, Indian households are converting paper savings into real metal. They have always known what Western investors forgot: silver is honest money.
THE GREEN REVOLUTION’S HIDDEN METAL
The energy transition is not “green” without silver. Every solar panel, every EV contact, every next-generation AI sensor depends on it. Industrial demand is already outpacing mine supply, and recycling cannot fill the gap. With the world’s commitment to renewable energy doubling down, there is not enough silver above ground to meet the promise of decarbonisation.
This mismatch is why the $100 level is not some wild fantasy — it’s an arithmetic inevitability. Global silver demand now exceeds a billion ounces annually, but new mine supply has plateaued. Many primary silver miners are producing less year over year due to declining grades, environmental restrictions, and capital starvation. Even with higher prices, years of underinvestment have left the pipeline dry. You can’t print silver, and you can’t mine what doesn’t exist. Meanwhile, the paper markets — COMEX, LBMA, ETFs — are leveraged. When physical holders refuse to sell, and when refiners prioritise gold because it’s easier to hedge, that leverage implodes. The “paper promise” system collapses under its own weight. That’s where we are today.
GOLD’S RECORD-BREAKING RENAISSANCE
Gold’s resurgence is equally profound. China now controls four of the world’s newest gold trading hubs, all designed to settle in yuan and bypass the dollar. India’s central bank has officially surpassed $100 billion in gold reserves, a symbolic milestone that confirms what many already suspected — the monetary centre of gravity is shifting East. For the first time since Bretton Woods, Western vaults are not accumulating; they’re bleeding. Gold is flowing from London and New York toward Shanghai, Mumbai, and Dubai. It’s not a “flight to safety” — it’s a migration of power.
THE MINER’S MOMENT
Yet while bullion soars, mining equities remain historically undervalued. Axel Merk recently told Kitco this is “the greatest miner opportunity in a generation,” and he’s right. The disparity between metal prices and mining shares is now absurd. Many producers trade at single-digit earnings multiples even as their margins expand. Junior developers with proven ounces in the ground are priced as if silver were still $20. Investors forget that mining shares are not simply commodities — they are leveraged claims on scarcity.
In past bull markets, silver and gold miners outperformed bullion by 3 to 5 times. When the monetary system itself is in question, the productive source of real money becomes the ultimate growth story. In a world where artificial intelligence and synthetic credit dominate headlines, the miners represent something profoundly human — real people extracting real value from the earth. They are the antidote to financial abstraction. And right now, they are on sale.
PATRIOTISM AND HONEST MONEY
The West once understood this. The Founders wrote gold and silver into the U.S. Constitution as lawful money. Today, that wisdom has been replaced by central-bank sophistry and trillion-dollar deficits. The result is moral rot disguised as monetary policy. It is time for Americans to rediscover their heritage. Owning gold and silver is not speculation — it is an act of patriotism. Every ounce privately held is a vote for sovereignty, a declaration of independence from the digital prison being built in plain sight. As China and Russia accumulate real metal, the average citizen in the West must do the same — not out of fear, but out of principle.
CRYPTO, CORRUPTION AND THE BATTLE FOR FREEDOM
The cryptocurrency crash of 20 was a sobering reminder that not all “digital assets” are created equal. When exchanges froze withdrawals and blocked transfers during the panic, millions learned that “not your keys, not your coins” was more than a slogan. It was a warning ignored.
At the same time, central banks have exploited the chaos to advance their own agenda — digital IDs, stablecoins, and CBDCs. These are not innovations; they are instruments of control. Programmable money means programmable citizens. Once financial life is centralised on a government ledger, dissent becomes expensive, and freedom becomes conditional. By contrast, private crypto assets and tokenised precious metals offer a glimpse of the future we should want — decentralised, verifiable, asset-backed. Imagine digital tokens fully redeemable for allocated gold or silver stored outside the banking system. This isn’t fantasy; it’s already emerging quietly in jurisdictions that value privacy and sound collateral. The next generation of honest money may exist simultaneously in vaults and on blockchains.
THE FED’S POLICY TRAP
Meanwhile, the Federal Reserve has cornered itself. After its latest rate cut, the real yield on Treasuries has turned negative again, ensuring that savers are punished and debtors rewarded. Inflation, supposedly “under control,” remains embedded in every essential good — energy, food, housing, and health care. Each new policy “solution” only accelerates the debasement. Quantitative easing, fiscal bailouts, student-loan forgiveness — all of it amounts to the same thing: the systematic destruction of purchasing power. The dollar, like all fiat before it, is being sacrificed to maintain the illusion of solvency.
THE COMING HARD ASSET EPOCH
Hard assets — gold, silver, land, and productive resources — are no longer just investments. They are lifeboats in a sea of monetary decay. In an age of artificial value, authenticity commands a premium. Whether through a Gold-IRA, direct bullion ownership, or tokenized metals, investors are repositioning for a world where possession equals power. The concept of tokenized gold is especially intriguing. Imagine the ancient stability of gold fused with the transactional speed of blockchain — the best of both worlds: tangible, divisible, transferable, and transparent. Such systems could replace the need for bank intermediaries altogether, re-establishing gold as a trusted medium of exchange in a digital age. The very technology that governments wish to use for control, can instead be repurposed for liberation.
The Moral of the Cycle
This is not the end of the world. It is the end of an era—the fiat era. The age of debt-backed illusion is giving way to the age of asset-backed reality. The pendulum is swinging back toward things that last: gold, silver, and truth. Western investors who cling to the old paradigm — that paper promises and political assurances equal wealth — will be left holding vapor. Those who act now, who accumulate honest money and invest in the means of its production, will inherit what the reckless have squandered.
In every great transition, there is pain — but also rebirth. The global economy is rediscovering that sound money and human liberty are inseparable. When nations betray the first, they inevitably lose the second.
THE RETURN OF REAL VALUE
The story of 2025 is not merely about rising metal prices or collapsing digital illusions. It’s about a return to first principles — about what wealth really is and what freedom demands. Gold and silver are not relics; they are revelations. They remind us that real value comes from the earth and from the trust between individuals, not from decrees of central banks. The world is being forced to choose between the counterfeit and the real. Those who prefer real will emerge not only wealthier, but freer.
The Great Revaluation has begun. The question is: will you own it — or watch it from the sidelines? EG