Gold Goats 'n Guns Podcast Episode #233 - Vince Lanci and the Tale of Two Silvers
Oct 9, 2025
Vince Lanci, a seasoned trader and raconteur specializing in precious metals, delves into the intriguing dynamics of silver and gold markets. He explains why silver is currently trading above futures and the significance of backwardation. Lanci also highlights the unique challenges silver faces as an industrial metal, explores how historical market events have shaped current dynamics, and discusses geopolitical influences from countries like China and India. He predicts a potential outperformance of silver over gold and reveals tactical insights on the gold-to-silver ratio.
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Silver Backwardation Signals Immediate Demand
- Silver is in backwardation because buyers want physical metal now and pay a premium for convenience over futures.
- That dynamic differs from gold, which usually trades in contango driven by carry and interest rates.
Gold Versus Silver: Different Market Mechanics
- Gold functions primarily as money and is easier for bullion banks to short because central banks can lend it.
- Silver lacks central-bank stockpiles, so shortages in physical supply create structural stress absent in gold.
The Size Of The Premium Matters
- Spot trading 40+ cents over futures is a large reverse carry implying urgent physical shortages.
- That degree of backwardation can reflect a collateral crisis in London and the LBMA plumbing.
