Well, I mean, shorting th this type of naked shorting happens all the time. A lot of times it happens in very thinly traded markets where they'll dump it in the access market overnight and they'll dump 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 [music] a level that would overwhelm the longs. Um, and they would continue to sell and continue to sell and drive down the paper price until the longs would capitulate and sell and and they would then be able to cover those positions very easily. The banks would who had shorted the price would be able to cover their positions very easily as they had driven down the paper price. Where it gets difficult for them is in now the fact that the people on the other side of the trade have become very wise to what they're doing and they're standing for delivery. And it doesn't matter how far you push the paper price down when you have people standing for delivery. Set another way in a market that is based upon trust, right? Um it it it works until you have people stand for delivery. Most of my career, [music] which is now 3 almost 36 years, no one ever stood for delivery. When I tell you less than 1% of contracts stood for delivery, I'm dead serious. No one stood for delivery. And now they are. And there's a good good portion of of the market that is challenging the west. These are countries, 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 challenge the West. They're coordinated now. They're motivated and they smell blood in the water. But what is interesting is you're now seeing the exact same thing happen here in the United States. Um and 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 6 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, a lot of these longs will be run by algorithms or hedge funds that run by algorithms and if a level is breached, it sells. And so they will come in in the access market as we saw a few weeks ago which is when New York is closed and before it gets to Asia or or you know in between either Asia and London or US and Asia it doesn't matter they are selling it at the most inopportune time when there is no liquidity in the market when the traders are asleep when when anyone who was stupid enough to do that would be shot and fired and probably in that order um in the respect that that's not how you maximize your your settlement, your trade. You would do it in the middle of New York trading when the traders are active and you do it slowly over time. [music] Let's go back to JP Morgan for a moment. They closed out a roughly 200 million ounce paper short position. That paper short was one of the primary forces suppressing price. At the same time, they added about 21 million ounces of physical silver. And physical buying does the opposite of paper shorts. It pushes prices higher. The report also noted that JP Morgan removed 16.6 million ounces from COMX registered inventory. That distinction matters. On COMX, there are two categories of metal, eligible and registered. Eligible metal sits in COMX approved vaults across North America. There are nine of them. For example, Brinks at JFK in New York is a ComX vault. Many holders store thousands of bars there. That metal is eligible, meaning it could be sold or moved into registered status, but it usually isn't. It belongs to Strong Hands and is not for sale. Registered metal is different. Those are the bars that actually back futures contracts. That's the metal tied directly to delivery. JP Morgan pulled 16.6 6 million ounces out of registered inventory. And once registered metal leaves come, that's essentially goodbye. It doesn't just come back easily. To return, it would need to be reintroduced, re-registered, and reassaid. Historically, metal that leaves in this way almost never returns. That metal likely ends up with industrial end users, companies like Tesla, Samsung, or Sony. Interestingly, that same media channel has discussed Samsung flying teams into Mexico to secure silver for solid state batteries. That may or may not be fully accurate, but there is truth in the broader trend. What's undeniable is this. China has been going directly to Mexico and Peru for years, buying Doré and concentrate straight from miners, often before the metal is even officially refined into silver. Mexico is the world's number one silver producer. China is number two. Peru is number three. And yet, the second largest producer in the world is buying unrefined silver material from the first and third producers before it's even fully processed. Concentrate is essentially the sludge byproduct of mining, and dory bars are only crudely refined. Yet, China is willing to fly across the world, pay premiums, sometimes double what Western buyers will pay, ship it home, and refine it domestically. That tells you how strategically important this metal has become. Now, back to JP Morgan. In addition to removing 16.6 million ounces from registered inventory, they also moved 169 million ounces into what are called non-deliverable vaults. Functionally, that's very similar to pulling metal out of the system. The silver still exists on paper, but it is legally removed from the delivery pool. It cannot be used to settle COMX contracts unless it is reregistered. In other words, JP Morgan is systematically distancing metal from the delivery mechanism. They are taking it as far away from comx exposure as possible. If it's true that JP Morgan is now net long and that the largest former short has become one of the largest longs in the market, that is an extremely bullish signal. I've said for years that the paper market would break long before the physical market ever bends. And I believe that more strongly now than ever. What we're living through is not random volatility. It's not traders getting reckless. It's a structural shift. one where physical metal is being removed, locked up, and redirected away from paper promises. And once that process reaches critical mass, price doesn't get negotiated anymore. It gets repriced. And this isn't about big bad banks sneaking into the market at night to manipulate prices. This is what happens when a 50-year paper ponzi scheme collides with a wall of global buyers who suddenly say, "No, thank you. I want delivery." That distinction matters because it defines this moment in monetary history. The western pricing model only worked when no one actually asked for the product. It functioned on trust, optics, and the assumption that physical silver was irrelevant compared to the mountain of paper claims stacked on top of it. For decades, fewer than 1% of contracts ever stood for delivery. As long as that remained true, the system worked perfectly for the cartel. They could sell unlimited paper, smash prices in thin after hours trading, trigger algorithmic stop- losses, force hedge funds to puke long positions, then quietly buy back their shorts at a discount. It was easy money, and they ran that playbook for decades. But that world is gone. The buyers on the other side of the trade are no longer bored retail traders or overleveraged hedge funds. Do like, share, comment, subscribe, and don't forget to hit the bell icon for more updates.