Once that suppression begins to fail, um I think things become very very interesting. And that's why gold and silver matter so much. It it it it's never just been a commodity. 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. I've been working on a private road map for


viewers who are more focused on protecting their wealth than speculating in uncertain markets. I'll share it at the end for those interested. Now, we'll show you the best clips 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. You have the makings of some very interesting economic times, uh much higher inflation, much higher as as a result of much higher oil prices. When


you block the Straits of Hormuz in conjunction with this, you're adding fuel to an already burning fire. Um, you know, it's interesting. Done again. I go back to one of my very first years in this industry, family vacation with my my parents, my sister, and I remember the original Gulf War. And from that day forward, every single time we get into a conflict like this, which um there's been quite a few, one would expect the price of gold and silver to take off and really take off. Um, I've


always looked to what Jim Sinclair said, uh, called it MOPE, management of perception economics that seems to rear its head at the beginning of every one of these conflicts where we will see management of the escalation um of the metals prices. We will often see the equities markets outperform. We will see um dollar intervention. and the dollar stay strong. In other words, the last thing that the powers that be want in the midst of some sort of a of of a global conflict is to see gold and silver go to the moon, the dollar to


sell off, the markets to tank. As many people would expect, the financial engineering is always um something that amazes me, the ability of what they're able to do. Um, but I would say that this will be, you know, at least in the case that gold's up a little bit, silver's sold off. And, you know, on top of everything, this comes in the face of what Bank of America just said, maybe one of the boldest silver calls ever, um, you know, their their head of metals research, Michael Whidmer, I think is


his name, said silver can reach between 135 and 309 by the end of this year. And you know he he wasn't even talking about this uh he was he was talking about the gold to silver ratio and the reality that silver tends to lag gold early in the bull market and then later stages it moves violently. So anyways, the bottom line is is that what we are seeing globally I think is probably far more impactful than the markets will lead us to believe at least initially. So uh I would I would urge anyone to pause and


have a little caution in terms of the way they think things are going to play out here um over the next uh over the next several days and we'll see what happens ultimately to the price. I mean, this is not really how free markets are supposed to operate. And usually you find this at the AM and the PM fix somewhere 2 3 in the morning, uh, Eastern time. And then again, as we head into New York, um, the medals get get smacked. Um, you know, to to your point about Rick, I far be up for me to ever


question the wisdom of someone like Rick, who has seen more than I have and might be one of the smartest people I've ever known. But I will say one thing. If I were going to try and quietly push back against Mr. Rule, I would simply say that yes, this is true, especially when no one ever stands for delivery. But the amount of delivery that we see is making naked shorting a very very dangerous game and continues to play into the hands of those that are standing for delivery. And I think that


that's really the crux here. What is changing the landscape of of the metals market in my mind is is a system that has lost its integrity and a system that no longer carries the kind of trust that it needs to have to be the global benchmark. When you see a market in continued backwardation that is normally never in backwardation, it's normally in contango where the current price is less than the futures price. The futures price takes into account interest, storage, the cost of money. But for a long period of time, it


continues to trade in backwardation, meaning we want it now. We don't trust the future. We don't trust the exchange. We don't trust any of it. We want it now. When we see repatriation from the central banks, from the Bank of England, the New York Fed, that means we don't trust the system. And when you see in the month of February roughly 15 million ounces more delivered off of COMX than was delivered into the exchange or should I say leaving Comx than was delivered into COMX. Um in


other words 15 million more ounces left the building than deliveries can explain. Um you began to understand a trend and that is a trend of erosion of confidence and trust in a paper market. uh continuing to short that market when there are very well-healed and and sophisticated traders from central banks to sovereign wealth funds standing for delivery where price misdirects most people and most institutions but not these folks. It's a dangerous game and it's one that won't end well in my opinion.


You're beginning to see that. Now, I would simply say, if I had to guess, the folks that are standing for delivery are far more sophisticated than they are emotional. And the emotion is, well, you know, they continue to be able to do this. How can they continue to do it? How can they continue to suppress the price? They'll do it indefinitely. But they won't because the demand for delivery continues to outpace expectations, continues to outpace um any precedent. And so this is the little


by little by little and that's the part people have a hard time with. you know, this this this entire era of instant gratification and it not being fast enough, I think, is being attacked um methodically and in a very regimented way where they will continue to slowly bleed the exchanges at a manner that doesn't stop everything in its tracks by just throwing all the money and say, "No, we want delivery." They will play the game until the game is no longer able to be played. So I do not know. I


simply believe that Rick is correct from a perspective of recency and normal bias. But if indeed these shipments continue the way that they have, these strategies will end up becoming an existential threat to those who are foolish enough to suppress the paper price to that extent. And another way to express that Dunian I think maybe the most significant statements of this era is that I mean you could condense it and say we possess unlimited cash but limited tangible assets. I mean that is the thesis really is that a system that


can generate cash in unlimited quantities runs directly into limited tangible assets. You know fiat currency can be produced in effectively unlimited quantities. Tangible assets cannot, gold cannot be produced, silver cannot be produced, copper cannot be produced, energy cannot be produced. And I think once you truly comprehend that, you begin to realize why tangible assets matter so much in a period like this. And I think there are those who are beginning to recognize that for decades markets have been controlled by the west


and by paper and by leverage and by derivatives by financial structuring by narratives and interventions and price control. And I think we're moving back toward a world where physical supply and demand begin to matter a whole lot more than paper positioning. And when that occurs, something very significant changes. And that is price begins to reconnect with value. That is a big deal. A paper market can restrain price for a long period, but it cannot restrain value forever. And I think that that is the most important question of


all or leads to the most significant question of all, which is what is the value of a promise that cannot be fulfilled. And a colleague of mine, Mike Savage, writes about this all the time. And that is one of the things he always asks, which is what is the value of a promise that cannot be fulfilled? I agree. What is the value? I mean the value is not very great. And I think he also would say what is the value of a currency that cannot be continuously diluted to survive. What is the value of sovereign debt that can only be serviced


through additional debt? These are all things that Mike and I discuss and he writes about. But you know you can go all the way down. You know what is the value of entitlements that are mathematically impossible to satisfy? What is the value of paper claims on metal if everyone suddenly demands the metal itself? And what is the real value of assets whose prices have been artificially restrained for decades? Once that restraint begins to collapse, I think things become very very interesting and that is why gold and


silver matter so much. It has never just been a commodity. You know, gold since ancient civilizations has been regarded as something different transcendent. And I do, if we have time, want to discuss, you know, I was just considering it the other evening. I'm trying to connect it going back as far as I can to the way the cultures view it. So, at the end of this, if we have a couple of minutes, I would like to simply discuss something interesting that is not about what is happening today, but examining gold in a


much broader. I do not know. I cannot fall asleep last night. I was just thinking about this. I was like, "Wow, that is somewhat interesting." So, if we get a moment, I will talk about it. But yes, as far as what we observe right now, that is what is happening to me, which is that a world that is based on paper promises that truly cannot deliver or not delivering running directly into physical reality is something that I think will continue to unfold and favor physical holdings. So, this is simply a


lot of noise right now. I mean, exactly. That is exactly what it is. And because you're preparing in a way that is counterintuitive to conventional thinking, conventional investing, and you're placing your eggs on that side of the table, well, if things do not unfold the way that that logic would indicate or you expect, certainly there's an opportunity cost in everything that we do. And that is the difficult part for people to understand. That is why it is easy for financial adviserss to say well


you know Dunnian you are making the wrong decision sir this is what you should do. You can only manipulate a market for so long by forcing it in the direction that it is going. When you have the world moving in the opposite direction, you end up doing something very dangerous. When everyone is demanding physical possession and you have unlimited paper promises that possess the ability to stand for delivery. At some point you have overplayed your hand and there will be entities that will stand for delivery


with unlimited funds just like you and that will challenge you. That is really what we see occurring for the first time ever. We are seeing the western markets and the hegemony connected with them being challenged simply through rules that they implemented themselves. Now, you know, in an effort to reduce said rules, four times in two months, we observe markets that malfunctioned, right? Twice to the upside, twice to the downside. When they declined both times, well, sorry, the circuit breakers


failed. We apologize. Do not do anything about it. We simply allowed it to collapse. And on the way up, oh, sorry, it overheated and we did not even determine what the last one was, where the market was halted. Trading was halted. In both cases, they got crushed. And then in both cases, well, we have not seen what will happen here. But last time this occurred, silver increased 120% in 60 days. So, we will see if that occurs again here. What you're witnessing to me is the realization by some very large money traders that they


have these western entities that are playing this strategy somewhat trapped in the sense that let them continue playing their game. We will continue standing for delivery. And you can see that in the everinccreasing delivery numbers, someone or several individuals are saying fine, go ahead, push it down. We will continue to stand for delivery. And that plays directly into the hands of those who view the dollar price as one that is certainly valued. I think less than the dollars used to acquire it


or more than the dollars used to acquire it rather. They do not care what the dollar price is. They are continuing to stand for delivery. And when you observe the outflows out of conchs exceeding the deliveries into conchs, that is about as rare of an occurrence as it gets. So you are beginning to observe the other side of the coin quietly playing their hand directly into I think using the manipulation of the western banks to their advantage. So it's not going to last forever. It is frustrating that it


continues to persist. But these are desperate actions by desperate entities who are operating by rules that are beginning to become obsolete in my opinion. When someone like Andy Shexman who operates directly in the physical gold and silver market every day speaks is worth paying attention. Price charts tell one story. Physical demand tells another. The question is which one matters more in the long run. If your priority right now is not chasing returns, but protecting what took decades to build, I've put together a


private road map linked below. If your priority right now is not chasing returns, but protecting what took decades to build, I've put together a private road map linked below.