[music] You would think it would be immediately if if indeed they have a hard if this massively disrupts the supply chains in Mexico. You know, you hear that rumor of Samsung flew to Mexico to open up a mine for all of their Dora and concentrate in order to, you know, facilitate their battery operations. Um, what does it do to a company like that? Do they rethink their problem? are they some of the ones that are pulling the metal off of the exchange because of what they saw? Um, this is a situation where it becomes


even more imperative for the US to do things like classify silver is critical because supply chains are being disrupted. And not only that, the exchanges by which these these commodities are freely traded seem to be less than sincere. And when you realize we're now in the sixth year of a supply demand imbalance in into the billions of ounces cumulatively 230 million ounces a year, this becomes a real problem when you are putting a big question mark in front of the very largest producer of silver in the world. Yeah. It has to


have a problem when there's no metal left to, you know, to play with. And and we're seeing that right now. I mean, we're we're beginning to see that right now in February. the February contract which comes off the board completely and totally which is still open this late in the game. It's unbelievable to see this kind of open interest on the February contract. But uh echo >> what does that mean? Open interest on the February contract. >> Open contracts that haven't settled yet


and with two days left or three days left and in both gold and silver. And what's interesting is that the if you look at so far as of yesterday, the February cumulative deliveries amounted to just under 4,700 contracts at 5,000 ounces a piece. It was 23,195,000 ounces has have been delivered on to Comx. It doesn't mean it left, right? It was delivered. But here's the interesting thing. As of yesterday, actual February withdrawals leaving COMX were 38,82,934. So that is 15 million more ounces. Are


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in Amazon Kindle also. Um then deliveries can explain in fact it's 164% of February delivery demand. This this is a classic sign not only of tightening physical conditions but lack of trust. So more metal in the in the month of February has left >> left >> than has been delivered. And if yeah left the building >> left to where where is it going? >> That's a good question. Who who can take possession of 38 million almost 38,100,000 ounces of silver? If a mint box of silver eagles, which is 500


ounces, weighs 42 lb, who's taking possession of 38 million? You're talking an ar an armada of semitrs. Where is it going? >> Where is it going? >> I don't know. Is it is it is there any coincidence that this is happening leading up to not only the the admission or declaration that silver is a critical mineral, but they're going to impose um state sponsored price floors and or strategic stock piles. Is that what it means? Could it be the um uh exchange stabilization fund doing this covertly


on behalf of the Treasury Department for national security? Could it be? Sure. I don't know who it is, >> but a lot of the metal that is being delivered is actually leaving, not all of it. And so I want to be very clear on that. Some of it stays within the ComX ecosystem, but I would venture to say that a lot of the people are starting to to question the wisdom of leaving it in the ecosystem uh with this kind of nonsense happening. >> Is is it being delivered because it's needed for industrial use? I mean, would


that make sense? >> Absolutely, 100%. especially if you need it for industrial use and you see the kind of nonsense that is being played over and over and over again in terms of desperation to keep it from going too high or just let it fall as far as you want and the circuit breakers were you know there was a glitch that that one time it's a it's an outlier four times within you know a couple of months you start to question the wisdom of trusting set institution >> in February roughly 4700 silver


contracts s reportedly stood for delivery, representing more than 23 million ounces. However, vault data during the same period showed something even more notable. Over 38 million ounces were withdrawn from exchange warehouses. That figure exceeds the amount tied directly to contract deliveries, suggesting that additional metal was removed beyond what standard settlement activity would require. It's important to note that standing for delivery does not automatically mean metal leaves the vault. Ownership can


transfer while inventory remains inside the exchange system. Actual withdrawals, by contrast, confirm that physical silver has been taken out of registered storage. This discrepancy points to what some analysts interpret as a growing preference for direct possession over custodial holding. In commodity markets, confidence plays a central role. When participants begin removing significant quantities of inventory rather than leaving it within the exchange ecosystem, it can indicate tightening supply conditions or a broader desire to


reduce counterparty exposure. Whether driven by logistics, arbitrage, or risk management, sustained physical withdrawals tend to draw close attention from market observers monitoring structural stability. who would be silly enough or who has the clout to do that? My only guess would be the shareholders of the CME group which are the big banks and even the the government who who is listed on the CME website as we do trade for fed uh national governments or for central banks they trade for and and now that


metal has been classified national security priority these things I guess shouldn't be that hard to imagine if it if it is in the sake of or in the name of preserving ing the integrity of not only the exchange but some of the very very big players who have been trying to get out of these positions. Arguably we're 4 days before the February contract has to deliver has to 3 days now as of yesterday for 4366 contracts are still open this late in the delivery cycle everyone's focusing on March which comes off the board also


in on Friday. Um, but to see February still open, it's 24 times normal right now to have this kind of volume. 13 12 tons that is still open. It's insanely high for this late in the cycle. Even bigger than the March contract before they just knocked all of the open interest out of it. So, in other words, you have someone who is short and hasn't closed out for weeks. And if they were planning on buying it back, it appears that they had were trapped. And but the point of it is is that how do you have


with 3 days 2 days left to to deliver this much in open interest in gold and silver still standing for delivery um it's a it's a ma massive red flag and and I think again this is a market that works on confidence and the moment the market believes there isn't enough metal this leverage unwinds and in commodities unwinds violently. That's what they tried to stop in my opinion. >> A violent unwind, which would mean what? >> It would mean a failure to deliver. It would mean a cash settlement, a force


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