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The Hidden Crisis Behind Silver’s Price Surge

January 26, 2026

In this powerful clip, Egon von Greyerz explains why the precious metals market has entered a fundamentally new and unprecedented phase. One which is driven not by speculation or momentum trading, but by deep structural imbalances between physical supply and an unprecedented physical demand.

Persistent supply deficits in silver over several consecutive years, combined with rapidly rising industrial demand from sectors such as solar energy, electric vehicles, electronics and defence, have created a physical shortage in the last 5 years that paper markets can no longer mask.

At the same time, the volume of outstanding paper contracts in London and New York now vastly exceeds the amount of physical silver available for delivery. Von Greyerz warns that this imbalance marks a critical turning point, as silver transitions away from a manipulated paper-based system into a genuinely physical market, where price is ultimately set by scarcity, not leverage.

Watch Egon explain why manipulation fails when physical precious metals run out.

VonGreyerz.gold

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Egon von Greyerz – Founder and Managing Partner of Matterhorn Asset Management (MAM) and GoldSwitzerland based in Zurich. Egon forecasted the present problems in the world economy already in 2002 when he recommended to investors to allocate 50% of assets into physical gold (at $300) stored outside the banking system. Egon began as a banker in Geneva and was thereafter Finance Director and Vice-Chairman of a FTSE 100 company in the UK. He makes regular media appearances on CNBC, BBC and King World News and speaks at investment conferences around the world. MAM (founded in 1999), specialises in wealth preservation. GoldSwitzerland buys, sells, transfers and stores physical precious metals for private investors and institutions outside the banking system. His website is www.goldswitzerland.com.