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. >> [clears throat] >> 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. Are you curious about investing in gold and silver, but feel held back by fear


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record-breaking year for the company. In fact, nearly onethird of the entire year's business was completed in January alone. The industry, by all measures, is on fire. According to industry leaders, growing awareness driven by analysts and commentators has helped investors better understand the forces behind the recent paper price decline. While the drop unsettled many, particularly newer investors, experienced participants recognize it for what it was, a paper-driven margininduced sell-off


largely detached from physical market realities. The decline followed a series of aggressive margin hikes that targeted leverage traders, forcing liquidations and pushing prices sharply lower. However, despite the volatility, the March comx contract still shows nearly 81,000 open contracts. Each contract represents 5,000 ounces of silver, equating to roughly 42 million ounces of paper exposure, with first notice day only weeks away. Meanwhile, large institutional players, those not reliant on leverage, have consistently stood for


physical delivery month after month for more than a year. These participants are not reacting emotionally to price swings. Instead, they appear to be benefiting from the suppressed prices, positioning themselves strategically while others are shaken out. 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. 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. Well, it's just like uh you know when Jeffrey Epstein was in this maximum security federal prison that the guards fell asleep and the cameras didn't work >> for once, right? So, they just happened to fall asleep and the cameras just happened to not work. So, we don't really know what happened. I mean, it's just it's a lie. Everything is is is silly when you talk about the circuit breakers glitched twice, right, and allowed it to freefall. Well, at the


same time, you look at JP Morgan covering 700 plus contracts at the exact bottom when this happened. 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 immed and amazingly so there was um a a jump in SLV shares um by 37 million shares um and so at at 0.905 ounces per share that's 33 million ounces of silver added in one pay. 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. >> Andy Shechman describes the recent silver smash not as a collapse, but as a calculated setup. According to him, while small leveraged traders were forced out, large institutional players quietly accumulated positions at lower prices. Comx currently shows roughly 42


million ounces of paper demand against about 103 million ounces of registered silver. On the surface, that may appear sufficient. But if even 20% of contract holders stand for physical delivery, as much as 80 million ounces could be removed from available supply in a short period of time. That kind of draw down would significantly tighten the market. At the same time, physical demand remains at record levels. In Shanghai, silver is trading nearly $30 above Western paper prices, highlighting a growing disconnect between physical and


futures markets. Sheckchman's broader theory suggests that the United States may be indirectly using Tether liquidity to accumulate gold, effectively weakening the dollar in what he describes as a form of soft default. In his view, these developments point to deeper structural stress within the monetary system. >> In my mind, this is um this is forcing from weak hands to strong hands silver, from forced sellers to institutional vaults. And you know, I don't know. I I think that when you line up the delivery


pressure, the tightness in the registered inventories, uh, you know, the big stops that we've been seeing that are breaking, the [snorts] circuit breakers, that this isn't normal flow. This is inventory reshuffleling under stress. And I think the most important thing to take away from that is that in in periods of chaos and violence, markets do not reveal the truth. They only reveal the truth after. And price is the weapon or the misdirection, the tool of misdirection. an inventory is a


confession. So yeah, they can they can use the price to freak everyone out, but the inventory on both LBMA and on COMX are speaking a far more accurate truth. And so they're not only are the the inventories falling, but they're falling using the the fake price that we have here in the West as a guide. Hit subscribe and stay one step ahead.