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In this appearance on the And We Know show, Dr. Kirk Elliott describes what he sees as the start of competitive currency devaluations, pointing to the Federal Reserve's quarter-point increase and the Bank of Japan following within a week. He explains that the end of the Japanese yen carry trade removes a long-running source of global liquidity, and expects other central banks, including the eurozone, to follow in order to stay competitive for foreign capital, with further increases likely into 2027. He notes that gold and silver rose alongside those increases rather than falling as the historical pattern would suggest, which he reads as the market weighing why rates are rising rather than simply that they are. He also covers Tether's position as one of the largest private holders of gold, its move into silver at a Nevada depository, and why silver's industrial uses consume supply in a way gold's do not. He invites viewers to schedule a consultation with the KEPM team.