You Could See $100 Silver IN DAYS (Uncut) 03-29-2025

You Could See $100 Silver IN DAYS! (here’s why) | Ed Steer

The banks and investment houses are massively short gold massively short silver. And if they put their hands in their pockets and did nothing just stood back and let the market sort itself out. Golden silver would be limit up within an hour or within minutes.

There’s no the paper price has been controlling them. The physical market for, you know, as long as you I’ve been around and this thing is coming to an end. That’s why there’s a rush for gold and silver because they know that they can’t keep this price management scheme.

This 50 plus years old now keep on going because, you know, the demand is just too much. And once the paper market backs off and they stop controlling the price, you could see silver at hundreds of dollars an ounce, you know, within a day or so. It’s entirely possible.

You’re watching Capital Cosm. My name is Danny and today’s guest is fan favorite, gold and silver expert, Ed Steer. Ed, thank you so much for coming back on the show, my friend.

Well, greetings to you and to all your listeners. Yeah, definitely. It’s always a pleasure having you on, Ed.

Just dive right in. I know you and I, we were just looking at the spot prices here on the gold and silver exchanges. Massive movements continuing to happen both on gold and silver.

How do you want to open this up? What’s the most topical news item for you right now? What’s on your radar screen at the moment? Big picture. If you want to take a look at the big picture, the rush for gold and silver by the New York bullion banks, like like we we as retail investors have been buying gold and silver because we figure this price management scheme is going to end and it’s going to go to the moon. Well, one of these days we’re going to get our wish.

And finally, the banks, you know, the New York bullion banks said, I think we’re going to go for gold and silver, too. And they’ve been doing this in spades since the December delivery month and particularly in the start of the new year. So I get the feeling that they’re trying to take up all the gold and silver they can, whether it be from London or Switzerland or wherever they can get it.

All the big bullion banks that are holding long contracts are now demanding delivery from the shorts. And every month this year, January, February, you know, March is just about over. But even March, the amount of silver and gold being demanded and deposited in the COMEX in New York and in GLB and SLV is absolutely off the charts.

It has no precedent in history. So there’s no question that something big and major is coming down the pike. And it’s my opinion, along with many others, is that, you know, sooner or later, you know, we’ve been talking about it for years, this price management scheme and the precious metals in particular and commodity prices in general has to come to an end.

They just can’t keep this up because they’re running out of gold and silver. And now the rush for the last remaining physical metal is on in earnest and we’re watching it in real time. Why do you think this is happening now? What’s your best guess here? Well, the simple reason is, is because, you know, the Silver Institute and everybody knows we’ve been, we’re in the fifth year of a, you know, supply demand deficit in silver.

And how long can you keep, you know, pulling 200 million ounces out of London or New York or SLV to feed this monster deficit? It, I mean, it has to come to an end sometime sooner or later. And, you know, the, and that’s just in silver. Let’s talk about gold for a second.

You know, China’s been pulling over a thousand tons of gold out of the market and every year, and India’s seven or eight hundred tons. And the last three years, you know, the world’s central banks have been buying a thousand plus tons a year. You add those numbers up and plus whatever else is consumed, then we’re having a supply demand deficit in gold as well.

So, you know, you know, the bullion banks can see this better than we can. But, you know, even with the evidence that we have in front of us today, the demand for gold outstrips supply because the demand, the supply is finite. There’s 3,000 tons mined a year plus whatever is recycled in scrap.

And, you know, three or four different entities, central banks in China and India and maybe one other, are gobbling all of that up and more. And, you know, this can’t go on forever. It’s like copper or zinc or, you know, even platinum and palladium are in a supply demand deficit right now.

So, everybody’s talking about the end of this thing. And like I said, we’re watching this thing in real time and the banks know it. And especially New York bullion banks.

So, you know, they’re sucking everything out of London that they can. And it’s just, like I said, I’ve been doing this for over 25 years now and I’ve never seen anything like it. Have you been keeping up with what’s been going on with PSLV, i.e. this huge short volume on PSLV as opposed to SLV? When you look on SLV, there is no short volume.

There appears to be some sort of concerted effort to keep the price of PSLV down, most likely to prevent PSLV from going into the spot market and acquiring more silver. Is that how you see it as well? Absolutely not. That is totally false.

I don’t know where you’re getting the information from. But two days ago, the short report came out on the Wall Street Journal’s website. And the short position at SLV is at a record high, 64 million ounces of silver.

It is, you know, head and shoulders above any other short position. It’s just absolutely astronomical, the short position in SLV. And the short position at PSLV is like less, you know, 64 million ounces is like 13% of the entire shares outstanding in SLV.

It is absolutely grotesque and obscene. Whereas in PSLV, which I compute the same time because it’s right, the data is right there. It’s 1%.

Okay, so there’s, you know, I put in my letter. I said that the people that are spreading this story about PSLV having a massive short position against it is pure BS. Okay, the short position in SLV is absolutely off the charts grotesque.

So I want to lay that to rest right now because you can’t, like I said to my own readers, you know, they’re paid subscribers. You know, they pay for what I write and they want the truth and I give it to them. So, you know, all that stuff about SLV being having no short position and PSLV having short position is pure BS.

Well, you know, I don’t know what’s going on. You know, I’m looking at the Wall Street Journal and the short report that came out and I just punched in PSLV and it’s like 1% of the shares. So I don’t know what other people are looking at, you know.

So, you know, the thing is that when you’re, there’s all kinds of people writing on the internet. Okay, everybody’s got an opinion out there and there’s no barriers to writing about anything on the internet. So they could, so you, I don’t know what you’re seeing.

Okay, but all I know for a fact, which I can see with my own eyes in the latest short report, which came out on Tuesday evening. Is that the short position in SLV is absolutely grotesque and the short position of PSLV for positions held at the end of, let’s see, I think it was the middle of the month. Yeah, March the 14th or whatever the middle of the month is.

The short position as of the middle of the month, it was 1% and that’s all there is. I mean, I have to report what it is. And like I said, you know, anybody can talk about anything on the internet.

I have a paid subscription service and I have a huge subscriber base and they have to pay for the actual facts and that’s what I give them. So I don’t know what you’re seeing at all, Danny. Okay, well, if you look at the institutional ownership of.

PSLV versus SLV, you’ll notice also that there is a huge difference between across that metric. PSLV has much higher institutional ownership or has a, or has been seeing increasing institutional ownership as opposed to SLV, which has also been seeing increased. Institutional ownership, but not to the same level as of acceleration as the PSLV has.

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Because you can’t short, you can short, the short position in PSLV, it’s, I think the main reason is it’s one is Sprott and the other one is managed by JP Morgan. Okay. And the silver is in London.

Nobody trusts Morgan. Whereas, you know, Eric’s got a very decent name and that translates into more activity, you know, a better reputation for the fund. I own Sprott and I’ve owned it for like forever.

Okay. Since it first came out, I don’t know, 10, 15 years ago. And if I was, if I was somebody said, would you buy SLV or PSLV? I’d buy PSLV in a heartbeat just because it’s a more trusted name.

And I think, you know, institutional wise, word gets around after a while, you know, people that, you know, spend money, millions of dollars buying for institutions. They read the same stuff that you and I read and, you know, it’s reputation speaks for itself. And I think that’s one of the reasons why it’s doing as well as it is.

Interesting. Why do you, why do you think that the gold and to a lesser extent silver is not only just coming out of the LBMA, but it’s also coming out of the Swiss, the Switzerland vaults as well and into the United States? Well, the reason is, is a lot of the gold in Switzerland, you know, it is in 400 ounce, 400 ounce good delivery bars or a hundred ounce and a lot of the banks now, including especially JP Morgan, JP Morgan in the last year or so has switched in their, in their standard inventory account, only deals in kilobars. Okay, they do not accept anything that’s other than kilobars.

They don’t accept a hundred ounce bars. They’ve got 400 ounce bars. You know, I do their inventory numbers every single solitary day and I see that.

And today I think they took in 4000 kilobars. Okay. They didn’t take in anything unregulated.

So the thing is, if you want bull, you can get it from London, but if you want it in kilobars, it has to go to Switzerland first, where all the various smelters refine it and put it in, melt down the 400 ounce, a hundred ounce bars and turn it into kilobars. And of course, that’s the only thing accepted in China and India and a lot of other places. They’re only prepared to take kilobars that are four nines fine and they have to go through Switzerland first.

You know, there are other, other refiners around there, but let’s say, let’s face it. You know, Switzerland said the corner on the refining business in gold for as long as you and I’ve been around. Yeah.

Well, when you, when you look ahead, I mean, how much further can this rally undergo? We’ve seen similar price price moves in both the price of gold and silver, although silver still $15 or so away from its all time high. When you track it on a percentage basis, they pretty much tracked one another over the course of the last year. How much more, how much more lead time, how much more runway do we still have? Do you anticipate, are we still at the very early innings here or are we getting long in the tooth? Very much so in the early innings, especially in silver.

Here’s the thing. The prices of precious metals and a lot of other commodities are controlled by the financial powers that be in the Comex futures market. It’s been that way since Nixon took us off the gold exchange standard back in August of 71.

And I remember that day very well. Like I said, nobody knows what the true free market prices is. It’s controlled by the paper market in the Comex and to a certain extent in the LBMA.

But let’s face it, you know, this price is mainly set in Comex and that’s the price that you see on your TV screens every day. The banks and investment houses are massively short gold, massively short silver. And if they put their hands in their pockets and did nothing and just stood back and let the market sort itself out, gold and silver would be limit up within an hour or within minutes.

There’s no, the paper price has been controlling the physical market for, you know, as long as you, I’ve been around and this thing is coming to an end. That’s why there’s a rush for gold and silver, because they know that they can’t keep this price management scheme. This 50 plus years old now keep on going because, you know, the demand is just too much.

And once the paper market backs off and they stop controlling the price, you could see silver at hundreds of dollars an ounce, you know, within a day or so. It’s entirely possible. Ted Butler before, you know, about a year and a half ago, wrote a piece called the Bonfire of the Silver Shorts.

And I’ll send you the link so you can stick it in the comments under this video or this interview. So people get a chance to read it. But basically, he said, you know, the price can be anything.

You know, absolutely nothing. What’s the big four and eight commercial traders and the other traders in the commercial category stop shorting every rally and just put their hands in their pockets to do nothing? We could see gold prices and silver prices along with the other commodity items in the commodity complex at prices you just can’t possibly imagine. And the three digit silver price that Keith Neumeyer keeps talking about will be a reality within a day or so.

What about the incentive from, like, let’s say, the military industrial complex that’s incentivized to keep a lower silver price down, considering the amount of weaponry that utilizes silver and its production? What happens then? Like, will they just simply not be able to, will they simply have to buy up higher, higher cost silver? They’ll just have to pay the price, whatever the market, whatever the market is. I mean, they have contracts to buy silver like Toyota does and Tesla and, you know, all the companies that buy silver and use it heavily in their manufacturing processes have contracts with various brokerage houses and trading houses to supply the next number of ounces of silver per month for the next year or whatever. And those contracts are locked in.

And I’m sure the military has the same thing with, you know, various refiners. You know, they may place the orders, not through the military, but through, you know, Goldman Sachs or JP Morgan or whoever. But the fact of the matter is they have a supply chain and they were, you know, they may need like 3 million ounces or 5 million ounces a year or a month or whatever it is.

But they go to the same trough as everybody else. And their silver usage is, you know, you’d figure people are up in arms about this. They figured it’s not being reported.

But it’s part of, you know, what’s being delivered every month along with what’s being delivered to Toyota. It’s just they’re just users in the supply chain like everybody else. And whatever the price is going to be, whether it be Tesla or Toyota or GM or Ford or whoever is using this stuff, if it’s $35 an ounce like it is in May contract right now or $350 an ounce, they’re going to pay it.

It’s as simple as that. What about China? And it seems like it’s incentivizing its citizens to acquire more gold with this China Accumulate program. Why does, I mean, is China building itself up as like somewhat of a fortress, let’s say, with all of their commodity production? They seem to be trying to suck up as much gold as possible.

Do we see a point where the LVMA just becomes irrelevant and you see movement toward more so, you see the spot price of gold being more so settled on the Shanghai exchange and, you know, and the COMEX or some mixture of the two? Well, the COMEX sets the price. The LVMA and the Shanghai don’t matter. Okay, as far as setting the price goes, it’s set in London and set in New York.

One of these days, you know, with all this gold and silver being sucked out of London and we have a run on the prices, you know, it’s entirely possible that Shanghai will become the center of the exchanges where they set the price because they produce the most, they consume the most. So why shouldn’t they set the price there? And why the heck is the price being set in New York? It’s absolutely insane. But this has been going on forever.

And as the American empire slides away, the Chinese empire is in ascendancy. And they’ve been urging their citizens to own gold since I think it was 2008. And, you know, there are all kinds of incentive programs to buy this stuff.

You know, I think they declare they got about 3,000 tons of gold in their official reserves. Well, Alistair McLeod and I both agree that they have well north of 20,000 tons stashed away that they’re not reporting. And one of these days when it suits them and the time is right, I’m sure they’ll report it.

And the day that happens, then we’re going to see the center of the universe as far as gold and silver are concerned shift to Shanghai rather than New York. Now, as far as silver is concerned in China, they produce far more silver. They’re the number two silver producer in the world.

And they not only import silver, but they also export it. Like you said, you’re quite correct about that. It’s that they’ve been scouring South and Central America for all the silver concentrate and Dory bar they can get their hands on.

They’ve been doing that for several years now. And it wouldn’t surprise me if they’ve got more silver stashed away than they’re telling us about as well. But there’s a premium, like I report that in my column every day, how much the premium in Shanghai is over the spot price in New York.

And I think last night it was like 5.6% or something like that. I’ve seen it as high as 12 and the 5.6 I just mentioned now is about the lowest I’ve seen. But, you know, they’re sucking up every ounce of silver and gold that they can possibly get their hands on.

And like I said, they have probably have more of their stuff than they’re reporting. And one of these days they’re going to report it. And as far as the gold and silver world is concerned, everything will change the day that happens.

And I think what you’re seeing in this rush for gold by the New York bullion banks for the last three months are the precursors of a major change in the way that not only the metals are priced, but who does the pricing. And what about this old story from a couple of months ago about Russia starting up its own silver reserve? Have you heard anything in addition to that lately? Have they started stacking more silver? I haven’t heard a thing about it. I can tell you that they started, you know, I’ve seen pictures of their vaults inside their vaults.

This is about 15 years ago. And you can see they got pallets and pallets and pallets of silver. Now, they’re not reporting that as part of their reserves, but I know they do have it because I’ve seen it.

And they’re no dummies. And I’m sure they’re having it. They have a strategic reserve of silver stashed away someplace because they produce quite a bit of silver themselves.

I think they’re number eight or something like seven on the list of top producers. And they know all about the price management scheme. And, you know, they’ve been accumulating gold and they’ve got quite a bit.

And it wouldn’t surprise me if they got silver. But, you know, they’ve been talking for the last couple of years. I see the reports in the papers that, you know, they have all these extra dollars they’re bringing in from their oil and gas sales, which are quite enormous.

And they’re going to diversify their portfolio by going into euros and yen and also going to add to their gold reserves. But, you know, I keep religious track of what happens in Russia as far as gold reserves are concerned. And except for a million ounces, I think was added at the beginning of January, February of 2023.

They’ve added absolutely zero to their gold reserves since January 2020. Now, they may have some that they’re not reporting. But if you look at their official numbers, they’ve been sitting at 75 million troy ounces since February 2020.

They’re talking the talk, but they’re not walking the walk. At least they’re not reporting it anyway. What’s the one thing that you would say that gold and silver stockers need to be aware of the most as we go through this transformative period, let’s call it, for both metals? I remember my bullion dealer in Edmonton, I was in his shop and I was arguing about a five ounce silver round.

And he wouldn’t sell it to me for less than $7. And now we’re looking at silver at $34. This was back in like 2001.

So I’m talking 25 years ago. Now we’re sitting here in 2025 and silver is at $34 and it should be at $344 instead of $34. And people are going to look at this and say, gee, $34 for an ounce of silver.

I don’t know. 10 ounce bar is $344. The day will come within their lifetimes that they’re going to be regretting the day they didn’t scoop up all they could at this price.

And if the bullion banks in New York are doing it by the tens of billions of dollars and the millions of ounces, it’s something that John Q. Public should be doing as well. Yeah. Yeah.

The odds that the banks are wrong and the average Joe is right are zero. They’re absolutely zero. Okay.

They know far more than we do. And if they’re doing it, we should be doing it too. I’m already all in.

So I’m ready for this day whenever it hits. What about the mining companies? Do you keep any tabs on the mining companies? I mean, they seem to be priced at values far lower than the current market value of both gold and silver. I mean, the gold mining companies don’t seem to be priced at $3,000 gold and silver mining companies sure as hell don’t seem to be priced at $35 silver.

So what do you make of the mining companies? Oh, God, everybody’s been on about that. And so am I. You know, I’m looking at the Amplified Junior Silver Miners ETF right now, which is what I look at every just to see what’s going on. And it’s up 2.30%. And silver is up, what, 82 cents or whatever the heck it is.

It’s up like almost 3%. And the silver miners, you know, they were up higher in the day, but they backed off. And even though silver has been going up all day long, the shares are just sitting there.

This happened earlier this week, too. The mining shares just suck. And I don’t know why.

One of the reasons I think it is, is the large institutional investors. I’m talking about the guys with the big dollars. They’re still over there in Tesla and NVIDIA or whatever these tech AI companies are.

You know, and that’s where they are. OK, the market is so tiny in gold and silver. They know if they turned around and threw four or five billion dollars at it in a day, it would make a huge, huge difference.

When they show up, that’s when we’re going to see this thing start to sail. And John Q. Public isn’t involved in this either. Even though the prices are like you correctly pointed out.

We’re talking $3,000 plus for gold and $34 in silver. And people are still yawning, you know, and everybody’s not happy. But, you know, the silver shares are up, I don’t know, 25 or 30% on the year.

So, you know, it’s not what we like, but it’s, you know, better than buying the average stock market. So I’ve been like, I’ve been all in and, you know, since about 2005. And I’ve done OK, but like you said, and you’re correct, is that they just haven’t performed the way they should.

But one of these days when they do catch fire, then you’ll know, you’ll know when that day is here. You’ll wake up and you’ll see this. Well, hey, we used to say the same thing about the physical gold and silver price, right? And then look at what’s transpired over the last year.

It actually happened. Yeah, true enough. I remember buying an ounce of gold with my, you know, I think I was bought it in New Orleans, about a $20 gold piece.

You know, I’m Canadian. So, you know, $20 gold piece. America, you don’t see them here.

So when I was at the gold show in New Orleans, I bought one. I was scared to death. I said, God, I sure hope I’m doing the right thing.

I think I paid about $812 U.S. for it. Now look at it, you know. And I remember paying $5 an ounce for silver.

Now look at it. And we ain’t seen nothing yet. Well, this has been a fascinating interview as always.

Ed, anything else you want to talk about that we didn’t get into yet before we wrap up? No, I think I’ve covered all the bases. All right. Where can people find you if they want to hear and see more? Just Google my name, Ed Steer, S-T-E-E-R, Ed Steer Gold and Silver.

My website will pop up, and there’s a tab on there that says Free Sample Column, and you can read it. And it’s a facts-based website, and if that’s the kind of information that you’d like to see about the gold and silver market, then the freight is $100 U.S. per year, and you get about 260 columns a year. Okay.

We’ll have the link to that down below, so be sure to check it out, guys. If you enjoyed this podcast, be sure to give us a like and subscribe to the channel if you haven’t already to never miss an episode just like this. And, right, go, Ed, go in the comments section if you agreed with Ed’s analysis.

If you disagreed with anything, also let me know. I do read the comments, so really interested in getting your thoughts here, guys. And then check us out on Substack for early access, ad-free versions, and uncensored versions of all of my videos before they hit YouTube.

So, with all that said, thank you guys for watching, Ed. Thank you for coming on, and I will see you guys in the next episode. Bye, all.