Spot gold and silver are sliding to two-month lows as paper markets react to a potential U.S.-Iran interim peace draft, even as President Trump calls the Iranian reports a "complete fabrication". But behind the futures screens, the physical market is undergoing a massive structural overhaul. Kitco News Senior Anchor Jeremy Szafron sits down with Josh Phair, CEO of Scottsdale Mint and the Wyoming Reserve, for an exclusive ground-level update.

Phair breaks down the reality of physical supply, revealing why silver is actively leaving the United States for overseas markets and why LBMA good delivery premiums have jumped 20 to 40 cents in recent weeks. The discussion uncovers the quiet corporate shift away from paper—including tech companies planning $200M physical bullion purchases and Tesla amending SEC bylaws for physical gold. Discover what the operational flow tells us about the decentralization of physical assets, the State of Texas releasing its own gold coins in six weeks, and why the ultimate financial reset is tracking toward 2030.

Recorded May 27 2026

Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)
Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow)
Follow Josh Phair on X: @JoshPhilipPhair (https://twitter.com/JoshPhilipPhair)

Chapters:
00:00 Trump, Iran &Gold Drop
01:07 Q1 Demand vs Current Flow
05:32 Tech Giants Buying Gold
11:45 The $50B Wyoming Fund
14:17 The SILVER Act Impact
17:35 Texas Gold Coins Coming
18:44 Global Bullion Interventions
26:06 The Real Silver Bottleneck
29:43 Moving Silver by Air
31:00 Analysts Missing the Paradigm
32:31 $325B in Bank Losses
37:30 Home vs Private Vaults
40:11 The 2030 Reset Timeline
42:53 Market Wrap &PCE Data

Gold #Silver #PreciousMetals #JoshPhair

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The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.