Nov 4, 2026 · 1h 22m
Gold’s selloff tests a shifting monetary order
Is The Bottom Now In For Gold & Silver Prices? | Andy Schectman
The episode weighs whether precious metals are merely correcting or being repositioned for a more fragmented global financial system.
- 1Central-bank buying and China’s accumulation may matter more than gold’s recent price weakness.
- 2Andy Schectman sees the decline as a post-speculation retracement shaped by margin changes, positioning, and market structure.
- 3Physical metals serve as both portfolio exposure and crisis insurance, with tax, pricing, and accumulation strategies carrying practical risks.
Don't miss
Andy Schectman warns that AI-enabled malicious code could access trading sessions and move users’ assets, linking cyber risk to systemic financial disruption.
The brief
Adam Taggart and Andy Schectman examine whether gold and silver’s months-long decline marks capitulation or a durable bottom, with physical demand and election developments setting the frame.
Schectman argues that prices obscure a larger story: central-bank accumulation, China’s buying, and gold’s role as a strategic banking asset may signal sovereign repositioning.
The discussion connects gold-linked trade infrastructure, stablecoin reserves, Treasury policy, and possible U.S. responses to a financial system less centered on traditional Western rails.
Schectman calls the selloff a normal retracement after a speculative blowoff, citing margin increases, hedge-fund positioning, oversold conditions, low open interest, and rehypothecation.
The episode turns practical as the pair discuss tax-loss strategies, dollar-cost averaging, discounted pre-1965 silver, and why physical metals can function as crisis insurance.
The standout warning comes from AI-enabled cyberattacks: malicious code reaching trading sessions or financial infrastructure could turn digital vulnerability into systemic risk.
What was said on this episode
46 statements · 29 positive · 10 negative · 4 mixed · 3 neutral
Gold and silver may have reached a bottom, though further weakness is possible.
“It could be in there. There might be more softness”
Listen at 3:40
Hong Kong’s Project Ensemble enables digital settlement of 400-ounce gold bars between banks.
“allow 400 ounce gold bars that can be traded and settled digitally between the banks”
Listen at 7:20
Tokenized vaulted gold can serve as collateral for continuous lending and financing transactions.
“all this gold sitting in a vault that now will become. financial collateral it will support lending and financing and transactions around the clock”
Listen at 7:29
BRICS countries will use gold to settle trade imbalances.
“And gold will be the settlement system. They will use gold to settle imbalances.”
Listen at 9:05
Gold prices will ultimately rise substantially.
“I think ultimately the price goes much, much higher.”
Listen at 10:38
Western entities have suppressed gold prices to accumulate metal indirectly through commercial banks.
“it has been the West that has been suppressing the price because they realized they were behind the eight ball and they needed to accumulate the metal by proxy through the commercial banks”
Listen at 10:46
Gold is currently deeply oversold and near significant technical resistance levels.
“it's very, very, it's way oversold. And it's reached some fairly significant technical resistance levels.”
Listen at 11:36
The $4,000 gold level may be a floor, but a temporary rebound remains possible.
“I'd like to think that's the floor, but who knows, right? Could it be a dead cat? Sure.”
Listen at 12:00
China’s gold accumulation continued for a twenty-third consecutive month.
“which was the 23rd straight month of accumulation”
Listen at 15:09
China’s October gold imports were likely still extremely strong.
“I have no reason to believe that they're not every bit as white hot.”
Listen at 15:19
Yuan-denominated same-day gold settlement will end Western dominance of price discovery.
“when the Chinese start pricing gold contracts in yuan for same-day settlement, the game is over”
Listen at 19:01
Chinese yuan-settled gold contracts will establish a much higher price.
“they'll say it will be a much higher price”
Listen at 19:16
COMEX participants are taking physical delivery at unprecedented levels.
“that is what is exactly what is happening and that's never happened before in my entire career ever”
Listen at 20:24
Leveraged short paper positions can constrain precious-metals prices within a range.
“by selling short paper, you have tremendous amounts of leverage that enable you to keep the price within a certain range”
Listen at 30:29
Hedge funds shifted from long to heavily short, while commercial banks are long.
“since July, the hedge funds have completely reversed and they were wickedly long. And now they're short, big short. Who's long? The commercial banks”
Listen at 31:27
Precious-metals prices will reverse upward after current positioning changes.
“you're going to see the price turn around”
Listen at 31:38
Daily COMEX silver paper trading exceeds available deliverable silver by roughly 200 times.
“the paper overwhelms massively by like 200. They trade over 200 times the amount of available silver on a daily basis on Colmex.”
Listen at 34:35
Global buyers are increasingly coordinated and capable in precious-metals markets.
“the world has become coordinated, sophisticated, motivated, educated, angry, wealthy, and playing at the same game.”
Listen at 36:11
Lower precious-metals prices have encouraged sovereign buyers to increase purchases.
“the lower the price is gone, the more they've stepped up their purchases.”
Listen at 38:54
Alternative-currency same-day settlement will change precious-metals pricing.
“that is going to change when I believe you start to see real pricing in another currency for same-day settlement”
Listen at 39:21
Dollar-cost averaging into precious metals is beneficial during current weakness.
“I do believe it is good.”
Listen at 39:29
Precious-metals prices will rise.
“I think the price will go higher”
Listen at 40:30
Precious-metals prices will rise in the future.
“the price will go higher”
Listen at 40:30
The wash-sale rule applies to securities rather than physical commodities.
“the wash rule is specifically for securities oh it's not for commodities”
Listen at 42:10
Physical commodities can be sold and repurchased without securities wash-sale restrictions.
“it just allows you think of cows you can buy a cow here and you can buy and sell it there”
Listen at 42:42
U.S. and Chinese leaders may allow gold prices to rise sharply to introduce a new monetary system.
“They are trying to let the price of gold go straight up to issue in a new monetary system”
Listen at 47:26
Gold prices will ultimately rise under the proposed monetary transition.
“yes i think it would ultimately go higher”
Listen at 48:14
Each $4,000 gold-price increase would add $1 trillion to Treasury assets.
“every four thousand dollar increase in the price of gold gives the treasury general account one trillion free and clear”
Listen at 48:26
Hong Kong and other systems will likely add same-day settlement in yuan and local currencies.
“I would venture to say probably will.”
Listen at 49:04
Markets can rise beyond expectations when integrated into a new financial system.
“markets go higher than anyone thinks possible, especially if they're being integrated into the fabric of a new system”
Listen at 49:28
A broad financial restructuring is coming amid AI and monetary-system changes.
“there's a lot of, I don't want to call it a reset, but a restructuring is coming”
Listen at 52:38
AI data-center and infrastructure markets are heading toward restructuring.
“a restructuring is coming”
Listen at 52:41
Gold would trade substantially higher if allowed to trade freely.
“if gold would be allowed to trade freely, it would be much, much higher”
Listen at 57:55
A socialist policy shift would strongly benefit gold prices while harming the United States.
“if that is the case, it is incredibly bullish for the price of gold and horribly bearish for the country”
Listen at 58:08
Trump would likely accelerate proposed policy actions during his remaining term.
“I think he would want to do that as fast as possible.”
Listen at 1:02:25
President Trump should pursue previously promised actions more aggressively.
“I think now it's time just to take the gloves off and do it”
Listen at 1:02:43
A major cyberattack on a system is likely to occur.
“you will see some sort of a big hack into a system now”
Listen at 1:08:35
Cybersecurity risks will become severe for less-resourced companies and financial institutions.
“It's going to be a nightmare, I think, before it's all said and done.”
Listen at 1:10:20
Pre-1965 silver coins are unusually priced below spot.
“below spot on pre-65 silver is in my career. You don't see that. You just don't. And it's an anomaly.”
Listen at 1:13:25
Investors should exploit temporary pricing anomalies in precious metals.
“you take advantage of price anomalies”
Listen at 1:13:35
Precious-metals price action has been unusually disconnected from underlying developments.
“What happened in January and this entire tenuous year has been so counterintuitive”
Listen at 1:16:19
The current pre-1965 silver pricing anomaly will eventually disappear.
“I knew that anomalies always work themselves out, as this one will, too.”
Listen at 1:16:49
Premiums on American silver coins are beginning to rise again.
“Premiums on the American coins, like the Eagles, are starting to climb higher again all of a sudden”
Listen at 1:16:55
Precious-metals premiums will rise from currently low levels.
“you will see premiums climb”
Listen at 1:18:11
Precious-metals fundamentals are deteriorating despite lower prices.
“Fundamentals are getting worse.”
Listen at 1:20:08
Large institutional and sovereign buyers are signaling future precious-metals direction.
“the biggest money in the world is telling you where it's going.”
Listen at 1:20:17
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
Books & mentions
Some links are affiliate links — PodLume may earn a commission if you buy.
Weekly email
State of the Pod, every Monday
The week's most-discussed names and stories from podcasts, with the moments behind them. Free, five minutes, unsubscribe in one click.