[music] Who took 16.6 million ounces out of ComX? Goodbye. Out the door. Who's buy? Is it Elon Musk for? Don't know. But that also goes on to say that they moved 169 million ounces out of the eligible category into a nondelable vault. I never really thought about this because that's just the same thing as leaving. Well, in essence, the metal still exists on paper, but it's legally removed from the delivery system and it would need to be reregistered, meaning reassaid in order to get into the ComX settlement


system. It cannot be delivered. So, basically, what you're seeing is not defensive posturing. It's intentional removal of metal from the delivery pool. And if it's true, I have no reason to believe it's not. That marks a massive shift from suppressing silver with paper to accumulating metal. And [music] at the same time, we talk about all of these huge deliveries. In November, which was an offcycle delivery month for both gold and silver, 19.7 million ounces of silver and 1.27 million ounces


of gold were delivered, right? 19.7 1.27. Again, who's got this money? Well, how about December, which is a deliverable month for both gold and silver by day 12. I looked at it up to yesterday. Deliveries have already reached 58 million ounces of silver delivered and 2.85 million ounces of gold with new contracts being added daily till the end of December. So ask yourself, take 58 million, multiply it by $64 or whatever. That's a lot of money. Who's doing it? This is the biggest money on the planet and huge money that


is doing this. And so when you take a look at um what's happening, why is silver going higher? Um it's it's happening because you know you have I guess you have um uh massive deliveries and at the same time you have the biggest short in the market now flipping to the biggest long on the planet, the biggest amount of of of silver stockpile on the planet. and they're the custodians of SLV, which is the largest silver trust on the planet. At the time, the US government says, "Oh, by the way,


silver is now a critical mineral." January 1st, 2026 in China, which China is the largest refiner of silver in the world and the second largest producer, um starting January 1st, in 2 weeks, uh they are implementing restrictions on um sending silver, exporting it. And this matters because there's 70% of the world's silver is refined by China, not just from their own mines, but from Dory they import globally and then historically have reexported to western markets. That pipeline shuts down in 2


weeks. So you look at all of these things happening at once. To answer your question, you have strategic resource competition where China's flying to Mexico and and and to Peru, which are the number one and three uh largest producers in the world, China too, and buying Dora and concentrate right from these countries, from the miners before it even becomes silver, shipping it back to China and refining it themselves. They're paying double what the West will for sludge, which is concentrate, and


crudely refined bars and disintermediating the marketplace. They're buying it in the pre-refined stage. And then >> why? Why? >> Because it's because it allows them to gobble it up without anyone knowing. In other words, go to the miners in Peru and they go to the miners in Mexico and say, "We'll pay you double what the West will, but we want it all. Give us your sludge. Give us your door bars, which are crudely refined bars that get crudely refined, and then sent to the


refiners to be purely refined." They're like, "We want a disintermediate. Give it to us. We'll pay you double." Because the silver is more important to the Chinese than the money that they're using. They're ddollarizing. They're taking their dollars and buying up all the commodities, getting rid of dollars for for something worth more than dollars. So, you have the strategic resource competition between great powers, right? China, [music] US, US says it's strategic. China said it's


strategic and we're going to limit exports. The European Union did this in 2023. But you also have supply shocks from uh from export restrictions that's now going to come from China. They're not going to export anything and they refined 70% of the world's silver. You have rest inside of major exchanges. All of these deliveries. The LBMA, as we've talked about, is bleeding. The LBMA has 2 billion ounces in contracts that should stand for delivery. They're deliverable contracts backed by 140


million ounce float. In other words, they have sold those 140 million ounces over and over and over and over and over and over thinking no one ever stands for delivery, but now all of a sudden everyone's standing for delivery. What could possibly go wrong? And at the same time, you have the largest player in the market flipping from short to long. Um, and that's why this is this cycle is different. It's not financial, it's geopolitical. If you were worth $5 billion, Sarah, if you were worth $5


billion, do you think that you would know the rich and famous or the powerful people? You would. You don't get that kind of money without being at the highest level of the game. That's right. And when you're at the highest level, you know the insiders. And the insiders are telling their their cohorts, this is what's going to happen. So slowly using the suppression of rhetoric and of price all these years to to cover what they were doing. And you wake up one day and like, wow, what happened to the price of


silver? How the hell did that go? And why are all these deliveries happening? What about the delivery delays in London which are 8 weeks? It's supposed to be 1 day. T + 1 you get your silver. Now it's T plus 8 weeks cuz the Bank of England says we have a shortage of manpower and trucks and such demand. Really? So the Bank of England doesn't have enough trucks to move my silver. H that's a problem. I have to wait 8 weeks. They're getting their their delivery failures. They're getting they're running into


their bluff being called by countries and and sovereign wealth funds that were never coordinated or motivated to to take on the West never wealthy enough to do so. But when you get, you know, central banks and sovereign wealth funds on the back of central banks you're dealing that are now very wealthy. You know, these countries were third world 20 years ago, but now all of a sudden they're wealthy, motivated, coordinated, sophisticated, see exactly what we're doing and say, "Ha, you want to hold


down the paper price? Great. We're going to stand for delivery cuz these these contracts give us the reason or the ability to do so." Even though nobody ever did, we're going to. And that's what's changing the game. It's the huge deliveries that has rewritten the rules. And when you have a system based on trust where no one stands for delivery, that's Bernie Maidoff. You you kill it. But when everyone says, "Bernie, I need my money." Bernie, Bernie, where's my


money? Bernie, Bernie, where is my money? 8 weeks. What do you mean, Bernie? Well, Bernie's dead. [music] Was in jail. The point of it is is that it's the same thing. Bernie is the LBMA. >> If you've been watching what's happening in the silver market right now and you don't feel a chill run down your spine, it's hard to explain just how significant this moment is. Something enormous is unfolding beneath the surface. something we haven't witnessed in our lifetimes. And most people are


walking straight past it without noticing. Everyone is fixated on the price flashing across their screens, rarely stopping to ask why it's moving the way it is, or who is quietly repositioning massive amounts of metal behind the scenes. And the truth is, if you're only watching the price, you're missing most of the story. Let's start with something that should have dominated financial headlines this week, yet somehow got buried beneath celebrity gossip and social media noise. A staggering 16.6 million ounces of silver


were pulled out of COX registered inventories. Just like that, gone. Then, as if that wasn't enough, another 169 million ounces were shifted out of the eligible category and moved into non-deliverable vaults. To the average observer, those numbers might not sound alarming, but to anyone who understands how the ComX system actually works, this is the equivalent of pulling the plug on a balance sheet while everyone is still expecting business as usual. It's a quiet but profound signal that the


foundations of the paper silver market are being tested in real time. Subscribe to the channel and turn on notifications so you don't miss critical updates on what's unfolding in the silver