Metal Mania

Gold and silver exchange-traded funds just experienced eye-popping trading volumes, with sharp price swings that drew in speculators chasing the momentum. The frenzy has cooled a bit, but the underlying forces haven't disappeared. So what's really behind the surge in precious metals—and is this just a tactical trade, or something more durable? On this episode of Trillions , Eric Balchunas and Joel Weber speak with John Ciampaglia, chief executive of Sprott Asset Management, which manages gold, silver and uranium ETFs among other metals strategies. They discuss the debasement trade, what else is fueling gold's rally, how gold compares with Bitcoin, what's driving moves in silver and other metals and how Sprott's uranium miners ETF generated a 450% return over the past six years.

You can listen to Metal Mania online on Radio and Podcast. Open the player on this page to stream the available audio.

Metal Mania is an episode from Trillions by Bloomberg.

This episode is 40:30 long.

This episode was published on Feb 12, 2026.

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