➡ The value of gold and silver is rising, with central banks and non-commercial players like hedge funds starting to invest more. This is causing a strain on the COMEX system, which was designed for paper trading, not physical withdrawals of these metals. As more people demand physical gold and silver, the system is becoming unstable, leading to a rise in prices and a decrease in available physical silver. This trend is expected to continue, with silver prices predicted to increase further in the future.

➡ The article discusses how China is strategically accumulating silver, both for investment and national resilience, while the West remains largely unaware. China is importing large volumes of silver concentrate and photovoltaic silver powder, avoiding immediate price spikes and draining global supply. This is part of a long-term metals strategy as China anticipates a weakening dollar and a global financial shift. Meanwhile, silver demand is increasing due to its use in green energy technologies like solar panels and electric vehicles, further straining the global supply.

➡ The demand for silver is increasing rapidly due to its use in various technologies, but the supply is not keeping up, causing a scramble for access. The gold to silver ratio, a key indicator in the precious metals market, suggests that silver is undervalued and could see a significant price increase. Meanwhile, the US dollar is weakening, making tangible assets like silver more appealing. Additionally, a proposed law could tax foreign investments in US stocks and bonds, potentially making US government debt less attractive and causing further shifts towards precious metals like silver.

➡ The article discusses the rising demand for silver and its potential impact on the market. It suggests that traditional methods used by banks and institutions to control silver prices are failing, leading to a surge in demand and a disconnect between the futures price and the true value of physical silver. The article also warns of a potential economic crisis, with increasing debt, falling savings, and rising interest rates. It concludes by suggesting that silver could become a scarce and strategic asset, with central banks potentially accumulating it in preparation for a world beyond the dollar.

➡ The article discusses the increasing value of silver and the potential issues with storing it in certain depositories. It highlights that institutions are quietly accumulating silver due to its rising importance as a strategic resource, especially in defense and energy sectors. The article also warns about potential problems with depositories that do not segregate silver, leading to issues when trying to retrieve the original items stored. Finally, it suggests that the real value of silver in the future may not be its price, but its availability.

➡ The text discusses the potential economic collapse and the importance of investing in gold and silver as a safeguard. It suggests that while some people may suffer in a financial crisis, others who have the right information and make smart investments could benefit. The text also highlights the possibility of the value of silver skyrocketing due to a combination of factors such as dwindling supply and a weakening dollar. It concludes by advising readers to stay informed and consult a professional before making any investment decisions.

Foreign. You’re watching Silver News Daily. Subscribe for more large amounts of importing coming into China. I think I have the amount. Let me just see if I do. I may or I may not. I read it the other day, I thought I jotted it down and may not have but huge amounts of gold and silver delivered into China. Here we go. Well, for gold, they bought 30 tons of gold in March, five more, five times more than they officially reported according to Goldman Sachs. This follows the purchase of 50 tons of gold in February, 10 times more than they reported according to Goldman Sachs, and 127.5 tons in April.

Well, we know that they’re importing gold. The rumor is, according to Eric Young, King Kong on on X, that they’re buying up every ounce of silver that’s not nailed down. And that’s one of the reasons they’re going to lengths to buy dore and concentrate, which disintermediates the market, which makes it impossible for us to say just how much silver they’re really buying. But ask yourself if price, if a 33 $34 price was, was real in terms of its value, why would they be going to such great lengths? Eric says they’re buying up everything they can playing the long game.

Hold tight all you silver stackers. We will have our day is more or less what Eric is saying, and I agree with that. So silver is finally starting, I think to get noticed and even noticed by the central banks and the big traders. It appears so. We’ve been waiting a long time for it. Whether it be the technical formation, the amount of deliveries, or the central bank purchasing, all three things are at the highest level point to silver finally starting perhaps to get that big push above 35 into the 40s. And from there it’s really, there’s, there’s very little of any resistance.

Above that, silver isn’t just rising, it’s detonating. The world is witnessing a total breakdown of the silver market in real time and barely anyone is paying attention. Behind the scenes, something extraordinary is happening. Record Comex deliveries are draining western vaults dry while China is sweeping the globe, buying every ounce of silver it can find. The result, a catastrophic shortfall that’s tearing the old price controls apart from for decades, the west manipulated the silver price through paper contracts and digital promises. But now the game has changed. This isn’t a drill, this is a live fire event. And the fuse is already burning.

Comex isn’t just strained, it’s buckling. Physical silver is vanishing faster than it can be replaced. And Premiums are surging in Asia as arbitrageurs ship bars east for higher returns. Meanwhile, retail investors are being left behind, stunned. And as silver explodes through all expectations, with industrial demand hitting all time highs and the dollar collapsing under its own weight, we’re not just talking about $50 silver. We’re not even stopping at $100. The forces now in motion are strong enough to push silver to $400 per ounce. And it’s already begun. So what’s really going on behind the curtain? Why is China racing to hoard silver? And how close are we to a total market reset? Let’s break it down.

Typically in markets in the past, the flow always goes to gold first and then bleeds over. I think we’ll see that happen here. This is a very unusual time and you know, the little boy who cried wolf in me says the same thing over and over, but it’s happening in real time and you can see it beginning to unfold. And it’s the game that’s been played on the western exchanges is being slowly exposed. Slowly. We’re seeing countries make a drive to accumulate, to stand for delivery. We saw the largest delivery in the history of the Comex and the May contract for silver today, the close or yesterday June 3rd close in Shanghai had silver priced at 36, 36 announced.

The arbitrage continues. We’ve talked at length about the level of effort that’s being put in place by countries like China. Who is the second largest? David Morgan tells me he thinks they’re the first largest. That’s what they told him when he visited China. But the first or second largest importer of silver or producer of silver in the world, rather, going all around the world and buying up concentrate and Dorian and sending it back and refining it themselves. We’ve talked about all of that. To me, what’s really interesting are the level of deliveries that we’re seeing on comex.

For sure, that’s something that, that’s very, very, very unusual and it’s not something that we would typically ever see. It’s happening in a, in a very, very, very substantial way. For sure. You know, everyone’s been talking about gold, but ignoring the amount of silver that has been delivered, including the massive delivery here in, in May. So yeah, I mean I, I think that silver is one of these deals where you can see that the chess pieces are put on the board and when we talk about a cup and handle formation, it mimics gold’s cup and handle formation almost perfectly.

With the exception of gold has broken through the Base or the, the top of the cup and has gone up to the handle. And what we see with silver, it’s right at the base, right at the tip of the cup, ready to break through if it gets through. 35 in essence it’s broken through to the, to the handle part. And this is a long 14, 15, 16 year base building that, that, that makes the, the move that much, potentially that much stronger. You can feel it. And the ability of the west to, silly as it may seem, suppress the price of silver nakedly, if that’s a word or a, the naked suppression is, is very dangerous right now when we see these deliveries and the amount of, of, of standing delivery requests, not just on comex, but we’re seeing it the same way on the Shanghai Exchange, we’re seeing it on the London Metals Exchange.

When we see stuff come off Shanghai, it’s that they’re promoting and prompting their citizens through state sponsored gold and silver acquisition programs to accumulate metal. In fact, just as a side note, we just saw that China has lifted quotas and increased them for the banks. The banks who are traditionally the ones importing the metal into the country, they’ve now increased those quotas and we’re seeing large. COMEX is ground zero for the coming silver explosion and the numbers coming out of this market that are nothing short of historic. In May 2025 alone, COMEX delivered over 81 million ounces of silver, more than 16% of its registered inventory in a single month.

That’s not just high, it’s unprecedented. To put it into perspective, all of 2023 saw just over 23,000 contracts delivered this year. We’re already more than 39% above that and the year’s only halfway through. This kind of movement isn’t driven by retail investors or casual speculators. This is deep pocketed institutional money, sovereign wealth funds, global banks and government connected players demanding physical delivery and refusing to roll over contracts. They’re not interested in playing the paper game anymore. They want the metal and they want it now. Why? Because they know what’s coming. Silver inventories are being drained at a speed the market can’t sustain.

And the comics is bleeding physical supply like never before. Over just 14 business days in March, nearly 49 million ounces of silver moved through the vaults. That’s not normal. That’s a system under siege. When the paper market can no longer meet physical demand, the entire illusion of control starts to crack. We’ve reached the point where COMEX isn’t just a barometer. Ticke gien du Seib Dent It’s a ticking time bomb. If deliveries keep up this pace, the day is coming where COMEX won’t be able to deliver at all. And when that happens, silver won’t just rise, it’ll erupt.

You know, traders who have the ability to buy in the west and deliver in China, it will never come back. But if you’re dealing in 5,000 lot increments and you know you’re dealing in 100,000 ounces or a couple hundred thousand ounces, if you’re making two $3 an ounce premium, that’s a good trade. Well, it’s great for your, for your short term trade, but in essence you’re selling out the future of the country. And that’s kind of what Eric’s point was, is that the Chinese understand this game. They’re playing the slow long game and have been delivering and that’s why they’re buying up all the dory in the concentrate because it masks their real endeavor, their real aspiration.

And his feeling is that, and this guy lives in Hong Kong, he’s spot on and he says, you know, look, they’re playing the long game to secure enough silver, which is strategic in nature in my mind, not industrial as we’re led to believe. They’re securing the future in what is really highly dependent on silver, in electronics and batteries, in military, in so many, not to mention monetary. Now I don’t know that we’ll ever go back to a, you know, to a bimetallic system where gold and silver back the, you know, the monetary system. But I do think that the realization that silver is very important, that it tracks gold regardless of its monetary status and has since the beginning of time, those things are still in place today.

So it’s, it’s just beginning to be, I think realized as something very, very important. One of the things that we’ve seen with gold and silver going higher is that the non commercial interest that would be the hedge funds in particular have really not participated too much. And it just seems as though looking at their participation that it’s starting to move up. So you have the central banks that have been buying and then the non commercial players that really haven’t been too deep into gold and silver, that looks to be changing on COMEX as well. Everything is pointing towards an accentuated price into the fall.

So I would say that, yeah, you know, yesterday’s move was spectacular and we’ll see if it has the follow through to continue going. It was pretty much flat today, but it’s holding and One of the things that, that I’ve noticed with gold, and we’ll see how it plays out with silver, is that anytime it gets near the 200 day moving average, there is a slew of buyers who come in and support it. When you look at gold from the context of the way that I used to view it done again, if 3500 was the benchmark that we finally touched and then it got slammed, it would be slammed and wouldn’t come back for the next decade.

It would just literally be obliterated. We’d be at 2500 an ounce right now. And if, if, if, as Rick says, past was prologue. Well, I think what we see right now is this divergence in, in, in the relationship with, between gold and other asset classes. Gold is taking on a life of its own and silver will follow it. I think gold is being realized as being something where access to it is far more important than the yield that we receive on it. And that access to me is something that much of the world is saying, you know, we don’t need this to pay a yield.

Getting possession of it in our, in our hands, when, you know, we’re not aligned really with the west initiative is probably more important than not. That’s why we’re seeing so much of the world accumulate this stuff. But it seems to me someone within the Trump administration or some people within the Trump administration have alerted President Trump to this fact. And you can see by what’s happening on COMEX and the deliveries just how relevant people in this country for the first time that I can remember, are viewing gold and silver and, and so that’s also very bullish sign for, for what’s coming next.

So what exactly is causing this crack to widen into a full blown fracture? Comes down to one thing. The comic system was never designed to handle mass physical withdrawals. It was built for paper trading, for leverage contracts and speculative bets, not for global institutions demanding warehouse exits. But now, with every delivery notice, that old model is being turned on its head. We’re watching a complete inversion. Contracts are no longer being rolled over, they’re being settled in metal. And that’s a problem because there simply isn’t enough physical silver to meet the scale of these demands. The registered inventory is shrinking, and every month that goes by exposes just how brittle this infrastructure really is.

Comex isn’t just a price discovery tool anymore. It’s a battlefield. Each massive withdrawal weakens the integrity of the system and the market is beginning to lose faith in its ability to function. What happens when traders no longer trust the delivery mechanism. What happens when confidence in the largest western exchange evaporates? You get exactly what we’re seeing right now. Premiums widening, volume surging, and a slow motion bank run on physical silver. And the key point here is that this isn’t some one time anomaly. It’s a sustained accelerating trend driven by those who understand that when the music stops, you’d better be holding the metal, not the promise.

Potentially off to the races. And you know, it’s crazy. With gold at 3380, the 200 year average roughly of even 45 to 1 would put silver conservatively at 75 an ounce. And that would just be the average price of literally last 150, 200 years. It’s coming out of the ground at 6 to 1, which would put it at, you know, near 400 an ounce. So I’m not saying we’re going to be there tomorrow, but what I am saying is from an asymmetrical standpoint, not only have all of us realized what a value silver is, no matter how difficult it is to hang on to that conviction in the light of counterintuitive market behavior, it appears to me that the most sophisticated and well informed traders in the world are now onto that same thread.

And so I would expect, based upon the positioning, the deliveries, the, you know, right now, the 3660, 36, 36 closing price yesterday in Shanghai, the arbitrage, everything is pointing towards an escalating silver price into the fall. We already know how the world feels about accumulating gold in this environment. I think silver is not too far behind it. And that’s the pattern that’s followed for, for all of time. There’s a 90% correlation in their movement, but not always with perfect symmetry. And to Rick’s point, silver goes first, silver catches on, and it appears that we’re right at that level, right at the time when a lot of the retail investors have, you know, kind of lost faith in silver.

And I understand that. And quite frankly, that’s, that, that’s a compliment, if you will, to the, to the manipulators who have done a very good job not only through volatility, but through counterintuitive price action and by holding it down in the face of gold accentuating. There’s been a lot of people who are just exasperated with silver and that, that is another contrarian indicator when they’ve held for this long, they see things brewing and growing and accentuating and just through exasperation and just being exhausted by trying to Stay positive and focused, they give up. So, yeah, I honestly am quite bullish on silver, maybe more so than I’ve been in a while.

Just looking at, at what’s hiding very, very near the surface, but yet just a little bit under the surface. So it’s not getting much in the way of attention. As Comex cracks under pressure, the lifeblood of its system, registered silver, is flowing east at a breakneck pace. Vaults in New York and London are being stripped bare. And it’s not just from delivery requests. Arbitrage traders are stepping in, exploiting a gaping price discrepancy between Western exchanges and the Shanghai market. Here’s how it works. Silver in Asia, especially in China, is commanding a persistent premium, sometimes as high as PT above LBMA benchmarks.

That premium creates a lucrative opportunity for those with access to physical metal. They buy low in the west, ship it east and pocket the difference. But this isn’t just an arbitrage game. It’s a one way siphon of physical inventory from the west to the east, and it’s accelerating. Western vaults were already under stress, but now they’re being cannibalized by a market dynamic that rewards draining them even faster. Once that metal leaves Comex, it doesn’t come back. It goes into strong hands. Central banks, state owned enterprises, industrial manufacturers who lock it down and hold it. Every ounce shipped to Asia tightens the noose on Western supply and raises the price floor globally.

It also exposes just how fragile the illusion of abundance really is. The paper markets may pretend there’s plenty of silver, but the vaults are telling a very different story. This isn’t just a drawdown, it’s a structural decimation of Western silver reserves. And it’s happening right under the market’s nose. Five years, man. And the environment that we find ourselves in now is foreign territory. I’ve never seen anything like it, honestly. I mean, there have been a few times where there were premiums like this for a very short period of time, but I have never seen anything like it now at all, ever.

At a time when we have the largest deliveries in the history of the Comex market, month over month over month over month. And the traders above all of us are laughing and saying, you know, the suppression has worked. The suppression of narrative and of rhetoric has worked. The suppression of price has worked. The belief that, you know, the road to retirement is paved with stock certificates, mutual funds and cryptocurrencies has worked. And so what you have is at the highest level, central bank and whoever the hell is standing for Delivery on all this gold and silver here in the United States, they’re buying it and using the suppressed price even though it’s gone higher, the mitigated price to stand for delivery.

The people in this country haven’t. And as a result, you know when Rick says 1/2 of 1% allocation to precious metals in this entire financial matrix in gold and gold related equities, not just physical metal, but equities too, says a lot. And it says everything I’ve ever said to you about the little man rule where the little man always is late to the party and typically loses because the big guy who’s closest to the information, forget about the wealth, that’s a given. But the information puts them in a place to where they are able to pickpocket the world’s commodities.

In this case with no fanfare, with no competition, at pennies on the dollar and a subsidized price. It’s just like the comment that the guy made who’s running the BRICS grain exchange that we produce more, consume more grain than the west but they control the price on comex that will change with the development of the grain exchange. Well, they know what we’re doing with the metals prices. That’s why they’re building the BRICS metals exchange. That’s why Shanghai has. The cumulative volume of Shanghai gold and silver exchanges has surpassed that of the comex. The world is as wise to what we’re doing.

That’s why they’re arbitraging with the 36, 36 closing price yesterday to send as much as they can because they want it at any price. The people in this country are asleep at the switch. And so you have dealers that are literally loaded with production. Here’s a good example. Right. So right now we’re selling back date gold eagles. Let me just look and see because oftentimes I have a bad habit of selling things lower than we have them listed for on our, on our price list. But let me just look at one thing right here, just to make a point, if you would be so kind.

And I may be a little bit off on this, but you know, gold Eagles right now, 1oz Gold Eagles are somewhere in the neighborhood of back dates. I don’t know. Do you know what the backdate gold eagles are going for right now, Dunigan? I thought it was 109 and then like 155 for the. Yeah, and we can even do better than that on larger orders. But the point of it is that the 2025s cost more than that. So we are selling backdate gold eagles for less to the public for less than we can buy. 20. That eastward flow isn’t happening by accident.

It’s being driven by an ironclad demand force anchored in Shanghai. For the entirety of 2025, silver prices in China have consistently held a premium over Western benchmarks, with June showing an 8% differential. That’s not a blip, it’s a sustained arbitrage window. And it signals something critical. Physical demand in Asia is red hot. And while traders in the west debate futures contracts, Chinese buyers are paying up because they understand the real value of physical metal in a supply constrained world. But here’s where it gets more serious. Those premiums are accelerating the collapse of Western silver availability. As long as the spread exists, silver will continue bleeding from west to east, undermining the price suppression mechanisms that have defined this market for decades.

And China is more than happy to keep it that way. They’re building strategic reserves, soaking up metal not just for investment, but for national resilience. This is a chess move, not a trade. The west is still playing checkers, issuing contracts, creating leverage and assuming the system can hold. But in Shanghai, they’re paying the real price, taking the real metal and locking it away. And every day that premium persists, the gap widens, until one day soon there won’t be enough silver left in the west to fill the orders 100%. Because local coin shops don’t hedge. Typically a lot of them will call us and say, I got a guy in my lobby who wants to sell 300 gold eagles.

Can I offer offload them on you right now? Sure, you’re locked in and we will hedge that. And so you’re right, that’s a very intuitive point in that to some degree, unless you’re up on some of the larger companies, you are, the liquidity of the, of the dealer, of the coin shop is more important than just about anything. If they don’t have the access or the ability to write a check, a large check, to buy stuff back, and in a volatile market, if you aren’t hedging it, you know, in a very, very volatile market, you can buy stuff, have a conversation with the person, and before he or she leaves the shop, you’re already down 5% and you’re, you’re in big trouble.

So it’s a combination of lack of hedging at that level and lack of, of a large checkbook. But yes, I think that unequivocally would be something that you would expect to see. And see these companies Kind of fall by the wayside, unfortunately. And this leads us straight into the heart of China’s silver strategy. A strategy that’s quietly reshaping the global market. While the west remains distracted, China isn’t just buying silver on open exchanges. They’ve engineered a shadow accumulation system, importing staggering volumes of silver concentrate and photovoltaic silver powder far away from public pricing mechanisms. Between January and October 2024, China imported over 1.4 million million tons of silver concentrate, with photovoltaic powder imports surging 46%.

These aren’t investment flows, they’re industrial scale acquisitions feeding state aligned supply chains that Western analysts can’t track in real time. Here’s the brilliance of this move. By focusing on concentrate, China avoids triggering immediate price spikes. They’re draining global supply without setting off the alarms. Meanwhile, total silver trade value for China to jumped 21.4% year over year to nearly $10 billion. This isn’t some hedge against inflation. It’s a strategic accumulation ahead of a seismic shift. China knows what’s coming. They see the dollar weakening, the west financially overextended and the global reset inching closer. So while Wall street debates ETF inflows, Beijing is executing a long term metals strategy built on control, not speculation.

The result, A global market increasingly starved of available silver. With China sitting on stockpiles the west won’t see again. And the scariest part, no one in the west has a plan to stop it. You know, so much of the boon we’ve seen in equities and in crypto, in treasuries and everything was a courtesy of the Japanese carry trade where you can borrow in yen at a very, very low rate, convert it to dollars or other currencies and buy assets, interest bearing, yielding assets. And that’s unwinding. So yes, just as bullish as it was for markets in that environment where traders had really a free lunch, borrow at zero or barely above zero, convert to dollars and make the spread in Treasuries, in Nvidia stock, in Apple, in, in all of these, these high flying, high performing assets.

Well, when it starts to move the other direction and rates start to move higher and the bank of Japan has to start defending its currency, yeah, it very well could, we’ll see how high it goes. But what we are witnessing in my opinion is the unraveling of a sovereign debt crisis. We have a massive sovereign debt bubble that has to unwind. And really the question is whether you’re talking Japanese yen bonds or U.S. treasury bonds and dollars, who wants that debt any longer. And especially when you realize that there is a large contingency, I think that is saying, look, we would much rather have access to it than a yielding investment in an environment where you are seeing, you know, potential to have your, your Treasuries or your assets frozen if you’re not aligned with the United States, especially now, it’s very dangerous.

And then, you know, it’s not just what’s happening there. You’re talking about something in this great big beautiful bill that not a lot of people are talking about. But it’s section 8. 99 and section 899. Just before we get going, we just launched the official Silver News Daily Telegram. To kick things off, we’re running a 10 ounce silver giveaway. Yes, real physical silver. Not a voucher, not digital credits, actual bullion. This telegram will be our new home for real time silver discussions, market insights, collection picks and everything. Precious metals. It’s where the community truly comes alive.

Here’s how to enter the 10 ounce silver giveaway. Be subscribed to Silver News Daily on YouTube. Turn on the notification bell, comment 10 ounce giveaway on three separate videos. Be an active member of the Telegram group and say hi. Once we hit 500 active Telegram members, we’ll pick one lucky winner to receive 10 ounces of silver shipped directly to you. So get in early, stay active. Now combine that with what’s happening on the industrial front, and the picture gets even more explosive. Silver is no longer just a monetary metal. It’s become the foundation of the green energy transition and demand is going vertical.

In 2024 alone, solar applications accounted for over 232 million ounces of silver, nearly 20% of total global demand. That’s a 4x increase since 2015, and it’s still accelerating. China again is at the epicenter. Their photovoltaic silver powder imports are surging as new N type solar technology demands more silver per panel than ever before. And the numbers don’t lie. Over 6,000 tons of silver are projected to be consumed by China’s solar sector alone. But solar isn’t the only game changer. The electric vehicle revolution is quietly becoming one of silver’s biggest demand drivers. Samsung’s latest solid state battery design uses nearly a kilogram of silver per unit, an innovation that, if adopted at scale, would add tens of millions of ounces to annual silver consumption.

These are not theoretical use cases. These are technologies already being deployed and they’re scaling faster than anyone expected. But meanwhile, mining supply remains flat or declining and recycled silver can’t close the gap, what we’re witnessing is a structural demand shock colliding with a tightening physical supply chain. And once industrial buyers realize they’re competing with sovereign hoarders like China, the real panic begins. Not in the price, but in the scramble for access. 25 for so imagine you’re a primary dealer who has an obligation to buy all of this stuff. Not only 20, 25 Eagles, but Maples and all different sizes and platinum coins and silver coins and, and philharmonics and kangaroos and Britannias and Krugerrands and all of this stuff.

You’re buying brand new stuff and yet you’re selling the back dates for considerably less to the end user than you’re, you know, than you’re paying for the brand new stuff. So premiums are ridiculously low and I’ve never seen it like this ever in my career. So to his point, look, we were paying $150 over spot for gold eagles during the pandemic. We were paying 11, 12, 13 over for silver eagles during the pandemic. Most of my career you would have received north of 3% over spot on gold eagles when you sold it. And you know, what we see right now, to me is an anomaly.

And it is a function of, you know, the, the public really having very little awareness of what’s happening and the ability through suppression of price, through volatility of price, and through all of the other markets getting so much fanfare and attention that the lack of demand in the retail space has created an environment where dealers are, are bidding spot or lower on many things. American eagles really being the exception. But you shop around and you’ll find that our bid prices are typically higher than everyone in America. This is an unusual time. He’s right. Right now, yes.

You buy over and you’re getting basically under. It’s never been that way in my career. And unless you think things are completely different and will be this way forever, I would say this is just a, an anomaly, if anything else, because when the public wakes up, what is in overabundance in inventoried product can just disappear in the blink of an eye. We’ve seen it before. We see it happen sometimes in short duration and sometimes for two to three years during the pandemic and the bank failures in 2023. So have patience. It is an anomaly. It is the case right now.

But if I were to give you a timeline of the 35 years I’ve done this, probably 34¾ years, it’s not been that way. It is right now. I Don’t think it will stay that way. I truly don’t. And while all this is happening, there’s a critical signal flashing red that almost no one is watching. The gold to silver ratio, right now it stands at roughly 90.1, down from 110.1 in 2024. That might sound like a technical detail, but it’s actually one of the most explosive indicators in the entire precious metals space. Historically, this ratio averages around 60.1.

And during silver bull runs, it doesn’t just revert, it over corrects. In 1980, it collapsed to 15.1. In 2011 it dove to 32.1. And every time it falls, silver’s price doesn’t just rise, it detonates. That’s exactly what’s setting up right now. Gold has already made its move, pressing toward new all time highs as central banks accumulate at record pace. Silver, as always, lags until it doesn’t. When this ratio begins to compress sharply, silver outpaces gold by a mile. And given how deeply undervalued silver remains compared to gold, that move could be violent. Analysts like Andrew McGuire are already floating the possibility of a 20.1 ratio, which would imply a $200 silver price at current gold levels.

And that’s before factoring in any price breakout from gold itself. This isn’t just a chart, it’s a roadmap. It’s showing us where the pressure is building and where the capital will flow once silver breaks free from its manipulated range. When the ratio collapses, it’s not going to be a gentle rise. It’s going to be a historic revaluation. And those who aren’t positioned in advance won’t even get the chance to react that I, I wouldn’t doubt it. I mean, Alistair McLeod told me two years ago that he believed the state owned 20,000 metric tons and the people 18,000, 38,000 metric tons was his guess a few years ago, which would be five times more than we supposedly hold.

And the theory was through these state sponsored programs that you are then literally, you know, sucking all of the world’s gold either to the state or the people. And now would you knock that off, Mila? Sorry. So now we have a situation where they’re asking the, not only the insurance companies to dip their toe into the water. The PBOC is pushing banks to buy gold with dollars right now and have increased the import quotas. They’re telling them to buy it with dollars specifically for several reasons. One reason is so that the importance they can put it in a reserve Asset like gold instead of in U.S.

treasuries. And they’re even going as far as saying go out into the open market, buy dollars and then buy gold with it, because that then pushes down the value of the yen and then when they convert the gold into gold, pushes up the value of gold to which they’ve been accumulating at cheap prices. So yeah, absolutely, they are unquestionably on a, not only on a state sponsored gold buying binge, the PB or the People’s Liberation army is buying a ton of gold too. And their people are through these state sponsored accumulation programs and in the name of the state and of national security, if push came to shove.

Yes, that is a theory and I wouldn’t, I wouldn’t doubt it. You know, they’re just trying to figure how can we get the majority of the world’s precious commodities like gold, like silver and others into the hands of the Chinese, whether it be the state or the people. And, and when all of this is being purchased through state sponsored programs, it wouldn’t be hard for them to figure out where it all is. All of this is happening in the shadow of a collapsing dollar. An overlooked catalyst that could be the match that lights the fuse. The US dollar index has dropped nearly 10% from its February 2025 highs, falling to its lowest level in three years.

Every G10 currency is now gaining against it. And as the dollar weakens, the appeal of non yielding tangible assets like silver explodes. Because when the currency backing your savings is deteriorating in real time, value shifts from paper to physical. And silver, unlike gold, is still trading at a massive discount to its historic inflation adjusted high rate cuts are already in motion. The Federal Reserve has slashed rates by 175 basis points since late 2024, with more cuts forecast before year end. That means negative real yields are back in full swing. And the cost of holding silver, an asset with no yield, drops to zero.

This is the precise monetary environment that triggers capital flight from fiat and into metals. And the best part, the mainstream hasn’t caught on yet. While CNBC debates whether the Fed will pause again, the dollar is bleeding out and institutions are quietly preparing for the next phase. A flight to safety, not just from inflation, but from currency itself. As the dollar loses credibility, silver gains velocity. This isn’t just a reversal. It’s a migration from a fiat world dominated by trust in the system to a hard asset world where ownership and access define wealth. And in that world, silver isn’t just a commodity, it becomes a lifeboat.

This bill is a law that’s proposing using taxes on foreign investments like holdings of U.S. stocks and bonds as leverage and economic disputes. And so the law allows, allows for a 20% tax on foreign income linked to the US investments and removes the longstanding exemption for central banks holding U.S. treasuries, which could make government debt less attractive and lower yields by about 1%. And I had to really think about how that 1% comes into play. But basically it comes into play that if you have a 10 year treasury yielding 5% and put a 20% tax on that treasury, 20% of, of 5% is, is 1%.

And so instead of earning 5% on foreign, on our US treasuries, these, these, these countries are now going to earn only 4% because of this tax if it goes through. These are the things that are just very silly. And at the time when, you know, reducing incentive for foreign investors who demand higher yields to compensate for inflation for the tax hit for all this stuff is giving them incentive to shift away altogether. And it’s creating more pressure on US Treasuries as well. So we are entering a period of time, potentially of much higher interest rates in, in places like Japan and the United States.

And yes, you talk about unraveling. All of this stuff is a function of suppressing interest rates which created distortions in asset prices because you could borrow money at next to nothing, invest it in assets that continue to move higher. And that’s great until it doesn’t work any longer. And as it unwinds and people have to unwind those positions, yes, it could be very, very, very bearish, to say the least in, in a polite way of saying it. So yes, to his point, I would. It’s certainly something worth watching, especially in Japan. But here’s the part that will catch the market completely off guard.

Western price suppression is no longer working. For decades, major banks and institutions used paper contracts, derivatives and naked shorting to keep silver prices subdued, creating the illusion of abundance while hoarding real metal behind the scenes. But that game is falling apart. The cracks are now visible for all to see. COMEX delivery surges, Eastern premiums and skyrocketing industrial demand are exposing the glaring disconnect between the futures price and, and the true value of physical silver and the tools once used to suppress the market, they’re now being overrun by the sheer force of real demand. This isn’t speculation, it’s math.

When comics is being drained, when ETF outflows accelerate, and when arbitrage is pushing metal east at a premium, the artificial ceiling that’s Held silver down begins to fracture. Already we’ve seen silver push past yet $35 breaking multi year resistance levels. But that’s just the start. The mechanisms of control, short selling, rehypothecation and paper contract dilution depend on one critical assumption, that no one will actually ask for delivery. But the world is asking now. Sovereign entities, institutional giants and industrial users are no longer content with IOUs. And when suppression fails, it fails spectacularly. Price controls can delay the inevitable, but they can’t erase supply and demand.

The illusion is ending and what replaces it is price discovery in its rawest form. In that moment, silver will no longer be traded. It will be hunted. By which we are told the economy is running is, is, is misinformation at best. You have people with the lowest level of savings in a very long time. They’ve blown through all of the savings that they had during the pandemic. They’re at record credit card debt, record defaults are starting to happen. Yeah, and these are things that are happening as we get nothing but cheerleading from the mainstream. So I do believe that is the case.

I wish that I didn’t sit here and say these things, but it’s very hard for me to sit by and watch, you know, this, this, this lie being portrayed as, as things are moving, you know, steadily in the right direction. They’re not. Rates are going higher, debt is going higher, savings are going lower, the dollar is falling. You know, we’re a mess politically, we’re a mess g geopolitically. There’s tariffs, there’s trade wars. We’re in the middle of watching a sovereign debt crisis unwind right in front of us. And so, yeah, I think your people won’t be caught off guard, but most people can’t get out of the way of what they never see coming.

And those are the people that we all care about so much. Our family and our friends, who have no interest in listening to you or me or anyone else who tries to do right by them until they see it with their own eyes. And if you’re only watching the mainstream and looking at the info that comes out of the Bureau of Labor Statistics, hey, we’re moving in the right direction. But I would challenge all of the information we get out of the Bureau of Labor Statistics. And I would challenge the fact that we aren’t probably heading into a very difficult time with higher interest rates and lower savings.

How do you, how do you service the debt that everyone has? That’s the problem. And as, as this increases, you start to see layoffs in an environment where corporations have a hard time continuing to, to be profitable, in a rising interest rate, falling dollar environment, things start to slow. Layoffs happen, business slows, and then it gets much worse because that debt that was serviceable with your job becomes very difficult. When you lose that job, when you have only 4% of your wealth and savings in a month or two, you’re in trouble. So yes, I do think that, that there are black swans on the horizon.

I hate to be that guy, but I don’t see anything that would lead me to believe otherwise. And when that moment hits, retail investors will be the last to know and the first to lose access. That’s the part no one’s talking about. As the institutional rush for physical accelerates, retail channels are already showing signs of stress. Higher premiums, slower delivery times, and limited product availability. And once the silver price spikes hard enough, the retail market won’t just get more expensive, it could disappear altogether. Mints will stop taking orders, dealers will go out of stock and bullion products will vanish from shelves as if they never existed.

We’ve seen the early warning signs before. In March 2020, silver premiums exploded and products became unavailable within days. That was just a minor disruption compared to what’s coming now. This time the pressure isn’t temporary. It’s systemic. There’s a full blown tug of war between sovereign buyers, industrial users, and institutional giants, retail buyers, they’re not even in the room. By the time they wake up to the breakout, physical silver could be unattainable at any price. The market will function like a gated city. And unless you already have access, you’re locked out. And this isn’t just about bars and coins.

This is about the complete repricing of silver’s role in the financial system. As Comex breaks and China corners the market, silver will no longer be a cheap hedgehog. It’ll be a scarce asset, a strategic metal. And the average investor trying to buy the dip won’t be able to. Not because they missed the price, but because they missed the moment. Is, is gaslighting. I mean, even positive economic data you have to question. They say inflation’s at 2%. Well, geez, I mean, it’s not 2% down here in, in Boca Raton, Florida. I went to McDonald’s not too long ago and I got a McChicken and the McChicken meal, you know, and like I remember growing up in, in St.

Louis Park, Minnesota, across the street. My high school was from the first McDonald’s in Minnesota. And it was always like One of the cheapest things on the menu. And I’m like, 12 bucks? He’s like, yeah, you live in Boca. Well, the point of it is, is that inflation, I, I would qu. I would challenge a 2% inflation number all day long. The CP lie is just that it’s, it’s misinformation. As Rick Rule says. They, and they take out the, you know, maybe the most expensive or they don’t put into that, into the readings or the metrics, the most expensive or the biggest, if you will, tax on, or the biggest cost on people’s lives who are working is taxes.

So you have all of this stuff. Taxes seem to be going higher. Even though he’s talking of lowering it. They’ve been going higher. Inflation is not 2%. The cost is crazy. We all are being told things that just aren’t really true. But if you look under the surface, you see that the personal savings rate done again has fallen to 4.6%. That’s as low as I can remember it. And it’s led to credit card debt growth rate that’s going through the roof at a time when there’s 1.1 trillion in credit card debt, the highest on record ever and worsened by high credit card interest rates of 21.3%, which were substantially lower just a few years ago in that zero interest rate environment.

As a result, you have some of the, you know, massive credit card defaults that are growing and growing and growing. You have delinquencies in student debt. You have delinquencies in auto payments. You have the dollar that’s down 9% since the beginning of the year. And so you have all of these things that, you know, the dollar’s losing value, the metric. And while retail investors are scrambling for scraps, central banks have already shown the blueprint. Just look at what they’ve done with gold. Over the past two years, central banks have bought gold at the fastest pace in half a century, openly admitting they’re preparing for a world beyond the dollar.

But here’s what most don’t realize. Silver is the next logical step. It may not be on balance sheets yet, but silver’s dual role as both industrial input and monetary metal makes it an even more powerful strategic asset in a resource constrained world. Why is this important? Because the actions of central banks are always the first chapter in a currency reset. They accumulate quietly, drive prices higher indirectly, and leave the public chasing after what’s already been secured. Silver is following that exact same pattern, just with a time lag as gold becomes too expensive, too Visible and too politicized.

Silver steps in as the stealth asset. It’s smaller, faster moving and still deeply undervalued. And the central banks know it. They’re not broadcasting it. But the writing is on the wall. As trust in fiat currencies continues to erode, and as energy and industrial infrastructure depend more and more on silver, the logical move is clear. Get the metal now while it’s still available. The quiet accumulation phase is almost over. And once the spotlight hits silver, the public won’t be able to afford it and the institutions won’t be willing to part with it. We got back where we were crap.

And they were mixed dates in tubes that were open and boxes that weren’t sealed in various conditions. And I said, I’ll never do this again. I will never recommend Delaware Depository again because of it. Now, with that being said, that’s only with silver. If it were gold, no problem. If I were opening an account with Delaware Depository outside of an ira, no problem. They segregated. The thing of it is, is that, and I’ll use IDS as an example, the thing of it is is that if you were to store $5 million worth of gold at IDS in a segregated account, they charge you like 275 bucks a year, period.

In an IRA, that’s the deal they work out with. For example, new direction. We’re going to give your clients bargain basement rate. If you tried to open that same 5 million dollar account open with IDS outside your IRA, they’re going to charge you 40 or 50 basis points. So you’re talking a whole different story where 1% of 5 million is $50,000. So 40 basis points or 50, they’re going to charge you $25,000 a year to store $5 million worth of, of metal. Now that would be the low, one of the lowest rates in America. The point of it is, is that these IRA companies work out really sweetheart deals with the depositories.

Most of them don’t want a store segregated. Delaware Depository is one of them. So the bottom line is simply this. They are not a bad company. They are not unethical. They are very ethical. They’re a Comex depository. The reason I won’t do business with them in the IRAs is because they allocate and they do not segregate. Which means you’ll get back Silver Eagles. If you put Silver Eagles in, you’ll get back hundred ounce bars like my client did. But sure as crap ain’t going to be what you put in there. At least 99% it won’t be.

And that can lead to a problem. Doesn’t always, but it can. And the moral of the story is when you allow someone custodianship of your product, it’s got to be segregated. So that’s why I choose IDS of Dallas. Not because they’re better than Delaware Depository, but they’re better with storing silver in an IRA because they segregated. And that is the delineating factor. So I want to be clear, I don’t have a problem. And I’m not despicable disparaging Delaware Depository. They’re a fine institution, but in if I were advising them, I’d say you’re missing the boat companies like mine who refuse to send IRA business there because it’s not segregated.

And that leads to potential problems. And as this quiet accumulation unfolds, another signal is emerging. One that tells us exactly where the smart money is going. Institutional players are moving, but they’re doing it silently. Hedge funds, sovereign wealth funds and multinational corporations are securing silver off exchange through private contracts and long term supply deals. This isn’t about riding a wave, it’s about front running a reset. These players aren’t buying silver to trade it, they’re locking it up because they understand what’s coming. A bifurcation between paper price and physical value that could last for years. This movement is happening under the radar because that’s exactly how the big players want it.

Quiet accumulation keeps prices stable long enough to finish building positions. We saw the same thing before previous bull runs. In 2009, ETF inflows exploded after the smart money had already moved. Today, instead of ETFs, it’s concentrated delivery requests, direct refining agreements, and global arbitrage operations. When you see 81 million ounces delivered in a single month on COMEX, you’re not watching a market trade. You’re watching a vault get drained by someone who plans to keep it that way. This is how bull markets begin. First the infrastructure comes under pressure, then the price mechanisms break. Finally, the truth becomes obvious, but only to those who are paying attention from the start.

The institutions aren’t betting on silver. They’re preparing to own the supply chain. And once they do, they’ll set the terms. Not the market, not the west, not the comex. IDS is segregated and that’s huge. And it’s everything in an Iraq. And I’ve told the story, and I told it on Adam Taggart’s podcast today. I know the the owner or the the son in law of the owner. I Play golf here in my community with a guy who, whose wife is. His wife’s brother is the son in law of the owner of Delaware Depository. And he came into town last year and, and my buddy who I golf was set up a lunch between me and this guy who I really like a lot.

Super good guy, straight up, honest, ethical good dude. Andy, why don’t you send me more business? And I said, because you don’t segregate IRA silver, period. You’re right, we don’t, we don’t have enough space. He says, I don’t think anyone does. I said, oh, they do. Ids, Dakota Depository, several others do. And I’ve had bad experiences with metal that was returned to my clients that was substandard in quality from what they purchased. They the, the biggest one that sticks out was a gentleman who bought $4 million worth 100 ounce silver bars at $4 an ounce. Do the math.

It’s a lot of bars. And they were all Johnson, Matthew and Engelhardt. And this was early on in my career I was paid by Gold Star, which used to be called American Church Trust 20 years ago to fly around and do shows like the Money show and speak about the IRA program at, at Gold Star, which was kind of a new thing that back then, precious metals IRAs. And so I mean I’m very familiar with Delaware Depository because that’s who they used back then. So the client who lived in Minnesota, where I lived, sold his business, very profitable candy company in Wabasha, Minnesota and sold it.

And as part of the deal he had to cash out his company sponsored retirement account. And he said, I want my silver. I have a big ranch in Wabasha, I can bury it in the ground. And he said, would you meet me in Fargo? We’ll have lunch where our vault is. I said sure. Now this was my first experience with this and I had no idea. I found out the hard way. And the client was furious. We received. So we had all the bars sent to the vault and we met up there. We opened the boxes and 95% of them were Academy stackable bars in some of them in crap condition.

The academy bars are generic, they’re not name brand. And at the time he sold silver was 40 bucks an ounce or higher. And it cost him a tremendous amount of money, several hundred dollars per bar on a few thousand bars. And there’s nothing they would do about it. Do the math. You’re talking hundreds of thousands of dollars. They would do nothing about it. Sorry. We say very clearly it’s allocated, not segregated. That’s the worst example. I’ve had a few others, I don’t need to go into them. But I’ll just simply say, from that day forward, there was a second occasion with a very good friend of mine who.

With Silver Eagles. And the Silver Eagles. But perhaps the most important signal of all is the one no one’s watching. While headlines chase interest rate decisions and ETF flows, the real story is hidden in global trade flows, refining bottlenecks, and energy infrastructure buildouts. All of which point to one we’re on the edge of a silver scarcity event unlike anything the market has ever faced. The telltale sign refiners are running near capacity, shipping schedules are tightening, and high purity industrial silver is already experiencing lead times that stretch into next year. These aren’t temporary hiccups. There’s symptoms of a system running out of slack.

Look deeper and you’ll see something even more alarming. Silver is increasingly being priced not as a commodity, but as a strategic resource. It’s already happening in defense sectors where silver is being hoarded for missile guidance systems and advanced electronics. It’s happening in energy, where governments are quietly forming stockpiles to insulate solar development from future supply shocks. And it’s happening at the commercial level where major electronics manufacturers are securing long term contracts to lock in supply. These are the quiet front lines of the silver revolution. And they signal that what’s coming next isn’t just a price rally, it’s a paradigm shift.

One where availability, not price, becomes the real metric of value. A world where the question isn’t how much is silver, but can you get any at all? That’s the signal the market is missing. And when it finally catches up, the price action we’ve seen so far will look like the warm up. Because when silver becomes strategic, the game changes permanently. But it depends what the definition of collapse is. You know, what does that look like? You know, my mind’s eye can go fairly astray and I could see things being very difficult, but I would rather have options when others have none.

You know, I would rather have a challenging time finding someone with the wherewithal to purchase or to trade with me rather than be stuck in a currency that no one wants altogether. And you know, you look at, at the definition of collapse, you have people like Warren Buffett and, and, you know, and, and Bezos and Zuckerberg and many of these insiders who are in cash and are sitting on the sidelines. And so while there will be some that will be wiped out, there will be others that won’t be. There’ll be others that have shorted the market just at the right time as crazy.

I mean, it’s just like shorting the airline stocks on, on September 10, 2001. How’d that happen? I think there’ll be a lot of people who were probably enriched by all of this because they have the information. And I want you to think about that statement in terms of the deliveries on comex and, and, and around the world at a time when price isn’t really suggesting that that would be logical unless they have the information. So I would rather take that chance and have options when others have none. And I would say there will be a large contingency of sophisticated.

And sophisticated is not even the right word as much as it is plugged in investors, plugged in people who might just be there to pick up the slack. And that, you know, the truth of it is is it wouldn’t take but a couple very well heeled people to, to obliterate everything in this, in this industry, in the United States pretty easily, pretty quickly. So I, I wouldn’t worry about that as much as I would your friends and your family being, you know, railroaded by what’s coming and the fallout from that. So you do what you can to protect yourself.

You hope for the best, you, you prepare for what could be the worst. But in a world of imperfect choices, I’ll, I’ll roll my, roll the dice with that. Because through everything the world’s ever thrown at it, you know, wars, inflation and depression and pandemics and everything else, it still has found a way. Gold and silver have, you know, to, to, to be valuable world over. I don’t see that changing this time just might be a little bit more challenging. Just everything around us but liquidity. You know, maybe the biggest challenge in that situation is, is delivering it using FedEx, taking the insurance, doing all of those things.

I mean, there’ll be challenges depending upon how bad it gets, but I’m willing to accept that risk rather than being totally locked into dollars, which in a crisis no one’s going to want. Kind of like our sovereign debt right now, no one wants it. That’s why the Fed has to come in and step in and buy it. And why the treasury has to come in and buy longer duration Treasuries to, to expire them, if you will, and then is probably asked to borrow on the short end in order to finance it to buy back the long bonds from the market.

There’s not enough demand out there for the debt. Well, the same thing could be true with the dollar. There could be issues. But if that really is the case, in the face of a reset, where institutions are in trouble, where the dollar’s in trouble, where banks are in trouble, what do you have that will allow you liquidity? I would rather take my chances with gold and silver than. Than just about anything else. This is it. The moment the market has been inching toward for years. The cracks in comex, the eastward flow of metal, China’s silent hoarding, exploding industrial demand, and a weakening dollar have all converged into a single, undeniable reality.

Silver is no longer just a precious metal. It’s a global economic lever. And that lever is about to be pulled. Price targets of $70 or even $100 are already behind the curve. The truth is, once physical supply becomes untouchable and the illusion of paper, silver collapses, there is nothing stopping silver from soaring to $400 and beyond. This isn’t a theory. It’s a logical progression. When the world stops trusting the comex, when the vaults go empty, when sovereigns compete with industry for dwindling supply, the price doesn’t just adjust. It resets. And in that reset, silver won’t just outperform.

It will redefine what sound, money, and strategic assets truly mean in a fractured global system. If you followed this far, you understand what most investors don’t. The silver story isn’t just about charts or speculation. It’s about access, control, and survival in the next financial era. So stay informed, stay ahead. And remember, this isn’t financial advice. Speak to a professional before making any investment decisions. SA.
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