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  It's interesting because there was a report in the Economic Times, Jay, that said, um, I just read a couple days ago that said, uh, JP Morgan now holds over 750 million ounces of silver. That's more than $40 billion worth and would be, if true, the largest stockpile on the planet. It goes on to say that they have not only stopped shorting the market as of recently, but they have completely flipped and become the biggest long in the market. And it said that in six weeks they added 21 million

ounces while closing a 200 million ounce short position. This is the the 200 million ounces was the pressure that kept the price low. Uh when you have traders come in in in odd hours and dump more onto the market, it just suppresses it that much faster and trigger stops. >> Welcome to Gold Silver News, your go to destination for all things economics and finance. Whether you're an experienced investor, an inquisitive student, or just someone who wants to stay ahead in today's everchanging economic landscape,

you've come to the right place. Now, we'll show you the best scenes of the latest interview. But first, smash the subscribe button, hit the like button, and send us super thanks if you find our daily recaps valuable. Enjoy the episode. >> Recently, a big silver deposit discovered. is largely a byproduct metal of of mining other metals and and you know have Keith Newmier on your show. He'll tell you that real quick. He's the CEO of First Majestic. They are the purest silver play on the on the market

and and they only represent about 60% of what they mine being silver. They do gold and other things too that they mine, but you know, it it is an asset that is literally depleting in nature. And it's um we've had a between a two and 300 million ounce shortfall every year for the last this will be the sixth year in a row >> of of demand uh out outpacing supply. And that 2 to 300 million ounces also takes into account recycling, what little bit of recycling there is. Um and um and the bypro the byproduct mining.

So if you were just to use the silver mining companies, they only mine about 200 million ounces a year and where the world is is asking for a billion ounces more than that. So it's an asset that is falling off in terms of its um footprint geologically and its uses are accelerating in digital green solar panels photovotayic uh military applications even monetary applications now it's being used as collateral in in India and you know I think the the realization by nations is that it's worth a lot more than the

dollars that are used to purchase it or to try and describe its value. So, yeah, I I think um it's it's one of these deals where they can't just go mine more because there isn't the silver to be found. Even if you did, to your point, it from from drilling and discovery to to permitting, which takes forever, to infrastructure to actually digging the hole, pulling it out, finding it, pulling it out, refining it. Yeah. You're talking years and years and years. So that is one of the the

byproducts of a market that has been suppressed lower forever where it it killed incentive to mine. Prices were too low. Um and so we do have a an issue as it pertains to any new mines coming on online anytime soon and and exploration has been next to nothing uh in in the silver market. So one of these deals where I just think you have to think differently that this time it is different. It's different because this is a geopolitical deal now. This is not about a market that had was trapped by

the Hunt brothers with leverage because they realized that there were more bar or more paper than bars. Similar situation here in terms of more paper than bars, but the difference is this is geopolitical. You know, I talk about how no one ever stood for delivery, right? um in the first 12 days of the December delivery which started the day after Thanksgiving and you wonder why the server shut down Thanksgiving night of the thousand commodities traded just just happened to shut down on the metals

market. Uh the the servers overheated because there was obviously a bevy of activity on Thanksgiving night and the traders left dinner to go lock in orders. No, it was it was damage control. But in the first 12 days of delivery that we've seen, I haven't looked in the last two days, we saw uh 58 million ounces of silver delivered and and 2.85 million ounces of gold with contracts still being issued all all month long that can stand for delivery. But ask yourself, who's got the money to

stand for delivery on 58 million ounces. But this is what we've seen every single month for the past 13 months since he won the election. Literally, this is what we've seen on every single month. 2.84 84 million in gold and 58 million ounces in silver just in 12 days. Um, and of the 12 days, uh, four or five of them were weekends. So, you know, you're talking six or seven, eight trading days and you're seeing this kind of volume. Um, yeah, things are beginning to get very, very, very interesting in the

market again. You got rising le rising lease rates in London and in the US, all of that stuff. Um I don't know man it it's uh things are beginning to get very interesting in the silver market and it is because of physical delivery. It is the delivery that is overwhelming the system. Um and that is what is changing the narrative for most of the people who have bought 45 to1 would represent at least a double because it's it's been abnormally um skewed for the past several years. Going back to 2020, it hit 125 to1, the

all-time high. I remember the first video I did was with Pixer in 2010. And we were talking about how it hit 85 to1. It was like the second time in human history it ever been that high. So I went on that show with him and told people if you own gold, sell it. I'll sell it to the marketplace uh at a 85 to1 ratio to silver. You can turn around and get roughly 85 ounces of silver. And that would depend upon what kind of gold and what kind of silver, but in general 85 to1. So you get 85 ounces for every

ounce of silver. Now remember, for 5,000 for every every ounce of gold for 5,000 years, the geologic ratio has been 16 to1. Um, and you go back through history, you'll see that even Isaac Newton made the currency in the mint in Great Britain 16 to1. 16 silver to one gold. That had been the geological ratio forever. Now man's ratio since the industrial revolution has been average on average about 45 to1 and that was because gold was money and silver was industrial. The manipulation of the

silver market largely I believe by the western militaryindustrial complex to produce advanced weapons has truly distorted things. And when you interfere with mother nature she exacts her revenge and she will um returning to that video I did with Bix. Now remember the average has been 42 to 45 to1 even though the geological ratio has been 16 to1 for 5,000 years. It is now 7:1. It's it's diminishing in nature. It's discovered in nature in a form called epiothermal like your skin is epidermis

very close to the surface. Large deposits were discovered long ago. Of the 800 plus million ounces extracted last year, only about 20% came from companies that actually extract silver. I mean, let's discuss, you know, the inflation may awaken the public. For years, the past decade or so, the US has financed itself by borrowing short-term. Janet Yellen wanted to shift everything from long-term to short-term to keep the federal fund rate low. And that allowed Congress to run massive deficits without

experiencing the, you know, immediate pain. Um, and and and now you add the Genius Act, which by linking money flows to stable coins backed by the short-term treasuries, again, it's generating artificial demand for the short end of the government debt. What I the reason I say this is that the the interest rates aren't determined by markets anymore. They're determined by policy and financial engineering. The Financial Engineering Being the Genius Act, which takes effect no later than January 18th,

2027. It states by um 18 months after enactment, which was July 18th, 2025 or 120 days after federal regulators release final implementing regulations. What's the best product to be entering right now? And the answer that you had at the time was junk silver. Um, and I think you even mentioned Eagles are always a solid buy to be in, too. So, one, with all this activity occurring in silver, are you still seeing that constitutional or junk silver is the top buy? Aren't people No question. In my

career, I've never witnessed anything as calm like it ever. Never. The the, you know, when you're able to purchase junk silver below melt, below spot, um, there's I've never seen anything like it ever. Um, and it's very hard for me to even attempt to comprehend why it's happening. During the pandemic, junk silver would have been between 9 and 13 bucks above silver spot everywhere in the country for nearly 4 years. Um, pendulums often swing too far to one side and certainly too far to the other

side here. That Yeah, I think it is without question the best value period that I've ever seen in silver in 35 years ever. So, we have junk silver. Um, how about Eagles? Are they still fairly priced or are they becoming more expensive at this time? So, you know, silver overall, I think it's simply important to get into it now. Um, I think it's really just starting to to gain attention and the public's been absent out of this market completely. This is all being propelled by big money. Wait until the public jumps in

and it's like adding a turbo boost to an already powerful market with momentum. Um, so whether you're buying Eagles or 365 or Maples or bars, it doesn't matter what you're purchasing. Just acquire something while you can, if you don't own any. And and um I will tell you, I've never observed an environment like this where the largest money in the world is buying at hand over fist and it hasn't translated yet into the retail market as the public is captivated with equities as demonstrated by their

all-time highest allocation in equities. MPA retail all-time highest uh allocation in in margin debt at one and a half trillion nearly an all-time high in options exposure. So the public is fully committed to leverage and and speculation as the big smart money has been draining the comics and it hasn't crossed over to the retail market. This is tremendous value everywhere all the time. A lot of times it occurs in very thinly traded markets where they'll unload it in the access market overnight

and they'll unload paper contracts. You see what's different now is that no one ever stood for delivery on these on these um exchanges. And so they could paper manipulate it by selling paper contracts at at at a level that would overpower the longs. Um, and they would continue to sell and continue to sell and drive down the paper price until the longs would surrender and sell and and they would then be able to cover those positions very easily. Um, the banks would who had shorted the price would be

able to cover their positions very easily as they had pushed down the paper price. Where it becomes challenging for them is in now the reality that the people on the other side of the trade have become very aware of what they're doing and their standing for delivery. And it doesn't matter how far you force the paper price down when you have people standing for delivery. State another way in a market that is founded upon trust right um it it it functions until you have people stand for delivery. Most of my career, which is

now 30, almost 36 years, no one ever stood for delivery. When I tell you less than 1% of contracts stood for delivery, I'm completely serious. No one stood for delivery. Um, and now they are. And there's a solid solid portion of of the market that is confronting the West. These are nations sovereign wealth funds and central banks of India and Saudi Arabia and Russia and China um and on and on that are now standing for delivery. These countries never had any intention to stand for delivery or

confront the West. They're coordinated now. They're driven and they sense blood in the water. But what is interesting is you're now seeing the exact same thing occurred here in the United. Don't forget to like our video and subscribe for our channel.