[music] Not only did JP Morgan cover over almost 800 contracts at the bottom, but even more interesting was what we saw with SLV. With with SLV, we saw 38 million ounces of silver delivered at the bottom into SLV. But if you look at the way that the perspectus reads, it says that we there might be a lag between share issuance and metal coming in. >> So they buy it at a 100 or they sell the shares at a 100 and then the minute it hits the bottom, oh here's your 38 million ounces that we sold $30 ago. So


the games that have been playing have allowed in my mind and not only that, the metal is taken from the open market and delivered to [snorts] SLV warehouses. and who controls the SLV warehouses, but the big commercial banks who can then drain me a metal, which we see it all the time through what's called share redemption. You can drain metal out of SLV without anyone seeing it. Uh couple weeks before Christmas, it might have been 15 $16,000 for us to hedge a 5,000 ounce silver contract. We normally have 2 million ounces in our


warehouse. So if you ha if you if you have if you can hedge 5,000 [clears throat] ounces for 15,000 bucks if you have several million dollars in a margin account, you can have a $2 million an a 2 million ounce inventory hedged ounce for ounce. But then they moved it up to 18,000 right before Christmas, 21,000 the day after Christmas. Now it's just under 50,000 to hedge 5,000 ounces. If you don't have $50 million in your margin account, good luck. >> Are you curious about investing in gold


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in Amazon Kindle also. >> And so not only has it made it very expensive to hedge, this is what has gummed up the refineries, this is what has made it very expensive for companies like mine and even a notch above the primary distributors to hedge because it's become so expensive to hedge. But when that happened, they did this, they did this to flush out the speculation on Comx. If you have a hundred contracts and you say, "Look, silver's going straight up. We can take advantage of


this. We can do so by buying a bunch of contracts, right? Uh $15,000 back then would allow you to control in essence 5,000 ounces at 60 bucks right around Christmas. That's 300,000 worth of silver. Let's do it. Let's buy 20 contracts." They are choking on silver but they can't hedge it and it takes time to to go from here which it has to be broken down, melted, turned into shot and then refined into bars and rounds. It takes a long time but the price have been moving up so fast along with the


margin increases. They were getting margin called before they even broke down the silver and like what do we do? We keep getting margin called. We're not making any money. It takes time to refine this stuff. We have to stop taking new business. That's what they they did. When I look at the things that have made me successful, there's been about a half a dozen really big deals that I've done with my client base, and they've all centered around one commonality. Identification and


exploitation of price anomalies. This is an anomaly. So, I'm going to get in trouble for doing this, but I don't care. I own the company, so I'm just going to say 99 cents back a spot while supplies last cuz I bought as much as I could. And maybe I'm stupid to have done so. I said to my traders, buy it, hedge it. I don't care. just leave it there. >> Andy Sheckchman claims that roughly 15 million ounces of silver have recently left the vaults of ComX, signaling what he views as tightening physical supply.


He also points to gold, noting that approximately 13 tons remain open with only days left before contract deadlines, a situation he suggests could intensify delivery pressure if resolved through physical settlement rather than cash. According to his interpretation, the CME group sharply increased margin requirements reportedly to $50,000 in an effort to force out leverage speculators during volatility. At the same time, he alleges that larger institutional players used the selloff to accumulate


positions. He references activity involving JP Morgan Chase covering hundreds of contracts and the EyesShares Silver Trust SLV adding tens of millions of ounces near the lows as signs of strategic accumulation. Sheckchman further speculates that the US could be quietly rebuilding a strategic silver position, though such claims remain unverified publicly. He also notes unusual pricing conditions in the retail market where so-called junk silver has reportedly traded below spot at times. A rare occurrence that he interprets as


evidence of short-term dislocation rather than weakening long-term demand. This is what I've been screaming and this is all that matters. If a 500 ounce mint box weighs 42 pounds, who just took possession and left the warehouse for almost well over 38 million ounces. Think about that for a moment about the the logistics that is involved in now. I think it's the exchange stabilization fund. Like I've been saying, for 16 straight months, we've seen these kind of deliveries and withdrawals for 16


straight months. Not one person in the mainstream asking this. All they talk about is the price and the the BS fundamentals where they paint negatively. Never do they say, you know, Johnny, forget about all that. I want to know who the hell's standing for delivery. Where's it going? This never happens. This is all that matters. And the lack of journalistic integrity, the one halftruth, but missing the whole story. And do you think, Adam, that there's any coincidence that after all of these months of delivery and all of


these months of metal being pulled off the exchange? Just by coincidence, it's now critical mineral. We're going to call it critical. And we're going to put a state sponsored price floor under it. And you know what? Just for good measure, we're going to accumulate a strategic stockpile. So all I can simply say to you, now that's February. Let's talk March for one moment. >> Okay. real quick because I want you to answer this in your your answer. >> Where is this all going? Like if it's


leaving a Brinks vault, which I believe Comics is, but you tell me if I'm wrong there. But if it's leaving, you know, a big secure vault, where do you put all that stuff? Do you put it in another Brinks vault, or is this, you know, in your interpretation, going under, you know, into a government bunker underneath a mountain somewhere? I would say that the legit um companies like let's say Tesla, they'd leave it in the Brinks vault and or move it to in certain points to the manufacturing


facility where they make the cars and the batteries. Um but if I'm the exchange stabilization fund, it's going I don't know. Is there a vault under the White House? Who knows? Who knows where is there a vault under the Pentagon? Who knows? All I And and that's a fair question. I mean, how >> well there just aren't that many places you can store this much silver either than in a professional brink vault or if you're a government, your secret bunker layer. >> Well, and what's 38 million times um 80?


What is that? Uh >> 240 mil 200 38 million ounces times 80 in terms of dollar value is what? What would that be? Uh 2 point >> I think it's 2400 whatever if you're multiplying 80. Well, let me just I can't even do >> 38 by 80. But yeah, here I'll do it. You talk. I'll I'll >> 38,82,900 934 times 80. Let's just call it. So remember, we would go back and forth and say, and I would have said to you, Adam, listen, I got to cover this short. Don't


worry, these are oneway tariffs. He's crazy. This will blow over. We're going to send the metal back. Don't worry. Just like we always have for the last 50 years. Ain't coming back. They reshort it. They they hoodwinkedked them, you know. the hoodwink into sending the metal back to reshore. It wasn't about tariffs. It wasn't about arbitrage. That was the ruse to reshore. And now that metal is just leaving the vault and getting it out of the way. JP Morgan not too long ago took a whole bunch of metal


that was in registered and moved it outside to a completely different category which is outside the entire COMX ecosystem still on their balance sheet but is no longer deliverable. So there are games being played by those in the in the United States. I think to get on sides leaving those exposed the systemic of it if Luango is right can bring down some of the biggest banks in Europe. We already saw what TD Bank tried to do a few weeks ago. They said we think silver's going to 40 bucks.


We're putting a huge short [clears throat] position on it. Bang. They get stopped out at 92. And I've done a lot of research on it and I want to comment about one thing and that's the premium in Shanghai with the $10 premium above the western price. People commented and said, "But what about the VAT tax that offsets it?" It's not true. So the VAT tax that is added in China is the responsibility of the recipient of the metal after said recipient takes the metal off of the Shanghai exchange. If


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