Mike Maharrey’s latest Money Metals Midweek Memo zeroed in on two big themes with major implications for sound money investors. First, much of the gold supposedly backing America’s financial credibility may be lower-quality metal that does not meet modern international standards. Second, the silver market could be heading into even tighter supply conditions as a new disruption tied to China threatens copper production and, by extension, silver output. The result was an episode that tied together history, monetary policy, and today’s metals markets in a way that made the stakes feel immediate. Maharrey’s central argument was simple. Physical metal still...