Physical vs Paper Gold: Are We Near a System Break? Mint Founder Issues Critical Warning

A seismic shift is underway in the global bullion markets—and few are prepared for what comes next. Scottsdale Mint CEO Josh Phair returns to Kitco News with anchor Jeremy Szafron to expose how a quiet but historic decoupling between physical and paper precious metals is accelerating fast. From a shock U.S. Customs ruling that froze global gold flows to the Eastward migration of vault demand, this interview lays bare a market no longer controlled by London or Wall Street.

Phair explains how the 39% tariff threat on Swiss gold rattled the system and rewired how physical metal is sourced worldwide. He reveals why London is now losing its status as a trusted gold hub, why silver’s role as a military-critical mineral is creating a non-negotiable demand floor, and why the next phase of this market may be driven by scarcity, not speculation. This is not just a market update—it’s a war room briefing for anyone holding real assets.

Follow Jeremy Szafron on X: @JeremySzafron ( / jeremyszafron )
Follow Kitco News on X: @KitcoNewsNOW ( / kitconewsnow )
Follow Josh Phair on X: @JoshPhilipPhair ( / joshphilipphair )

00:00 Introduction
00:37 Impact of US Customs Ruling on Gold Market
00:56 Regulatory Uncertainty and Market Reactions
05:21 East-West Dynamics in the Gold Market
10:19 Silver Market Trends and Industrial Demand
22:42 Platinum's Rising Demand and Market Dynamics
25:11 Vietnam's Gold Market and Global Implications
33:30 Retail Investment Strategies in Precious Metals
35:44 Conclusion

#gold #silver #investing #economy #preciousmetals #marketupdate #supplychain #geopolitics #centralbanks #JoshPhair
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