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Silver/Gold Shock: Inside the 2026 Metals Breakdown (Part 1) In this explosive conversation, Kerry Lutz sits down with Martin Armstrong to analyze the unprecedented volatility in gold and silver — and what it signals about the global financial system. This is not a normal correction. This is not a typical bull market. What we are seeing is a stress test of the paper metals system itself. In Part 1, Kerry and Martin break down how short covering, institutional positioning, and geopolitical risk are driving prices — while physical demand in Asia continues to drain supply from Western markets. They explain why recent “crash calls” are premature, why panic cycles matter, and why the real breakdown hasn’t happened… yet. ⸻ 🔍 What You’ll Learn in This Episode ✅ Why recent rallies are driven by short covering ✅ How COMEX is losing control of price discovery ✅ The growing power of Shanghai and Asia ✅ Why volatility is accelerating in 2026 ✅ What Panic Cycles are warning about February–March ✅ Physical vs paper market disconnect ✅ Why this cycle is different from past metals runs 00:00 Intro 03:42 Market manipulation 11:15 China supply issue 18:30 Paper vs physical Click here for Part 2: https://bit.ly/MartinArmstrongPart2 Buy the book here https://amzn.to/4nTZ3Hq