Gold news

 Some of this gold was leased gold which nor ordinarily would remain vaulted in the Bank of England and merely be a book entry transfer. Because that has come out, it has alerted every central bank with balances in both New York and also London and I suppose to also Switzerland to the risk from leasing. And I think it means that that leasing game is now stopping. I don't think any central bank will lease gold from this moment. We have, I think, the potential for a systemic problem uh arising from the

lack of supply in a market where the um future value of paper currencies is diminishing. Silver's breakout is no longer a question of if, it's a matter of when. Every pressure point we've explored from the collapsing banking system and Trump's economic warfare to the gold leasing freeze and exploding physical demand has been leading to this moment. What we're seeing now is the convergence of chaos, systemic distrust, geopolitical fragmentation, industrial acceleration, and monetary

desperation. All funneling into a single asset class that has been historically suppressed and chronically undervalued. That asset is silver. The dollar is weakening. Supply chains are fracturing. And central banks are bailing out their own credibility with piles of physical gold. But silver, silver is the underdog that survives every crisis and thrives in every reset. It's the only asset that bridges industrial utility with monetary protection. And now, as inflation proves sticky, as rate cuts loom, and as

investors scramble for something real, silver stands ready. It's no longer just a hedge. It's becoming the core. If you've been waiting for a signal, this is it. The storm is no longer coming. It's here. And those who position early will be the ones who understand the real value of silver when the dust settles. If you found this valuable, make sure to subscribe so you don't miss what's coming next. And remember, this isn't financial advice. Always consult a qualified professional before making any

investment decisions. It it ranges from central banks through um uh you know family offices um investment management firms, conferences and so on. Um I don't think I can really be that specific but uh what I can tell you is that a lot of the gold bug community um you know think that central bankers are idiots. They're not. They're actually entrapped in a political system over which they've got very little control. Um and they've got mandates which they can't really deliver. Uh and they do realize this.

Now if you're in the position of the Fed, you've got to deal with it. I mean, you know, this is not easy. And I have great sympathy with them. Now, you know, I can rail about how their lack of understanding of, you know, the commitment to macroeconomics, which is non-science and all the rest of it, but that's not productive at all. Well, I can tell you that um these guys actually have a greater understanding than perhaps um we think. And uh interestingly um minor central banks, some of which you wouldn't even think,

you know, can spell gold, are beginning to understand the difference between money and uh and and fiat currencies. And um you know, this is this I think is desperately important. we're looking at in in this sense um you know I I've been talking to to um central banks in if you like in in some of the lesser nations if you like and I find that they are um where they lack the knowledge they're very keen to to get it and this is the interesting thing uh so I there's a big big shift going on if you like in

central bank thinking and this is all part of the whole thing and it gives me hope that um while we're doomed to make a huge great mess of um things because of um our politics if you like and I think to my mind one of the great sadnesses is that you know you have someone like Donald Trump who comes in and he's he's actually very much he's got some very good ideas he's very sensible in certain respects you know doing away with this wokeness trying to get some morality back into um into people's behavior

rather than uh you know the state saying you know determining how we should behave. He's absolutely right about that but unfortunately his grasp of economics is just about zero. He's a businessman not an economist. He's a politician now not an economist. And the problem is that because everybody else has screwed it up so much and they've been advised, if you like, by others who are still offering advice, if you like, to the establishment, the Trump establishment, he's not listening. He

doesn't want to listen. I mean, you know, this this um business over tariffs is absolute classic example. And I've also corresponded with Americans who um silver isn't just rising in price, it's becoming the battleground of a market awakening. And nowhere is that more visible than in the futures pits. The CME Group's micro silver contracts are lighting up with activity. Open interest is climbing. Daily volumes are spiking. These aren't casual retail bets. This is the smart

money hedging against what they see as an inevitable breakout. And for good reason. March saw nearly a 10% month- over-month price surge with silver closing at $3461 per ounce. That's not noise, that's positioning. But it's not just futures. Physical coin dealers are reporting shortages. Mints are running behind schedule and premiums are rising. Investors are turning away from ETFs and opting for actual bullion. They don't want exposure. They want possession. And while institutional players are still

stacking quietly, retail is entering the market with urgency, signaling the early stages of a broader wave. The trading landscape is shifting, too. Options volume is heating up, particularly around key price levels like $35 and $40. Traders are betting not just on upside, but on volatility itself. A clear sign that the market expects a major move. And with the silver chart testing technical resistance near $35, a confirmed breakout could send prices into a vertical climb. It's happened before.

And the setup now is even more extreme. We're not watching a normal market anymore. We're watching a coiled spring. Every futures contract, every bar disappearing from inventory, every spike in open interest. It's all part of the same story. The quiet accumulation phase is over. The momentum phase is beginning. Yes, I I think it's a fair point. And you're showing the Bank of America share price is actually to the point. And the reason it's green today, I guess, is because people have been shorting it

fully aware of the problems that banks are likely to have. And today, a little bit of a bear squeeze. They've been closing the position. There may be a little bit of price management in there. I mean, who's to know? Who's to say? Um but the entire banking system I if you look at the wider banking you know financial uh ETFs and so on uh they have been extremely weak and this does I think ind indicate heightened fears if you like of systemic risk um and uh I mean the American banking system is

highly leveraged uh compared with the past um I guess that you're looking at around about 15 times asset to equity so bad debt debts doesn't take a lot in the way of bad debts to wipe out the equity um and give you negative equity if you like. Um worse than that of course we've also got the Fed is already deeply into negative equity and um so you know how does the Fed actually rescue a commercial banking system or backs stop a commercial banking system when it itself is deeply in negative

equity? Well, I mean the answer to that one is that either it prints the money, which of course we you know is is um if you like credit replacement and uh in a sense would just devalue the dollar even faster or alternatively it turns around to its uh government uh or its shareholders and in this case I think we we we assume it's the government though we hear all sorts of things about how it's privately owned and you know so but it would turn around to the government and say look we got to recapitalize

And so you got the prospect of a government in a debt trap recapitalizing its central bank. You know, is this going to sort of spread enormous confidence around the world about the outlook for the dollar? Well, questionable, I would say. Um moving on to um other areas where there is very high back leverage higher than the United States in particular, you've got Japan obviously and you've got uh also uh the um the Euro zone. I mean Euroone banks and Japanese banks typically have um uh asset to equity ratios uh in

excess of 20 times. And that is something that's really come about uh by banks expanding their credit in order to be profitable in times of negative interest rates. Um so the damage of negative interest rates if you like is still very very much with us. um as to um where the risks actually lie, I think we've already seen um American banks try to move out of risk lending away from lending to corporates in particular uh into lending to the government and the lending to the government is very very

much short-term lending you know like tea bills and so on and so forth. So I think I think um in a sense uh the behind the scenes a physical silver crunch is intensifying and the mainstream has barely noticed. For four consecutive years the silver market has posted deficits with demand outstripping supply at levels not seen in modern history. Mine production is declining. Exploration budgets are thin and above ground stock piles are vanishing as more investors demand physical delivery rather than paper contracts. But the

most telling sign, the cracks appearing at the delivery hubs themselves. Take comics for example. Physical deliveries have surged. What used to be a market dominated by speculative futures trading is now being rated for actual metal. In the first quarter of 2024 alone, gold saw a four times increase in physical delivery requests. But silver's pattern is even more unnerving. The volumes are rising and available inventories are shrinking. We're approaching a point where the exchange might not be able to meet

demands without significant delays or premium spikes. This supply squeeze isn't just coming from investors. Industrial users are locking in contracts early, worried that delivery time frames will stretch and costs will skyrocket. Meanwhile, retail investors are buying up silver coins and bars faster than mints can produce them. Premiums over spot prices are climbing, not because of market manipulation, but because physical silver is getting harder to find. And when supply tightens like this, it's not just a pricing

issue. It becomes a structural crisis. We've already seen what happens when supply chains snap in other sectors. Imagine what happens when silver, the metal that powers clean energy, electronics, and financial safety nets, runs short. That's not a market correction. That's ignition. And um also, of course, the other thing is that that brings into question um the survivability of many companies um and also the banks. The banks will take um bad debts on the nose. that is the way in which credit will be eliminated. Um

the value of the credit is the other way in which credit is is eliminated in effect not numerically but in terms of total value. Um and it's a process as I say which I just can't see how the Fed can stop it. They can't manage their way out of this problem. Furthermore, bear in mind that uh foreign investors have something like 14 trillion dollars tied up in US stocks. Are they going to really just sit there and watch that these values go down? No, they're going to get out. Um I I

wouldn't say they get out of 14 trillion dollars worth. I mean, apart from everything else be worth a lot less by the time they start rarely getting out. But you can see that there is massive selling pressure going to occur from that quarter particularly because of two things. The first is that um the uh if you like the the deep recession and it's going to be a deep recession um uh which is implied by uh collapsing stock prices plus these trade tariffs uh plus the loss of value in in credit which is the way in which the

credit bubble will will deploy itself. um that's going to lead to a heightened risk if you like of owning foreign currencies and uh consequently the only way in which the dollar will be supported or could be supported is for the Fed to raise interest rates and if the Fed doesn't raise interest rates then foreigners are just not going to go go and buy the US Treasury debt um and they won't stop selling the dollar. So this is actually I think a very very important moment um in um the history of

fiat currencies and I think it is actually uh the beginning of the end of this fiat currency period. Gold is making headlines. But behind the scenes something far more telling is happening. Central banks are shutting down gold leasing and that signals a seismic shift. For years, these institutions quietly leased out their gold to suppress prices and maintain liquidity in paper markets. But now, that era is ending. Physical demand is overwhelming the paper system, and central banks aren't taking any chances. They're pulling

their gold back, locking it down, and preparing for a world where confidence in fiat money is unraveling. That move alone should have sent alarm bells through the investment world. But here's what makes it even more explosive. As gold becomes harder to access, silver becomes the natural next step. Physical gold is being hoarded, vaulted, and removed from circulation at a rate not seen in decades. Major gold depositories like London and Comx are reporting unusual outflows and massive spikes in

Stanford delivery requests. In the first quarter of 2024 alone, the rate of physical delivery was four times higher than the previous year. That's not normal. That's panic. And as central banks stop leasing, they're essentially betting on a complete revaluation of precious metals. They don't want counterparty risk. They want the metal. Silver, though, it's not yet in lockdown mode. And that's the opportunity. The same systemic cracks forming in the gold market. Delivery delays, supply constraints, confidence

erosion are already appearing in silver. But silver is cheaper, more volatile, and far more responsive when markets panic. So while the world watches gold soar, smart money is already moving into silver, anticipating the next leg of the storm. And when that spillover begins, it won't be slow. It'll be violent. Financial sector or the banks have derisked themselves. Now, obviously, we're talking about the top level banks here. What goes on underneath that? I think there are a lot of banks still

trapped with bad commercial real estate loans. Um I note that according to FINRA there is something um around about 900 billion in other words close to a trillion of margin debt in the equity market. That is going to be I think a problem for some. And on top of that, um, if I am right about the combined, uh, effects of, um, a deflating, uh, credit bubble and, uh, tariffs, then a lot of the collateral that backs loans, uh, for banks is going to be, um, underwater. So I, you know, we we do have the potential

for um if you like a um a crisis which makes the great financial crisis look really like a tea party. Um I'm afraid. Um so that I think I think in a nutshell those are the problems. We've got a commercial banking system which is going to have to take on or whether a lot of bad debt which is un undoubtedly going to uh put some banks into negative equity. they will have to be re rescued or something happened to them. And at the same time, you got central banks themselves in negative equity uh trying to rescue a

fiat currency system. And on top of that, as far as the Fed is concerned, they've got the problem that because the US and other economies are going into uh um a slump, I I'm calling it a slump, not just a recession. Uh then government finances are going to go horribly wrong. uh and uh that basically can only lead to one thing and that is higher government borrowing which means higher borrowing rates. Um the risks to um uh to people holding dollars I think are just going to escalate and under the

under those circumstances if they're going to hold their dollars they're going to need higher interest rates. But higher interest rates makes the debt trap against the government worse. So what do we do? I mean, the Fed, I think, is in an impossible position on this. Silver is standing at a crossroads, caught between booming industrial demand and a looming global slowdown. And that tension is exactly what makes it so explosive right now. On one side, we've got an economic deceleration that's

raising red flags for traditional commodities. Manufacturing numbers are softening and recession fears are mounting across Europe, Asia, and North America. Under normal conditions, that would hurt Silver's industrial narrative. But this isn't a normal cycle. Despite macroeconomic headwinds, Silver's industrial use is surging. The world's transition to electrification is non-negotiable. Electric vehicles, solar panels, and 5G infrastructure all depend heavily on silver. And not just any

silver, but high-grade ultra conductive metal that has no real substitute. Demand in these sectors is growing faster than economists can model. Even with manufacturing slowdowns in some areas, the energy transition and tech buildout are still accelerating. And that's pushing industrial silver consumption to record levels. But here's where it gets wild. The economic slowdown is simultaneously fueling monetary demand. As central banks inch toward rate cuts and inflation refuses to die, investors are looking for hard

assets with dual functionality. Something that protects wealth in a downturn but also participates in long-term growth. That's silver. Silver isn't being pulled in opposite directions. It's being propelled by both. And when you combine monetary panic with secular industrial growth, you don't get a confused market, you get a supercharged one. Investors are waking up to the fact that silver doesn't need a perfect economic environment to thrive. It needs volatility and right now there's no shortage of that. Well,

yes, that's that's that's absolutely right. And uh I think there is a further point on that and that is that countries that would like to join um if you like the the China and Russia camp are very often frightened of doing so because of um you know the consequences um uh for their relationship with America. Now I mean you look at India, India has lots of trade with America. Um it's been looking at its position I guess in the light of these new tariffs. other countries um are frightened if you like

of um American c inspired coup d'etars. I mean if you don't believe me go and talk to the Pakistanis Imran Khan who's a perfectly sensible good man if you like uh is in jail. Why? because there was a CIA backed um coup d'etar putting in the previous people who guess what were were the people who accepted bribes bribing this bribing that. I mean they were as rotten as as um as you've ever seen. And Pakistan has been plagued with this uh for decades. Why? Because we keep on buying their influence by bribing the

politicians. And so Imran Ka Khan gets in who is who cannot be bribed and actually sees um uh Pakistan's future as being very much tied if you like with what's going on in the whole of Asia which is um you know a Chinese and Russian party. Um plus the fact that uh you know they're they're have a common border with with with Iran along the sea seaside as it were. um you know um that didn't suit the Americans. So he gets chucked out. He's in jail. They tried to assassinate him.

That didn't work. Few of his supporters got killed instead. Um we forget these things actually. But I can tell you that then you know around the world I mean you got various other countries have been watching this and you know they know exactly what's going on. They're now I think less frightened of America because of the signal on trade. Um, America is withdrawing from the world. Oh, hooray. We can actually now advance our nations and uh we can do it if you like. I mean, honestly, honestly and politicians, you know,

don't really go together too much, but at least more honestly than a situation where the pol politicians are bought and paid for by America and Britain. That is now hopefully coming to an end. And I think that because so many of these countries are going to be less fearful of us, then they will get on with business with China and Russia. And this is a major major change. The global financial map is being redrawn. And silver is positioned right at the center of this tectonic shift. As US leadership

becomes more unpredictable and economic policy turns aggressively inward, nations around the world are no longer waiting. They're actively building systems that don't rely on the dollar. What began with sanctions and tariffs has evolved into something much bigger. A geopolitical realignment that threatens to permanently reduce America's financial dominance. China and Russia are leading the charge, creating parallel trade networks and expanding bilateral settlements in local currencies. South Korea and Japan are

exploring regional trade packs that deliberately avoid the dollar. And throughout Asia, the message is clear. Dependence on the US is a risk. What fills that vacuum? Tangible assets with global recognition. Gold, yes, but increasingly silver, too. Silver's role as a monetary metal becomes more critical in a world seeking alternatives to dollar denominated assets. And because silver is also a key industrial component, it bridges both the hard money and productive economy. This duality is unique and powerful. In a

multipolar world, silver isn't just insurance against fiat collapse. It's a foundational asset in a new financial order. While central banks accumulate gold, private investors and institutions are starting to recognize that silver could be the next store of value in a system no longer governed by the Fed or Wall Street. It's real, borderless, and trusted across cultures and centuries. And as this global shift accelerates, silver becomes not just relevant, but essential. I don't I mean, yeah. Um I

don't think there's anything further in so far as um circumstances whatever they may have been drove huge great premiums on comx which had the effect of sucking out liquidity because of the arbitrage opportunity physical liquidity out of other centers particularly London secondly uh Switzerland and then some other centers as well um that I think I mean obviously the premiums have diminished I mean there still sort of tend to be small premiums if you like on the futures market in in in on Comx in

New York. But um you know the big rush I think has basically happened. Uh my reading of it is that um you've got to think in terms of the stands for delivery which have yet to be delivered which are still sitting in the comx warehouses. Um you can see the charts if you like um of of uh those totals over time and quite clearly you've got two peaks. The first one was um just after the co uh the covid problem when we had equally a crisis um and it was a crisis which led to gold being moved from London to comx

you may remember that we have a second crisis now it's less obvious because we don't have a co if you like driving it but I have no doubt at all that um it's a shortage which um uh will persist on top of that I mean we don't know who's been standing for delivery. But the rate of stand for delivery has increased uh roughly fourfold in the first quarter of this year over last year. Uh and um this is you know this as I understand it is much of it is yet to be delivered. It's

a it mean we're talking about 400 tons in the first quarter. So that has to be covered if you like uh because otherwise if you don't cover it um as a bank you're at risk. And so I think that does explain that. But there is another factor and that is that because quite a lot of this gold was right now the gold to silver ratio is screaming buy and barely anyone's listening at over 100 to1 earlier this year. It means you'd need more than 100 ounces of silver to buy a single ounce of gold. That's not

just historically high. It's absurd. In previous precious metals, bull markets, this ratio has always collapsed violently. In 1980, when silver last touched $50, the ratio dropped below 20 to1. In 2011, when silver surged again, it fell under 35. The pattern is clear. When gold moves first, silver plays catch-up. And it doesn't just catch up, it slingshots past expectations. So why does this matter now? Because gold has already made its move. It broke through $3,000 powered by central bank hoarding

and fiat fear. But silver, it's lagging far behind its historical pace. That's the opportunity. And that's the danger for those ignoring it. This kind of gap doesn't last. The ratio always mean reverts. And when it does, silver doesn't just rise, it explodes. What makes this moment different is the setup behind the numbers. Central banks are stepping away from leasing. The dollar is weakening. Trade wars are destabilizing the global economy. And the supply demand imbalance in silver is

more extreme than ever before. This isn't just technical, it's structural. The ratio is no longer just a number on a chart. It's a countdown. And when it breaks, silver won't just be playing catch-up. It'll be breaking out. Yes, indeed. Um I mean, this is a drum I've been beating for a little while. Um, you know, we're top of the credit bubble and it's the biggest credit bubble in history. And if you don't understand a credit bubble, just think about the debt

bubble. You will, I'm sure, confirm that we've never seen so much debt in the world. Credit is the other side of debt. This is the biggest credit bubble in history. And credit bubbles are reflected in stock prices. And when they go pop, they go pop, they go down. And I think that's what we're seeing. the situation is made worse by uh Trump's tariffs um because of the timing. I mean um you know at any other time if we weren't in such a bubble these tariffs I don't think would have such a great

impact but um the the combination really of um a debt bubble bursting and uh tariffs is exactly what we saw in 1929-32. Um and um this time it's even worse because the the debt bubble is even bigger and uh also the the tariffs um have a greater effect because back in um 1929 basically America was more or less self-sufficient in terms of imports and exports um and so on. Um nevertheless the impact of smooth holy was really pretty bad. Uh today of course everything works on supply chains. Um you know uh you get people

like Apple and all the rest of it. They've got manufacturing facilities in in uh uh Eastern Asia and um uh all the design is done in California. If you read the blur on on your if you can even read that fine gray print. Yes. That's exactly what it says. Exactly. Yes. Exactly. I think it's it's designed for younger people than us. But um at um as a serious point though the the combination of the two things I think is likely to be worse this time potentially worse and it's difficult

really to see um what um the Fed or the US Treasury can do about it. Um we have I mean undoubtedly they'll go into the markets and try and steady them. We might have seen a bit of that this morning though I think that's probably more to do with a bit of bare closing. This is Monday incidentally. um what the third the third fourth day of um after Trump's uh announcement on tariffs. Um but I think there's a long way further down to go. I mean I don't make the comparison with 1929 to 32

likely. Um it it is exactly that. So I think we're going to see a very significant fall in stocks stock prices. The Trump's Liberation Day tariffs were supposed to make America strong again, but instead they've triggered the most chaotic geopolitical realignment in decades. And silver is riding the chaos. These tariffs aren't just about trade, their economic weapons. When Trump slapped those massive levies on Chinese imports, China didn't flinch. They retaliated, launching a full-blown counteroffensive

with their own 34% duties. What followed was a global ripple effect that's tearing apart the fragile post pandemic supply chains. But this isn't just about higher prices at Walmart. It's about the collapse of trust between global powers. Countries are beginning to hedge against American financial dominance. South Korea, Japan, China, they're all now seeking tighter alliances and trade routes that bypass the US entirely. Russia and China are expanding their partnership into something resembling a

new economic block and silver is caught in the middle, but not in the way you'd expect. You see, when fiat systems fracture, hard assets shine. The tariffs are disrupting industrial flow, which is squeezing silver from the manufacturing side. But more importantly, they're creating macroeconomic uncertainty that's driving capital towards safe havens. Gold has responded, breaking past $3,000 an ounce. But silver, still undervalued, still overlooked, is the sleeper giant. And as the trade war escalates,

the appeal of silver as both an industrial and monetary asset only intensifies. We're not watching history repeat. We're watching it mutate. And silver is becoming the asset of the realigned world. So, and it will feel that it doesn't need the rest of the world. I mean, this is the message it's giving through its trade tariff. um thing. It wants its manufacturing to come back home. It doesn't want anything abroad. This is a very very um parochial and uh utarchic view if you like. But that's what we're dealing

with. Europe has a huge great problem. It doesn't know where to turn. I mean they're still if you like um guided by their um own propaganda. They believe their own propaganda about Russia. And that's something that will have to change. How long it will take them, I don't know. But the longer they delay, the worse it's going to be for Europe. And when I say Europe, not just the EU, but Britain as well. Britain, I think, is trying to be a bit more realistic. And it's got more

flexibility than uh say Germany or France or whatever. So um but nonetheless, I mean, what we're looking at is the financial world. I mean, putting just um Japan to one side for them out out of this uh because of their intended new alliance with with with with China and South Korea. But I mean, you've got uh the UK, which is the major financial center in Europe. You've got Europe itself as a as a major trading block, and you and you have America. That's where the disaster is in those

nations. So from the point of view of China and Russia, why should they be involved with it? And I think the implications of this for the dollar are very stark. We've been talking for a long time speculating about what currency bricks is going to come up with. You know, they need a new trading currency. It started off with the Eurasian Economic Union, Sergey Glazia, being appointed to come up with this new um currency if you like for the members of the uh Eurasian Economic Union to trade amongst themselves and this would

be the model for the wider bricks whatever all this sort of stuff. The problem now is not so much um that story. The problem now is that by buying withdrawing from the world, the dollar is going to be um if you like uh it's it's it's going to go down in its importance a lot more quickly and Asia now does need to find a replacement. Now, we don't know what form that's going to take. I know what I would do if I was involved with with with any policy committee, but I'm not.

Um and you won't won't surprise you to um learn that I think that the way forward quite simply is to reintroduce a system of gold standards credible where paper um paper currency can be exchanged for for gold at a fixed rate. that would be the way forward and that was indeed the basis of the industrial revolution uh first of all in Britain and then all around Europe and also America in the 19th century and up to the first world war that is the only way to do it whether China I mean China has got the

gold reserves Russia's got the gold reserves to do it quite a few of the other nations haven't got the gold reserves they could probably tie in with you know a more stable currency or a currency which has the gold reserves. I guess that um the way in which central banks have been accumulating gold to sell fiat currency means that in policy terms they're already moving in that direction. The banking system is crumbling from within and silver is feeding off the wreckage. What we're

witnessing now isn't just another banking scare. It's the exposure of a dangerously overleveraged global financial architecture. In the US, banks are sitting on a knife's edge with leverage ratios as high as 15 to1, meaning a mere 7% drop in asset values could wipe out their entire equity base. But it's not just America. European and Japanese banks are even worse, boasting leverage levels of 20 to1 or higher. That's not sustainable. It's a powder keg. And right at the heart of this crisis lies

commercial real estate where delinquencies are surging and values are collapsing in real time. These banks are not just vulnerable, they're already in silent distress. The Federal Reserve itself is in negative equity. Think about that. The very institution meant to stabilize the system is technically insolvent. As confidence in the banking sector deteriorates, investors are starting to flee toward anything with real intrinsic value. That's where silver enters the picture. Unlike stocks or bonds, silver isn't a promise. It's

tangible asset outside the system and immune to the kind of accounting tricks that got us here in the first place. And while the mainstream media focuses on the symptoms, silver investors are watching the disease spread from the core. Every fail bank, every emergency bailout, and every whisper of insolveny makes silver stronger. This is the crack in the dam and it's only getting wider coming out of the bank of England and because therefore uh a lot of this gold or some of this gold was leased gold which nor

ordinarily would remain vaulted in the bank of England and merely be a book entry transfer because that has come out. It has alerted every central bank with balances in both New York and also London and I suppose to also Switzerland to the risk from leasing and I think it means that that leasing game is now stopping. I don't think any central bank will lease gold from this moment. Now there are leases still running and the problem with leases is that um you know you lose possession. It may remain

vaulted but you've lost possession and furthermore that gold may be rehypothecated into another lesser. So this is a situation which um is actually very very bad for any central bank wanting to protect itself against um the end the ending if you like of the fiat currency system. As far as the market is concerned, the withdrawal of this leasing is going to withdraw a very important point uh part of supply of the supply which is necessary for the derivative se um system uh to to work. It needs the

liquidity if you like of leasing in order to work. That is now going. So what we have I think is uh even though you know the premiums have gone from basically gone after comx futures now we have I think the potential for a systemic problem uh arising from the lack of supply in a market where the um future value of paper currencies is diminishing. This is um it I it it really is beginning to mount up. It's a number of things all coming together. I mean, there there was a film a long time ago called The Perfect Storm, and I

think it's it's an apt description for um what is basically developing in the gold market. Bank stocks are tanking. Central banks are quietly pulling the plug on gold leasing, and Trump's trade war is spiraling into full-blown economic warfare. Yet, almost nobody is looking at the one asset that could benefit from it all, silver. Right now, while panic spreads across global markets and headlines scream of systemic collapse, silver is silently gaining strength, trading just under $35 and

gearing up for a breakout that could leave gold in the dust. This isn't just a short-term trade. This is the perfect storm. With a 100 to1 gold to silver ratio flashing its loudest buy signal in decades and central banks shifting away from leasing to full-on accumulation, the stage is set for silver to rip higher in a way we haven't seen since the chaos of 1980 or 2011. But there's more. Because what's fueling silver this time isn't just fear or inflation. It's a global reset in how money, power, and

trade are structured. The collapse isn't coming. It's already begun. And silver, it's not just reacting. It's about to lead.