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  gold and silver are being repriced. You can only manipulate a market and it's it's not debatable any longer. It isn't that the market has been suppressed by Western central banks for various reasons. Gold for one reason, silver for another. I argue gold because something called Gibson's paradox, the inverse relationship between real interest rates and gold. This is how you support the illusion of strength of Western supremacy and bonds and currency and the military-industrial complex needing

wicked amounts of silver to make high-tech weapons. That's why they've suppressed it. And for years, no one ever challenged. No one stood for delivery. But many of the countries that when I was a kid were third world, such as China and India, are now the leading the charge of physical delivery. And not only that, they are coordinated, they are motivated, they are sophisticated, and they are wealthy. And they understand that this is a rush to accumulate metal. And in an environment where paper prices dominate and rule,

and no one challenges the West, it's changed very rapidly, too. He who has the commodities or she who has the commodities wins. And that's what's happening. And they do that through delivery. and it is overwhelming a system that has been rehypothecated where the same contracts are sold over and over and over again. 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. Easy to do when no one stands for delivery and you have enough money to write checks. But not easy to do when people say, "Yeah, no thanks. I'd like the real thing. Thanks." and stand for delivery. Case in point, TD Bank, who's very short in the overall scheme of things in in London and and on ComX, and they came out 3 weeks ago and sent a letter to all their investors saying, "We believe silver's devilish blowoff top." Always framed in a negative connotation,

has reached its peak, and is heading towards $40. Told everyone to short. We are going largely short. They say, "We believe silver's heading to $40." They got stopped out last Friday at $92 at a huge loss to them. And these things raising margins, rhetoric, negative rhetoric, telling everyone we're going short, um lease rates expanding, none of this stuff, which always would have crippled the market as it did in 2011. It's not working now and prices are just running. And people who have been

ridiculed by friends and family, by financial adviserss, what the hell do you want that stuff for? It doesn't pay interest. They say, "Why would you buy that?" Um, are finally being vindicated. And it's a lonely feeling, Charlotte. The people who come here like to talk because they finally have people around them who understand that they're like-minded and get it and um and and they can have real conversations. Whereas, I go into Thanksgiving dinner, my wife says, "Don't you dare say a

word." As we're walking in the door, not one word. Because I want to stay through dessert. She'll say to me, "I'm okay. I won't say a word." But the point is the public hasn't received the message. The people who have been here year over year have and have done have invested accordingly and have felt isolated, alone, wondering if they made the right decision. And to see what's happening now, which is a function of mathematics and logic, which always seemed to work

out over time. You can't hide from mother nature, nor can you hide from mathematics. You can run and you can inject variables and you can do all you can to evade, but just like father time, it catches us all as does mathematics, as does mother nature. When you suppress interest rates the way the West has for a long time to create this illusion of wealth in in in your real estate, in your 401k, but creates distortions of in asset prices, misallocations of resource and capital. Yeah, I'll hire 50 more

people. I'll build a new division. I'll I'll I'll rent some more real estate for our business or whatever it may be. I'll buy that second investment property. Um that those distortions come back to roost over time. And that's what we're seeing right now that you know um these distortions that have affected metals prices for so long are now in my mind finally being um exploited through delivery. And what's really interesting is that the biggest money in the United

States is standing for delivery at levels no one has ever seen. And that's manifesting into much higher prices. And it's really heavy to see the people here. I mean, some of them in tears saying, "My life has been changed forever." It's very heavy. Like I invested $300,000. A lady said, I was just telling you downstairs. She said, "I flew here to meet you." In tears, couldn't speak. Like she couldn't speak. And she said, "I flew here to say thank you to you that I'm a millionaire now

since May." And it's and and I put my life savings in because I listen to you. Of course, it's being better than chased with pitchforks. But I will tell you, it's very surreal. I've done this for 36 years. I've been coming to these conferences for half that time. Not only is the amount of people here exponentially greater. Um, but the vibe is is surreal. And you know what I just want to say to people? In a market that's moved as fast as this has, short-term caution is always prudent,

right? Nothing goes straight up without taking a breather, but um you can still coexist that can coexist with long-term bullishness. And I am hugely long-term bullishness. But yeah, anytime things move to this level, got to be careful. But I'll tell you, to your question, it's it's so far different than anything I've ever seen. It's it's absolutely off the charts and it's very surreal. >> Yeah. Yeah. It's definitely a really interesting mood here. And I want to

talk a little bit more about that repricing angle when it comes to silver because we always ask our audience for questions before we come to these events. And that was one of the ones we got. You know, is this a repricing moment? What does that mean? And I think it's interesting what you're just saying right now because I'm also seeing people now that we got to this triple digit level for silver, they want to take profits and some people have been in for a very long time are selling at least

some of it. So, can you talk about that repricing and what that actually looks like? >> Yeah, I mean, well, it's being repriced in the respect that you're finally finding equilibrium between real supply and demand. Unfortunately, the market has been dominated by paper derivatives with a capability of the western banks. Eight of them in silver, eight um one or two in Canada, three or four, two or three in Europe, and five or so in the United States have preserved the largest concentrated short position of any

commodity ever exchanged among the thousand plus commodities on COX ever traded. Let me say that again. the largest concentrated short position of any commodity ever traded on COMX. Why? Why? And to me, that's the first question. And the response is, in my view, because of the military-industrial complex. The West has governed the world through powerful military force. The volume of silver required in advanced weaponry from cruise missiles to F-35s to stealth bombers to submarines nuclear subs all this equipment and these

extremely extremely high-tech weapons now they're traveling Mach 3 Mach 5 whatever they are the hypersonic missiles the heat that is produced in the cone of the missiles is so intense the only thing that functions is silver and the military-industrial complex doesn't worry about the price right because is if you need 500 O in a high-tech weapon, uh, a cruise missile that sells for $20 million, why would you care what the price is? It's more about the rest of the world recognizing how significant and essential it is in

everything, not only military, digital, electronics, name it, aside from the monetary dimension of it. Well, I believe the only thing people must grasp. And I will say this to you all. The only thing you need to grasp is who the hell is standing for delivery every single month on COX. Every month for billions of dollars worth billions upon billions upon. In December, it was the biggest delivery in the history of the ComX market for silver for a December contract around 65 million ounces. So far in January, which is not a primary

delivery month, we're above 40 million. So, in the last 40 days, we've seen what almost 120 million ounces stand for delivery. Who's doing that? A mint box of silver eagles weighs 42 lb, 500 O. Who's purchasing 110 million ounces? And I think when you understand this, when you examine the deliveries off of the LBMA and the enormous deliveries off of COX, what I would say to you is that the best funded, but more importantly, Charlotte, the best informed people at that level don't do this for no reason.

Right? If you're spending billions and billions, do you not think you know where it's headed? Are you not deeply connected on the inside when you're committing that kind of money? And I would contend it's not a one-time event. It's been every month since Trump won the election. And then what do you know? Silver is now a critical mineral as newly reclassified by the government. And what do you know? They just stated, "We will place state sponsored um price floors beneath all critical minerals

within the next 90 days." That was a law that was just passed last week. That is to encourage domestic mining of all of these critical minerals because, you know, prices are where they are. If they're not, if there isn't a floor at a sufficiently high level, you can't motivate domestic mining for things that are becoming more difficult to locate. Uh, and then they just announced now there is a proposal before the House and son. It's cleared one of the chambers. I think the House now has to pass the

Senate saying we need to establish a strategic stockpile of all of these minerals. What you are observing is not two brothers in 1980. The Hunt brothers attempting to corner a market where same environment they see far more paper than bars and they're supposed to be one to one employee. If I buy all these paper contracts, but there aren't as many bars back there. Well, what if we stand for delivery? What occurs? Price explodes upward. Well, the exchange altered the rules on the Hunt brothers. They said

you can't be that long but you can be short as much as you want. They were forced to sell the contracts. 2011 it was about leverage and and and um the leverage that's speculation. So what did they do? They increased margins repeatedly. And if you raise margins on the cons meaning you must maintain more in a margin account than you did the day before. They keep raising until the people who are on margin are compelled to sell which pushes the price down which triggers more selling and the

price collapses. Didn't return for 15 years. On the day on Christmas day about a week before this year they increased margins. On Christmas day you needed 21,000 in your margin account to hold a 5,000 ounce silver contract. Silver was about 60 bucks on Christmas day. The next day they raised it by 30%. If you don't pay, we're going to unwind and liquidate your account. So now you have to put $27,000 or excuse me, $47,000 in your margin account. Uh 27, sorry, dollar2700 in your margin account. The reason I

said 47 is today it's $45,000 an ounce to control 5,000 ounces. A company like mine will hold 2 million ounces of silver at any given time. If it costs $45,000 to hedge my exposure, meaning the margin account requires that I short 2 million ounces on paper on comics. I have 2 million here I short. If the price drops by $10 an ounce, I'm down on I'm down $20 million. I'm out of business. But what I sold short rises by the exact same amount. But to sustain that position, I must have $47,000 per

5,000 ounces. You need millions. That's before the gold. 35 or 36,000 for one 100 gold contract. Well, what that does to the speculators, the people who might be very wealthy, but they're not wealthy like sovereign central banks, sovereign wealth funds, Tesla, Samsung, Sony, who don't trade on margin. These individuals get shaken and suddenly they have to sell to meet the margin requirement. Maybe they hold 50 contracts and they have 20 million in their margin account and all of a sudden the price jumps

sharply on margin and the price of silver is moving up 7 bucks on Friday. It's up right now and just as the market open in Asia, it's up three bucks. They're going to be margin called again. So they sell the weekend sell. they're forced to and what happens the big money which is not on margin comes in and says yeah we'll take um you know we'll take the 50 million ounces of silver every single month for the past 15 or 16 months between I don't know 30 and 50 million ounces of silver have been

standing for delivery every single month and ask yourself who the hell is doing that and where's the mainstream discussing this why do I have to shout about it on every single podcast I do this is extremely ly unusual. It's so far it's 4 ft of snow in Death Valley in July. It doesn't occur. And all I can tell you is that that's all people need to understand because these are the most informed traders on the planet who are literally standing for delivery for billions upon billions upon billions

upon billions of gold and silver. Sh. Don't inform the public. And the public doesn't know. The only thing they see is negative. Oh, it's it's overbought. Uh the wicked blowoff. We're shorting. The top is in and it keeps advancing. And all I can tell you is is that it appears to me this is being repriced where you now have assets being repriced through sovereign demand by countries and and and nations who realize that it's not about dollars and promises from an insolvent country like we are holding or

treasuries. Instead, it's about who controls the commodities wins. And that's what's unfolding. You can recognize it if you open your eyes. 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. No.