Silver is now a critical mineral as now reclassified by the government. And what do you know? They just said we will put state sponsored um price floors underneath all critical minerals within the next 90 days. That was a law that was just passed last week. That is to incentivize domestic mining of all of these critical minerals because you know prices are where they are. On the day on Christmas day about a week before this year they raised margins. On Christmas Day, you needed 21,000 in your margin


account to hold 5,000 ounce silver contract. Silver was 60 bucks roughly on Christmas Day. The next day, they raised it by 30%. If you don't pay, we're going to unwind and liquidate your account. So, now you have to put 27,000 uh 27, sorry, $27,000 in your margin account. The reason I said 47 is today it's $45,000 an ounce to control 5,000 ounces. A company like mine will have 2 million ounces of silver in any given time. >> Welcome to Gold Silver News, your go-to destination for all things economics and


finance. Whether you're an experienced investor, an inquisitive student, or just someone who wants to stay ahead in today's everchanging economic landscape, you've come to the right place. I've been working on a private road map for viewers who are more focused on protecting their wealth than speculating in uncertain markets. I'll share it at the end for those interested. Now, we'll show you the best clips of the latest interview. But first, smash the subscribe button, hit the like button,


and send us super thanks if you find our daily recaps valuable. Enjoy the episode. Yeah, I mean, well, it's being repriced in the respect that you're finally finding equilibrium between real supply and demand. Unfortunately, the market has been controlled by paper derivatives where the ability of the western banks, eight of them in silver, eight um one in one or two in Canada, three or four, two or three in Europe and five or so in the United States have maintained the largest concentrated


short position of any commodity ever traded in the thousand plus commodities on COMX ever. Let me say that again. The largest concentrated short position of any commodity ever traded on COMX. Why? Why? And to me, that's the first question. And the answer is in my mind because of the military-industrial complex. The West has ruled the world through strong military. The amount of silver needed in high-tech weaponry from cruise missiles to F-35s to stealth bombers to submarines, nuclear sub, all


this stuff. And these really really high-tech weapons now that are going Mach 3, Mach 5, whatever they are, the the um hypersonic missiles, the heat that is generated in the cone of the missiles is so extraordinary, the only thing that works is silver. And the military-industrial complex doesn't care about the price, right? Because if it if if you need 500 ounces in a in a high-tech weapon uh cruise missile that sells for $20 million, what the hell do you care what the price is? It's more


along the lines of the rest of the world understanding how important and vital it is in everything, not just military, digital, electronics, you name it, let alone the monetary aspect of it. What I think the only thing people need to understand, and I will say this to you all, the only thing you need to understand is who the hell is standing for delivery every single month on Comx, every month for billions of dollars worth, billions upon billions upon in December. It was the largest delivery in


the history of the Comx market for silver for a December contract, like 65 million ounces. So far in January, which is not a primary delivery month, we're over 40 million. So in the last 40 days, we've seen what 120 million ounces nearly stand for delivery. Who's doing that? A mint box of silver eagles is 42 pounds, 500 ounces. Who's buying 110 million ounces? And I think when you understand this, when you look at the deliveries off of of the LBMA and the massive deliveries off of COMX, what I


would say to you is that the most wellfunded, but more importantly, Charlotte, the most well-informed people at that level don't do this for the hell of it, right? If you're dropping billions and billions of do you not think you know where it's going, are you not really connected to the inside when you're spending that kind of money? And I would argue it's not a one-off. It's been every month since Trump won the election. And then what do you know? Silver is now a critical mineral as now


reclassified by the government. And what do you know? They just said we will put state sponsored um price floors underneath all critical minerals within the next 90 days. That was a law that was just passed last week. That is to incentivize domestic mining of all of these critical minerals because, you know, prices are where they are. if they're not if there isn't a floor at a high enough level. You can't incentivize domestic mining for things that are becoming harder to find. Uh and then


they just came out and said now there is a proposal in front of the House and Senate. It's cleared one of the chambers. I think the House has to now pass the Senate saying we need to build a strategic stockpile of all of these minerals. What you are seeing is not two brothers in 1980, the Hunt brothers trying to corner a market where same environment they see way more paper than bars and they're supposed to be one to one. Well, wait. if I buy all these paper contracts, but there's not as many


bars back there. Well, what if we stand for delivery? What happens? Price goes way up. Well, the the exchange changed the rules on the Hunt Brothers. They said, "You can't be that long, but you can be short as much as you want." They had to sell the contracts. 2011, it was about leverage and and and um the leverage that speculation. So, what did they do? They raised margins a bunch of times. And if you raise margins on the comx, meaning you have to have more in a margin account than you did the day


before, they keep raising until the people who are on margin are forced to sell, which drops the price, which begets more selling, and the price collapses. Didn't come back for 15 years. On the day on Christmas day, about a week before this year, they raised margins. On Christmas Day, you needed 21,000 in your margin account to hold 5,000 ounce silver contract. Silver was 60 bucks roughly on Christmas Day. The next day they raised it by 30%. If you don't pay, we're going to unwind and


liquidate your account. So now you have to put $27,000 or excuse me, $47,000 in your margin account. Uh 27, sorry, $27,000 in your margin account. The reason I said 47 is today it's $45,000 an ounce to control 5,000 ounces. A company like mine will have 2 million ounces of silver at any given time. If it costs $45,000 to hedge my exposure, meaning the margin account means I short two million ounces on paper on ComX. I have 2 million here. I short. If the price falls by $10 an ounce, I'm down on I'm down $20 million.


I'm out of business. But what I sold short goes up by the exact same amount. But in order to maintain that position, I have to have $47,000 per 5,000 ounces. You have to have millions. That's before the gold 35 or 36,000 for one 100 ounce gold contract. Well, what that does to the speculators, the people who might be very wealthy, but they're not wealthy like so sovereign central banks, sovereign wealth funds, Tesla, Samsung, Sony, who don't play on margin. These people get shook and all of a sudden


they have to sell to cover the margin requirement. Maybe they have 50 contracts and they have 20 million in their margin account and all of a sudden the price jacks way up on margin and the price of silver is moving up seven bucks on Friday. It's up right now and in just as the market opened in Asia it's up three bucks. They're going to get margin called again. So they sell the weekends sell. They're forced to. And what happens? the big money who is not on margin comes in and says, "Yeah, we'll


take um you know, we'll we'll take the the 50 million ounces of silver." Every single month for the last 15 or 16 months, between, I don't know, 30 and 50 million ounces of silver are standing for delivery every single month. And ask yourself, who the hell is doing that? And where's the mainstream talking about this? Why do I have to scream about it every single podcast I do? This is so far unusual. It's so far it's four feet of snow in Death Valley in July. It doesn't happen. And all I can tell you


is that that's all people need to know because these are the most well-informed traders on the planet who are literally standing for delivery for billions upon billions upon billions upon billions of gold and silver. Sh. Don't tell the public. And the public doesn't know. The only thing they see is negative. Oh, it's it's overbought. Uh the devilish blowoff. We're shorting. The top is in and it keeps on going. And all I can tell you is is that it seems to me this is being repriced where you have assets


now being repriced via sovereign demand by countries and and and nations who understand that it's not about dollars and promises from an insolvent country like we are holding our treasuries. Instead, it's about who has the commodities wins. And that's what's happening. You can see it if you open your eyes. >> I've been attending this conference before it. Well, let me correct that. I've been traveling to Vancouver for conferences for a very long time. And prior to coming to this one, I used to


attend the Agora Conference, which later became the Rule Symposium, which has now relocated to Bokeh. But the Agora conference here dates back more than a decade. And I would step on stage, and I've consistently been very early. People probably think I'm full of nonsense for saying it. And that is that this market will be characterized in two ways. And I am turning out to be correct. I believe first it will be too costly for most people. They'll say, "Geez, it's too expensive. I missed it."


But for people watching this program, it will be more about the challenge of obtaining product fairly and with any speed at all because there is very little product available relative to the total amount of money in existence. And we're the pimple on the elephant's backside. The elephant has no awareness, but we've been discussing it forever. So, we assume there's plenty of it available, right? As Rick Rule, who was here, I watched two interviews before mine, he will tell you 1 half of 1%


allocation to precious metals and precious metals equities across the entire financial system from Joe and Jane Sixback, as he always puts it to the Harvard Endowment Fund. Well, guess what? The Harvard Endowment Fund just purchased a couple hundred million in gold. when the public wakes up, it will be either too costly or too difficult to secure the product. And I think that is how the market will be defined on a broad scale. So it is a legitimate question. There isn't enough to go around. And if that shifted merely to


5%, if Rick is right, that's a 10-fold increase in demand. Charlotte, what about 10%. And you know what's fascinating? Wall Street never conceded to metals. and you get an adviser who says, "Fine, 5%." Put 5% in. Well, the chief investment officer at Morgan Stanley just came out and said Wall Street has relied on a 60/40 model for the last 50 years. 60% stocks, 40% bonds. Retire affluent. Okay. Well, he said, "Listen, half of that portfolio is broken. Sell half your bonds and


allocate it to metals." He's advocating 60/20. Michael Hartnett, the chief strategist for Bank of America, who publishes a very, very costly newsletter circulated among institutions, he says, "No, 25%." Jeffrey Gunlack, the bond king, who has built his career selling bonds, said, "No, 25% is not overweight." So, if 5% would represent a t-fold increase, how about listening to the chief investment officer of one of the largest banks in the world, Morgan Stanley, who says 20,


or Michael Hartnett, 25, or Jeffrey Gunlack, who says that's undervalued, not overallocated. There will be nothing left overnight. And I say this regardless of whether people think I'm talking my book. At this point, after 36 years, I don't need to talk my book. I'm not going to ruin my reputation. that of my family and my firm's name by stating anything that I don't believe in my core. And I will tell you, there isn't enough to go around. There's far more money than there are money substitutes


like gold and silver to absorb it. There's a $12 and expanding arbitrage in China. Yes, but Shanghai is paying roughly $12 an ounce more for silver than what we see in the West. So, if you're a trader, if I hand them 10 million ounces of silver, buy paper here, and deliver it in Shanghai, well, that's $120 million completed. That's what they're doing. And that arbitrage is that sucking sound if you listen carefully. That's their way of saying, "Be foolish enough. Please, we're


sitting on all of your dollars through the trade imbalance. Please be foolish enough to give us your silver, and we'll compensate you generously for it in your dollars, which retain value like a melting ice cube, continuously eroding through reckless fiscal policy. And so you have, for instance, China currently expanding its Shanghai Metals Exchange across the entire Belt Road initiative using local currencies. All these nations trading via Mbridge or CIPS, the cross interbank payment system. both of


which are incompatible with Swift and they're settling imbalances in gold. Now, think about this. China just enrolled the Asian nations. These are the countries in Southeast Asia that represent China's largest trading partner by far. There are 800 million people there, twice the population of the US, over 30% of GDP. They're now signed on to CIP and Mbridge, which means all of the trade won't flow through Swift. it will move through other channels that swift cannot interface with in their local currencies


and imbalances are settled in gold. In other words, instead of when it had to be dollars, well, that supported dollar strength, right? And when you needed all these dollars to conduct trade, you parked the reserves instead of leaving them earning nothing into treasuries which are highly liquid and provide a return. So that supported and kept rates low and asset prices elevated in the US. So what if they say, "Well, we no longer need dollars. We trade in our own currency, constructing our monetary


system instead of that of the United States. Better be prudent about it." And then instead of holding treasuries to park reserves, we allocate them to gold, which has doubled the performance of the Treasury over 25 years. Look at the past two years. In 2024, gold rose 40%. The dollar or the 10-year Treasury gained 4 and a half. Last year, the 10-year Treasury gained four. Gold rose 80. The point is this. It cannot be weaponized. It cannot be confiscated. It is outperforming. It carries no counterparty risk. And these countries


have had enough of the US and our monetary policy being enforced at the barrel of a gun rather than cooperation. And that's what BRICS represents. It's entirely voluntary. the Shanghai Cooperation Organization. All these countries are participating because they see an alternative to hegemony, the United States and safety in numbers. And it's happening. It's expanding. And you're right, that's what set things in motion. And every interview I've done with you over the past 5 years, we've


discussed bricks and international demand. And through all that time, it never spilled into the US until now. for the past 15 16 months since he won the election. Trump honestly Charlotte the volume of gold and silver entering comics is like truly 4 ft of snow in Death Valley and you don't see snowmobile dealerships popping up in Death Valley if that's the case. It's an anomaly. Or is it? Is all of this being assumed it was tariffs? I said no it's not tariffs. It's ruring. It's ruring.


They're deceiving the other banks. It's the only way to retrieve it. These banks have been colluding with each other for 50 years. And the primary mechanism was to short in New York, driving prices down, and then take a corresponding long position in London, which didn't impact price, but balance their books. And they would trade back and forth either with physical metal or were called warrants. I own it. No, you own it. No, I own it. You own it. Just a paper showing ownership. and they would never truly


deliver. It was suppressing the price. And now Trump comes in and they say, "It's tariffs. It's tariffs. It's tariffs. Send the metal back. We need to cover it. Don't worry. It's temporary. It'll return. It's not returning. They are ruring. We become a net importer of gold. We've been a net exporter for 50 years." If your priority right now is not chasing returns, but protecting what took decades to build, I've put together a private road map linked below. If your


priority right now is not chasing returns, but protecting what took decades to build, I've put together a private road map linked below. Go.