the end I will tell you all the last thing I will do is destroy every good thing I have done when I know things have changed and how do people win in things like this they ride up undervalued assets and they sell them when they become overvalued and move to another undervalued asset but ask yourself this one question other than the central banks and the big money here and you guys how many of your friends could talk to you for 30 seconds about the merits of owning gold and silver and is The only time they talk to you about


it if they know you own it is when it falls in price. >> We are five 4 days away from delivery with 239 million ounces and open interest outstanding as of yesterday. Haven't looked at it today, but there's only 88 million ounces in registered silver. The silver market, according to some analysts, is approaching a critical inflection point. As of late February 2026, open interest for March silver delivery has reportedly climbed to roughly 239 million ounces. While registered inventories at Comx are said


to stand near 88 million ounces, this approximate 3:1 paper toregistered ratio has fueled debate about whether the exchange could face delivery strain if a large percentage of contract holders demand physical settlement. With the March delivery window only days away, proponents of the paper versus physical thesis argue that the imbalance is no longer theoretical, but a developing liquidity test. Adding to the tension are claims that metal continues flowing from Western vaults toward eastern buyers, tightening visible inventories.


In this context, Andy Sheckchman, president of Miles Franklin, frames the situation as part of a broader wealth rotation. He contends that while much of the public focuses on short-term price dips, larger players are steadily taking delivery and withdrawing physical metal from the system. His central argument is that when paper claims significantly exceed readily deliverable supply, investors should prioritize tangible assets and risk management over speculation. We now present selected clips from his


interview discussing these developments. 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 Dundeeple 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. This ebook is available in Amazon Kindle also. >> So let's look at what we see happening here. And this is not talking about gold, which I believe is the exact same thing, but different. But silver, for 16 months in a row, between 40 and 70 billion million ounces of silver have been delivered every month. Every month. Now, think about this for a minute. A mint box of silver eagles is 500 ounces, weighs 42 pounds. Who takes possession of 70 million ounces of silver? How many


trucks does it take to load that up? And where are they going? Every single month, unabated, including non-dely months. and ask yourself, why does no one talk about this? The media talks about the price and that it's overbought and that it's is it 2011 again? Is it 1980? All the to make you think you made the wrong decision. They miss everything. The only question that should be asked is who's doing this? This has never happened before. Sure, there are deliveries. Not like this, not


massive deliveries, usually less than 1%. But here's another one for you. So for the February contract which ends in two days, right? Three days on the 26th, the February contract, the way it normally works is that those who are holding contracts that are going to stand for delivery, the very first day that it posts, which would be the like the last day of business in January, they would say we're standing for delivery. But throughout the entire month, you can buy an immediate contract and stand for delivery. Now, here's


what's really interesting. Check this out. You might want to write this down. The February deliveries for Comx, 4,639 contracts so far. That equals 23,195,000 ounces. A lot of silver that was delivered from wherever, London, Switzerland, wherever the hell it came from. It was delivered instead of rolling forward or cash settling. Remember, only 1% used to stand for delivery. The majority of the contracts that have posted in February are standing for delivery. Not 1%. A hell of a lot more. Okay, that's a lot. 23,195.


Not as much as we've seen in previous months because February is not a primary delivery month. January is, March is, May is. So, but here's the interesting thing. 23,195 stood for delivery so far. But 38,82,934 ounces have left COMX. Left it. Where the hell did it go? Who took it? How many trucks does it take to take 38,82,000 ounces and drive it away? How many semiis and to where? And why is no one asking? So if nothing else was understood tonight, if nothing else was understood, period in the in the light


of a market that got its ass kicked in two days in a manner that was so contrived it's pathetic. Who is spending this kind of money? And these people 38 million ounces times 80 bucks an ounce. Do the math yourself. You're you're what almost $3 billion, right? Who is doing that now? Is it any coincidence? Just like the BIS reclassified gold tier one after all these banks repatriated and then went on incredibly large buying spree way outside the realm of what was normal. Is there any coincidence that


for 15 16 straight months it's been happening this way here and it must be a coincidence that silver has now been classified critical mineral and that the government is putting price floors underneath it and they're going to accumulate a strategic stockpile. What you saw that happened when Kevin and I were away skiing, when the price collapsed is one thing and one thing only. They jacked up the margin so high that all the people who are very well healed, maybe even have a million or two


in their margin account. Found out what happens when pre or margin requirements go up exponentially. enough to make everyone say I give and have no choice but po post more margin or sell which begets more selling which begets more selling which begets more selling and what happened at the very very bottom JP Morgan covers almost 800 contracts but how about this one SLV that massive ETF which changed the perspective perspectus in February of 2021 during silver squeeze to say that there's a lag


between the time that we accept your order and the shares are issued with silver backing it because it's coming in so fast. They did it on a Saturday night, that being Black Rockck. Well, how about this one? 38 million shares were entered at pretty damn close to the bottom. How was a share issued? Share issued when one of the authorized participants, uh, JP Morgan, Goldman Sachs, City deposits the silver. So they sell it at 110 bucks. Bang, they knock the hell out of out of it and deliver 38


million shares at 60 bucks. How does that work? But even more than that, now you have it inside of SLV in controlled institutional vaults where all these so-called authorized participants for the last three years have been doing what's called share redemption. Instead of taking delivery off of COMX, they put the silver into SLB and then redeem the shares in the form of physical silver. Consider subscribing and enabling notifications for future updates.


 the end I will tell you all the last thing I will do is destroy every good thing I have done when I know things have changed and how do people win in things like this they ride up undervalued assets and they sell them when they become overvalued and move to another undervalued asset but ask yourself this one question other than the central banks and the big money here and you guys how many of your friends could talk to you for 30 seconds about the merits of owning gold and silver and is The only time they talk to you about


it if they know you own it is when it falls in price. >> We are five 4 days away from delivery with 239 million ounces and open interest outstanding as of yesterday. Haven't looked at it today, but there's only 88 million ounces in registered silver. The silver market, according to some analysts, is approaching a critical inflection point. As of late February 2026, open interest for March silver delivery has reportedly climbed to roughly 239 million ounces. While registered inventories at Comx are said


to stand near 88 million ounces, this approximate 3:1 paper toregistered ratio has fueled debate about whether the exchange could face delivery strain if a large percentage of contract holders demand physical settlement. With the March delivery window only days away, proponents of the paper versus physical thesis argue that the imbalance is no longer theoretical, but a developing liquidity test. Adding to the tension are claims that metal continues flowing from Western vaults toward eastern buyers, tightening visible inventories.


In this context, Andy Sheckchman, president of Miles Franklin, frames the situation as part of a broader wealth rotation. He contends that while much of the public focuses on short-term price dips, larger players are steadily taking delivery and withdrawing physical metal from the system. His central argument is that when paper claims significantly exceed readily deliverable supply, investors should prioritize tangible assets and risk management over speculation. We now present selected clips from his


interview discussing these developments. 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 Dundeeple 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. This ebook is available in Amazon Kindle also. >> So let's look at what we see happening here. And this is not talking about gold, which I believe is the exact same thing, but different. But silver, for 16 months in a row, between 40 and 70 billion million ounces of silver have been delivered every month. Every month. Now, think about this for a minute. A mint box of silver eagles is 500 ounces, weighs 42 pounds. Who takes possession of 70 million ounces of silver? How many


trucks does it take to load that up? And where are they going? Every single month, unabated, including non-dely months. and ask yourself, why does no one talk about this? The media talks about the price and that it's overbought and that it's is it 2011 again? Is it 1980? All the to make you think you made the wrong decision. They miss everything. The only question that should be asked is who's doing this? This has never happened before. Sure, there are deliveries. Not like this, not


massive deliveries, usually less than 1%. But here's another one for you. So for the February contract which ends in two days, right? Three days on the 26th, the February contract, the way it normally works is that those who are holding contracts that are going to stand for delivery, the very first day that it posts, which would be the like the last day of business in January, they would say we're standing for delivery. But throughout the entire month, you can buy an immediate contract and stand for delivery. Now, here's


what's really interesting. Check this out. You might want to write this down. The February deliveries for Comx, 4,639 contracts so far. That equals 23,195,000 ounces. A lot of silver that was delivered from wherever, London, Switzerland, wherever the hell it came from. It was delivered instead of rolling forward or cash settling. Remember, only 1% used to stand for delivery. The majority of the contracts that have posted in February are standing for delivery. Not 1%. A hell of a lot more. Okay, that's a lot. 23,195.


Not as much as we've seen in previous months because February is not a primary delivery month. January is, March is, May is. So, but here's the interesting thing. 23,195 stood for delivery so far. But 38,82,934 ounces have left COMX. Left it. Where the hell did it go? Who took it? How many trucks does it take to take 38,82,000 ounces and drive it away? How many semiis and to where? And why is no one asking? So if nothing else was understood tonight, if nothing else was understood, period in the in the light


of a market that got its ass kicked in two days in a manner that was so contrived it's pathetic. Who is spending this kind of money? And these people 38 million ounces times 80 bucks an ounce. Do the math yourself. You're you're what almost $3 billion, right? Who is doing that now? Is it any coincidence? Just like the BIS reclassified gold tier one after all these banks repatriated and then went on incredibly large buying spree way outside the realm of what was normal. Is there any coincidence that


for 15 16 straight months it's been happening this way here and it must be a coincidence that silver has now been classified critical mineral and that the government is putting price floors underneath it and they're going to accumulate a strategic stockpile. What you saw that happened when Kevin and I were away skiing, when the price collapsed is one thing and one thing only. They jacked up the margin so high that all the people who are very well healed, maybe even have a million or two


in their margin account. Found out what happens when pre or margin requirements go up exponentially. enough to make everyone say I give and have no choice but po post more margin or sell which begets more selling which begets more selling which begets more selling and what happened at the very very bottom JP Morgan covers almost 800 contracts but how about this one SLV that massive ETF which changed the perspective perspectus in February of 2021 during silver squeeze to say that there's a lag


between the time that we accept your order and the shares are issued with silver backing it because it's coming in so fast. They did it on a Saturday night, that being Black Rockck. Well, how about this one? 38 million shares were entered at pretty damn close to the bottom. How was a share issued? Share issued when one of the authorized participants, uh, JP Morgan, Goldman Sachs, City deposits the silver. So they sell it at 110 bucks. Bang, they knock the hell out of out of it and deliver 38


million shares at 60 bucks. How does that work? But even more than that, now you have it inside of SLV in controlled institutional vaults where all these so-called authorized participants for the last three years have been doing what's called share redemption. Instead of taking delivery off of COMX, they put the silver into SLB and then redeem the shares in the form of physical silver. Consider subscribing and enabling notifications for future updates.