Look at gold. Got the snot kicked out of it by over a hundred bucks last week on Friday. And what are we at today? Well, we're up $108 right now as we speak. The physical demand is different than I have ever ever ever ever seen. As are all of these things. People at that level speaking to institutional traders at that level saying 25% [music] allocation is good. Never seen that before, man. I didn't. >> You're watching Silver News Daily. Subscribe for more. >> They just detonated a financial nuke and no one's talking about it. The largest silver refinery in India has run completely dry. Lease rates are exploding past 39% and the physical market is so broken that the spot price is now higher than the futures price for nearly three straight weeks. That's called backwardation and it's one of the rarest signals in precious metals history. But it's not just rare, it's a warning. The kind of warning that comes just before everything blows wide open. Behind closed doors, the Federal Reserve is quietly funneling nearly half a trillion dollars to collapsing regional banks, pawning off toxic mortgage debt like it's 2008 all over again. And while Wall Street sleeps, institutional insiders are scrambling, loading their portfolios with gold and preparing for silver to go vertical. We're not talking about a slow grind higher. We're talking about an imminent price detonation that could send silver screaming past $500 an ounce. And the signs are everywhere. 18 days of backwardation, physical shortages spreading across the globe, and short sellers so trapped they're paying double-digit interest just to stay alive. Something massive is brewing under the surface. The paper markets can't hide it anymore. So, the only question now is when does it snap? Because when it does, silver won't just move, it'll launch. >> Not even close. Since 1971, it's not even close. And and that's not even worth, you know, worth talking about it. And traditions of central banks prior to 2017 for for many years like 2008 through, you know, for sure 2011 through 2016, they were net sellers of of gold. Most central banks are net sellers. The United States has been an exporter of gold and all of a sudden we're the biggest importer. But I'll say it this way, you know, as do you. Every week when I do these shows, I need to prepare and I spend 2, three hours a day, pretty much six for sure, sometimes seven days a week studying. And every story that I find that I want to talk about, I will try my damnedest to validate it everywhere else. running it through Google, running it through uh various forms of AI, searching for other stories, other validations because there's a lot of misinformation out there, even through, you know, people's best intentions. But something like that is anything but best intention. And, you know, you have to wonder what the motivation is. And here again, shame on YouTube for letting this stuff out there. They were so so quick to to put a strike against you and remove your your your video for saying the wrong thing during the previous administration, which was just actually proven to be mostly true. Yet, this kind of stuff, which is far more damaging on many levels and deceptive intentionally gets the green pass, uh, aggravates the heck out of me to say the least. But what I would say is it's very important for people to fact check and do their own due diligence. Don't listen to what I say or you say and take it as gospel. I do my best to make sure that it is real because you put your name out there as often as you and I do, we'd look like idiots real fast and and and don't want to listen to us. So, we both try real hard to say the right thing. But no matter where you're getting information, do your best to fact check it. Do your own due diligence. A little bit extra won't hurt. Stuff like that's very damaging. and and just the two comments you made. No, the central banks don't do it as tradition. They're doing it now for the first time maybe ever where in coordination they're massively buying it. And and in and in terms of uh you know S&P outperforming, you can go back to to August of 71 and look forward. You can go back to the beginning of 2020 uh 202000 and look forward. You go back to the last 5 years and look forward. The S&P 500 has not outperformed gold. In fact, it's it's quite the opposite. So, I don't know what else was said in that stupid video, but it's aggravating that the platform doesn't shut it down the way they tried to shut down all of us for >> the physical silver market isn't just tight. It's breaking apart at the seams. The world's largest silver refinery in India has run completely out of supply, forcing a sudden and total halt to refining operations. That's not a slowdown. That's a full-blown depletion. In parallel, the London Bullion Market Association, the very heart of global silver trade, is experiencing a continuous bleed from its registered inventories. The shelves are emptying while demand continues to surge, and the consequences are already starting to unfold. For 18 straight days, the silver market has been locked in backwardation, where the spot price is now consistently higher than the futures price. That might sound like a technical footnote, but it's anything but. Backwardation is one of the loudest alarms this market can ring. It signals a full-blown physical shortage where buyers are so desperate for immediate silver, they'll pay more for it today than they would months down the line. In simple terms, no one wants to wait for silver anymore. And that changes everything. It destabilizes futures markets, triggers delivery risks on paper contracts, and pushes industrial and financial buyers into panic mode. This is not a normal cycle. This is a market screaming that the supply chain has fractured. And once those cracks widen, price isn't just going to drift higher, it's going to be violently pulled upward. But backwardation is only the first domino because what's happening behind the scenes where the cost to borrow silver is exploding is the real signal that the system is entering uncharted territory. And >> I remember having this big uh booklet that came inside of a record album, War of the Worlds, HG Wells, and being terrified of it, listening to it over and over again and thinking it was so cool. And my dad said, you know, when that happened, people were like literally jumping out of buildings. They had thought the world was being taken over. Now, that was one thing when when information back in the 30s wasn't as readily available as it is now. Um, and but I think the more things change, the more they they stay the same. Um, you know, I I um have a I'm in a fantasy football league and um there's a we've been friends since uh high school. These guys have been doing it for 40 years almost and 35 years. And a friend of mine uh in the league took a picture of two of the guys in the league and made them look like they were making out together. It was the realest, most frightening thing you've ever seen. the they were at a bar together having a drink and waving and the next thing you know he you push play and they stand up and they start kissing which wasn't true. It was all AI. It said AI at the top. It's terrifying how real it looked. Um my podcast I did one of the podcasts I did with with Kevin Hower while in not yours but the one I did with Mark Z. Um, while I was in Aruba, uh, someone like I've done five or 6 thousand podcasts since 2019, as have you, but there's 30 or 40,000 of them out there, as are of yours. So, well, people will take our our snippets from our podcast. They'll put their own words and images in and music and then they'll remon they'll do it to monetize their channel. Clickbait, right? Well, the thing and and it really made this one made me mad. And normally they don't like I don't know who these people are. Normally they're flattering. They're using my stuff to have people come and watch their shows. But um this one said something like, "Oh, you know, silver's dire prediction. What happened?" And I I didn't come anywhere near saying what the silver price was going to do. It was on Friday after the price collapsed a little bit, making it seem like Andy Sheckman says it's all going to collapse. It's all over. That aggravated me. But the point of it is is that there's deception everywhere. There's deception in AI, which is only getting more sophisticated. There's deception in on social media, which again is is in many cases I'm okay with because it's getting the message out in a flattering way. They never asked my permission, but that one made me mad. I don't know who these people are. When we talk about, you know, the Warren Buffett thing, I mean, you can easily blow it away since we've left the gold standard. Gold has outperformed every traditional asset. It's >> just before we get going, we just launched the official Silver News Daily Telegram. To kick things off, we're running a 10oz silver giveaway. Yes, real physical silver, not a voucher, not digital credits, actual bullion. This Telegram will be our new home for real-time silver discussions, market insights, collection picks, and everything precious metals. It's where the community truly comes alive. Here's how to enter the 10oz silver giveaway. Be subscribed to Silver News Daily on YouTube. Turn on the notification bell. Comment 10O giveaway on three separate videos. Be an active member of the Telegram group and say hi. Once we hit 500 active Telegram members, we'll pick one lucky winner to receive 10 ounces of silver shipped directly to you. So, get in early, stay active. The 39% lease rate on silver is not just an anomaly, it's a siren. This is the cost institutional players are now being forced to pay just to borrow silver in the London market. And it represents one of the highest stress signals in precious metals history. Normally lease rates hover below 1%, sometimes even near zero. But when they spike like this, it means one thing, desperation. There is no available silver to lend, and the few scraps that remain are being fought over at an extreme premium. This isn't theory. This is hard data telling us that the physical silver pool is running dry. And the scramble for ounces has officially begun. When lease rates hit these levels, it triggers a chain reaction. Market makers can't short silver without paying through the nose. Traders begin hoarding instead of lending. And the paper suppression mechanisms, those used to keep silver's price artificially low, start to unwind. But what's even more explosive is the positioning behind this panic. As institutions race to secure metal, retail investors are waking up, too. Dealers are reporting delays, premiums are climbing, and even junk silver is disappearing from shelves. The market has shifted from passive buying to survival mode accumulation. And at the heart of it all is this single blaring number, 39%. It's not just a cost. It's a signal that Silver's true price has been hiding in plain sight and that the dam is starting to crack. >> Both live in Florida where we've had a satellite office for 17 years. I have brokers all around the country that represent us like yourself. They're all beholdened to the Department of Commerce in the state of Minnesota where our home corporation is located. That means we're licensed, we're bonded, we're background checked, we take all the continuing education. Um, and that's important in an industry that is federally nonregulated. We've done this for 36 years since February. We we're approaching 14 billion in sales. We've never had a material customer complaint. are not going to ever mislead the public ever. And and and I think that is that does stand for something. That is worth something in a in a in an industry where everything you buy is homogeneous. Like a McDonald's hamburger in Minneapolis should taste the same in Bokeh. That's homogeneous. Well, the same thing is true. You buy an ounce, an ounce, an ounce. The difference is who are you working with? The reputation. And I guess price is important. But in the end, and and we're as competitive as anyone, you know that. But in the end, what really matters is integrity and honesty and track record and in our case, licensing and bonding, which sets us apart from the competition in my opinion. Now, we turn the page to something that is entire, >> but it doesn't stop at lease rates. The cost to borrow shares of SLV, the world's largest silver ETF, has surged to a staggering 19% annualized. This is a crucial signal because SLV is often used by institutional short sellers to bet against the price of silver. When that bet becomes so expensive that it starts eating away at their margins, those positions become unviable. And in a market already running out of physical supply, every forced exit by a short seller becomes fuel for an even bigger price rally. What we're witnessing now is the decoupling of the paper and physical markets. For years, silver has been trapped under the weight of manipulated futures contracts and synthetic supply. But the disconnect is finally reaching its breaking point. As physical silver vanishes and premiums explode, paper contracts are beginning to lose their credibility. Traders don't just want exposure to silver anymore. They want the metal itself. Real, deliverable, uncounterfeitable silver. And that shift in preference is causing a cascade of instability throughout the system. Think about it. If the market believed silver would be cheaper in the future, there'd be no backwardation. If shorting SLV was easy, there'd be no 19% fee. And if the supply was plentiful, there'd be no 39% lease rate. But all three are happening at the same time. That's not coincidence. That's crisis. And it's setting the stage for something the ComX isn't prepared to handle. Because when the paper holders start demanding delivery and the vaults come up short, the entire illusion collapses. >> Uh dollar that they manufactured themselves, which is just a round, but they think that they're buying a US minted coin or the Morgan silver dollar round and they think they're buying a US coin. Now, every dealer, ourselves included, sell Buffalo rounds. That's just everyone sells them. That's they're the most um there's just they're everywhere. all the all of the refiners make them. But I would bet a lot of people I'm always fast to say, remember these are not American mint coins because they make the gold buffalo and the gold eagle but not the silver buffalo. Well, a lot of I bet you a lot of people think they're buying US mint product. The point of it is is that, you know, it's one thing to buy a round brand new and and and be misled. It's and to pay spot over spot. It's another thing to think for a moment that you would be able to get anything below spot at that level, which would just be insanity. >> This is so we we're covering a number of different things here. That's uh things and at the very center of this unraveling lies a ticking time bomb. Over $1 billion in net short positions held by managed money traders on the ComX. These are the hedge funds, the momentum chasers, the so-called dumb money of the futures market. And right now they're standing directly in front of a freight train. With backwardation tightening, borrowing costs surging, and physical supply collapsing, silver is coiled tighter than it's been in decades. If prices move even slightly higher, these short positions will become unsustainable. The funds will be forced to buy back their contracts desperately and all at once, triggering a violent short squeeze that could rip through the market like wildfire. This isn't speculation. This is a setup we've seen before. In 2020, a similar squeeze in the silver market pushed prices toward $30 in a matter of days. But that was just a tremor. What's building now is a full-scale detonation. The short interest isn't just large, it's reckless. The positioning is completely out of sync with physical fundamentals, and the traders on the other side, the commercial banks, are licking their lips. Because unlike the past, this time the smart money isn't short. It's long and that changes everything. The same institutions that have historically capped silver's upside are now betting on the rise. They flipped the script. And if the funds don't exit soon, they won't just take losses. They'll be crushed. That's our curse. We're early and we see things based upon mathematics, logic, and economics. That's mother nature in essence. That's the law of mathematics, the law of economics. Some of these things are not really law but math you can't run from and and these things always manifest themselves somehow someway usually way later than we ever think but these are the things that we have been saying for a long time and guys like Alistister who have been saying and the the western elite have had a very very magnificent ability to keep the ball up in the air through all sorts of gimmicks and tricks accounting tricks injections of money uh lying about the measurement ments of inflation and employment and and on and on and on, right? And but at some point, mother nature says, "Well, you know what? Your time is up." And at one of these moments when we least expect it, you will see a problem with a major bank. The systemic nature of it. We could we could look at the problems at the LBMA as an example. All we keep doing is focusing on the LBMA and what happens if there is a silver failure to deliver by one of these massive banks. These are all commercial banks. Well, if a bank fails in silver, fails to deliver, the systemic reaction, um, the contagion would spiral through everything because they're not just bullion banks, they're banks that have their fingers in all of the other financial pies. The same thing is true here. And that you see one of these banks and and you start to see problems with commercial loans. Not only that, you have what uh what's called uh credit default swaps where in essence you're buying insurance against this stuff and this is why AIG had to get bailed out if it gets bad enough and you start to see big banks fail because of you know bankruptcies which are nonreourse in commercial real estate and just you just see this this cascading effect. Now, we haven't seen it yet, but logic would dictate that we might, right? Who's going back to the office and and and it's the opposite of that. Um, who knows where this leads and and this is when you see people start to pull out of regional banks and the regional banks are the ones in big trouble in my opinion um because of this exposure. So yeah, I think that uh this is why you see assets like um gold and silver and cryptocurrencies like Bitcoin be purchased because people are trying to get away from the systemic the potential for a systemic contagion that's out there. And this is a good example of how it could happen. And and if the Fed wasn't concerned about it, well, they'd be a little bit more open about it. The fact that they're so hush- hush reminds me of the FDIC saying, "Well, if the public really knew, they'd freak out." Remember, we showed that video a year or two ago. It's the same thing. And um it's just more of the same thing. That's why people like you, I always say it, um are more of a real source of information and news than the media, which is more about divisiveness and entertainment, if you want to call it that. It's not about understanding what's really happening. And uh and and John Rabino and Alistair, they're spot on. This is a problem that has not yet resolved itself. Not even close. >> There's one more uh topic I wanted to bring up about this concern expressed. >> So why are the bullion banks, those same institutions notorious for suppressing silver, now positioned for a breakout? Because they see what's coming and for once they're not fighting it. The commercial traders, the so-called smart money, are quietly going net long on silver futures. That means they're no longer trying to cap the price. They're preparing to profit from its rise. This kind of positioning flip is rare and it's powerful. When the banks that usually win by keeping silver suppressed suddenly switch sides, it tells us the system itself is shifting. These aren't random bets. These are calculated moves by institutions with access to information months before it hits the mainstream. They see the backwardation. They know about the empty refineries. They understand the collapse in vault inventories and the rising demand for physical delivery. And they've done the math. The risks of holding silver down are now greater than the rewards. If they stay short, they get squeezed. If they go long, they ride the wave. So, they've chosen. And what they're choosing to do, what they never do unless something massive is on the horizon, is to bet with the momentum, not against it. This reversal is like a loaded spring. Because when the suppressors become the accelerants, there's nothing left to hold silver back. The resistance disappears, the shorts panic, and the market reprices in an instant. It's not about slow accumulation anymore. It's about front running a breakout that the insiders now believe is inevitable. And that belief is spreading fast. >> Is beginning to fracture underneath the seams. And and this is what we said would happen. And and you know that's the part you know that's why I'm so fond of the little by little the logarithmic decay because the little by little these things that have been breaking little by little under the seams instant gratification even in information and in thought process isn't quick enough for most people in this country. They they aren't able to understand that these things take time at this level. It is a ocean liner trying to turn. These are very big deals and they're not getting fixed organically. A and the problems with commercial real estate are only going to get worse as are the problems with residential real estate. The only way the residential real estate problem gets better is are for prices to go down a andor for interest rates to go higher, not lower. That's what got us in this problem to begin with. Well, the commercial real estate is a whole another animal alto together. You know, you got all of these companies that realize, well, we're just as productive working away from the office as we are in the office, so why spend all the money and and it's it's creating a real problem. Um, the banks are not out of the weeds yet. And when you see the the Fed coming in and quietly doing this without, again, our media just is pathetic. our media, guys like John Rabbino, God bless them, guys like you, all the people who are telling the truth and getting the real information out. These are the ones that were were shadowbanned during the previous administration for misinformation that turned out to be true. But here again, where is the journalistic integrity? Where are the news media outlets talking about what is exactly happening? And what it means is the banks are in trouble. And not only that, no one wants to leave their money in the bank. They'd rather move it to treasuries which short-term treasuries with disintermediating the bank or even into money markets away from the regional banks and into the bigger banks. The problems are not done yet and this is a good sign of it. When they are trading their mortgage back securities instead of their treasuries, they're in need for cash and cash quick and they're in trouble. It's kind of like uh you know, you're pawning off your wedding ring at this point and hopefully you'll lend it to the pawn shop. Hopefully, you'll buy it back. Because >> that belief isn't just spreading, it's institutionalizing. The world's biggest financial players aren't just making forecasts anymore. They're changing their entire strategies. Bank of America has raised its silver price target to $65 an ounce for 2026 and expects an average of $56.25 until then. But that's not the headline. The real story is how these institutions are reallocating capital. Morgan Stanley's CIO is telling investors to abandon the traditional 60/40 stock and bond portfolio in favor of a split that includes 20% gold. Jeff is calling for gold to reach $6,600. And Bank of America's Michael Hartnett is even floating the idea of a 25% gold allocation as part of a balanced portfolio. And here's the key. When gold becomes a recommended hedge at that scale, silver follows. This isn't about fringe analysts anymore. This is the mainstream financial world waking up to a systemic threat and positioning for it aggressively. Jeffrey Gundlock, one of the most influential bond investors alive, says a 25% gold allocation is not overweight. Really, that's a staggering statement. It signals a complete rethinking of risk, of safety, of value. And while these firms publicly tout gold, they're quietly pouring into silver because silver is the leveraged play. It's the undervalued twin. When institutions go heavy into gold, it's silver that explodes. This is a tectonic shift in capital allocation. For decades, metals were an afterthought, something you sprinkled into a portfolio. But now they're being treated as a core position, not for growth, not for speculation, but for survival. And that shift means silver's coming move won't just be fueled by retail panic. It'll be driven by deep institutional demand. The kind that doesn't sell into strength, the kind that buys and holds until the system resets. >> Mountain, they were showing uh videos from 2017. I digress. We don't need to talk about that. But what I will say is that we've settled for a long time, Dunigan, that the banking issue is not over and it's been muted. Yes, for sure. But what this is in essence is a bunch of commercial real estate and residential real estate loans are going bad. Auto loans, they're all going bad. People aren't paying. They're they're running late. They're delinquent. No one's in office buildings. I was at my attorney's office in Minneapolis last week. They have three floors of an office building. Felt like I was in a morg, literally. And they they re-uped it like right at the be right before the pandemic hit. They reuped a 10-year lease. I mean, in downtown Minneapolis, math, they must I mean, you could have 10,000 people in these on these three floors, literally, and there's no one there. It's crazy. But this is the kind of problem, not my attorney's office, but many like it, where they're they're delinquent. They're they're not paying. They're going into forfeite. And so, you have a bunch of these loans that are going bad, which makes the banks run low on cash. they're not getting their payments. So to stay afloat, they go and they hit the repo market where this is where banks trade assets, typically US treasuries for quick overnight loans from the Fed. Um I'll give you my my treasuries. Uh you give me some money and then I'll buy back the treasury the next day or next week or whatever. It's overnight. It's next day. Some are longer than overnight, but that's why it's called repo. It means repurchase. Here's my treasury. Give me some money so I can pay my debt. I'll give you back the treasury or I'll buy back the treasury the next day. Great. The scary part about all of this is that now these banks are pawning off their risky mortgage back securities instead of the safe treasuries. That is the sign of stress. That is what should be disconcerting. This is why the Fed injected almost $9 billion and opened up a $490 plus billion emergency facility. Shh, don't tell anyone. No one knows about it's a half a trillion dollars. And you don't do that unless something. >> And behind all of this, the backwardation, the short positioning, the institutional pivot is a silent engine driving it all. A half trillion dollar bailout that almost no one knows about. The Federal Reserve has quietly opened a covert repo facility, injecting nearly $500 billion into the financial system. But this isn't your typical liquidity program. It's not about short-term volatility or seasonal cash needs. This is about keeping the banking system from collapsing under its own weight. Specifically, regional banks, those with massive exposure to failing commercial loans and toxic mortgage backed securities, are now pawning off their worst assets just to stay alive. And the Fed is taking them. This is not normal. In a healthy market, banks post treasuries, safe, stable collateral. But that's not what's happening here. These banks are bringing garbage, non-performing debt, worthless real estate linked securities, and the Fed is quietly handing them cash in return. It's a silent emergency papered over by financial jargon. But it exposes one undeniable truth. The system is breaking from within. And when banks are this fragile, when they're dumping toxic assets just to keep the lights on, confidence evaporates. Investors flee the system. Capital seeks safety. And that's when silver and gold come alive because precious metals don't carry counterparty risk. They can't default. They don't rely on someone else's balance sheet to hold value. And right now, the people closest to the fire, the insiders, the institutions, the banks themselves are rotating into the one thing they can trust when everything else starts to burn. This isn't just about silver's demand spike. It's about a complete revaluation of what's safe, what's real, and what holds value when the bailout machine is running at full speed and still falling behind. Down your your bond holdings by 20%. Michael Hartnett for Bank of America, this is the one that just said, you know, 60 whatever, 65 bucks on silver. Michael Hartnett's newsletter, I don't know how much it is, but I bet it's 10 grand a year. He just came out and said, "No, no, no, no. 25 25 25 25 25 25 25% stock 25% bond 25% short-term treasury and 25% gold whoa then you get Jeff now as you mentioned at the onset of this meeting we were we were blessed by credential be about 20 years ago and they nominated us nominated us the authorized resellers the six or seven of them can nominate one primary reseller or excuse me the primary distributors can authorize one authorized reseller and they did. Credential base up authorized us or nominated us to be an authorized reseller. One of 27 about two decades ago. God bless them for that. Walter Boitch, if he's still out there, Walter, you know I love you. He used to run their desk. Uh anyways, um they got bought by Jeff. Uh and Jeff Bash was the name. Jeff Bash was a primary distributor for all the major mints. They understand gold. They subsequently got out of the market, sold off the base name, and it's just Jeff. Their head trader is saying $6,600 gold is their next stop. They understand gold. But maybe the biggest of them all is Jeffrey Gunlock, the bond king. The man who's made his mark, his fortune, and his his his moniker of being the bond king by selling bonds, who just came out and said a 25% portfolio allocation to gold is not overweight. Really? So when you see these people at these levels and them put into it all the stuff coming into COMX and the draining on the LBMA and the high lease rates and all of this stuff the Judy Shelton's of the world and the Trump saying he who has the gold makes the rules and Bant saying you know I want to remonetize be part of a new monetary I mean keep going I'll keep going and and I'm telling you and I hate to say it I do I cringe saying it but this time it's different and look at gold got the snot kicked out of it by over a hundred bucks last week on Friday and what are we at today? We are well we're up $108 right now as we speak. The physical demand is different than I have ever ever ever ever seen as are all of these things. People at that level speaking to institutional traders at that level saying 25% allocation is good. Never seen that before, man. Not even close. That's >> and the storm is already making landfall. At the root of this quiet financial collapse lies the commercial real estate market. A sector now crumbling under the weight of its own delusion. Office buildings in major US cities are sitting empty. Vacancy rates are at multi-deade highs and hundreds of billions in commercial loans are coming due with no buyers and no refinancing options. This isn't just a slowdown. It's a systemic time bomb. Regional banks, which make up the bulk of CRA lending, are drowning in bad debt with no way out. And as defaults pile up, those banks are forced to lean even harder on the Federal Reserve's covert liquidity programs, further exposing the fragility of the entire system. But here's what makes it even more dangerous. This collapse isn't loud. It's silent, decaying day by day, building pressure beneath the surface. Most investors won't even notice until it's too late. And that's exactly what makes it so deadly. Because when the dominoes start falling, when just one midsized bank fails unexpectedly due to CRA exposure, it sets off a panic. Not just in stocks or bonds, but in trust. And when trust vanishes, silver explodes. You see, silver isn't just a hedge against inflation anymore. It's becoming a hedge against systemic collapse. The smart money knows this. The institutions know this. Even the central banks know this. That's why physical supply is vanishing. That's why lease rates are breaking records. That's why backwardation won't go away because the financial architecture is cracking and silver is one of the few assets not built on those crumbling foundations. >> I think are are worth mentioning. uh the largest silver refinery in India evidently has run out of stock for the first time in history. India being one of the largest buyers of physical silver. Um that's a big deal. Um I think worth worth certainly mentioning. The managed money is short by over $1 billion on silver, meaning the commercial banks took the other side. I wonder how that's going to play out. I would suspect you'll see silver really start to move this week when the managed money, the dumb money in relation to the the commercial banks, the month that seem to always be on the right side of the trade until one day they're not. And maybe this is the one day. One would expect silver to really start to move higher here right now. I don't like to make those kind of predictions, but I will tell you that mo this is very unusual to see how short the managed money is. Um the at the same time you have you know right now that the LBMA is blowing up in terms of running out of stock. You have for the 18th day in a row backwardation between spot and futures. Right now it's about a$124. This tells you that the people are paying extra to get real silver now not in the future. This is not bearish. This is a panic for the real metal. At the same time, uh, short sellers are now paying a 19% annualized rate just to borrow SLV shares where we see a lot of shorting and a 39% um, lease rate on the LBMA. The this is not indicative of a well functioning market. Uh, Bank of America on Monday raised its forecast of silver to 65 per ounce by next year with an average of 56 and a quarter until then. They also lifted their outlook to gold uh for 5,000. And the last thing that I will say is, and I may have repeated this last week, but for people who haven't heard this, you got four or five things that are incredibly bullish. You you got, as we mentioned before, Morgan Stanley saying no more 6040 60 2020 20. Get rid of half your bonds by gold with the other half. 60% stock, 20 bond, 20 gold. When have you ever heard a financial advisor say 20% in um in gold? This is from their chief investment officer, their CIO. This guy and the people that I'm about to mention speak to not the plebs but to the institutional level traders, not to the rest of us. They're saying put 20% of your money in gold and pair. >> And the rot goes deeper. That repo facility, the silent bailout pumping liquidity into the system isn't being backed by treasuries anymore. It's being backed by mortgage backed securities, the same toxic instruments that helped trigger the 2008 crisis. Except this time, there's no warning bell, no headlines, just quiet backroom transactions where the collateral is collapsing in value while the Fed pretends everything's fine. The banks showing up for this facility aren't healthy. They're desperate. They're drowning in non-performing loans, especially from the commercial real estate sector. And rather than admitting the losses, they're swapping junk paper for fresh liquidity just to keep up appearances. This is why gold is rallying. This is why institutions are allocating 20% 25% of their portfolios to metals because those at the top know what's coming. They see the same playbook unfolding. Overleveraged banks, bad debt disguised as assets, and a central bank trying to mop up the mess without triggering panic. But the silver market, that's where the rubber meets the road. Gold can absorb the fear, but silver reflects the cracks. Every mortgage back security being pawned off is another data point that this system isn't just strained. It's collapsing in slow motion. And when these cracks spread, and they will, it won't just be the banks that panic. It'll be the public because trust evaporates quickly once the illusion breaks. And in that moment, silver won't be some overlooked commodity. It'll become the lifeboat for anyone trying to escape the storm.