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 Hello Golds family. Alan Hibbert here with another video. And today I want to do a little factchecking of a thread that we've covered in a previous video. So not too long ago, Mike Maloney made a video where he covered a lot of the headlines that are happening in the silver market. And one of the things he presented was a thread of about nine tweets from a gentleman, Hanza Churnney. And Mike promised that I would analyze those tweets in an upcoming video. And this is that video. So, let's dive in. And we start, of

course, with the first tweet in the thread from Hanza himself. He said, "Something big is happening in the silver market and fast. Let's connect the dots." Here's tweet number one. Over the past few days, multiple signals have emerged that point to a massive shift in the silver landscape. What used to be a boring, manipulated market is now heating up like never before. Okay, silver is heating up. Physical deliveries are exploding on ComX. Silver deliveries just broke out. Nearly 2 million ounces per day matching

global daily production. Industries, investors, and shorts are now competing for metal supply squeeze coming. Uh, possibly. So, let's take a look at these numbers. Are physical deliveries exploding on ComX uh to nearly 2 million ounces per day? Well, if we go to Comx, we can see the silver deliveries and they're going up recently, but this is kind of all of 2025. We can see them going up and you can also see the monthly ups and downs that there's nothing new about that. That's just the

way the market trades. And if we zoom in on the last six months, um, you know, each each of these groupings is a month. uh you know I I I don't see anything out of the ordinary actually. So I don't see um the number he quoted here of 2 million ounces per day. Uh that's extremely high. I I just don't see it. Uh this is ounces. Okay. Silver ounces in millions. We're up to 45 million total for the whole month. I mean, that's, you know, an average of one and a half million per

day. That's an average, but it's not an explosion. It's nothing out of the ordinary. And of course, we get the the biggest jump at the beginning of the month, you know, 25 million and then a sort of a trickle. So, another 20 million over 30 days, less than a million a day. Not quite the numbers that he's claiming. So, I'm not sure where he's getting this from. Um, Comx silver deliveries here. If we look at the cumulative delivered, this black line, we can see that it's been 2

billion with a B, two billion ounces over 10 years. Over 10 years. And we can see that it is kind of accelerating a little bit lately, but again, that's kind of all of 2025. 2025 has been a great year for silver, as we all know. Um, but it's not like something recently happened in the month of July that that makes this go vertical or is out of the ordinary. So if we zoom up on the last 6 months here uh you can see uh 260 million ounces cumulative and the most recent one the latest is 25,000 ounces. So 25,000

not 2 million. So you can see this trickle down here is very very low. Not sure where he's getting that number from. Not sure. So anyways, one other thing I wanted to show here is the silver stocks on COMX. Um you can see that they've gone up lately. Both the eligible generally speaking has gone up in 2025. So last few months general upward trend and registered also is getting larger. This dark green portion is getting wider as we go. So that could signal that people at the Comx are getting ready for some

large orders, but it just doesn't seem like we've had those deliveries yet. So going back to this tweet here, I don't see these numbers. I don't see these numbers. I generally agree with the overall narrative he's presenting in the thread, but right here, I'm just not sure where he's getting it from. I don't see the numbers that support that. All right, moving on. Tweet number three. LBMA's physical silver reserves are critically low. critically low. Interesting. TD Securities reports only

155 million ounces of free float silver remain in London, the lowest in recorded history. That's not a typo. The vaults are drying up. Okay, let's see. Is there 155 million ounces of free float silver left? Well, if we go to the LBMA website, we can actually see how much gold and silver they have. And the amount of silver they have is about 760,000,000 or 760 million ounces. So not 155, 760. However, lots of this silver, the vast majority of this silver is used for silver ETFs. So it's not available for

trading and settlement on futures contracts. So you have to subtract all that out and what you get is actually approximately 155 million. So, let's see here from a Bloomberg article. Um, this came out uh early July. Daniel Gy of TD Securities has argued that the outflow of silver caused by the tariff arbitrage opportunity has left inventories of freely available silver in the market critically low. Huh. Critically low. Mhm. He says, "Our estimates of LBMA's silver free float now stands at its lowest

levels in recorded history." That's what golly wrote in a note Thursday. Silver's illusion of liquidity. So, it's not actually liquid. It just appears to be liquid. And that tells us that silver markets will only rebalance through some form of squeeze on physical. Aha. So, according to Gali, LBMA's free float silver now stands at its lowest record, lowest levels in recorded history. However, there's no number here and there's no number in this article. So, I did some digging and

found this Reddit post. Uh, Daniel Gy, senior commodity strategist at TD Securities is claiming that available silver, so the free float inventory, not the total 760 million, but just the 155 uh at LBMA in London shrinks to 155 million ounces of silver. So, according to Gali, that is the number. So, this this does appear to be um reputable. Annual demand is 1,200 million ounces according to the silver institute, which is about 100 million ounces. So, that means that the free float silver is only

enough to cover about one and a half months of demand. I mean, that's wild. One and a half months. Kind of amazing. Uh so, then I started looking, you know, what is the uh the history of this guy? Has he made other predictions before? Has he done other calculations? Is he reliable? And then I found this. Back in December of 2024, only about 90 million ounces of silver remains available in LBMA's free float before it grinds down below levels required to satisfy OTC average daily trading volumes. TDS's senior commodity

strategist Daniel notes. Okay, so back in December he was saying that there was only about 90 million ounces of silver on the LBMA. Now he's saying 155 million. And so okay, it's still low either way. No question about it. It's low either way. But what's really interesting is this phrase, the lowest in recorded history. So are these numbers recorded? I mean, they're not LBMA official numbers. These are calculations done by analysts. So, it's low either way. If you take the whole

last 8 months or so as one era, then we've sort of been in an era that is the lowest throughout recorded history, I guess. Uh, but if you take December as being a completely different data point than July, uh, December was lower. So, anyways, it's low either way. Moving on. Number four, EFP and OTC markets are dislocating. Silver lease rates are spiking over 6%. Premiums are widening. A perfect storm is forming in both the Comx and London. OTC is getting dangerously tight. This isn't normal. Okay. Are lease rates

spiking at over 6%? Well, according to Bloomberg, yes. Yes, absolutely. These are the silver lease rates and they're spiking. These are the implied one-mon silver lease rates. And you can see that starting in January of this year, we got a spike over 6% and it bounced back over 6%, came down, and now it's up over 6% again. So, this is absolutely not normal. Normal is a lease rate very close to zero, like a fraction of a percent. Now, we're up over 6% and it's happened three times already in 2025.

So, this is definitely not normal. Lease rates are spiking. That is a signal of something happening in the market. Moving on here, number five, China's top coin market is going into overdrive. At Beijing's Madan market, dealers are suddenly buying back Panda silver coins on mass after decades of just selling. Why? The 1983 27 g panda now sells for 1.72 million yuan. That's uh 239,000 USD or $27,000 per ounce. Okay, those are astronomical numbers. I tried to find evidence of this. I looked for news stories all

over. Couldn't find anything. So, finally, what I did is I asked Hanza directly. I said, "Hanza, I work with Mike Maloney. I'm going to be making a video to follow up on this. Where did you get the China Chinese pandas numbers from? I can't find any stories or news or anything on that." And he said, "I got it from my dealer in the Czech Republic." So, presumably the dealer sent this picture as well. So, that's anecdotal. So maybe it's happening. Um, you know, in the in the calculation

there, I think he was off by an order of magnitude, but anyways, it's still staggering numbers. That's kind of besides the point. So, I don't know if that's really happening widespread or if it's just happening in a one-off location. That could be because it's a a collector's item. Um, you know, a 1983 coin is a little different than, you know, the most most common or most recently made coin. So, I wouldn't read into that number too too much. Um, I also can't really fact check it. So

maybe that's accurate. We have no way of knowing. Number six, speculative capital is flooding in. Retail and institutional money are finally noticing silver setup. Tight supply, high industrial demand, no excess mining capacity, ridiculously cheap compared to gold. They're buying and FOMO is real. So that's kind of a summary, a little bit of a narrative. I do agree generally with his take. Uh the silver market looks wild right now. To me, it is the most attractive market to be in. And what does this all mean?

We're not just looking at a price rally. We're witnessing the early stages of a structural breakout, one that could end decades of suppression. So, I agree. And the next investment that I'm buying is more silver. And of course, I'm doing it at golds.com. So, thank you guys for watching. Hope you enjoyed this analysis and we'll see you in the next video. Invest and earn up to $2,000 in bonus silver at goldsilver.com. It's easy. Step one, open any gold silver storage account excluding IRA.

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