Silver Hits $80 Copper Near $6 Axel Merk Says This Is Not a Speculative Bubble

Silver above $80. Copper testing $6. The signals coming out of the commodity markets are no longer cyclical—they’re structural. In this in-depth Kitco News interview, anchor Jeremy Szafron sits down with Axel Merk, President of Merk Investments, to explain why the post–World War II economic order has broken down and been replaced by a far more volatile regime of state-driven markets and national interest economics.

Merk argues that traditional market indicators are failing. Yield curves, P/E ratios, and textbook models no longer work in a world where power politics, resource security, and government intervention now dominate price discovery. As global trade fragments, he warns that inflation now has a permanent floor, driven by defense spending, reshoring, and “national security” priorities that override efficiency.

In this conversation, Merk explains why capital is being forced into neutral reserve assets with no counterparty risk, reshaping the role of commodities in portfolios. But he also issues a clear warning for investors chasing mining stocks. Despite record metal prices, Merk says the miner trade risks becoming a value trap in 2026, as rising input costs, windfall taxes, and hostile jurisdictions eat away at margins.

The interview breaks down the growing disconnect between physical metals and mining equities, highlighting how political risk in regions like Venezuela and Europe is undermining shareholder returns—even as spot prices soar.

This is a must-watch macro and commodities briefing for investors trying to navigate a world where free markets are giving way to state power—and real assets are being repriced accordingly.

Recorded on January 6, 2026

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00:00 Introduction and Market Overview
01:13 Guest Introduction: Axel Merk
01:42 The New Era: Power Dynamics and Market Implications
03:14 Global Commerce and Precious Metals
04:53 Policy Uncertainty and Economic Impact
07:52 Venezuela: Investment Risks and Opportunities
10:49 State Activism and Market Reactions
18:55 Commodity Markets: Copper and Gold Insights
24:27 Government's Role in Gold Prices
24:47 Economic Adjustments and Society's Response
25:58 Market Rules and Volatility
30:08 European Economic Outlook
32:18 US Dollar and Global Reserve Currency
34:38 Precious Metals and Central Banks
41:01 Mining Companies and Investment Strategies
47:38 Investment Advice and Final Thoughts

#Economy #Markets #Gold #Copper #Investing #KitcoNews #JeremySzafron #AxelMerk #Geopolitics
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