All roads lead to to gold, I think. >> Well, who's been importing it all? Who's been standing for delivery at these levels? That's the question that the media has missed completely. They can talk all they want about, yeah, look, gold's gone up, silver's gone up, or they'll paint it negatively. Yeah, it's topped. It's overbought. They missed it completely. Completely. And what they missed is not it, but who is standing for delivery for 15 straight months to the tunes of


hundreds of billions of dollars? Who is bringing in between 40 and 70 million ounces of silver every month? No one's asked that question and it's never happened before. Less than 1% of contracts in this in on the CMX have stood for delivery my entire career, 35 years. Never. And all of a sudden, you're seeing massive deliveries every month, even those that are not a delivery month. You look at December, which was a delivery. They rose they they raised margins twice to knock off the speculators, right? drop the price


down into the new year. Andy Sheckchman, president of Miles Franklin, argues that the current turbulence in gold and silver markets reflects more than routine volatility. In his view, a widening disconnect is emerging between demand for physical metal and the paperbased futures system. He suggests the key issue is not weekly price swings, but who is actually taking delivery when contracts expire. Historically, only a small percentage of futures contracts on exchanges like ComX resulted in physical delivery with most


positions settled in cash. Sheckchman claims there are growing signs this pattern may be shifting. He points to reports of significant volumes of gold and silver leaving exchange vaults alongside sustained delivery demand over multiple months. If accurate, such activity could indicate that large buyers are accumulating physical metal rather than merely speculating on short-term price movements. According to this perspective, a steady flow of withdrawals suggests that well- capitalized participants may be quietly


building reserves in a market otherwise dominated by leveraged paper trading. For observers of the precious metal space, this potential shift from paper settlement toward physical possession is viewed as a development worth monitoring closely. Are you curious about investing in gold and silver, but feel held back by fear or confusion? This ebook is designed especially for new investors who want clarity, not complexity. It breaks down gold and silver trading strategies in a simple, practical way.


No jargon, no hype. Why wait? Hurry up. Please visit this link to get your copy today and use code Dundeep for a huge discount. More than 1,000 people took the first step with this ebook and today they're living proof that smart investing changes lives. start investing fearlessly, wisely, and with a clear strategy. >> Uh so h how do you explain that? What what's going on? >> I we did we had record year last year. We did a third of the business we did all of last year in the month of


January. Um the industry is on fire right now, Mario. and and there are a lot of people thanks to guys like you who are aware and um keenly aware of the forces that brought the paper price down which are detached from reality in in many respects. Yes, it certainly was something that affected the psyche of a lot of uh investors, especially new investors. But uh I think that the people who understand what is happening understand that this was a paper contrived smash uh one that was at the heels of of margin hikes that really


went after the leverage players which knocked the price down considerably. But, you know, I think when you take a look, for example, at the March Comx numbers, there's still almost 81,000 contracts of open interest open right now, which, you know, that that I guess that that sounds um maybe that that sounds abstract until you understand that there's 5,000 ounces of silver per contract. That's 42 million ounces of paper exposure tied to the March contract where the first day of delivery


is 2 and a half weeks away. the big money who doesn't play with margin uh who's been standing for delivery every single month for the past 15 months. They're the benefactors of they're they're the ones who benefit from from this smash down in the price of gold and silver and and the the big money understands that. By the way, there's 42 million ounces of paper exposure tied to the contract with only 103.5 million ounces in the registered category. What could possibly go wrong?


parallel to the same kind of conversation that you've had many times with the amazing David Jensen who talks about a similar situation in London. 2 billion ounces of open contracts with 140 million ounces standing behind it or something like that. Same thing we're seeing here on [snorts] Comx. This was a desperate act to get I believe some of these large players who are off sides in a big way who were bleeding as the price kept going higher. Uh maybe to get them to cover one last chance. It certainly


wasn't normal market fundamentals and you know when you see a price get hit that way and then in two days come back 35%. The volatility is extraordinary but I will tell you that nothing changed. In fact maybe only the fundamentals got stronger. Um and that's manifested into record demand. The interesting thing about the record demand Mario [snorts] is that still is void of the majority of the mainstream public. It's just that the people who get it are doubling down and adding more and becoming more


concerned about what's happening with the economy and and the system and uh it's just manifested itself as record volume throughout this entire industry. So it's not just the dealers like ourselves, it's the IRA custodians, it's the deposiitories, it's it's the shipping, it's everything is is all but gummed up. And when you add record margin hikes into it, which keeps the um refiners from taking any new business, in fact, completely taking stop taking any business because understand that if


they have $25 million worth of silver and gold that they are refining and it takes time to refine it, break it down, refine it, and turn it into into bars or whatnot. [snorts] the amount of time that that's taking in particular with silver um this whole way up they've been getting margin called not only with the price of silver rising but with the margin increases. So if they have 25 million in inventory that they are in working progress to make it you know from the unrefined door or junk silver


or or flatear or whatever that's being melted down turned into shot then turned into bars that takes time. Well, the price of silver they sell the exact same amount that they have in that they've paid for from the public on COMEX. So, they're market neutral, right? Well, the price is going have been going up so fast they were getting margin called and then they raised the margin uh requirement so high that they're getting margin called which is you put them out of business type of of environment. So,


they stopped taking any new business and they are a huge source of revenue to the industry and liquidity. the liquidity's dried up in many respects and it's just created a a gummed up system where things are taking far longer than I than all of us are used to experiencing or or if you take a look at um at the ETF SLV when the price fell right at the time the price fell um im and amazingly so there was um a a jump in SLV shares um by 37 7 million shares. Um, and so at at 0.905 ounces per share, that's 33


million ounces of silver added in one day. Now, they added that at the very bottom. So, in other words, the authorized participants create those shares like JP Morgan and Goldman Sachs. And they do so by delivering physical metal first. So, think about what that means. Silver gets destroyed and immediately after the smash, not only does JP Morgan cover 700 plus contracts, but tens of millions of ounces show up inside the ETF. For more insights into gold, silver, and precious metals investing, consider liking, subscribing,


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