gold news

 [music] When you see the Shanghai consistently, the Shanghai Metals Exchange consistently pricing silver above Western spot and futures, it's basically the market screaming that the metal is worth a whole hell of a lot more. Not only where it's needed, um, but from where it is being financially priced. And it's the market's way of saying, "You're full of crap, COMX." and LBMA and the Shanghai ecosystem is far more tied to real metal moving to real end users, industrial fabrications,

wholesalers, etc. where the West sets the paper price largely through leverage paper futures that is now beginning to be viewed as fagazy. The spread that we see is a signal of tightness and it's not a rounding error, man. And and it's the beginning of real price discovery for the first time ever, right? Because silver has never been allowed to find its real price discovery. Because I don't care what anyone argues with me on. It is my [music] belief 1,000% that it is the military industrial complex of

the West that needs silver for high-tech weaponry period [music] that has suppressed the price. And it's not just the United States. all of the western mil military, France and and the United Kingdom and and all of the the strong militaries across the the Western world that have used military to in essence [music] rule the world for a very very very long time. And it's not even about the price of it going too high because it's inelastic. [music] You need just a little bit for a very highriced piece of

of military equipment, but you need it. And if the world figured out just how valuable it was, well, that would be a problem. So if the west and the militaryindustrial complex wants to rule the world, sell all their weapons not just to the west but through the NATO allies >> [music] >> um and then continue this and then of course when you see countries getting blown up with said missiles who gets the reconstruction contracts very often well it's Black Rockck which is a military-industrial complex. Are you

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start investing fearlessly, wisely, and with a clear strategy, >> you know, and and it's just you have to take a step back [music] from conventional thought and wisdom. And the people giving you advice maybe don't see the world quite the way that you do. And I'm speaking to all of you out there. And if all these your financial advisors say you're crazy, and why would this be true? And because the people that are doing this don't see the world the way that you do. And we've been right. Us

watching this show, we've been right. And it's about time that we get some acknowledge acknowledgement of it from from the financial media um saying gez you know we were wrong. Oh that isn't going to happen. Anyways I would say it like this man the east is doing price discovery in the physical and the west is still doing price discovery in the paper and the spread is what happens when those two worlds stop agreeing. And if this continues, especially if it widens um and the early stage evidence

is that it is widening, the physical market is starting to over overrule or override the paper market period. And when that damn breaks, the move often, I would think, isn't polite. It's uh it'll be it'll be chaotic and maybe even disorderly. Starting January 1st of this year, China has implemented export controls on silver, requiring [music] uh companies who are exporting the metal to be on an approved government list. I believe so far we have 44 companies that have been authorized to export silver

this year, but this certainly does potentially put additional constraints on an already tight supply. How do you think this move could impact the supply demand dynamics for silver? >> Yeah, you're right. It is a tight supply chain and this is a tightening of the valve. Um and especially for a market that runs at just in time inventory, it can get potentially very industry uh interesting industry can get um [music] very interesting. So the Chinese um what's it called? Uh Chinese Ministry of

Commerce uh publish a a like a white list [music] of 44 companies allowed to export silver and anything outside that lane is effectively shut out. There were many many many many small and midsize uh refiners that would send metal out into the west and those are done and even approved evidently face like a big additional licensing step which means more time and cost and paperwork and Beijing can slow things down whenever they really want. Um, you know, one of the things that people missed about this

to me, [music] first of all, China refined 70% of the of the dory, right? And, um, so those that were approved are state-run. The state did something in November that not a lot of people talked about, and that was that they came out with something saying we are going to prioritize exports uh for now for uh domestic necessity for for domestic demand. and that was quiet. Um but in essence what they are doing is basically in my mind they're prioritizing domestic supply and this is going to raise the

risk pre um [music] which basically means am I going to get it right and the uncertainty uh widens spreads right and so this is why you see lease rates going higher and rates and borrowing costs as we are seeing are indeed accelerated and I think it will also accelerate industrial stockpiling by locking in supply which will tighten the market further. In other words, who the hell is standing for possession of all of this metal? 38 million ounces just in in the first 6 days of the January non-dely contract,

right? And and the 68 million or whatever in December all-time record. H I wonder could it be someone like the US government now that it is a critical mineral stockpiling? Could it be Samsung? [music] We were already told Samsung went to China, I mean to Mexico. As I've been saying on your show before, China doing that for two years, going right to Mexico, the number one producer, China's two, and to Peru, the number three producer, and buying up all their doray and concentrate, paying double what the

West will shipping home and refining it. Well, see just did that themselves. You are seeing a disintermediation of the market. they're going right to the source buying Dorian and concentrate which isn't reportable which which isn't verifiable in terms of um purity and in terms more so of of how much um I think the takeaway for investors is the same when a government turns a commodity into something strategic um and adds another government adds licensing friction um supply becomes more political maybe much

less available they call that elastic Okay. Um, and in a small market like silver, it doesn't take much to create a big [music] price response. Oh, you do not buy it to get wealthy. However, you're looking at a once in a generation. What we are watching right now in the silver market is not normal. It is not temporary and it is not a coincidence. This is the kind of structural break that happens only once or twice in a generation. And the loudest signal in this entire picture is coming from Shanghai. When the Shanghai

Metals Exchange consistently prices silver above Western spot and futures markets, not by pennies, but by real dollars, that is the market telling you something very clear. The true value of silver is higher than what ComX and LBMA are showing. This is not a theory or a conspiracy. It is the global market speaking directly to the West. Shanghai is tied to real metal, actual bars, real ounces, fabricators, industrial users, and wholesalers who need silver to keep the world running. There are no extreme

leverage games or paper tricks. It's physical metal or nothing. Meanwhile, in the West, most price discovery happens through paper contracts where only a tiny fraction ever results in real delivery. So when the gap between east and west widens, it means one simple thing. The world of real metal no longer agrees with the world of paper metal. Silver has never truly been allowed to find its real price in modern history. It has been suppressed for decades, not because it is just an inflation hedge,

but because it is one of the most strategic metals on Earth. Silver is essential for advanced technology, defense systems, satellites, electronics, and modern warfare. Demand is inelastic. Availability matters more than price. And now real physical demand, industrial, monetary, and sovereign is overwhelming the paper system. Backwardation, rising Eastern premiums, and China's export controls are all signals that the physical market is starting to overrule the paper market. And once that process begins, it

doesn't end quietly. Price discovery doesn't move smoothly. It breaks violently.