If you're a real buyer trying to source size in London, what we've been told all year is it's eight weeks delayed. Sorry. Uh where a there's a shortage of manpower and trucks in London, which is just the biggest bunch of crap I've ever heard in my life because they're a T+1 settlement market where T is trade plus one is settlement. And the next day those bars should be moving. But listen, Bank of England is has a little bit of shortage of trucks right now and manpower. So Jesse, I know you need your


bars, but eight weeks, bro. Sorry. >> [music] >> Institutional buyers attempting to source large volumes of bullion in London are now facing unprecedented delays with delivery wait times stretching as long as 8 weeks. This is highly unusual for a market built around T+1 settlement where metal is expected to move the day after a trade is executed. [clears throat] Such delays raise serious questions about the true availability of physical inventory in the world's primary gold trading hub.


Andy Sheckchman, [clears throat] president of Miles Franklin, flatly rejects the official explanation that shortages are due to staffing or transportation issues, calling it a complete fabrication. He argues that these logistical excuses are masking a far more serious problem, a significant physical metal deficit. According to Sheckchman, bullion banks are stalling because they simply do not have the metal required to meet immediate delivery obligations. This breakdown in timely settlement is a clear warning


sign that the heavy leverage embedded in the paper market is finally colliding with physical reality. Now we present clips from Andy Shechman's interview. >> The stress in the LBMA, it shows up not in the cost of the metal, but it shows up in the borrowing costs like we're seeing or the leasing rates. You know, people, a lot of people don't know, but you can lease silver um for whatever reason to cover contracts or to fulfill obligations or whatever you need. You can lease silver and normally [snorts]


the the the lease rates are sub 1%. right? Less than 1%. But what we're seeing now is 7 8 9% and it was as high as 30% a few weeks ago, but that's that's exponentially higher than it normally is. And if you're a real buyer trying to source size in London, what we've been told all year is it's 8 weeks delayed. Sorry. uh where a there's a shortage of manpower and trucks in London, which is just the biggest bunch of crap I've ever heard in my life because they're a T+1 settlement market


where T is trade plus one is settlement and the next day those bars should be moving. But listen, Bank of England is has a little bit of shortage of trucks right now and manpower. So Jesse, I know you need your bars, but eight weeks, bro. Sorry. Um, and I think it seems like because of this stuff, we're getting closer to that moment where um, the metal left inside the vault is not the metal that's actually for sale. And there's David would tell you that they have like about 7 800 million


ounces of silver there, of which almost all of it belongs to the ETFs and and supposedly um, and and other holders that it's not for sale. and he would say there's about a 140 million ounce free float, but he will question that too. He'll question that is that free float really a free float. He thinks most of it is encumbered. Um, but once this becomes obvious enough to players, not just guys like you and I asking these questions or David Jensen or the pimple on the elephant's ass that is reading


all and listening to us and and I mean no disrespect because it's a growing crowd, but the mainstream has zero idea because of the lack of any measure of journalistic integrity across the mainstream. But once to me um price discovery doesn't happen on a screen, it'll happen in the real world. And and again talk about dis disorderly. It will get disorderly fast once the mainstream understands that this game of metal suppression is ending and ending badly. 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 CMX 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 widening spread that we see is a signal of tightness. And it's not a rounding error, man. And and it's perhaps 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 belief 1,000% that it is the military-industrial complex of the West that needs silver for high-tech weaponry, period,


that has suppressed the price. And it's not just the United States. It's 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 use military to to in essence 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. You need just a little bit for a very high price 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 military-industrial complex wants to rule the world, sell all their weapons not just to the West, but through the NATO allies, 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, you know, and and it's just you have to take a step back 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 what? 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, "Geez, you know, we were wrong." Well,


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 over rule or override the paper market, period. And when that dam breaks, the move often, I would think, isn't polite. It's uh it'll be


it'll be chaotic and maybe even disorderly. The Chinese um what's it called? uh Chinese Ministry of Commerce uh publish a a like a white list of 44 companies allowed to export silver and anything outside that lane is effectively shut out. There were many many many many small and midsized uh refiners that would send metal out into the west and those are done and even those 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 first of all China refined 70% of the of the dory right and um that were approved are state-run and 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 premium. Um, which basically means am I going to get it right? Hit the subscribe button and stay updated.