David Morgan and Eric Yeung Talk Gold, Silver, and the Next Wave of Junior Miner Opportunities
This conversation pulls back the curtain on how the Asian gold and silver market really works. David Morgan sits down with Eric Yeung to examine why wealthy buyers in Hong Kong and China are bypassing traditional dealers and going straight to the source, from major banks to primary
smelters like Wing Fung. They explore how this shift changes liquidity when it’s time to sell in size, and why a good delivery bar can be moved in one transaction while coins might require ten stops across town.
They compare the vault culture in Hong Kong with the take-it-home mentality on the mainland and discuss how Chinese banks began selling bars directly to the public this year. They look at what that means for retail coin shops, where premium-driven products like Maples and Eagles
serve a different clientele than exchange good delivery bars. Yeung notes that silver in China still appears most often at the jewelry counter, yet bullion stacking is spreading as more people watch the gold-silver ratio and swap bracelets for bars. The discussion even takes a brief detour into the history of the yuanbao ingot and why its curved shape makes it easy to stack without toppling.
They dig into the complex relationship between COMEX and LBMA, from covered shorts to
exchange-for-physical trades, and why delivery delays in London matter even when New York vaults appear full. Yeung explains how Shanghai pricing can diverge from London when paper selling pushes prices down, what that says about real-world demand, and how family offices in Asia think about spreads and availability when they need physical metal.
The conversation widens to reports of Chinese buyers sourcing doré from Peru, the strategic case for silver in an electrified economy, and why
state buyers might quietly stockpile without cheering for higher prices. Russia’s recent move into silver is viewed as a potential signal, and Yeung points out that most households in China still keep less than five percent of their net worth in physical metal — leaving significant room for growth if sentiment changes.
They close with a steady reminder to be patient. Physical fundamentals remain intact, and in the mining space, cash flow tends to boost senior and mid-tier producers before
it filters down to the juniors. By the end, the discussion provides a clear, on-the-ground look at how Asian demand is evolving, where market choke points have shifted, and what that means for the next phase in gold and silver.
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