I mean, silver is obviously tight in London, but it's also becoming tight in Shanghai. This is a global phenomena. This is not, oh, there's plenty of silver, but it's in the wrong place. No, there's not plenty of >> the December silver delivery final nails. Subscribe for more. >> Right now, the ComX is staring down a title wave of physical demand that it may not be able to meet. We're talking about a moment so pivotal it could expose the greatest financial cover up in modern history. The paper silver illusion. For years, Wall Street has been playing a game of musical chairs with ounces that don't exist, hoping no one would notice. But this December, the music could stop. Vaults in London are running on fumes. Shanghai's inventories are vanishing. And back in the US, ComX registerable stocks are nearing all-time lows. If just a fraction of contract holders demand real metal instead of rolling over, there won't be enough chairs to go around. And when the system fails to deliver, the illusion evaporates. This isn't some hypothetical. Experts are calling it a credible threat. So, what happens when faith in the paper market dies overnight? What happens when silver's true scarcity is laid bare for the entire world to see? Stick around because what's coming next could send the price of silver into territory we've never seen before. >> Well, I mean the the payback in gold is obviously greater than the payback in silver. So So gold is going to be the target. And I would say uh either generic rounds or bars are going to be the the easiest to uh they'll be the easiest to counterfeit. I mean it's more difficult to to counterfeit an elaborate an elaborate coin. Um, but yeah, they can be counterfeited. And that brings me uh to a topic I I want to talk about. Um, in silver, I've been an advocate of junk silver as the best form to own in in the United States. Uh, 14 roughly 14 dimes equals an ounce. So, you've got 14 transactions. It's the smallest denomination. It's US Mint lineage. Um, really can't be counterfeited because it's got to show scruffiness. I mean, these were in people's pockets. And we've got an anomaly going on right now where if you're looking to sell junk silver, you're looking at $350, $4 under spot. And if you're looking to buy junk silver, you can buy it at spot, maybe 50 cents over spot. It's the cheapest form that you can buy right now. So, if you're buying silver, you definitely want to buy junk silver. It's the cheapest and it's the best. And if you're worried because the bid is below uh spot and it's well below spot, uh pretty much everything else is very close to spot or even eagles are above spot. Understand what has happened. We finally got back to this $50 level and we stayed here uh we've been here for call it a month, but we were approaching it and literally I'm not going to say the only form or the only way to buy uh silver in the night late 1970s early 1980s was junk, but that was by far and away the primary form of silver to buy. So what you've seen over the last few months is that many of these people who have held on for 40 plus years have turned seller and the the dealers and the wholesalers got overwhelmed with the selling. So what did they do? They lowered the price. And if they're call it $4 under spot, that's 8% below spot. And what they're doing is they're sending those coins into refiners to melt them down and they pick up that 8%. Is is what they're doing. Now, that said, this is a short-term event because the supply is is already the the supply of junk being sold is already starting to dry up. And when it does dry up and prices start to normalize, guess what? There's way less junk available that still exists because it's been melted down. And I'm gonna I'm gonna say uh right here that I think when all is said and done, junk silver is going to become the most expensive form of silver in the United States, even priced higher than eagles. And I I say this because I believe the supply uh is being is being destroyed on a daily basis. >> The signs of collapse aren't just isolated. They're global. In London, once the cornerstone of silver liquidity, the LBMA vaults have been drained to dangerously low levels, now holding barely 6 weeks worth of global demand. Just a few years ago, they had over 300 million ounces in reserve. Today, that number has shrunk to levels that should terrify anyone watching this market. Meanwhile, across the world, in Shanghai, the same story is playing out. Physical silver is vanishing from warehouses. Premiums are soaring and buyers are scrambling to secure supply ahead of delivery windows. It's not a regional issue anymore. It's a worldwide drought. And 2025 marks the fifth straight year of global supply deficits with this year's shortfall alone estimated between 117 and 149 million ounces. That's on top of a cumulative 800 million ounce deficit since 2021. Even a surge in recycling couldn't plug the gap. The scarcity is real and no amount of paper contracts can mint new silver. What we're seeing now isn't a blip. It's the system cracking under years of unsustainable demand and dwindling reserves. And it's this tightening noose around global inventories that's setting the stage for the chaos about to erupt on comics. >> But yeah, it's I mean the market is I mean the bottom line is all of the futures, options, paper products, etc. They're all based off of the the physical metal in the first place anyway. That's why they're called derivatives. they're derivatives of the actual product. Uh the there's not as much uh concern there there's concern. I mean, if gold were to go if gold doesn't deliver, the system dies anyway. But if gold doesn't deliver, uh it's not a direct effect on on on production, if you will. Silver is used in so many different applications, whether it be industrial, technological, medicinal. Uh I just did an interview and was talking about every time they shoot a tomahawk missile, there goes a monster box. You can't make a tomahawk missile without five, you know, roughly 500 ounces of of silver. Um so silver will have profound ramifications to the real world, to the real economy. Now, that said, if silver goes failure to deliver or gold goes failure to deliver, uh you're stuck in the casino because the casino will close. And when the casino closes, and we've talked about this, you know, for the last what, year and a half, maybe even two years, we've talked about the great taking. Once the casino closes and banks and brokers and insurance companies start going belly up, they're going to take your capital with them. And that's why it's so important to get your capital out of the system into something gold and silver that cannot bankrupt and in a in a place where it can't be taken from. We're going back to visit uh the 2000 late 2019 episode that was just before co and the the repo rates spiked to 10% and that the Fed was having to put 100 plus billion into that market every single night so it could clear. Um then conveniently along came co uh and two things happened. the real economy worldwide uh was definitely stunted or shut down, whatever you want to call it. There was there was less demand for credit because of COVID and it allowed central banks all over the world to flood the markets with liquidity. Problem solved, not solved, but the can was kicked down the road. Here we are again. Uh it nowhere's we're nowhere's near where we were in uh October of 2019, but the the overnight rates are starting to move higher again. It's a concern and should be watched. Uh again everything whether it be the real economy uh production consumption transit uh and also the financial world the financial economy everything runs on credit. If credit gets disrupted or credit ceases anywhere it'll be a shock that will uh it'll shut the whole system down. 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. >> All eyes are now on comics. >> So get in early. >> Where the pressure is reaching a critical point. For years, traders have treated futures contracts like a casino, betting on paper promises of silver with no intention of taking delivery. But that game is breaking down. In recent months, something unprecedented has been unfolding. Up to 100% of contract holders in certain delivery periods are demanding physical silver, not cash, not rollovers, real metal. And ComX doesn't have enough of it. Registered inventories are collapsing with withdrawals now outpacing deposits quarter after quarter. Settlement times are stretching from days to weeks. What used to be T+1 delivery is now taking up to 8 weeks or more. This isn't normal. It's the kind of stress you see right before a system fails. And if December sees even a modest spike in delivery requests, ComX could be caught completely offguard. A failure to deliver isn't just a delay. It's a crack in the foundation because once faith in the exchange breaks, it won't come back. That trust is everything. And if silver contracts can't be honored, the entire pricing structure tied to those contracts collapses. The paper market's dominance is being tested and it's on the verge of losing. >> That's that's simple. I mean, just look at spot and if it's if if today in this market right now, if you're looking at a high premium, anything over, I don't know, even five or 6% for gold eagles, anything over that, you're getting ripped off because the premiums don't exist today. Most products can be purchased within 5% of spot. It's it's it's a shame. It's predatory. Um, I mean, I'm not going to name names, uh, but I mean, just as an example, there was someone, uh, you know, representing a firm that, uh, you know, had pretty good information on YouTube. Not all that was correct, but it was mostly correct and and pretty good. uh and you know you're taking grandmotherly advice and that was a firm that was charging uh whatever the the fair rate was they were charging 26% commission on top of that. So is that what is that? Is that is that gouging? Is it stealing? Um I it's it's horrible and it gives a bad name to this industry and it's not illegal. It's not illegal because it's not a a a regulated industry, but I'm pretty sure, you know, when you're standing at the gates of heaven, it's it's illegal. That's a black mark. >> The entire paper silver market rests on a dangerous assumption that most people will never ask for the metal they're owed. It's a slight of hand that's worked for decades, but it only works when confidence is intact. Comx and LBMA trade mountains of silver on paper, often representing hundreds of times more silver than actually exists. This leverage has allowed banks and institutions to suppress the price, flood the market with synthetic supply, and maintain an illusion of abundance. But here's the problem. Once physical demand overwhelms that illusion, the leverage flips from an advantage to a liability. When traders begin to realize that a contract may be nothing more than a promise in an empty vault, the demand shifts violently from paper to physical and paper starts burning. We're already seeing premiums spike on coins and bars with delivery time stretching and dealers warning of stockouts. Arbitrage is breaking down. Investors aren't just nervous, they're fleeing the paper system altogether. And when the dam breaks, the suppression mechanisms fail. The price is no longer dictated by synthetic contracts. It's dictated by who actually has the silver. And right now, that number is shrinking fast. The flaw in the system isn't just academic anymore. It's about to be exposed to the world. >> Right. Um, yeah, there is there's always some risk. I think the risk will be greater as the prices go higher. And I would simply say either call me or call you. Uh, we clear our business through Miles Franklin. And Miles Franklin's been in business over 30 years and never had uh you know they have never delivered a counterfeit coin uh as far as I know has never delivered one counterfeit coin to a customer. And if it if it was done uh it was rectified. But understand that if you go through a reputable broker their business is done. If they send you a counterfeit uh gold eagle or gold bar or silver or whatever, if they send counterfeit to you, their business is done because then their reputation, their word is broken. Uh so I would just say and and do understand that anytime metal is shipped out it's done 100% under CMA and the the coins that they receive other than other than coins directly from the US men. Um it's my understanding that all coins are assayed and uh proven to be real when they come in before they go back out. So, um, if you use a reputable dealer, use us, Miles Franklin, um, you're going to get the real deal. >> As the paper market teeters, industrial demand is quietly tightening the strangle hold. Unlike investors, industrial buyers don't care about market games or comics charts. They need silver to keep their operations running, and they'll pay whatever it takes to get it. In 2024, industrial demand hit a record 680.5 million ounces with projections showing that number holding firm into 2025. The solar industry alone now consumes over 230 million ounces annually. And each panel requires around 20 g of silver, non-negotiable, with no viable substitutes. EVS, 5G infrastructure, AI components, defense systems. Every one of these sectors is growing and every one of them is devouring silver. And here's the kicker. These buyers are starting to lock in forward supply at premiums well above spot price, cutting off availability for everyone else. That's how you know this isn't just a trading story. It's a realworld supply war. Photovoltaics are forecast to exceed 300 million ounces per year by 2030 and electric vehicle production is ramping up globally. Silver isn't optional for these sectors. It's essential. And with no scalable substitution and shrinking above ground stocks, industrial demand is now acting as a relentless force pulling physical silver off the market faster than it can be replaced. What happens when industry and investors are both fighting over a shrinking pool? You get a buying frenzy and a price explosion. >> I'm watching silver in particular, Comx silver also. We we're seeing now that uh silver I mean silver is obviously tight in London but it's also becoming tight in Shanghai. This is a global phenomena. This is not oh there's plenty of silver but it's in the wrong place. No there's not plenty of silver. Um, and what I'm watching as far as Comx is concerned, November is strictly a non-dely month and the amount of contracts being added on a daily basis for November delivery is astounding. U December on the other hand is a big delivery month and I question you know can they deliver 60 70 100 million ounces for the month of of December? I don't know. It just looks to me like the failure to deliver. It's we're we're walking on a nice edge at this point. Uh billhter.com. Uh you can contact me through the site or you can contact me through my business email. It's uh b h o lt e rp proton.me. And I do want to remind people if you go to my website absolutely go to Grizzly's Corner, it's a icon up top. Uh there is just unbelievable prepping information. There's links to products and not products that I've I get paid for or support, you know, endorse or anything, but these are products that the guy who wrote and has written pretty much everything. And he's a survivalist guy uh for Grizzly's Corner. These are products that he's used um and been happy with the quality of the product. So, use that as a resource if you're trying to prep, if you're trying to get ready for stuff. There's there's information from soup to nuts on prepping and survival on the website under the icon grizzly. It's been a slow boil. Um, and you're watching the things I talked about years ago come to fruition. I mean, on a daily basis. And that being said, if I was wrong about everything, if I was wrong about everything except buy gold, buy silver, um, and I'll remind you, when I retired from, uh, from the brokerage industry, I had one of the largest retail uh, gold, silver, and mining share positions for customers in the country. Um, I will just say if you if if I was wrong about everything, but you bought gold and you bought silver in the year 2000, you did better than anybody else on the planet. >> Now, let's talk numbers. The kind that used to sound insane, but today feel increasingly inevitable. A $500 silver price might have once seemed like fantasy, but when you map out the forces at play, it's not just plausible, it starts to look conservative. The last time silver came close to blowing the roof off was in 1980 and again in 2011. Both times it spiked to nearly $50 an ounce before getting hammered down by coordinated efforts from central banks and paper market manipulation. But this time the foundation is different. We're not just dealing with speculative mania. We're staring at a structural supply shortfall, a global energy transition, an industrial bidding war and a paper market that's crumbling under its own weight. The gold silver ratio is already flashing a historic reversal signal. And once that unwinds, silver doesn't just catch up to gold. It overshoots with violent speed. Meanwhile, big institutions are starting to reposition. Major banks are advising clients to shift 20 to 50% of their portfolios into precious metals. And silver is expected to follow gold's trajectory with even greater torque. When you strip away the artificial pressure of the paper market, you reveal a metal that's been severely undervalued for decades. Once that spring is released, the snapback won't stop at $50. It won't stop at $100. If comx fails and the physical market takes over, 500 silver won't be a moonshot. It'll be a price discovery event. >> Yeah, I would first I would just say welcome to the party. Um and next I would say we have interest rates still at basically generational lows. I mean, we're not where we were uh 3 or 4 years ago. We're not at 0% rates, but rates are extremely low. There's no risk premium. uh in interest rates at all. So, uh, bro, uh, brokers and banks, they understand that the likelihood long-term, 5 years, 10 years, you know, longer than that. The likelihood is that rates are going to go higher, not lower. And they also understand that there's going to have to be another mass printing. Whether they call it QE or not, it doesn't matter. But there's going to be another global mass printing. And the problem with that is that that debases the currencies and that uh lowers the value of the unbacked currencies. If the values are lower, then you got to give more of dollars or euros or yen or whatever for that same ounce of gold or the same ounce of silver. So I think they're looking at it pragmatically and saying, "Yeah, the day of, you know, buying and holding bonds is over." And that's why they're they're recommending um half of that bond position be liquidated and put into gold. The only problem with that is if everybody did that, you'd have gold at probably who knows $2 million an ounce. Just, you know, pick a number, but it's going to be super super. >> But the silver crisis isn't happening in isolation. It's unfolding against the backdrop of a deeply unstable financial system. Global banks are already under strain. Repo markets are flashing warning signals and debt levels are spiraling into uncharted territory. As confidence erodess, capital is fleeing traditional assets and that capital needs a new home, one that can't be inflated away or defaulted on. Enter silver. While gold remains the go-to for monetary insurance, silver is quickly becoming the alternative bet for those who want exposure to both monetary chaos and industrial growth. And unlike gold, silver's physical market is razor thin. It doesn't take much to cause disruption. And the smart money knows this. That's why high netw worth investors and institutions are moving fast. Some are pulling metal directly out of vaults, bypassing the comx system entirely. Others are warning that a banking crisis could lead to capital controls, liquidity freezes, or even seizure of assets, making physical metal a last line of defense. As trust in the banking system decays, silver becomes more than just a commodity. It becomes a form of off-grid wealth, one that's immune to bailins and fiat devaluation. And with every new banking scare, every failed bond auction, every whispered rumor of insolveny, more people are waking up to that reality. The run on silver isn't coming. It's already started. Uh, I mean the the paper markets were the the tail on the dog, but the tail constantly wagged the dog because they would overwhelm the physical markets with paper. The problem now is they've done it for so long and to such a grand extent that now there's a question whether these paper contracts are going to be able to deliver. And the answer I think you're going to find in the next month uh to three months who are going to find out that no the paper markets are not a substitute for real physical because they have to deliver real physical that does not exist to be right at I think at the peak uh eagles American Eagles were $17 $18 over spot and junk was as high as $13 over spot. Uh, and at the time, um, the premium o bars really didn't move much. I mean, I think 100 ounce bars maybe were $3 over spot. Um, and and that's pretty close to where they are are now. Um, you know, the bar market has not moved much, but yeah, junk has had the premium has collapsed and gone negative. And I I think it's a uh I mean it's a no-brainer to buy junk silver right here. >> If comics fails this December, it won't just be a technical error. It will be the spark that ignites a global silver reset. The moment delivery is missed, the illusion shatters. Everyone from hedge funds to sovereign wealth will know the truth. There's far less silver than the world believed and the entire pricing system has been built on a lie. Futures contracts will be seen for what they are. empty promises with no metal behind them. And when that happens, silver will no longer trade based on paper. It will trade based on scarcity, desperation, and reality. Premiums will explode. Spot will be irrelevant, and physical will rule the market. A $500 silver price won't be hype. It will be the new floor as institutions scramble to cover physical exposure they never thought they'd have to honor. The metal itself will become untouchable, snapped up by industry, hoarded by investors, and priced by availability, not speculation. This is the moment when silver finally breaks free from the paper shackles that have bound it for decades. If you're still watching, now is the time to stay informed, stay prepared, and make sure you're not holding an IOU when the vaults run dry. Don't forget to subscribe for more market shifting insights. And remember, this is not financial advice. Always speak to a professional before making any financial decisions.