Will MASSIVE Gold Buying Trigger a Market CRASH? (Uncut) 02-26-2025

Will MASSIVE Gold Buying Trigger a Market CRASH? | Andy Schectman

And if this continues to move in this direction, you will see some very big things happening, like to the point of where large commercial banks could failure to deliver, which would set off a daisy chain in all sorts of markets, as these banks are not just bullion banks, they’re some of the biggest commercial banks on the planet. I don’t know that I’ve ever seen something more potentially interesting. And when you talk about ramifications, they’re massive, not only for the price of gold and silver, but for the markets, for the banks, for the whole system, which is systemically intertwined.

This bears importance of keeping very close eye on over the next coming weeks. You’re watching Capital Cosm. My name is Danny.

Today’s guest is Andy Schechtman. Andy, thank you for coming back on the show, my friend. Danny, good to see you, brother.

Thanks for having me. Yeah, likewise. Let’s just dive right in, Andy.

So many things ongoing right now, especially in the gold market. All sorts of rumors abound, whether it be the U.S. government buying up all of the gold or transferring all the gold from London to the United States. Just the other day, we saw news coming out of Swiss banks emptying out of gold as well.

I’ll kind of let you take it from here for you right now. What is most topical on your radar screen? Well, that’s it. I mean, excuse me, what we’re seeing, Danny, coming out of London, out of Singapore, out of Shanghai, Switzerland, is wickedly an anomaly.

We’ve never seen it before like this. The United States, to my knowledge, my entire career, has basically been a net exporter of gold. And to see things change since November the way that they have is, when I tell you I’ve never seen anything like it in my career, that’s an understatement.

Since November, when obviously we saw the election, it’s as if there was some discussions going on leading up to this. Because since November, we’ve seen, I don’t know, somewhere in the neighborhood of 13 million ounces of gold and roughly 50 million ounces of silver imported from London, that’s just London, into the U.S. vaults. Now, as you mentioned, you got the refineries out of Zurich.

You have shipments coming out of Singapore. And all around the world, we are seeing metal flow into the COMEX market to where the vaults have increased by north of 75 percent, closer to 80 percent, in terms of the gold holdings. And this is something I don’t think really we can underestimate, no matter what all of the pundits and talking heads are saying.

Look, some are saying it’s because of Trump tariffs. I think that’s the cover for it. I think that’s the guise, the ruse.

There are people who are saying that it’s the Basel III regulations that come into play July 1st and the abandonment of the paper derivative in favor of the real thing, as Basel III would demand. Or maybe it’s much bigger. When we talk about just how big it really is, Danny, in the February contract, the largest delivery we’d ever seen on COMEX ever was 47,132 gold contracts at 100 ounces apiece.

And that was in June of 2020. The February delivery amounted to 59,296 contracts. That’s the largest delivery or number of contracts that stood for delivery in the history of the COMEX market by over 12,000 contracts.

You’re talking 5,929,600 ounces of gold stood for delivery. It doesn’t mean it left the COMEX. It just means it stood for delivery instead of having a paper representation of it or a cash settlement.

No, we’ll have the metal, please. I didn’t even leave it in our account in COMEX, in one of the vaults. Some of it left.

But that’s way, way, way, way off the charts from anything we’ve ever seen. About 14 million ounces of silver also stood for delivery on the February contract. And then we see JPMorgan, who has just said that for the February contract, they will deliver $4 billion worth of gold.

And Blythe Masters, who used to run their account or their trading desk, is famous for saying, and you can find it on YouTube, that JPMorgan doesn’t buy for themselves. It’s always for customer accounts. So which customer has $4 billion? I guess it could be Warren Buffett, or maybe it’s the federal government.

This is what we know of, in any case, and who knows how much more has really come in. And there are many things that we see happening along these lines. To me, taking a look at what’s happened with the ETFs is something that also needs to be added to this equation, where it always bothered me, Danny, that JPMorgan was able to retain custodianship of SLV after paying the largest fine the Justice Department ever handed out for a criminal activity.

And that was $920 million for manipulating the silver and gold market. And it should have been a lot more. It should have been RICO.

They settled on spoofing. And when I say settled on spoofing, it’s as if they just wanted to slap them on the wrist as the bank made a billion dollars on their gold desk that year, paid a $920 million fine. Now, mind you, a couple of their head trader, two of their head, the guy that ran the desk and their head trader, Michael Nowak and another gentleman, they’re still in prison, I believe.

But the desk made $80 million, and they got a slap on the wrist in the respect that they’re still allowed to be the custodian of the world’s largest silver trust and several other ETFs as well. And HSBC was always the one that ran GLD until now. BlackRock and JPMorgan are now custodians of both SLV and GLD.

And that’s an interesting take, if you will. In two vaults that JPMorgan controls, one in London, one in the United States, they now possess more gold than over half of the G20 countries. I’ve been asked many times, Danny, do you think gold will be confiscated again? And I’ve usually on podcasts like yours said, no, I don’t.

I think it’ll be the ETFs that they take instead. In the respect that you have these massive stockpiles of gold held by the criminal cartel bank, in this case, I used to say banks, but now it’s the bank that is controlling these massive stockpiles of gold and silver. And in the prospectus, it says very clearly that you and I cannot take possession of the metal out of there.

It’s a price representation. You have to be a behemoth, like a commercial bank, who has the ability to fund or withdraw what’s called a basket, which would be tens and tens and tens of millions of dollars. The rest of us can only redeem our shares for money.

Now, I find it very interesting, again, that there’s been this talk of as the price of gold has gone parabolically higher, that there’s been profit taking coming out of GLD as we’ve seen shares being sold off. And the conventional wisdom is strong interest rates, rising dollar, profit taking, Trump trade, risk on, NVIDIA, Bitcoin, et cetera. 16 tons of gold worth of shares have left.

I say bullshit to all of it. That’s not what happened. What happened is what’s called share redemption by the banks like JP Morgan, who can redeem those shares, pull the metal out, and do so in a very, very private, opaque manner.

And this has been going on for a very long time. So what you have, in essence, is JP Morgan, I believe, amongst others, pulling that metal out before something, whatever that something is, happens. And when we talk about gold, it’s no coincidence that it’s the only other tier one asset in the world next to US treasuries.

And when we see that the central banks have been buying it really since 2017 in an unabated fashion, that the US hasn’t taken part in any of that until recently. And I think it should not be underestimated the fact or not taken very seriously that we’ve become a net importer since November. And to see this inflow and these massive deliveries and these massive deposits and JP Morgan controlling GLD and SLV, and Judy Shelton, gal who I did an interview with, who was Trump’s nominee for the head of the Federal Reserve in 2016, you know, she wasn’t confirmed, but she’s far more qualified, I would argue, than Jerome Powell in the respect that she is someone who understands Austrian economics.

She is incredibly well-versed in Keynesian economics, but favors Austrian. She understands gold. She is a plethora and a wealth of information, one of the smartest people I’ve ever spoken to in my life.

And she said to me, Andy, we discussed Trump issuing, he and I discussed him issuing gold-backed treasuries in 2016, and I believe he will do it this time on July 4th, 2026, the 250th year anniversary of the country. He will issue treasuries collared to gold, redeemable in gold. And if you read her book, you’ll see she also advocates for shorter duration treasuries, doing the same thing.

But she mentioned to me on our interview, 50-year is something she is very confident he will issue. I said, Judy, do you, and this was about a month and a half ago, before all the talk of Fort Knox, I said, why has the gold not been audited, really audited? And she says it’s pathetic. She said the United States should have no problem spending a few million dollars and dealing with the logistics, because she said it’s pathetic.

They always say it’s too costly, and the logistics are too difficult, as some has held in West Point, Mint, as some has held in Fort Knox, some has held at the Federal Reserve Bank in New York, etc. All of the excuses are stupid. I said, you know, gold is held, Judy, in an account called the Gold Revaluation Account.

You familiar with that? And she said, yeah, actually, that’s an interesting name for the account. And what’s interesting, I’ve been saying this for two years, Danny, since the head of the Dutch National Bank has been saying we should revalue our gold that is held in the Gold Revaluation Account, still valued at $35 an ounce in Europe. Nixon, when he closed the gold window, revalued gold from $35 to $38 in 1972, and then from $38 to $42.22 in 1973.

There’s two examples of gold revaluation, and gold revaluation over my shoulder. When Roosevelt confiscated gold in 1933, it was $20.67 an ounce, I think they paid. The gold coin over my shoulder is a $20 gold coin.

So everyone made $0.67 for doing it. Seemed like a good deal. When a dozen eggs is a nickel, that probably is a good deal.

And then he devalued the dollar immediately by 40%, pushing gold up to $35. So gold revaluation is something that is, it’s not without precedent. And I said, look, you know, you even got members of the Bundesbank advocating for it.

And now you have Senator Loomis from Wyoming, who spoke in Tennessee after Trump at the Bitcoin meeting, advocating for revaluing the gold held in the Gold Revaluation Account. Can’t make that up. That’s the name of it on every central bank balance sheet and revaluing it in order to provide enough liquidity to buy some Bitcoin for the strategic account.

So I’m not saying they’re going to revalue gold, because I don’t know how this all plays out. And what I will tell you is something big is happening with gold. It’s much bigger than I think the talking heads are talking about.

It’s much bigger than Trump tariffs. I don’t think it’s just playing the arbitrage between the spread between London gold and New York gold, which is 20, 30 bucks higher in New York, signaling a massive shift to get gold. Look, you have these unallocated positions that need to be backed.

It’s put London in a very precarious position. London is supposed to be a T plus one delivery, where your trade is T Monday, plus one is Tuesday, Wednesday, you should have your gold. They’re now T plus six to eight weeks.

They say they don’t have enough manpower, enough trucks. I mean, what kind of crock of shit is that? The Bank of England doesn’t have enough trucks, you’re telling me, right? So there’s a lot of supposition. I understand that.

There isn’t anything definitive. But what I will tell you is that what is happening with the gold imports into the COMEX and all of the movement around the periphery is so far outside the realm of anything I’ve ever seen that I tend to believe that it’s something bigger. My guess is that this is gold that they would want to use for Judy’s plan.

You see, who the hell wants to hold U.S. treasuries anymore? They’ve been weaponized. They’ve been inflated. Interest rates are rising, which is, again, hurting the value of the 10-year treasury.

And even Judy said, you know, who would want to hold duration treasuries any longer in this environment? We’ve lost confidence. And as Oltan Pozar said long ago, this is about transparency, which would be blockchain. This is about commodities, which would be gold.

That’s Bretton Woods III, which is loosely a new system he describes as transparency and commodities instead of opaque debt instruments. But what Elon Musk said, let’s put all of the government spending and the debt, all of it, put it on the blockchain for everyone to see. Well, how about the gold holdings? Judy said, I would like to see them issue stable coins off of the gold-backed treasuries.

All of this could be on the blockchain for everyone to see, you know, giving immutability, transparency, legitimacy, confidence. That, to me, is where it seems to be going. Now, will they revalue gold? Look, it’s valued at $42.22 on the balance sheet.

They could market to market at where we are now, $2,900 and change. That would inject, you know, $700 or $800 billion into the treasury. What if they were to market much higher? What if they were to market to $40,000 is a number I see a lot of people talking about, which would represent somewhere in the neighborhood of a 40% gold backing based off of M1.

There are people saying $24,000. There’s all sorts of numbers. But you know this, that every $4,000 increase in the price of gold would give the treasury general account a trillion dollars free and clear for every $4,000 increase.

Now, it wouldn’t be that difficult. Trump would tell Scott Pescent, the treasury secretary, to instruct Jerome Powell to revalue the price of gold. And that is what it would be.

I mean, whatever someone is willing to pay, especially an entity like the US government, is what the price would be. And you know, when we talk about Scott Pescent, as he was a hedge fund manager and running a hedge fund, a big one for Soros, his largest holding was gold in that holding, in that hedge fund. He’s talked about his largest personal holdings being in gold.

He mentioned recently, and I backtracked from it, which I think maybe was just doing triage, but he recently said his intention is to monetize the asset side of the US government balance sheet. When you look at the US government balance sheet, it’s horrible. There’s just over $5 trillion in assets, the largest being student debt of about 40-plus percent.

Not going to monetize that. The next largest is military bases, bullets, guns, airplanes. Won’t monetize that.

Now, you could monetize number three. That’s the land. You could lease it out or, you know, do things to derive income from it.

But the most logical one would be gold held in the revaluation account. Will they do it? Don’t know. I don’t think it’s to bring gold home to restock Fort Knox before they do the audit.

I don’t think that at all. But nonetheless, Danny, whatever is happening is so far outside the realm of anything we’ve ever seen outlier. It just doesn’t even begin to describe what it truly is.

So, crazy things happening for sure, man. Yeah. I’m glad you mentioned the ETFs because I have some data to share with you.

And I actually did a video on this the other day. So, this is GLD’s institutional ownership. Institutional ownership of GLD juxtaposed with the price.

Now, you’ve got the black line here, which represents the GLD price, which obviously tracks the gold price, right? It’s at an all time high. The green bars represent institutional ownership or volume of institutional ownership of GLD over time. And what you’ll notice is that despite GLD rising in price, institutional ownership, i.e. smart money, hedge fund managers, family offices, et cetera, are not buying more so into GLD.

It appears to be more of a retail run than anything. You look at SLV as well. Although you’d have a spike up here in, I want to say, January, it’s still well off its highs back in June through December of 2021.

Now, the interesting part, this is where it gets really fascinating, is if you look at PHYS, which is the Sprott Physical Gold Trust, institutional money slash smart money is piling into the Sprott Physical Gold Trust. Similarly, smart money is piling into the Sprott Physical Silver Trust and not the GLD and the SLV trusts, which are both, as you’ve alluded to, those vaults are located in London. What’s your opinion? What’s your view on this? What do you think? Well, there’s a lot of stuff going on with SLV, too, just to mention, and then I’ll comment on that.

But the borrowing costs for SLV shares have soared from roughly a half a percent to north of 12 percent in a few weeks. That’s a 24-fold increase. The number of shares available to borrow, too short, in other words.

I have collapsed from 10 million to 10,000 in a few weeks. That’s over a 99 percent reduction. There’s over 950 million ounce short position in SLV.

This is a short squeeze waiting to happen. And you’re right. I mean, you got BlackRock and JPMorgan being the custodians of these two funds, whereas instead you have Sprott funds are held in the Royal Bank of Canada, I believe, excuse me, at the Royal Canadian Mint and have more legitimacy, I think.

I think people believe that, and rightfully so. I mean, I’ve known Eric Sprott for a long time, and I’ve worked very closely with the Sprott companies here in the United States, Sprott USA and Rick Rule when he was their chairman or their CEO. I’ve worked with their clients for a long time.

I hold Sprott in very, very high regards and their products in a product that is, I guess you could say, a derivative of the real thing. Now, you can take possession of the Sprott gold and silver out of the trust, but it’s a 400 ounce gold bar out of PHYS and 10,000 ounce silver bars out of PSLV. It’s just more, I think it’s considered a more authentic way to own metal.

You look at what happened in 2021, there was such a drive into SLV and GLD that they came out and basically changed the prospectus over a weekend saying that there may be more shares than there is metal behind it. To me, I think GLD and SLV are two of the worst products I’ve ever seen ever in the metal space. And if you read the prospectus pages six through 12, anyone who would dump it immediately if they really took the time to read it, that’s not the case with PHYS and PSLV, which is there.

We know that, but when you take a look at SLV and GLD, they have statements in there where the custodian, which would be BlackRock and JP Morgan, have statements in there such as, the custodian reserves the right to use subcustodians but is not responsible for their errors and or omissions, that the custodian doesn’t reserve the right to visit the premises of the subcustodians where they’re storing the metal. Sorry about that. And that if the bars that these subcustodians are holding do not meet London good delivery standards, they are not responsible for that.

It could be lead bars painted gold, sorry, it’s not us, it’s them. They’ve distanced themselves from fraud so tremendously, it’s crazy. And then when, you know, just a flat out realization that the Fox is guarding the penthouse, that being JP Morgan and BlackRock, I think smart money would move the other direction.

Now, I can’t really give you a definitive answer as to why, but I wouldn’t own GLD or SLV to save my life. I would own PHYS and PSLV, I do not. But if I were going to buy a paper form of gold and silver, that would be the only ones I would own.

So it’s a, certainly in my mind and those who understand this space, a far better choice than those two. So maybe that has something certainly to do with it. But, you know, you’re not going to be able to see the same type of shenanigans with PHYS and PSLV, which is a closed end fund, as you do with the GLD and SLV silver ETF.

So that’s just my own take on it. Not exactly sure what it means, but I would assume smart money understands some of that. Yeah, yeah.

Let’s go ahead and pivot over to the retail side of things. I also did a video on this yesterday, and this looks at retail interests, let’s call it. So this is from Google Trends, and it’s basically showcasing the search query volume of the term buying gold, right? We could add in different terms here, but I just use buying gold.

I think that’s probably the most go-to term that we could leverage for this exercise. But as you can tell, gold, despite having moved to record highs, closing in on $3,000, a 50% move just about year over year, has barely just gone off the mat in terms of retail interest, just looking at this Google search query data. And it’s indexed at about 50%.

50% of the same interest that you had at the peaks here during the height of the 08 crash, as well as the last peak of the previous gold bull cycle in 2011. Now, again, when you factor in adoptability, the internet adoption curve, obviously there are more people online today than there were 15 years ago. So when you try to control for that, the discrepancy between where we are today in retail interest versus where we were back then becomes even wider.

What do you make of this chart here that’s basically telling us, despite making new all-time highs and eight consecutive up weeks in the price of gold the previous eight weeks, there’s been very little media attention to this stuff. You don’t see any big segments on it on CNBC or Bloomberg or any of your go-to mainstream finance channels, despite, again, making new all-time highs. What do you think is actually going on here? Do you think the big boys are just trying to accumulate in secret or something else? Yeah, I mean, the public usually is so far off the trail, it’s not even funny.

You have the most well-informed traders in the world scurrying to acquire and repatriate gold, put it in their own possession. And the public is chasing the Trump trade, the risk on trade. And the funny thing about that, look at it, it’s the exact same thing in reverse.

Gold hasn’t had a down week in 2025. It’s up eight weeks in a row, you would think. And seeing what we’re seeing here, where the most massive inflows in the history of the COMEX market and deliveries, the biggest deliveries in the history of the COMEX market are happening, the public’s chasing the other side.

And as the public is chasing the other side, you have record, I’m talking record insider selling, where for every one purchase by an insider, six are selling. And it’s really increasing the insider selling. The public has been misdirected.

And that’s exactly right. And look, gold isn’t sexy enough. It was up 30%, 40% over the last 365 days.

No one notices it. It’s up 9.9% annualized compounding since 2000. No one notices it.

It’s not the triple digit gains that we’re used to seeing in cryptocurrencies and NVIDIA. And so it’s gone unnoticed, largely. The volatility, the counterintuitive price action has made people not notice it.

And that’s exactly how the big money wants it to be. They can short the price. They can do it in a counterintuitive manner when it should be going up.

They can make it volatile. The public just breezes right by it and moves into this euphoric dopamine-laced Trump trade. And I think it’s very ominous when you look at the setup.

Gold was up 27%, I believe, last year. But over the last 365 days, that’s much higher as it’s gone up recently. So look, the public is missing, largely missing this.

And it’s a contrarian indicator to the nth degree when you see a scurry by the biggest money in the world. And really, it’s been going on for quite some time. The central banks, to me, are not just the most well-financed traders.

They’re the most well-informed. They know where this is all going. And you wouldn’t see them doing this, let alone reclassifying gold as the world’s only other tier-one reserve asset, if it weren’t very important.

Central banks don’t do this kind of stuff just for the hell of it. So to me, that’s a contrarian indicator. Insiders selling, dominating the equity market where the public is piling in, and the insiders gobbling up and standing for delivery in gold as the public is not.

And so that’s how it works. That’s why so few people ever get ahead in investing, Danny. They follow the crowd instead of leading and trusting their gut and spending the time.

As a guy like yourself who has built a channel from the ground up, you didn’t just start interviewing people. You have to research and spend time and understand and read and prepare so that you too can sound articulate and well-informed. Well, that’s a lot of effort, as you know.

It’s a full-time job, I think, as you found out. And for most people, just making ends meet these days is hard enough. And then to try and figure out the financial side of things, if all you do is watch the mainstream, you may be well-read, but definitely reading the wrong stuff.

And so in order to understand what you and I are talking about here, you have to break free of the mainstream. You have to spend time with alternative media. You have to trust your gut when your financial advisors and your family and the TV is saying you’re an idiot.

But are you? It’s slow and steady. The tortoise wins the race in the end. And Richard Russell, my mentor, used to say to me, Andy, if you make 7% per year, you will be a Hall of Fame investor.

And gold’s been 9.9% and completely disregarded as an archaic relic of the past, because we’re in this instant gratification is not fast enough environment in this country, which is very, very, very dangerous, in my opinion. And when you look at the metrics, which would tell you that the markets are completely oversold, I’ve never seen anything like it as well. I mean, every single metric, from the CAPE to the price to earnings, I mean, there’s like 10 of them.

They’re all flashing red, red, red, that this is wickedly overvalued and the insiders are selling. It doesn’t surprise me. Most people won’t react until they have seen something that makes them react.

And to do it on their own is one out of 100 would do that. So it doesn’t surprise me. To me, it’s a contrarian indicator more than anything.

But you’re right. It’s not where it should be in relation to the environment we find ourselves in. Yeah.

I mean, you want to talk about one in 100, try one in 8 billion. Warren Buffett, most prolific investor of our time, he’s sitting on a record pile of cash, I believe somewhere north of $350 billion. He has never had that much cash ready to deploy.

Now, granted, he may miss some of the upside of the blow off top. But that’s a sacrifice someone like him is willing to make in order to buy stuff on the cheap, on the other side of the trade. Yeah.

What I find interesting about his holdings is that he’s holding $286.5 billion of US Treasury bills, which is over $90 billion more than the Federal Reserve holds. He would rather have short-term duration US Treasury bills and cash. He’s sitting on like $150 billion in cash and then all the Treasuries and not chasing the stock market.

I mean, what does that tell you? Again, it’s a guy that he’s known as being the legendary value investor. He sees no value in an overleveraged, way oversold and overvalued stock market. That should be a warning sign to people.

It’s not enough, I guess. It’s pretty crazy if you ask me. His cash balance is larger than the market cap of all but 30 public companies in the world.

I mean, this is something that people should try and understand, that the greatest investor of all time is telling you this is not the time to be in the market. Yeah. Yeah, definitely.

I also have the silver chart propped up here. Let’s go to that here in a second. Same chart as the previous chart, except now we’re looking at buying silver Google search queries.

This one’s a little even more depressed than the previous gold chart, namely because silver hasn’t even gotten off the mat yet. It appears to kind of still be in this floor that it’s built over the last several years. Of course, we had a big spike up here at the tail end of the previous silver bull market, which obviously coincides with the overall gold bull market, the larger precious metals bull market.

But gold has actually started to move on up in terms of retail interest, but retail has no interest whatsoever on a relative basis to for silver. Silver, in your opinion, is silver more of an opportunistic play at the moment relative to gold, given that gold already had its all time high move? Or do you not see it that way? It’s the most undervalued asset on the planet. It’s the trade of a generation.

The London vault numbers are just falling off at a 45 degree angle. The deliveries are off the charts. And silver to me is a strategic metal.

It’s not an industrial metal. It will be realized as such. It’s the most heavily manipulated metal in London.

There’s roughly a five billion ounce short position all naked. It’s paper. And it represents an existential threat to these banks.

And maybe this is what we’re beginning to understand and witness with the draining of the exchanges. It’s not just gold that is leaving the LBMA. It’s also silver.

They’re trading three and a half times daily, three and a half times annual global mine supply. They’re trading somewhere in the neighborhood of almost three billion ounces a day. And they only have a 300 million ounce float there.

So 10 times the float. And you’re beginning to see entities stand for delivery. Danny, where the real damage will come is, see, no one ever stood for delivery.

These contracts were typically cash settled, rolled over, cash settled. It was a way to speculate. It was a large casino, so to speak.

But now you have many, many entities standing for delivery, including the West, which they never did. And doing so in a very copious manner. Not just in London, but you’re seeing a lot of deliveries off the Shanghai market.

And I believe that the proper take on that is that China realizes that putting gold and silver in their own people’s hands is a way to disrupt the global price tremendously, slowly, methodically. So as they continue to stock the Shanghai exchange, deliveries are off the chart there too. But going into the hands of their people, it’s a cash and carry market.

And so this is happening right in front of us. Silver’s a big deal. And we’re beginning to see China really start to take possession of silver as gold is becoming actually harder to get because of its spike.

But if you go and look at previous bull markets in metals, you’ll find that gold typically leads the way. Silver follows behind. Gold is supercharged in terms of its direction now because of the tier one status, because of central banks purchasing, and because of the overwhelming amount of discussion on gold, its remonetization, and its tying to a new system.

But let’s not forget that since the last 5,000 years, gold and silver have a 90% correlation in movement. Not always perfectly symmetrical. Often gold will lead the way and silver will slingshot.

But yeah, I would say that there are few things that have the asymmetrical risk-reward profile that silver does. Lowest downside, highest upside. To me, there’s very little like it.

And I would say that for value, yeah, 100% it’s silver. Ultimately, when the music stops, I could argue it’s gold because of its tier one revision and because I believe it will be pegged to a new system where the price goes massively higher and doesn’t come back down as it’s pegged. But silver won’t languish in that environment.

It will go along for the ride as well. And quite frankly, I think that there are very few things people could own with a longer term outlook that offer what it does with as low of a downside at this point than silver. I am massively bullish on it.

But it’s hard to ignore what gold has done. Certainly while silver has kind of been in the shadows, its time is coming would be my guess as well. I mean, if that’s the silver chart, that cup and handle, yeah.

You’ve got the gold chart here with the candlesticks and then you’ve got the silver chart here in white. And yes, it’s exactly what you said. There’s a very tight correlation between gold and silver pricing.

And of course, I mean, these are all index numbers, right? But that cup and handle formation is one of the most bullish technical formations you can ever see. And I don’t know, I can’t see if that’s 50-year, but that’s what the 50-year chart looks like. It’s a massive cup and handle.

The longer the duration, the greater the energy that leads into the handle blowing off. So they’re fighting tooth and nail right now. Silver broke through on Friday, a resistance level of a falling wedge and should just be spiking.

They really tried hard to hit it down this morning. Let’s see what it’s doing here. I know gold’s up about eight bucks.

Silver is down 15 cents. It was about their time to mitigate its rise. Here’s another thing.

Like if you look at the silver price here in white, whenever you have these big gaps between the price and the silver price, it always revises back up. It always retraces back up to parity eventually right over time. We’ve had this huge gap begin to form.

I think now more than ever, when you compare the silver price in white and the gold price all the way up here, there’s about a two X multiple in terms of retracement that needs to be done on the part of silver to regain parity with gold. I don’t think that’s ever been the case. If you look at this chart here, this gap has never been as wide as it is today.

Yeah. I mean, there’s no question. Look, silver has not been allowed to trade freely.

I’ve always felt for quite some time it has everything to do with the military industrial complex and their need for cheap silver to produce and distribute all around the world high-tech weaponry, which needs copious amounts of silver. This was a game the West could play very easily. Who are the countries that have these high-tech weapon systems? Well, it’s the West.

It’s France. It’s England. It’s the United States.

It’s the Western elite who have had the ability to hold down the paper price through naked leverage contracts until now, because now not only do the BRICS members understand exactly what we’re doing and have been standing for delivery, I think it’s becoming more and more obvious by these players who never stood for delivery, but were never coordinated, sophisticated, motivated, wealthy enough. They never had any desire to challenge the West and stand for delivery, but it’s becoming a race, slowly, quietly, not to rock the boat, but enough to where, look, India’s imported 800, 900 million ounces of silver in the last four years. Russia’s importing it for their state.

China’s the second-largest producer in the world and is flying all over Latin America buying dore and concentrate. We’ve talked about that. That disintermediates the marketplace.

No one knows exactly how much they’re buying. The effort and desire to accumulate these commodities and silver largely without really it being exposed is off the charts. So behind the scenes, you can see that there’s a lot going on with silver accumulation in a manner that I think is less than transparent.

I would say silver is something that everyone should have a piece of simply because of its potential, its lack of downside, its depleting footprint in nature, and its expanding uses in industry. But again, there’s so much evidence pointing to the military-industrial complex’s role in this. I could do an hour-long show with you just on that and show you facts, figures, proof that this is going on.

I’ll point back to the BRICS grain exchange as something people should keep in mind. Now, the exact same thing is happening in all of the other commodities, but the gentleman that is in charge of developing the BRICS grain exchange said, you know, we produce and consume more grain than the people in the West do, but we can’t control its price. It’s controlled on COMEX, and with the development of this grain exchange, that will change.

They understand exactly what we’re doing. They understand the naked shorting. They understand how it’s enriched us.

It’s allowed us to do things that we wouldn’t otherwise have been able to do if the real price discovery of these assets were allowed to happen, and they’re using it against us by standing for delivery now. They’re using the leverage that we’ve put on to push the price down against us because these contracts have the ability to stand for delivery, which no one ever did, but now they are, and doing it in a fashion that isn’t raising the red flags enough. Now, what you’ve seen since November into the United States, that’s raising the red flag.

The BRICS countries like China and India and Saudi Arabia and Russia, they could have done the same thing all along, but they’re smart, and they’ve been doing it in a very methodical fashion all around the world, not focusing on the COMEX, not focusing on the LBMA, but just enough to make people like myself who are paying close attention say, holy shit, do you see what’s happening? But if you’re not doing that, you’ll never notice it. But everyone notices what’s happening here in New York because they bang, bang, bang, bang, like give it, give it, give it. That’s not happening over the last four years with gold and silver by these countries.

They’ve been doing it methodically, quietly, to enable them to siphon as much as they certainly possibly could. I think big things are in store for silver probably on a Friday night, Sunday night, after the market closed Friday. You’ll wake up to a new reality where this suppression, naked short suppression, is an existential threat to some of these banks.

And there’s even a little fringe out there who will tell you that this is all being done to blow up the paper fraud, to blow up the Bank of England and the LBMA, that the Western banks here in the United States are in the process of becoming net long, and it’s the big banks in Europe that are net short. Now, I can’t confirm that. Some people say that these oligarchs were the ones that were these, the aristocrats, the old European elite were behind messing with the election in 2016.

These are all rumors, right? And that Trump is pissed off about it, and this is his way of getting back, say it’s about tariffs, but siphon and reshore all of the gold and silver, knowing that the LBMA is massively rehypothecated, and these delivery requests could very quickly overwhelm the system. Well, it sounds like it’s already begun to be overwhelmed with a six to eight week delivery delay on a T plus one platform. Something is wrong.

But what if it continues and the deliveries are far greater than the ability, if there’s a five billion ounce short position now, you know, it’s believed to be between four and six billion. We’ll call it five. It’s opaque.

It’s not an exchange. It’s over the counter. We don’t know exactly how much.

Let’s call it five billion with only 300 million ounces available. Do you see a problem if all these contracts say, no, we’d like delivery, please? Could that happen? Yeah, I guess. I guess all options are possible.

No one knows what really is happening yet. All I can simply say to you is that there is overwhelming evidence that the LBMA is literally running into very big problems meeting these delivery obligations. They claim it’s refining and personnel and trucks and all of this nonsense.

It’s just supposed to be there ready for delivery. And there’s no disputing what’s happening on Comex, the massive influx and the deliveries and the ETFs and, you know, and then Scott Pescent and then Judy Shelton. And, you know, we’ll see.

But I will tell you, it’s far more than just Trump tariffs and we will see how it all plays out. But I think being naked short on the LBMA or on the Comex right now is as stupid as a mud wall. And if this continues to move in this direction, you will see some very big things happening, like to the point of where large commercial banks could failure to deliver, which would set off a daisy chain in all sorts of markets as these banks are not just bullion banks.

They’re some of the biggest commercial banks on the planet. I don’t know that I’ve ever seen something more potentially interesting. And when you talk about ramifications, they’re massive, not only for the price of gold and silver, but for the markets, for the banks, for the whole system, which is systemically intertwined.

This bears importance of keeping very close eye on over the next coming weeks. Yeah, I mean, one thing’s for sure. It’s a good time to be in the podcast business.

There’s no shortage of things to talk about for sure. And anything else you want to bring up before we wrap up? No, I think that that pretty much covers it, brother. As a Chinese curse says, may you live in interesting times.

These are interesting. I always enjoy our conversations, Danny. You’re one of the good guys and I’ve enjoyed watching your your channel blow up.

It’s always nice to be to be invited on. And I look forward to coming back on again anytime you’ll have me. So I do appreciate it, my man, and keep up the great work.

The community needs you. Cool. Well, thank you so much for coming on, Andy.

We really appreciate your time. Tell us where that people can find you and learn more about Miles Franklin. I mean, there’s milesfranklin.com, of course.

And if people are interested in getting our price sheet, which we kind of keep close to the vest for a lot of reasons, certainly info at milesfranklin.com is is the place to do it. You can put Danny and Capital Cosm sent me. We’d appreciate that very much.

And or any questions you’ve heard on this podcast that you’d like answers on or discussion on or IRAs or that stuff. Info at milesfranklin.com. We’ll get right back to you. No obligation in any of that.

And of course, my channel on YouTube, Miles Franklin Channel, Little by Little podcast as well. So I’m pretty easy to find, but certainly do appreciate that, Danny, and look forward to maybe even having you on my show again or having you on my show this time. And we’ll put you in the hot seat instead of you getting to ask all the questions.

I’ll fire some at you. And but I think you’re qualified to do that now after the guests that you have on and all the effort you’ve put to get to where you are. You know, I think you’re as well informed as anyone.

So getting as much information in the hands of the public is really what’s important because people can’t get out of the way of what they don’t see coming. And the people that you and I’ve been talking to are really the minority in this country. We need to wake more people up to to see the truth and the reality of the fiscal and monetary issues in this country, which have, I think, really not been given full transparency to the people who need to see it most.

So I, for one, appreciate all your effort and what you’re doing and always happy to come on anytime you’ll have me. Yeah, likewise. And I mean, every time you and I talk, you’re always a treasure trove.

You’re like a geyser of gold and silver, just general wisdom overall. So it’s always a pleasure having you on. And yeah, I think once this thing really kicks off into the I mean, we just looked at a bunch of charts that showed that, you know, retail, the average Joe isn’t gold and silver is not even on their radar screen.

Once it does get on their radar screen, you know, you’re gonna be it’s gonna be like those Black Friday ordeals where they’re like fighting for over a toaster oven. Okay. But that’s limited supply and a massive demand in that environment.

And it happens very quickly. There are very few places to run when the realization becomes, I think, more broadly understood. To me, there are very few places I would rather be than in physical gold and silver right now.

And I say that with objectivity, not because I own a gold and silver company, but because I’m a student of economics and of market history and what goes around comes around. The more things change, the more they stay the same. Gold and silver been money for over 5,000 years and the biggest money in the world right now.

The most well-informed money is driving to accumulate it and possess it to remove counterparty risk at a level no one’s ever seen in this industry. Certainly in 35 years, I’ve never seen anything like it. So I think that should pique everyone’s interest to pay a little closer attention.

At least it deserves to anyway. Definitely. A hundred percent.

Well, hey guys, if you enjoyed this show, be sure to give us a like, subscribe to the channel so you don’t miss an episode and write, go Andy go in the comment section. If you agreed with our analysis, if you disagreed with anything, let me know as well. I do read the comments.

So I’m really interested to get your thoughts here, guys. Let me know what you thought about all the stats and data and figures that we looked at today. I’m really interested in kind of piecing the puzzle together.

I know a lot of it is still, you know, rumors and innuendos, but I want to get your theories, drop me your theories down below. And, uh, you know, we’ll, we’ll see what we can, uh, you might inspire something up or maybe you do have the answers. So if you do drop them down below, I’ll also check out our sub stack at capitalcosm.substack.com. It’s an easy way to support the channel at $8 a month or $80 a year.

You get access to all of my, my interviews early at free and uncensored for the ones that warrants it. You also get a chance to ask questions to any of my future guests, as well as make guest recommendations and a host of other features. And so with that said, I’ll catch you guys in the next episode.

Thanks for watching. Bye.