with December 2026 expireies. Those are not long. Those are not leaps. All mine stuff on silver is taking me to 2028. These guys with 20,000 to 25,000 uh strikes. You know what might have happened for gold to have hit those? >> I think that you will see a move in silver from here that would be far greater than most people are prepared for. So I don't know why I thought so much about this. I never talk deeply about gold like this. Gold and silver are far more important than people are being led to believe. You know, on top


of everything, this comes in the face of what Bank of America just said maybe one of the boldest silver calls ever. Um, you know, their their head of metals research, Michael Whitmer, I think is his name, said silver can reach between 135 and 309 by the end of this year. [music] Something unusual is quietly unfolding in the gold and silver markets, and most investors still don't see it. Behind the scenes, large players are increasingly demanding physical delivery from exchanges at levels rarely seen before.


At the same time, silver is trading under conditions that normally raise eyebrows in commodity markets. persistent backwardation, rising delivery requests, and steady withdrawals from ComX vaults. In a recent discussion, Andy Sheckchman and Francis Hunt suggested that these developments could point to a deeper shift inside the global metals market. According to them, it may signal a gradual breakdown of trust in the paper trading system that has dominated precious metals pricing for decades. If


that trend continues, the structure that determines gold and silver prices today could begin to change. The key question now is whether this surge in physical demand represents a temporary imbalance or the early stages of a structural transition. If confidence in paper contracts continues to weaken while demand for real metal rises, the next phase of the silver market could look very different from anything investors have experienced in recent years. 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 Duneppeople 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, >> the amount of delivery that we see is


making naked shorting a very, very dangerous game and continues to play into the hands of those that are standing for delivery. And I think that that's really the crux here. What is changing the landscape of of the metals market in my mind is is a system that has lost its integrity and a system that no longer carries the kind of trust that it needs to have to be the global benchmark. When you see a market in continued backwardation that is normally never in backwardation, it's normally in


contango where the current price is less than the futures price. The futures price takes into account interest, storage, the cost of money. But for a long period of time, it continues to trade in backwardation, meaning we want it now. We don't trust the future. We don't trust the exchange. We don't trust any of it. We want it now. When we see repatriation from the central banks, from the Bank of England, the New York Fed, that means we don't trust the system. And when you see in the month of February roughly 15


million ounces more delivered off of COMX than was delivered into the exchange or should I say leaving Comx than was delivered into COMX. Um in other words 15 million more ounces left the building than deliveries can explain. Um you began to understand a trend and that is a trend of erosion of confidence and trust in the paper market. uh continuing to short that market when there are very well-healed and and sophisticated traders from central banks to sovereign wealth funds standing for delivery where price


misdirects most people and most institutions but not these folks it's a dangerous game and it's one that won't end well in my opinion you're beginning to see that now I would simply say if I had to guess the folks that are standing for delivery are far more sophisticated than they are emotional and The emotion is well, you know, they continue to be able to do this. How can they continue to do it? How can they continue to suppress the price? They'll do it indefinitely, but they won't because the


demand for delivery continues to outpace expectations, continues to outpace um any precedent. And so this is the little by little by little. And that's the part people have a hard time with. You know, this this this entire era of instant gratification and it not being fast enough, I think, is being attacked um methodically and in a very regimented way where they will continue to slowly bleed the exchanges at a manner that doesn't stop everything in its tracks by just throwing all the money and say, "No, we want delivery."


they will play the game until the game is no longer able to be played. You know, you can go all the way down. You know, what is the value of entitlements that are mathematically impossible to honor? What is the value of paper claims on metal if everyone so suddenly wants the metal itself? And what is the true value of assets who whose prices have been artificial artificially suppressed for decades? Once that suppression begins to fail, um I think things become very very interesting. And that's why


gold and silver matter so much. It it it it's never just been a commodity. Um you know, gold for ancient since ancient civilizations, gold has been treated as something different, transcendent. And uh I do if we have time want to talk about you know I was just thinking about it the other night. I'm I'm trying to relate it going back as far as I can to the way the cultures look at it. So at the end of this if we have a couple of minutes I'd like to just talk about something neat that isn't about what's


happening today but looking at gold in a much bigger um I don't know. I I couldn't fall asleep last night. I'm just thinking about this and like wow that's kind of interesting. So if we get a minute, I'll talk about it. But uh yeah, as far as what we see right now, that that is what is happening to me is that a world that is based on paper promises that that really can't deliver or or aren't delivering um running headlong into physical reality is something that I think will continue to


um materialize and and and favor physical holdings. So this is just a bunch of noise right now because I think people need to understand that um gold is is tangible. Gold is scarce. It's incorruptible. Can't be wished into existence by policy makers. And you know I think people need to understand this. Um they were also very big with silver but not as much as gold but still very much into silver which is not just an industrial metal. It is not just a speculative metal. It's it's much


more than that. And maybe Bank of America is even remotely right. If gold keeps climbing and the ratio compresses as the article says um you know I I think that you will see a move in silver from here that would be far greater than most people are prepared for. So I don't know why I thought so much about this. I never talk deeply about gold like this, but um as far as I'm consume concerned um hit subscribe and stay one step ahead.