Chris Whalen: Warsh's Fed Earthquake, Silver Shortage, and Why Inflation Is Here to Stay
Speakers
Chris Whalen — Chairman of Whalen Global Advisors
— Chopping Block co-host
Summary
Chris Whalen discusses Kevin Warsh's potential changes at the Fed, persistent inflation due to war with Iran and supply shortages, physical silver shortage, and his bullishness on gold and AMD while warning against banks. He also comments on private credit and the war's long-term impact.
- Fed balance sheet growing despite Warsh's desire to shrink.
- Inflation expected to remain elevated due to war and dollar overhang.
- Silver experiencing physical shortage and delivery issues in Asia.
- Chris Whalen is adding to gold positions on pullback.
- He is bullish on AMD due to AI spending spillover.
- He advises avoiding bank stocks due to weak loan demand.
- Private credit continues to attract inflows despite negative headlines.
- War with Iran is causing supply disruptions expected to worsen by June.
Trade Ideas
Silver physical shortage causing squeeze.
Silver is in physical shortage and cannot be delivered in parts of Asia. Import issues into India are causing a squeeze. Structural supply issues and a generally inflationary environment support further upside.
AMD benefits from AI spillover.
AMD is benefiting from the massive AI spending that is spilling over from Nvidia. There is so much revenue opportunity that AMD is getting its slice. Chris has owned the stock for years and keeps buying.
Adding to gold on pullback.
Gold has sold off, which is a gift. Chris Whalen is adding to his gold positions. Gold is a play against the dollar and benefits from central bank demand, with no strong correlation to interest rate tightening.
Avoid banks, loan demand weak.
Banks are not attractive right now. Loan demand is anemic. There are too many other sources of financing, and banks are the last place to go for mortgages or business loans. Non-banks are preferred.
Up Next
This Julia LaRoche Show video, published May 09, 2026, features Chris Whalen discussing SILVER, AMD, GLD, KBE. 4 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Chris Whalen · Tickers: SILVER, AMD, GLD, KBE