Founders Sunday Talk

Good Afternoon. Find attached Sunday’s Founders conversation which was well attended and discussed multiple topics on the precious metals:

Here’s a very broad topical outline. (Search the transcript for keywords to get where you want)

1. Analyst reversal and Shanghai vs London pricing shift

2. Spot–futures mechanics, carry, and correlation breakdowns

3. Leasing, contango to backwardation, and squeeze dynamics

4. Bullion bank hedging behavior and rolling shorts

5. Rising lease rates as the stress signal

6. Free float tightness in London and delivery pressure

7. SLV intake, allocation questions, and ETF flow impacts

8. JP Morgan’s central role vs other bullion banks

9. Basel III effects on gold vs silver market structure

10. Inter-dealer network behavior and liquidity withdrawal

11. BIS interventions and the 51 level as a tactical pivot

12. Open interest patterns and Friday CFTC data quirks

13. Resolution paths for the basis and EFP spread

14. COMEX settlement vs SLV pricing importance

15. Geopolitics and policy levers including tariffs and critical minerals

16. Historical analogies and case studies used to frame risk

17. Short-term risk controls such as margins and force majeure scenarios

18. Cross-asset notes on equities, crypto, and liquidity signals