Episode Details

Andy Schectman, Founder & CEO of Miles Franklin Precious Metals, sits down with mining executive and precious metals analyst David Jensen to break down what may be the most important silver story of our time: a rolling failure inside the London Bullion Market Association (LBMA). Jensen explains why the world’s most important physical silver market briefly seized up in October, how backwardation, lease rates, and unallocated positions point to a system already in distress, and why the recent 50-million-ounce emergency injection of metal may only delay the inevitable. Andy and David map out the structural fragility of the LBMA, the global East vs West battle for physical metal, China’s growing control over silver flows, and what a true silver default would mean for investors, institutions, and global price discovery.

In this episode of Little by Little:

- Why the LBMA’s spot market nearly froze despite 790M oz in the vaults

- The return of backwardation and what it signals

- How the LBMA is trading ~700M oz/day with almost no real float

- China’s strategic silver restrictions and refinery dominance

- Why Jensen believes “the system has already defaulted”

- The future of global gold and silver price discovery

- Why everything is now becoming local and dependent on trust

This interview was recorded on Nov 12, 2025.

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Follow Andy Schectman on X: https://x.com/ASchectman 

00:00 Introduction & Guest Welcome

01:23 The London Silver Market

02:10 Differences Between LBMA & Comex

03:58 Market Dynamics & Structural Fragility

11:49 Global East vs. Global West Shift

16:04 Future of LBMA & Market Trust Issues

25:01 Conclusion & Final Thoughts

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Join Miles Franklin Media for unfiltered financial and economic news and insights. Through expert interviews and real market intelligence, we cut through the noise and challenge the mainstream narrative. Anchored in the principles of sound money, we uncover the truth about money, markets, macroeconomics, geopolitics, and power – delivering credible insights to help you protect your wealth, future, and freedom.

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Disclaimer: The views and opinions expressed in this video are those of the individual speakers and do not necessarily reflect the vi