Silver has just been classified or reclassified as a critical mineral now into really very very escalating geopolitical and tariff escalations. It's in very strong Russian and Chinese military demand. Now it's in US demand. I mean, basically, that's why we're noting record prices in every single global foreign exchange currency cross, prompting the US to both accumulate, and the word is soon to ban exports of US silver. There's only one outcome to tightening supply. The offer to sell


silver for immediate delivery is simply going to rise. In a world increasingly defined by competing monetary and geopolitical blocks, the struggle for real assets has intensified in ways unseen since the 1970s. The alignment of Russia, China, and India around physical commodities has redrawn the strategic map of global finance. As these nations steadily reduce their reliance on the dollar, they are consolidating reserves in tangible stores of value, gold, silver, energy, and rare minerals. This


coordinated reorientation has left Western policymakers scrambling for leverage. In response, the United States has quietly begun reclassifying key materials, most notably silver, as critical minerals. That single bureaucratic decision signals much more than an administrative update. It reflects an awareness that silver's dual role, both industrial and monetary, has become strategically indispensable in a world of economic fragmentation. The geopolitical calculus is clear. China and Russia have already structured their


commodity trade networks to bypass the dollar, settling in local currencies, and increasingly anchoring value in gold. India has accelerated bullion imports, tying itself more closely to the Asian pricing hubs in Shanghai and Dubai. Against this backdrop, Washington faces a new reality. Silver, long treated as a secondary asset, is emerging as a cornerstone of both modern warfare and renewable infrastructure. From high precision electronics and missile systems to solar panels and power grids, demand is surging across


defense, energy, and technology. Reports cited by Andrew Maguire even suggest the US has begun stockpiling silver and may move to restrict its export. If that happens, global supply chains could be instantly repriced. The implications for precious metals are profound. Silver has historically lagged gold in strategic recognition, but that lag may be ending. With both Eastern and Western governments competing for physical supply, the structure of the silver market, long distorted by synthetic paper trades, is beginning to fracture.


Prices denominated in foreign currencies have already hit record highs, underscoring how undervalued silver remains in US dollar terms. And this repricing will not be driven by speculative sentiment, but by the hard arithmetic of scarcity. As export restrictions tighten and industrial demand rises, the only logical outcome is a higher offer price for immediate delivery. Exactly the trend Andrew Maguire warns about in his latest assessment. In today's video, we'll explore how this shift is playing out in


the over-the-counter markets, what it means for central bank credibility, and why both gold and silver are now entering what may be their most significant revaluation phase in decades. >> Let's start by really looking at exactly who is on the hook here. Um, the banks along with the Bank of International Settlements are all long for their own books. We've established that a long time ago. The only banks that are naked short gold are actually the banks that stick handle the Fed's short gold


position. So it's important to understand that no bullion bank is short for their own book. So what is it? It's the Fed. That's the only only central bank still exposed to a netshort derivative book. And while this is transparently evident in the hard to hide Comx futures market footprints, uh, where we can tie auditable, um, monthly Fed repayments back to the BIS, as we have in every single episode, we've tracked the Fed being actually forced to buy back their short sold lease borrowings into a series of higher


prices. Now, it's the larger over-the-counter naked short unallocated bets in the OC report that you refer to, which is where the real gold derivative problem actually lays. Now, every well-connected physical uh facing liquidity provider we deal with backs up our assertion and wellfounded empirical evidence that these very very large undeliverable unallocated OC gold bets and remember OC just simply means the report that the office of the controller um and we've shown how uh suddenly uh the five-year and longer


bets were starting to be cut down which told us it was just one more thing that told us someone wanted to get out of dodge. And so really and and it's these bets that are still outstanding is all that remains to so-called hedge these rehypothecated double ownership claims on a yet unknown percentage of the 8,133 tons of US Treasury gold. or put another way, yet to be repaid US Treasury lease positions. >> We'll drill into the detail of how vulnerable to a forced gold revaluation this presents the Fed, and we're going


to do that shortly, but the far more visible Comx futures positions. Now, this is the spot market. So, let's look at the futures market, which is really apples to apple. Every single month, we evidence how deep a hole the Fed has dug. Now this is best demonstrated by the sequentially higher end of month and now yesterday's here end of third quarter mark tomarket event. This time despite a massive effort to rinse out as many spec longs as possible into yesterday's end of quarter. We saw an


attempt to rinse out. So basically to try and mark that down, the bottom line is the Fed was forced to buy back deeply underwater gold leases at exactly $49 per ounce higher than they could last month. Now given there's still 30 tons to buy back at market, it will drive the offer price to sell gold even higher. So if I'm a seller, I'm going to and I see this demand coming through, then I'm going to raise that price. So currently this 30 tons is knocking on the door of $4 billion.


That's just to square these smaller futures bets. But this size of atmarket physical buying will once again reveal the buyer as the Fed, which brings us back to our assertion that a forced gold price revaluation is imminent. Now the problem for the CME LBMA cartel is that the Shanghai Exchange International vaults are attracting legacy institutional ETF and physical flows out of western control skewing leverage futures overbought conditions versus underbought physically back gold demand and it's exacerbating this widening


gulf. Now, Deutsche Bank's deep dive analysis here picks up on why ETF demand is outperforming all the legacy models that indicate overbought conditions. Now, what's not addressed is that the large scale institutional EFP demand comes off a base where most of these ETF investors are buying gold off a zero investment position. They've never been exposed. they'd have no gold in their portfolio. They are starting out. This is huge. And so, and obviously they're having to buy into the current physically determined


uh Shanghai gold exchange benchmark positions. They face the Shanghai international uh side of that market. Now, hence in this link the aggressive interpretation also as we'll look at China has really uh cornered the gold market completely stealing ETF investment flows out of the LBMA CME price setting machine. This very sticky physical gold demand is very supportive of higher prices. Now, that brings us on to Lawrence's question as to the where are where are we with the gold price revaluation process


um that moved onto the front burner in January 2023. As we know after the BIS reclassified gold as a highquality liquid asset on the 1st of January 2023, every single global central bank bullion bank alongside fresh sticky inflows of institutional exchange traded fund gold followed the BIS lead and moved to go long gold, leaving only one central bank short gold. If you find value in deep dive analyses like this, make sure to subscribe, turn on notifications, and share this video so more people understand what's really happening


behind the headlines. and