In this lively early-2026 edition of Hard Money Matters, hosts Kyle Warren and John Mabin (founder of Pegasus Coin and Jewelry in Bradenton) catch up on John's vibrant "retirement" since the January ownership transition to Holden Pollock—far from slowing down, John's busier than ever with less stress, occasional shop help, and newfound freedom to attend events like the record-shattering Florida United Numismatists (FUN) Show in Orlando (one of the largest ever, buzzing with massive attendance and activity fueled by the metals boom). They dive into the ongoing precious metals surge, with gold holding strong around $4,600–$4,900+/oz (after January peaks near $5,500–$5,600 and recent fluctuations) and silver climbing to $88+/oz amid volatility, describing the bull run as having "legs" thanks to dominant industrial/technology demand (AI chips, long-life batteries like Samsung's silver-enhanced versions, EVs, solar) outpacing traditional investor/jewelry drivers—creating a forward-looking scarcity dynamic. At the retail level (including Pegasus), profit-taking dominates as long-term holders sell at highs (far more sellers than buyers), straining dealer cash flow: shops act as "banks" buying massive volumes daily but waiting 2–8 weeks for wholesale payouts, leading to delayed customer payments (often 1–4 weeks) that regulars accept, while buyback percentages drop relative to spot (e.g., from 98–99% at lower prices to 90–92% now) to manage risk. John notes this affects numismatic sales too, with terms sometimes needed, and compares it to auction houses' 90-day payouts—normal in today's climate. They explore how tech uses "lock up" metals long-term (low recycling rates vs. near-100% for investor/jewelry gold), potentially amplifying upward pressure, while acknowledging volatility (no straight-up moves, rotations inevitable, higher risk than equities/index funds despite hedging appeal). No sure things exist, but the multifaceted world of coins/metals—collecting passion, investor strategies, historical ties—remains inexhaustible and thrilling. As always, opinions aren't investment advice, and buying/selling precious metals/coins carries risks of loss—visit Pegasus (thriving under Holden) for expert estimates or tune in next week!