Where Is The Bottom For Gold & Silver? | Andy Schectman

June 24, 2026

AI Summary

5 min read

Gold and silver have been falling for months, and the mood among precious metals investors is grim. In this episode of Thoughtful Money, host Adam Taggart and Andy Schectman, CEO of Miles Franklin, confront the obvious question: where is the bottom? Schectman’s answer is not a price prediction but a case that the price action itself is a deliberate misdirection, and that the real story is happening in the physical delivery market.

The Delivery Anomaly

Schectman’s central argument rests on an unprecedented surge in physical delivery on the COMEX. In 2023, just over 23,000 silver contracts were delivered for the entire year. In the first six months of 2026, that number has already hit nearly 34,000 contracts—representing about 170 million ounces of silver. For gold, the numbers are even more staggering: roughly 9.9 million ounces, or about $45 billion, have been delivered in the first five months of the year. In June alone, nearly $13 billion in gold has been taken off the exchange.

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What you'll learn

1 (01:01) **Introduction & Setup** - Adam Taggart welcomes Andy Schectman for a regular precious metals check-in.
2 (03:26) **Junk Silver Offer Update** - Andy confirms the special is still active, but the discount has narrowed from $2 below spot to $0.75 below spot.
3 (04:52) **Where Is the Bottom? The Delivery Anomaly** - Andy explains that record-breaking physical deliveries on COMEX contradict the falling paper price.
4 (10:26) **Central Banks Are Buying the Dip** - Official reported purchases (15 tons) vastly understate reality (244 tons via refinery data), and they are buying as prices fall.
5 (11:51) **The Tether / US Government Proxy Theory** - Andy speculates the US government may be using Tether as a proxy accumulator to suppress the paper price while taking delivery.
6 (16:58) **Why This Time Is Different (vs. 1980 & 2012)** - Andy contrasts the current correction with previous tops.
7 (21:03) **The New Monetary Infrastructure** - The "rest of the world" is building a gold-backed alternative system.

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Guests on this episode

Andy Schectman

Show Notes

TO TAKE ADVANTAGE OF ANDY'S JUNK SILVER OFFER go to https://thoughtfulmoney.com/buygoldThe precious metals are still struggling to find secure footing in the wake of their sell-off from record highs earlier this year.How low will gold & silver prices go before they do?To discuss, we're fortunate to have precious metals expert Andy Schectman return to the program in this livestream. He'll field audience Q&A, as well.#goldprice #silverprice #preciousmetals _____________________________________________ Thoughtful Money LLC is a Registered Investment Advisor Promoter.We produce educational content geared for the individual investor. It’s important to note that this content is NOT investment advice, individual or otherwise, nor should be construed as such.We recommend that most investors, especially if inexperienced, should consider benefiting from the direction and guidance of a qualified financial advisor registered with the U.S. Securities and Exchange Commission (SEC) or state securities regulators who can develop & implement a personalized financial plan based on a customer’s unique goals, needs & risk tolerance.All the details on Thoughtful Money's relationship with the financial advisors it endorses, many of whom regularly appear on this program, can be found in the following documents. We highly recommend you review these documents as they cover the terms that will apply should you choose to work with one of these firms at any time after watching this video.Thoughtful Money Disclosure Document: https://thoughtfulmoney.com/wp-content/uploads/2023/12/Thoughtful-Money-Disclosure-Document-12.6.23.pdf?pid=227Thoughtful Money Agreement: https://thoughtfulmoney.com/wp-content/uploads/2024/11/Thoughtful-Money-Agreement-Agreement.docx?pid=227IMPORTANT NOTE: There are risks associated with investing in securities.Investing in stocks, bonds, exchange traded funds, mutual funds, money market funds, and other types of securities involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods.A security’s or a firm’s past investment performance is not a guarantee or predictor of future investment performance.Thoughtful Money and the Thoughtful Money logo are trademarks of Thoughtful Money LLC.Copyright © 2026 Thoughtful Money LLC. All rights reserved.