Today Gold and sliver news 135

But these banks would do it in order to hold the price down. They're getting beat now. [music] They're getting beat because of deliverability. That is what is different. And that is what is what [music] I've been saying with you since 2020. It's different. >> You're watching Silver News Daily. Subscribe for more. >> This is it. Andy Sheckchman just made the boldest call of his career. $100 silver won't be the top. It'll be the trigger. the beginning of a silver rally so massive, so disruptive, it could rewrite the rules of the entire financial system. For decades, silver has been dismissed as gold's volatile cousin. Overshadowed, underappreciated, and relentlessly suppressed. But that era is over. We've officially crossed the threshold. With silver already shattering records and institutional capital pouring in, something far bigger is brewing beneath the surface. We're not looking at a bull market. We're looking at a complete repricing of silver as the world scrambles for security, sovereignty, and scarce real assets. This isn't hype. This isn't a maybe. This is the moment silver investors have waited their entire lives for. And if you think $100 is the destination, you're not seeing the bigger picture. Stay with me because by the end of this, you'll understand why $100 is just the start. ized as critical like silver is now classified by the US government and gold was not being used at that point to usurp treasury treasury issuance or treasury holdings. We hadn't weaponized the treasury market yet. We hadn't done the things that has really coalesed the the bricks in the global south. Um and when you look at it right now it it's very different. you have sovereign nations that are accumulating this stuff under the guise of national security um for all of their respective countries um and I think that that's number one um the the the environment right now where I would say gold and silver have been recognized by the people that matter to be far more valuable than the dollars and other currencies that are being used to purchase them. It's very different. Um, and when you see deliveries, back then, no one stood for delivery. Nobody. I didn't start talking about deliveries until I did with you. You might have been the first one I talked about it with in very early 2020, maybe even late 2019. It was somewhere in that neighborhood. But probably very, very early 2020, like maybe even January, February, we started to notice it. But that's where it began to change where no one ever challenged the western system where you stand for delivery because you see something bigger and you know people say well why don't they just buy it all at once this is the genius of what these countries have done is little where have I heard that before little by little by little by little um they've been doing it strategically draining from all around the globe and it's now accelerating and now it's gotten the eye of this administration who says ah if we don't join in, we're we're in very big trouble. As far as the volatility, you know, back then in 2011, and I don't remember exactly how many times they did it, but I would bet my life they raised margins considerably. And let's talk about what that means, cuz they've done it twice here in the last two weeks. They being the CME group, Comx, they raised margins and the margin requirement prior to two weeks ago was like $21,000 would would would allow you in your margin account just has to sit there in an account that would allow you to control 5,000 ounces of silver. Let's put silver at 60 bucks an ounce or whatever, 65 bucks an ounce back then just a few weeks ago. You know, you're talking an awful lot of silver at 5,000 ounces. You're talking over $300,000 worth of silver controlled with $21,000 in your margin account. You're talking a very high degree of leverage. And when the Comax comes in as the price is moving higher and raises margins, it's it's it's not about the safety of the market. It's a coordinated attack to blow out the leveraged longs. And what happens as the price goes higher, you get all of these traders, not the big boys and girls I'm going to get to in a minute, but a lot of sophisticated traders who think they're smarter than the market and don't have enough money to play in that sandbox. So, they go in on leverage. They will go in on margin and they will purchase silver at a massive degree of leverage using their money within the margin account as collateral. Right? So, the CME group says, "No, we're going to raise margins." And they do it in thin holiday trading. >> This is it. Andy Shechman just made the boldest call of his career. $100 silver won't be the top. It'll be the trigger. The beginning of a silver rally so massive, so disruptive, it could rewrite the rules of the entire financial system. For decades, silver has been dismissed as gold's volatile cousin. Overshadowed, underappreciated, and relentlessly suppressed. But that era is over. We've officially crossed the threshold. With silver already shattering records and institutional capital pouring in, something far bigger is brewing beneath the surface. We're not looking at a bull market. We're looking at a complete repricing of silver as the world scrambles for security, sovereignty, and scarce real assets. This isn't hype. This isn't a maybe. This is the moment silver investors have waited their entire lives for. And if you think $100 is the destination, you're not seeing the bigger picture. Stay with me because by the end of this you'll understand why $100 is just the start. >> That's all we re really need to know. And this is part and parcel with what we've seen now for months and months and months on end. And this is the most these are the most sophisticated well-informed traders on the planet that are standing for delivery every single month. and we keep talking about it, but it's just beginning it seems uh in that every month seems to be new records upon records. And um I would look at that as the the year of the delivery where for 13 straight months we have seen massive amount of metal come into the United States. And I guess I would just simply say that people at that level who are dealing in billions and billions and billions of dollars worth of a metal. They don't do it just for the heck of you uh for the heck of it rather. And I I just think that uh that is all really that that I see. Let's let's talk about what's happened here. Just in the first 3 days of the January delivery month, there's already been 4,250 gold contracts and almost 3600 silver contracts uh delivered, issued, and stopped is the right word. That's just shy of 425,000 ounces of gold and 18 million ounces of silver. So, you know, when you talk about it that way where 65 million ounces of silver were delivered in December and almost 4 million ounces of gold, which will which again is what we've been seeing every month. And here we're starting off again in 4 days, in just 4 days, we see that kind of volume, 18 million ounces of silver and 425,000 ounces of gold. Who's got that kind of money? take your calculator and and take 424,900 * 4,300 or or $18 million* 72. Who's got that money? Where's it going? And the people at that level know the playbook. They know what's coming. They know where things are going. That to me is all that I think you even need to say about 2025. >> Silver didn't just sneak its way to $85.87. It erupted into it. This wasn't some quiet speculative grind upward. This was a public declaration that silver has officially arrived. For the first time in decades, the white metal isn't playing second fiddle to gold. It's writing its own headline. And it did it in broad daylight. The rally wasn't built on hype or rumor. It was driven by hard numbers, real demand, and a global supply chain being ripped apart in real time. This is the spark Sheckchman's been warning about. Because $85 isn't a ceiling. It's a signal. A signal that the dam has broken. That the forces propping up an artificially low silver price can no longer hold. That the paper market games are starting to crack under the pressure of physical reality. For years, silver was stuck in the shadows, labeled as volatile, unpredictable, and manipulated. But January 13th, 2026 changed that. Now it's front page news. It's an industrial necessity, a monetary wild card, and a geopolitical chess piece. And with the momentum already in motion, the next phase of the rally is no longer a question of if, but what's going to push it even further. 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 10 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. >> Honestly, uh Donigan, this is 2025 was the year of the delivery. Um and I don't think we need to make things more complicated than they need to be. Um too often we get focused on the periphery. We get focused on the rustling leaves instead of looking at the forest. And I think to me the big picture is that we have seen deliveries that have come into comx at a level that no one has ever seen before. Um you know you and I I believe discussed at length maybe better than anyone in this industry. um going back to 2020, the amount of of deliveries that that we saw everywhere, right? Um and that is where it begins. It was the central banks and it was the others as we called them, the sovereign wealth funds and the family offices, the people that were in the know, the big money that always positions before the crowd. Yet we didn't know who they were. Were they in the United States or were they outside the country? I guess I always felt they were outside the country. But now what we see here uh here in the United States are some of the biggest deliveries that we have ever seen ever. Um for 13 straight months going on 14 months. Um, you know, we got um in December delivery notices were for um silver were 12,575 contracts. That's an all-time high for the month of December. 60 almost 63 million ounces of silver were delivered. Now, who the heck is doing that, right? who is standing for delivery for that kind of volume. Um, and I think >> the answer is demand. Real industrial, relentless demand that doesn't care what the price is. Silver isn't just a precious metal anymore. It's become the backbone of modern technology. And unlike gold, you can't hoard it in vaults and forget about it. It gets used. It gets consumed. And right now, the world is consuming it faster than it can be mined. The solar revolution alone is devouring silver like never before. With the explosive rise of Topcon solar cells, next generation tech that uses far more silver than older panels, manufacturers are in a bidding war just to secure enough supply. But it doesn't stop at solar. The electric vehicle boom has turned silver into an automotive essential. Every EV on the road contains more silver than its combustion engine counterpart. And with governments throwing billions at green infrastructure, the trend is only accelerating. Add in the explosion in AI data centers, 5G towers, and smart devices, and suddenly silver isn't just valuable, it's irreplaceable. There's no alternative metal that can do what silver does at the scale and efficiency the modern world demands. And the scary part, these buyers don't care if silver is $50, $85, or $150. They have to buy it. It's price inelastic. That's the foundation of this rally and it's why the squeeze is only just beginning. >> Own it, but the metal doesn't need to move. They'll just go back and forth with warrants where it has the perception of of um great volume, but these banks would do it in order to hold the price down. They're getting beat now. They're getting beat because of deliverability. That is what is different and that is what is what I've been saying with you since 2020. It's different and now it's accelerating and you know it's accelerating and and I think that's the genius of what these countries have done. Most of us think well why wouldn't they just buy it all up? Because just like that you would blow up the system. You're done. Cut off your nose, spite your face, the whole system blows up. But instead they slowly have have drained the system. And I don't know when you see the US banks um internalizing physical silver exposure rather than leaving it floating in an exchange ecosystem. It massively suggests that that um they're positioning themselves to control physical silver uh either directly or on behalf of very large clients. And I think that is all you need to see with these deliveries continuing to happen. And mind you, [snorts] I I've said this analogy before. I spent 50 years in Minnesota. I avid snowmoiler. I have two in my sister's garage. I live on a first tea box in Bokeh of a country club. And if I woke up to 4t of snow this morning, I wouldn't call my sister and ask her to send me the snowmobiles. It's an anomaly, right? That would be an anomaly. Four feet of snow in Florida right now. anomaly. It's the same thing that we're seeing here where this kind of volume for 13 straight months where we're net importers of gold and and silver is now reclassified critical and the banks are now cannibalizing themselves instead of being cooperative and if Tom Luongo and his what I think is very compelling theory about whether or not it's true about Trump out to get the European aristocrats for what he believes is election interference and the color revolution and he'll do it through exposing them on in in in things like commodities and the Bank of England and the LBMA and all of these European banks that according to the Economic Times are still net short, but the US banks are net long and all this metal's coming in and oh, by the way, we're going to call it critical. And the Chinese say, "Yeah, well, we're going to limit exports." You start to put this together together and there are some big big players that are very much off sides. It's going to create huge volatility. two other things that are going to create volatility, then I'll shut up and take your questions. Number one, you have the end of the year uh rebalancing where not only were there what was their profit taking by some of these big banks, but they have to rebalance the the Bloomberg commodity index would have to be rebalanced because silver got so far disproportionately out of whack to everything else. By law, they'd have to sell some of it some of these hedge funds. I mean, buy it right back because there's a law. Let me give you the number of the law if I can find it. I uh there's a law on COMX where you're allowed to buy or you're allowed here it is right here. It is section 1256 of the tax code um and what allows if you have um futures cont. >> But while demand is rising like a tidal wave, supply is crumbling. This isn't some short-term hiccup. It's a structural deficit that's been building for years, and now it's detonating. For six straight years, global silver consumption has outpaced mine production. Every year, the gap gets wider. Recycling can't fill it. New discoveries aren't keeping up, and major producers are already warning of depleted reserves. This isn't just about mining slower, it's about mining less. Silver grades are declining, environmental regulations are tightening, and geopolitical instability is choking key supply chains. It takes years to bring new minds online. Years we simply don't have. And in the meantime, the vaults are being drained. Inventories on the ComX and LBMA have fallen to multi-deade lows. Physical bars are vanishing. Coins are being snapped up before they hit the shelves. It's not just an imbalance, it's a breakdown. A market that can't meet its own needs. And in that kind of environment, price becomes a secondary concern. The real question becomes who gets the last ounce? Because when an essential resource becomes scarce, markets don't correct. They panic. And that panic hasn't even started yet. >> Shorts by knocking it down. Yeah. I mean, it's true. And then it's funny now that the AI Asian guy you wanted to talk to me about is saying the same thing I said on your show 3 weeks ago. I swear he listens to us. He listens to us all because I know that he and the economic ninja kind of got into it back and forth. I know he quoted Bill Halter and I swear he is saying things that I say too. It's AI that's scouring all of what we're all saying and putting it together. It's pretty impressive. some of it's not right. But um now he's saying the same thing I said on your show three weeks ago which was that the Economic Times came out with an article saying that JP Morgan covered their shorts. They covered a 200 million ounce short position three weeks ago. They said this. I said it on your show and I said it on Adam Tagert's show that they covered a a 200 million ounce short position, bought 21 million ounces of physical and are net long and that the majority of the banks in the US are in essence net long. Now that doesn't mean they don't have short positions. They do. It just means that their long positions are greater than their short positions, meaning that they are in essence net long. And so if that's true, well, that would that would make the the what we just saw here this week even more shocking. Let me read to you what that is. Um, and that is the massive amount of metal that I'm going to read it here real quick. The massive amount of metal. Here it is right here. So, it says um on that January 5th delivery report that I just read to you, Deutsche Bank issued 654 contracts or 3.27 million ounces. They're the ones coughing up the silver. Who are the ones that bought it? JP Morgan. 2.26 million ounces for a customer account. Well, what customers buying 2.26 26 million ounces of silver and the city group who took 432 contracts or 2.16 million for their house account. Now JP Morgan and City are the two be two largest derivative holders in the United States. Deutsche Bank is being forced I doubt willing to deliver to JP and City who are eager to take it. And I take that as the smartest, most well-informed, best connected institutions in the silver market are choosing and prioritizing holding physical metal themselves right now rather than trusting uh future availability. And Deutsche Bank is giving up house silver. City Bank is taking house silver. JP Morg Morgan is facilitating massive customer demand. Um, these are the banks that would trade back and forth with one another. Just warrants. The warrant is, yeah, you >> And now the panic is being fueled by geopolitics. On January 1st, 2026, China dropped a bombshell on the global silver market, imposing strict export curbs on its refined silver supply. This isn't some minor policy tweak. It's a full-blown chokeold on one of the most critical arteries of global silver flow. China accounts for a massive share of refined silver output and its decision to cut off exports is already sending shock waves through the West. Think about what this means. Just as industrial demand is hitting record highs, one of the biggest suppliers pulls back. This is a strategic move, one that echoes China's previous strangle hold on rare earths. It's not about price, it's about power. By limiting silver exports, China is turning a critical metal into a geopolitical lever. The US and its allies are now scrambling to secure supply in a market that was already tight. Western refiners can't keep up. Stockpiles are dwindling and the message is clear. Silver is no longer a free market commodity. It's a tool in the new resource war. And in that war, scarcity isn't a glitch. It's the strategy. >> You know, when like right around the day after Christmas when no one's paying attention and and like that, if you don't post that extra margin, they raise it by 30%. That was the second margin increase by 30%. You don't post it, your your position's liquidated just like that. I don't know how much time they give you, but not much at all. And so you have to post that margin. And if not, you have to liquidate your position. So there are a lot of people that are selling positions. Maybe they have 20 or 30 trades on, they have to sell some of them just to come up with the extra cash to fund their margin account. And so what it really is is coordinated pickpocketing. They call it shaking the bushes where these big traders, they're not that big, but big enough, but not rich enough, not deep enough. They go in on leverage, the margin gets raised, the price drops. Uh people need to sell to cover their margin, which drops the price further, which it creates a a what do you call it in uh well a loop. um what's what's the word? Yeah, it's like it's a it's like a doom loop where they sell to cover which drops the price further which creates more margin calls and but I want to equate it this way. Uh I had lunch at one of the an owner of one of the um one of the owners of of a Major League Baseball team. I had lunch at his house last week. Amazing house. and he lives next to Mark Wahlberg the actor and Alicia Keys is down the street and and and these houses which are kind of just across the road from my community and you would never know it. It's so inconspicuous or or I mean you would never know it there are these houses back there. I had no idea. And uh you go through a gate and the gates set back about a half a mile and so you can't see it off the road. But you go into these neighborhoods and the houses start at 25 or 30 million. Do you think they care about what the mortgage rates are? These people, these are people that come in and write a check for $40 million for their house. And so the point of it is is that the big traders, well, they they don't care about margin increases at all. And these are the ones, this is what's different. You have sovereign nations. You have like like who stood for delivery in 3 days for 18 million ounces of silver and a half a million ounces of gold in 3 days? I mean, think about that for a moment. The amount of money the these people don't care about margin. You're talking sovereign governments. You're talking Tesla, Samsung. When Samsung, they went to Mexico and struck a deal to open a mine. Sony, um, you know, Panasonic, all of these, the the the photovotayic companies, solar panels, they are coming in and standing for delivery off of margin. They're paying cash. The margin knock the price down. And where are we today? We're right back up, right? We're not all the way there, but we are climbing because it just falls right into the hands of the big boys and girls who are standing there saying, "Thank you very much for selling. I'll take the medal." And if not, if you have, if you want to look at it from the other side that the banks are trying to cover, they just need to drop it to that price for 5 minutes so that they can get out of their shorts. They buy it back, price goes up again. So whether it be pickpocketing for cheaper metal or cover, >> that's why silver's identity is changing before our eyes. It's no longer just a hedge against inflation or a play on monetary policy. It's now a national security asset. The US didn't quietly add silver to its critical minerals list for no reason. It's recognizing what China already knows. Silver is foundational to the digital economy, the green transition, and modern defense systems. Whether it's satellite systems, missile guidance, radar tech, or advanced communications, silver is at the heart of it all. And once a metal becomes strategic, price takes a backseat to possession. Governments are no longer thinking in terms of investment. They're thinking in terms of survival. Stockpiling isn't about profit. It's about readiness. The market is being reshaped by an entirely new set of incentives. And while retail investors are watching charts, central planners are watching tonnage. We've entered a new phase, one where silver is being repriced not as a metal, but as a must-have. A metal with diplomatic weight, military value, and economic leverage. In this new world, the question isn't is silver undervalued. It's how did it stay so cheap for so long? >> Um that I try and be as honest as possible. I mean at this point lying to hundreds of thousands of people and over time millions. What good does that do me? I wouldn't say that stuff and and destroy my family name and everything I've worked hard to to build. I've been saying this on your show now for really since >> Thanksgiving 2020 >> four I think >> right >> and uh when it all went for a year >> yeah I've been saying it doesn't make sense the big money is draining the comx the central banks are buying but the public is enamored with AI and crypto uh and we've talked about how largest allocation to the equity markets by the public. Largest amount of of option exposure by the public ever. Largest um margin debt ever by the public as as the big money is draining the exchanges. >> Insider selling >> insider selling public not buying any metal. Um where we've been able to sell junk silver below spot. Now I want to explain that real quick before I get to the rest. the reason the junk silver that we and and I told operations go online of credit and buy every ounce of junk silver you can buy. I told him that and we've had a lot and I think you know that um because it's it's an anomaly. You don't see it right now. Why am I able to buy junk silver below spot? Can't do it anymore. It's starting to change. Um because the refineries that accumulate this stuff uh and not just junk silver, any form of silver doray or jewelry or candlesticks or junk silver, they have it all in the line of production and it takes time to refine it into shot which are like little BB's or ball bearings. They have to pull out all the impurities, make it pure, then turn it into shot, and then they melt that down into bars and rounds. And this chain of production can take weeks, several weeks. Now, if I have 3 million ounces in our warehouse, which we often will, we'll sell 3 million ounces on COMX cuz if the price dropped by 10 bucks or LA two weeks ago, seven bucks or a week ago, seven bucks on on 3 million ounces, you're down $21 million. How fast are you going to go out of business? So, we sell short on Comx at exact same amount. One goes up, one goes down. We've explained this before. It allows our inventory to be held market neutral. The refineries have to do the same thing. The refiners have all of this metal in various stages of production that they paid the public for. They need to hedge it. Difference is we're constantly rotating. So we have cash flow. They don't. They have it in various stages of production. May take four to 6 weeks from from intake in in an impure form. >> And while governments are shifting their strategy, institutional investors are scrambling to catch up. For years, the big money stayed skeptical, viewing silver as too volatile, too manipulated, too fringe. But now, that skepticism is dissolving fast. The recent run to $85 didn't come from Reddit traders or silver stackers. It came from institutions waking up late and piling in fast. Hedge funds, sovereign wealth managers, pension allocators. They're all realizing that gold is no longer enough. The game has changed. With inflation proving sticky, debt spiraling out of control, and fiat credibility unraveling, the old playbook is broken. Hard assets are back. Tangibility is king. And silver offers something gold doesn't. Explosive upside from a much smaller base. That's why the capital rotation is happening in real time. And it's not smooth. It's frantic. Institutions are allocating billions into an asset class with razor thin liquidity. And the result is predictable. slippage, volatility, and violent price surges. But here's what matters most. This isn't hot money. It's long-term capital. Capital that's looking for safety, scarcity, and strategic value. And once it's in, it's not leaving. This isn't the top. It's the opening bid. >> Veiled threats to the governments of Mexico, Cuba, and Colombia that their countries would be next. right after the Venezuelan and that was an article in Axios I read the next day. Um you know part of it you got to talk about Nigeria too. Now again you know I don't know how much this plays into it but the cynic in me says well you know Venezuela has the largest known reserves in the world right of oil. Um, so let's let's go over there and deal with that because didn't they just apply to bricks? Oh yeah, that's right. They did. And didn't they want to sell their oil for yan? That's right. They did. How about Nigeria? Didn't they apply to bricks? Oh, that's right. They did. Aren't they the largest producer of oil in all of Africa? That's right. They are. And didn't they want to sell their oil for you? Oh, they did. Sounds familiar, doesn't it? Gaddafi and Hussein. And this is flexing the muscle to a degree. Now, Cuba, well, they applied to BRICS, too. Mexico had interest as expressed interest in joining bricks. Now, I'm not saying that's exactly what this is. Colombia, don't know. Colombia might just be the cocaine that he mentioned specifically today in that word. He said, "You know, the president of coca uh Colombia, he's a bad guy and he likes to sell cocaine to the world." Almost exactly verbatim what I heard him say today in a in a in a um in a news conference. So to to there might be some legitimate and I think there is getting rid of the narco state. I'm okay. I get it. [snorts] But I also think it's past that. It's more about sending a message to the BRICS countries. um you want to start taking oil outside the dollar, you may have a problem with us. Now, I don't think you're going to see that happen with China or Russia or India, but some of these smaller countries that have, you know, all of a sudden he's taking interest in the Christians in Nigeria who've been getting slaughtered for a long time, not just recently. All of a sudden, he's taking interest in, you know, going after Maduro. I don't know. and and the the the whole partisan thing, you know, you got a lot of these politicians that gave him a hard time in his first administration for not going after him that are now lambasting him for doing it. This partisan politics that just sucks. But I don't know. I guess what I'm trying to say is that I think that there are, you know, what's the word? Like a double entandra where same thing has two meanings, same word has two meanings. That may not be the proper uh the proper use of what I'm trying to say here, but I think there's more behind what he's trying to do than just getting rid of drugs. Um I think it has a lot to do with sending a message to countries that have openly expressed selling their oil reserves for >> but even as as institutional money pours in, the physical market is tearing at the seams. This isn't a paper traded frenzy. It's a real world shortage. Physical silver is vanishing and those trying to buy it are hitting brick walls. Dealers are reporting weeksl long delays. Coins are sold out before they're minted. Bars are rationed and premiums are spiking, sometimes doubling the spot price because investors don't want exposure to price. They want exposure to metal. Comics registered stocks have collapsed. LBMA vaults are at critical lows. What's left is mostly spoken for, already allocated to industrial users, ETFs, SA, and private vaults. And here's where things get dangerous. As silver becomes harder to source, more buyers are trying to take delivery. That breaks the system because the entire silver market has been built on the assumption that most investors never ask for the real thing. Once they do, the illusion of abundance shatters. And when that illusion breaks, so does the price ceiling. There is no cushion left, no buffer, just a dwindling pile of ounces fighting to meet a flood of demand. And once the market realizes there's not enough to go around, the reaction won't be orderly. It'll be explosive. >> Tracks that you buy on a registered exchange, whether you hold it for 5 minutes or 5 months, when you sell it, um you the IRS will will give you 60% long-term um capital gains, 40% short-term. And so and they also make you market to market regardless of whether or not you take it. So a lot of these selling to book in profits to reposition and then buy it right back because the 30-day wash rule does not apply to this stuff which is a security based thing. It says if you sell Apple to book a loss off of a gain that you have, you can't buy Apple or anything else like it for 31 days. Doesn't apply to commodities. So you got a lot of force selling and rebalancing. And then you also have what's called the January effect where all the other hedge funds and all the other money says geez silver was the best performing asset. So we need to put it into our books this year for 2026. But the biggest problem of all where the volatility will look like a heart monitor is that as the west continues or some of these banks are continuing to knock the price down for whatever reason, whether it be self-s survival or whatever reason to cover shorts, you got the Chinese sitting there with $8 as much as an $8 premium in Shanghai at times. I mean, it's it's big. It's a high. I don't know what it is today, but it's it's substantial where the traders are being forced or forced to acknowledge just how enticing [snorts] the arbitrage opportunity is there. So every time it gets knocked down, not only do you have the Asian buyer, but also the ability for the the Western trader to buy here, sell in China, and book that massive arbitrage, sell the physical in China, buy the paper here, sell the physical there. That metal will never come back to the United States, but they're able to book it and make that spread. All of that is in an effort to get all the metal out of the United States as much as they possibly can. There's so many things happening at once. Great volatility this this month is what I would suspect, but not a darn thing has changed. So for though people ask you if this if it's if it's over, no, it's not over. That's what the mainstream media wants you to believe when their rhetoric is nothing but hogwash. And you know, the mainstream media can kiss my rear end. I'm just going to say that because I'll tell you something. Where is any journalistic integrity whatsoever talking about all the inflows into ComX which are once in a never happening? The [clears throat] most sophisticated money in the world is overwhelming the commex with deliveries and the LBMA. And all they want to tell you about, oh, it came down, it's the top, it's over. Sell it. Reposition. I don't know. done again. I think if anything, this is just the very beginning. >> And the pressure is building in one of the most overlooked yet powerful indicators in the metals world, the gold to silver ratio. Historically, this ratio hovers around 60 to1. But over the past few years, it stretched to extremes hitting 80, 90, even 100 to1. Every time it's reached those levels, silver has responded with one thing, violent reversion. It happened in 1980. It happened in 2011 and it's happening again right now. As silver began its recent surge to $85, the ratio started collapsing, signaling a massive rebalancing underway. And here's the key. Gold isn't falling. Silver is simply rising faster. That's a telltale sign of a silver-led super cycle. Because when the ratio snaps back, it doesn't crawl. It slingshots. It reflects a shift in investor psychology, a re-evaluation of silver's role not just as gold's understudy, but as a primary asset in its own right. And this time, the fundamentals behind that shift are stronger than ever. Industrial scarcity, strategic demand, monetary chaos. It's not just technical, it's structural. The ratio is screaming that silver is still wildly undervalued. And when it corrects, it won't stop at equilibrium. it will overshoot just like it always does. That overshoot, that's where $100 silver starts to look conservative. >> Technically, yes. Uh, and I'm not telling people to do this, okay? But the farmer is not going to ask you for your social security number and file a 1099 and you're not depositing those eggs into your bank account. I'm not telling you that that's what you should do, but what I'm saying in real terms is that technically it's a taxable event, but if you're bartering and trading with people, you know, and you have 10,000 dimes and you use a handful of them for some eggs, um I don't think they're going to throw the book at you for not reporting that. But if you want to play by the rules, yes, you would report it and say, "Well, I sold seven of my 10,000 dimes and I made $4.18 profit." I mean, whatever you want to say. Yes, technically anytime you sell anything, it is. Now, these states that are passing legal tender laws like in Florida and Texas and whatnot, there will be no state tax. The federal government still has not signed off on if metal is used in commerce, could it be free or exempt from capital gains tax? But in theory, yes, it is taxable. Um, but unless you're selling for a large check or wire back to your account, you know, that's one of the reasons people like it because it's invisible. Um, and I and and I'm not Look, I'll show people how to look over the line without stepping over it, right? I can tell you what will happen is that no one's going to file. You're supposed to do it. [snorts] The only people that would I mean and now when you sell junk silver they remove that reporting requirement by the dealers. The dealers don't have to. We used to have to take your social security number if you sold over $1,000 face value. Now we don't. It's not our responsibility to do it. It's yours. If you never do it, no one's going to do it for you. You should know that. And you know, you sell a lot and get a big check or a wire, you're you're pretty much playing with fire to do it. Don't expect anyone to do it on your behalf. But um yeah, it's No, there's there. >> 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 10 oz 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. And one last thing I want to mention that really caught my attention. Um, China is about to lead the first ever military exercise under the bricks banner. How do you like that? Uh, China's about to um exercise under the bricks framework um naval drills um that will be done I believe in South Africa or off the coast of South Africa and it includes Russia and Iran. And until now, bricks were all economic. Um, this changes and the the drills themselves are they they say are routine. But to me, the message is far from routine. And it shows that China is is using bricks to quietly expand military cooperation uh outside the western system. And I would say the bottom line is this isn't just a naval exercise. It's a sign or a signal that bricks are starting to test what military uh cooperation outside the USled order might look like. And um it's a big deal because never before have they united in a military cooperation. You get the Shanghai Cooperation Organization. They might or join exercises, you know, uh in to some degree amongst um you know neighboring countries. But now under the bricks mask, Ted, you're getting Iran, uh, Russia and China and South Africa doing some military extras. It should it should it should peique the um the curiosity, I think. Um, and then you look at what's happening in Nigeria, uh, with the US doing some bombing there, etc. But I mean, things are starting to things are starting to blossom a bit. So, let's keep an eye on that and come back to it in the next few weeks. Zooming out, it becomes clear this silver surge isn't just about market mechanics. It's about macroeconomic failure on a global scale. Central banks are quietly preparing for what they see as a point of no return. The US national debt has breached $ 38 trillion. Core inflation remains stubbornly high even after aggressive rate hikes. Real yields are being eroded. And faith in fiat is fraying at the edges. That's why central banks aren't just buying gold. They're hoarding it. Not to trade, not to speculate, but to survive. They're swapping paper for metal because they know what's coming. A reckoning. And while gold has taken the spotlight in this flight to hard assets, silver is now entering the conversation. As monetary systems come under strain, silver's dual identity becomes a strength, not a liability. It's both currency and commodity. It's value and utility. And that makes it a hedge with leverage. For central banks and institutions alike, the logic is simple. If gold is plan A, silver is plan B with a lot more room to run. This is the rotation out of illusion into reality. And silver is at the center of it, not just as a precious metal, but as a monetary lifeboat in a world that's already taking on water >> to finally being a a ready to go bar around. They're getting margin called. They're getting margin call because the price is moving up too fast on their short position that is used to offset their inventory and now they have to cover that or add more margin and when the margin goes up they get even more hammered. Right? So they stop taking orders and that's why junk silver pre65 dimes and quarters were available to me at below spot because the refiners weren't taking it. Now, the big dealers like me who realize it, said get, go buy everything you can find. But there are dealers, small and midsize dealers, thousands of them all throughout America that don't know what to do with it. So, they bring it to the refiner says, "I don't want it anymore." So, then they sell it begrudgingly to the big houses who are paying below spot for it because they know the pinch that they're in. And then I will go to the big houses and to every other dealer that we work with and say, "I'll take everything you have below spot." It's a once in a a um career type of thing. It's not something you see very often. Uh I use that as a gauge because premiums on that have gone up what a buck and a half or$2 dollars in the last week or so and will continue to move higher. So things are disappearing. Now as far as the bars, why are there no 100 ounce bars around? Why are they so hard to come by? And why are they priced so much higher than they should be? because of tariff threat. Most of the bars come from well Royal Canadian Mint, no tariff there. Switzerland tariff there. When you talk about Argo, Herrera, Valkcami, PAMP, uh Metal, Metalor, all of these primary refiners around the world that provide the brand new nice 100 bars, the dealers said, "I'm not taking that in and risking tariffs." So, none of that stuff came in. So, bars are hard to get. The pre65 silver is going up in price and now very hard to get. Silver Eagles are disappearing. Um, we just sold out of the 2026 kangaroos. Everything is disappearing. And just like that, it happens every time. And I told people it would. And I think you'll see premiums go massively higher, especially as people wake up to the reality that this is for real. And if you haven't figured that out by now, you're not paying attention. Because going back to what I said about the margin increases in years past that would have broke the back of the market and would never have come back for a long time like it happened in 2011 at 50 bucks. What did it take? Another 14 years to see that broken $50. This time they step on the margin and the mar and the market laughs and says thank you very much. Uh I'll just buy grab everything I can on the cheap and it is now becoming a race by sovereign entities to accumulate real stuff. So what am I seeing in the in the marketplace? I'm frightened by it. I am I'm frightened by the here we go again um having a hard time securing and sourcing product and you'll see it on every single website in America and it's only going to get worse in my opinion. So, we we're not even running a special this week because I'm so concerned about, you know, supply and and we've been doing this longer than anybody, right? This 36 years next month. Most of the companies are a third that old. I know everybody, all the big importers, all the midsize. I mean, all of them. We have accounts with every one of them. And I'm telling you, it's not getting easier to get this stuff. And you have to really work and work your relationships. be the first to pay, the first to take things maybe you don't even want so that the next time something comes, you're the first one to have it. So yeah, it's it's crazy what's happening within the marketplace right now. >> So here it is. Andy Sheckchman's call for $100 silver isn't a stretch, it's a starting line. Every force we've covered, industrial scarcity, geopolitical weaponization, institutional rotation, physical shortage, and systemic monetary failure is converging at once. And the result isn't a rally. It's a rupture. A rupture in how silver is valued, how it's traded, and how it's perceived in the global economy. The world is waking up to the fact that silver is no longer optional. It's essential. And when that recognition becomes universal, the repricing won't be gradual. It will be violent, fast, and unforgiving to those who waited too long. This is the inflection point. $100 isn't a finish line. It's the opening bell of a historic revaluation that could take silver far beyond anything the mainstream believes is possible. So, if you've been watching from the sidelines, now is the time to get informed, get prepared, and stay alert. Hit subscribe if you want to stay ahead of the curve. And remember, this isn't financial advice. Always speak to a qualified professional before making investment decisions.