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 [music] the big money comes in and buys the most or stands for delivery the most that's ever been delivered in the history of the comx market since 1974. So it's not working. These people don't trade on margin. these big sovereign wealth funds and you know governments and Teslas and Samsungs and today is not about leverage and speculation that's the speed bump today is structural shortages across the world a declining mine supply six year in a row exploding industrial demand we see that everywhere

especially with AI and photovotayic and and all the way down through military and everything else that we've covered copiously but it's a sovereign in the industrial real buyers competing for the same metal um where you know it's now critical um and I think that's something to me where you know these the people who analyze the markets and tell you like your financial adviser you know this isn't a trade you know I mean I like to try and kind of make it easy then again and um you know I I I think first of all I just

try to strip the noise away. Uh what we're watching in in gold and silver to me, if I could break it down easy, it just seems to me the ending of a paperbased pricing system that's colliding with a form of physical reality. Um and I can't see how this ends quietly. Um, and you know, you can see also what's happening when people seem to think that these banks have unlimited power. And if you've been in this game long enough, it feels that way. Um, and when you see a a major bank

like TD Bank um, shorting silver in a market this tight, it tells me one thing. It tells me they're trapped. and in a system that ultimately is making them pretend that supply exists when it really doesn't because TD Bank put on um a a trade a big short trade. Um and that that short trade um in fact it's very silly to short something that's backward dated like this is. In other words, you're shorting something and the traders are paying a premium to have it right now um to me and something

that was just classified a critical middle mineral. The only reason you'd be stupid enough to do that is because you have to signals desperation. Shorting a backwardated market means taking a position directly against immediate physical demand while simultaneously paying a premium to secure metal for delivery today. That is not a calculated strategy driven by confidence. It is a response born of necessity. When silver has been officially designated as a critical industrial mineral and available inventories are already

strained, the risks escalate rapidly. Losses begin to force stopouts and abrupt reversals are often the point at which market accidents occur. These trades are not being made voluntarily. They are survivaldriven decisions unfolding inside a system that is steadily losing its remaining flexibility. >> And the funny thing about it is that they sent out a report saying we think silver's going to like 45 and they just recently got stopped out at 92. In other words, they had losses stop losses put

in place to to get them out if it went the other way. And they lost a good amount. I don't know, couple hundred million or something. I don't know what they lost, but that's not the point. The point is that they sent out a letter saying they thought it was going the other way. They got stopped out. Um, this was forced buying and this how accidents start because you're stupid as hell to short something naked in a market that is is in backwardation. Um, and I think that, uh, you know, you look

at what we've seen along the way, how these banks that are somewhat trapped are trying to change things to get the the price back down, but they can't do it again. Even when they dump paper in the dead of night, when liquidity is the lowest and the price goes down, we see physical stress going back up. And in other words, every time it goes down, the the physical being bought. December was the largest delivery in the history of the COMX market for the month of December. Somewhere in the neighborhood

of like 68 million ounces of silver were were delivered. Uh that's that's not bearish. Anything to say the least for the people who saying that the top is in >> paper price drops no longer relieve physical strain. Each engineered sell-off is met with aggressive buying of real metal. The evidence is clear and measurable. Record COMX deliveries, shrinking registered inventories, and lease rates surging higher. Silver lease rates are typically near zero. When they spike into high single digits, the

market is signaling outright scarcity. Backwardation reinforces this message. Buyers no longer trust future promises. They want silver in hand. This is not bearish behavior. It is structural stress. physical demand is absorbing every dip. Exposing that price suppression no longer alleviates the underlying shortage. Um, and I think when you talk about all these people, the the talking heads that tell you that the top is in, like TD Bank or the Jim Kramers, the part that that these people miss um is that

uh even as the paper price fell, the lease rates exploded higher. To me, that's that's the tell. And when it costs more to borrow real silver, the market is screaming, "We don't have enough metal." These lease rates are normally a quarter or half a percent, not 8 or 9%. When you put backwardation in, that seals the deal to me. Um, that means don't promise me silver next month. I want it right now. And that only happens when trust breaks. Um, and for all of the people out there who are

being told that this is the top, this is just like 2011. 2011 was leverage and speculation, right? And you had traders that were speculating with leverage and when they raised the margins, they all got kneecapped. Here they raise the margin the day after Christmas by 30% and it doesn't do anything but just a little speed bump as the big money comes in and buys the most or stands for delivery, the most that's ever been delivered in the history of the ComX market since 1974. So it's not working. These people don't

trade on margin. and these big sovereign wealth funds and you know governments and Teslas and Samsungs and today is not about leverage and speculation that's the speed bump today is structural shortages across the world a declining mine supply sixth year in a row exploding industrial demand we see that everywhere especially with AI and photovotayic and and all the way down through military and everything else that we've covered copiously but it's a sovereign in the industrial buyers

competing for the same metal um where you know it's now critical um and I think that's something to me where you know these the people who analyze the markets and tell you like your financial advisor you know this isn't a trade. Hit subscribe and stay one step ahead.