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 You're going to find that there's about five and a half people with silver that all think that they can lay claim to the same ounce of silver and deliver into those contracts. This is extremely bullish, especially in a short [Music] squeeze. Wow, is this chart positive for silver or what? This entire video is going to be positive for silver. It's got several charts in it and I picked the hardest one to read, the most difficult to understand to start with. I apologize, but let me explain this thing

and why it's so positive. This is not the price of silver. This is p the price of this is contracts for difference. So, this is the per past performance for contracts for difference and the future bets. Uh a contract for difference is basically a contract between you and your broker that starts on a on a certain date and ends on a certain date. Very often it's only uh from the open to the close. It's one day. There is a a carry cost to them. But uh some of them are bets out into the future. And the

thing about this is all of these public betting rooms are sometimes extremely accurate on like predicting who the next president is going to be. Even when Gallup pole can't do it, these public betting rooms do it quite accurately. And this is the market's version of a public betting room, much more so than the regular market, which is much more manipulated. What you see here isn't the price of silver, but you see the percent change in the contracts for difference. And you can see the peak in 1980, the

peak in 2011, and you can see where we are today. And what is interesting is all of the bets are to the upside. And it's pretty dramatic. And it's predicting here by 2026 maybe $75 silver or something like that. But the reason for this video isn't this chart. It is this series of charts that Nick Lair sent me just a little while ago. And what you see here, the green area is the open interest. This is the number of uh futures contracts that are on the CME. And each contract is 5,000 ounces of

silver. And the blue is the silver price. And by the way, Nick, if you're watching this, 8% of all men are color vision challenged. And about 95 or 98% of them are red green color blind. And so those cones in their eyes are either missing or do not operate. And that means that they're seeing a blue line on brown. They see blue and yellow very very well, very clearly. Everything else is different shades of brown because this is orange and not bright yellow. They're seeing three different shades of

brown here. So, if you made this blue and this uh bright yellow, uh you can still leave this green. Uh you can, you know, any second or third color. If you've got two things on a graph, you've got it. One of them should be blue or yellow. If you've got three, you should have blue and yellow and that third. So, anyway, this is the open interest. It's the same as that green up there. But then, uh we're defining the actual gold that's in the vault. These are the paper ounces that exist, the paper contracts

of gold. This is the gold that's in the vaults. However, this is eligible down here. And eligible may never be for sale. It's not for sale at these prices at least, but it may never be for sale. It's eligible because the hallmark of the bar, the uh weight of the bar, and the purity of the bar all meet the commodities exchange standards. The orange area here is the registered category which is for sale right now. So this gold I maybe I said silver earlier but this gold can be delivered into all

of the gold contracts. So what you see here is 40,000 ounces but half of it 20,000 ounces is registered. So you just got to sort of visually drop out that red area and this goes down to here. And now it's easy. You can take a calculator, take the total contract ounces, 53 million. I'm rounding things here. Divide it by 20 million ounces. And what you find is that there are two and a half people that think that they can lay claim to the same ounce of gold. They are betting on these. There are two

and a half longs that think that they can get the same ounce of gold from a short that can only access 20 ounces of gold. Now it gets much more exciting for silver. With silver open interest in the background, the price open interest and then these are this the silver stock piles in the vault. And look at how much of it is eligible and not for sale. And the tiny sliver that is actually deliverable into all these contracts. Now if you take I'm going to round if you take 150 million ounces of silver.

If you if you divide 100 832 million ounces of silver by 150 million ounces, you're going to find that there's about five and a half people at uh with silver that all think that they can lay claim to the same ounce of silver and deliver into those contracts. This is extremely bullish, especially in a short squeeze. And I showed one of these in in a previous video from I can't remember the name of the guy that posted that one, but this is TF Metals. I wonder if the nice people at Sprat would mind uh commenting

on this 20x surge year to date in short sales volume on the PSLV, the the Sprat Silver Fund. I would love to know how this impacts the net asset value of the fund uh or whether or not they have concerns regarding the return of any silver that has been redeemed via this shorting. Now, we talked about how this shorting when you when somebody sells short on PSLV, they borrow an the the broker borrows a share of PSLV and loans it to the person going short who then sells it into the market. And now there

are two people that basically think that they own there's two longs and a short in the middle and uh two longs think they own the same amounts. Well, in this case, the somebody goes short, those shares are in his account, and instead of selling it into the market, he takes delivery. And now you have a person that thinks that they own an ounce that isn't there, and you've got somebody that owns an uh that owes them an ounce, but has actually taken delivery of a bar. So, this is very, very important. But look

at this explosion in shorts and this is coming from all over this explosion in uh shorts and the upward momentum of so the bullion banks are heavily short and the bullion banks h someday you have to cover those shorts and you have to return the silver. So you got to go into the market and buy the silver to be able to return it. And when and that buying pressure causes the price to rise causing more shorts to bleed because your losses are absolutely unlimited on the uh upside. When you own something,

it can only go to zero. If you own uh if you go short on that same thing and the price doubles, you've experienced the same loss that you would have got had if it if it if you were long and it went to zero. Now, if it triples or quadruples, you're experiencing two times the loss, three times the loss, four times the loss, as if you owned that thing and it went to zero. Literally, your potential losses are uh only limited by how high something can go. And in a short squeeze, it can really go high because

the m momentum of everybody rushing in because the price is rising. And because the price is rising, the people that went short have to cover and stop the bleeding and add to the momentum. So, thank you very much TF Metals for uh the the chart. You're doing a great job out there. Uh Jesse Columbbo, uh silver has been slammed every morning for the last four trading sessions. That's no co coincidence. It's deliberate manipulation to keep silver from breaking out and I'm crying foul. And so

uh you'll notice in this chart that right at near the uh the open here that uh silver falls if you look at the time scale and it falls big and so this is manipulation. Why do they have to manipulate it and how can they manipulate it? they can manipulate it by selling borrowed silver that you borrowed by shorting it. And so, uh, creating ounces that don't exist on the COMX. And so, you you create those ounces and, uh, you short it to try and push the price down and hopefully cover uh your cover your

shorts. They're caught with their pants down and they're trying to cover their shorts. And so uh uh cover your shorts when the price is low and then the price rises. Uh that it would be like the day trading method of trying to get out of the predicament they find themselves in. And this isn't just a jam. This this is a predicament. It's something where there is no real resolution. Uh so uh he's you know they can't sleep. He can't sleep. She's thinking he's probably

thinking about other women and he's thinking, "No way SLV has all of that silver." I want to thank you for watching. We'll see you next time.