What Happens When Wall Street Giants EMPTY Your Gold & Silver ETF (Uncut) 03-17-2025

EXPOSED: What Happens When Wall Street Giants EMPTY Your Gold & Silver ETF! – Andy Schectman

HSBC Bank has always been the prime custodian of GLD. And SLB is one of the largest stockpiles of silver in the world. GLD, fourth, fifth, sixth largest stockpile of gold in the world, including central bank holdings.

And guess who just took over for HSBC Bank as the prime custodian of GLD? You guessed it. It’s JP Morgan and BlackRock. And then two years later, they pay the largest fine the Justice Department has ever handed out ever, $920 million to JP Morgan for manipulating the gold market, yet they’re still allowed to be the custodian of the world’s largest silver trust.

Something is happening to me that seems heavily focused on American interests, but that I’ve never seen before in a very, very, very long career, 35 years. I’ve never even seen anything remotely close to what we see happening in the gold market. And it started in November, right around Trump winning the election, where the United States for the very first time has become a net importer, at least that I can remember, a net importer of gold and silver, not a net exporter, as it always was.

There were always the newsletter writers lamenting the fact that metal was flowing eastward, probably never to come back. And all of a sudden, something changed. We’ve imported somewhere north of 15 million ounces of gold since, in fact, estimates have it even a little bit higher lately, as much as 20 million ounces since last year, November.

And to give you an idea of just how big these imports and these deliveries are, and then where they’re coming from, we saw the largest delivery in the history of the COMEX market in February, 59,296 contracts, that’s 5,929,600 ounces stood for delivery in February, surpassing the previous largest order or delivery of 47,132 by 1.2 million ounces. This is the largest delivery ever in the history of the COMEX. So who’s got that kind of money to stand for delivery for, if you take 5,929,600, which is the number of ounces multiplied times 2,900 plus, your calculator on your iPhone will go E, it’s too big to even calculate it.

We saw about 15 million ounces of silver stand for delivery in February as well. And, you know, J.P. Morgan, they used to have a gal named Blythe Masters who ran their trading desk who always said, J.P. doesn’t buy for themselves, it’s always for a customer. They delivered 4 billion in gold, billion with a B, to the COMEX in February, one of the largest shipments ever in the history of the COMEX market.

What customer has $4 billion? I mean, you can, we can guess, is it Warren Buffett, is it Treasury, is it Federal Reserve? I don’t know. But again, since November, roughly between 15 and 20 million ounces that we know of have come from London, just from London. And 40 million ounces of silver plus, maybe as much as 50 million, have come just from London to the COMEX.

Now, the interesting thing about where this is all coming from is that London, the T plus one market, where the trade day is T plus one settlement, you’re supposed to have access to your metal, in essence, roughly three days. It’s now turned into T plus eight weeks. Now, that to me is pretty much a default.

And their excuse is that it is a issue of manpower and trucks. So the Bank of England evidently doesn’t have enough in the way of trucks and manpower to move the gold that is supposedly available for delivery. But it’s important to understand that when we talk about this game, this game of rehypothecation of paper, where the Western system has been rehypothecating or suppressing the price of gold and silver, and we can talk or debate about what the reasons are, but they have done so using the leverage of paper contracts sold over and over and over and over and over again to the same players that right now, as an example, there are 279 million ounces of silver stored on paper in London, but only 36 million ounces are actually available.

So that means that the other 243 million ounces belong to players like the Bank of England or ETFs or whoever. They’re not for sale. But this is standing against 380 million ounces in outstanding spot delivery contracts, 36 million ounces available, 380 million in paper, 10 times plus the leverage or the amount of deliverable contracts than there is gold.

And so you have to wonder, is it really a T plus eight week situation now because of trucks and manpower or have they been caught with their hand in the cookie jar? They’re 90 percent short on their ability to deliver. In silver, they have a float. And it just we just saw actually just the other day.

Let me see the number here. Just the other day, the LBMA silver stockpile suffered its largest monthly decline since records began, down 8.6 percent in one month to 270 million ounces. So they have 270 million ounces available to be delivered.

Yet they’re trading 2.9 plus billion ounces per day. That’s three and a half times annual global mine supply per day. These are the commercial banks that forever have been able to suppress gold and silver with leveraged futures contracts naked, not backed by the actual metal to deliver, because these banks had the ability with massive checkbooks really just to to overwhelm the speculators.

And what’s different now and what I’m trying to get at here, what is different above all else is that we are seeing very large interests and largely these interests largely are believed to be sovereign wealth funds, family offices. In fact, when you take a look at at at the number of of of deliveries that are coming, that are not for the banks so that bullion banks are selling to other players, these other players are non bullion banks. 17.5 million ounces of silver was transferred this month in New York from bullion banks to non bullion banks, making it one of the largest transfers in COMEX history.

And it’s not the bullion banks. These are very sophisticated traders that are standing for delivery and they’re standing for delivery in London and they’re standing for delivery in New York. But what is really different is my entire career.

No one stood for delivery. And I’ve been doing this 35 years. Nobody stood for delivery.

Bullion Bank would be like J.P. Morgan, Citibank, Deutsche Bank, the large commercial banks who are the ones that are the the largest traders in in on the COMEX market and on the LBMA. They’re the market makers in essence. They’re the big, big, big players.

And yeah, what we see happening, that move from the bullion banks to this other group of traders, largely that are opaque, believed to be sovereign wealth funds, I think really begs the question, you know, why are nation states and why are maybe central banks acting on behalf of or proxies acting on behalf of a central bank or these sovereign wealth funds? Why are they standing for delivery? This this surge in delivery, which we call open interest, it surged over 750 percent. And why are they all standing for delivery? Because 70 million ounces of silver were drained from the LBMA in January. It’s an all time high monthly record.

20 percent of the float gone. And then here in February, another eight point six million ounces out. So we’re seeing a tremendous amount of gold and silver being delivered away.

And I think it is an existential threat to these to these banks. That’s a problem. When dominoes start to fall, to your point, what could happen? Well, these bullion banks aren’t just bullion banks.

They’re the biggest banks in the world. And these are very, very large Western money centers. You know, you could say it’s Deutsche Bank, UBS, Standard Charter, you know, at the big European banks.

Or you could say it’s Bank of America. Is there any coincidence that Warren Buffett’s been dumping all his Bank of America and Ted Butler, a fantastic gold and silver analyst of the COMEX who passed away, God rest his soul, before he died six months ago, was screaming that Bank of America, who has a billion ounces short on paper in silver and 30 to 40 million ounces short on gold. Now, I could go into a long discussion why I believe silver has been manipulated.

And I would say gold has been manipulated for a very long time for something called Gibson’s paradox. It’s the inverse relationship between real interest rates and gold. And forever, they suppress gold because they maintained a situation of an illusion of wealth in a low interest rate environment where people’s stock portfolios in their homes and 401ks all went up in value because rates were suppressed.

It created distortions in asset prices and misallocations of capital and resources. Well, if you do that, you have to step on gold because if gold doesn’t pay a coupon or no return, well, you know, at low interest rates, Gibson’s paradox would say, well, gold should be going much higher. But if you have very high interest rates, well, Gibson’s paradox would say, well, you can buy treasuries with safety.

The only difference this time is who wants to buy treasuries from the nation who is the most largely indebted nation on the planet? They’ve gone too far and they suppressed interest rates for too long and created these distortions. And now the world is saying, you know, I don’t have an appetite for your debt. And so these countries are all saying, you know what, if they’ll do it to them, they’ll do it to us.

We don’t want gold and our treasuries anymore. We want gold, which is the only other tier one asset and it has no counterparty risk. And maybe this new administration is wise enough to understand that and said, we have one chance to get all of this gold and silver back or it will flow eastward and never come back.

Is that they were these these countries have become coordinated, motivated, sophisticated, wealthy and understand what we’re doing. The ETFs, GLD and SLV in particular, with all of the things that are going on, JP Morgan being in the center of repatriating and delivering and buying. It always bothered me that three, four years ago, JP Morgan, you know, I was giving speeches at Doug Casey’s and the Sprott and the Agora conventions.

And I would say markets are manipulated and I could show proof of it. And and I was right. And I once gotten a little bit of a tiff with Doug Casey about this.

He said the JP Morgan traders could never keep their mouth shut. And then two years later, they pay a the largest fine the Justice Department has ever handed out ever. Nine hundred and twenty million dollars to JP Morgan for manipulating the gold market.

Their head trader, Michael Nowak, is still in jail, yet they’re still allowed to be the custodian of the world’s largest silver trust. And I find it interesting that they HSBC, that’s SLV, by the way, HSBC Bank has always been the prime custodian of GLD. And SLV is one of the largest stockpiles of silver in the world.

GLD fourth, fifth, sixth largest stockpile of gold in the world, including Central Bank Holdings. And guess who just took over for HSBC Bank as the prime custodian of GLD? You guessed it. It’s JP Morgan and BlackRock.

Both they both own or are in custody of SLV and GLD. You read that prospectus, you’ll never want to own it ever. In fact, you would dump it.

You read pages six through 12. I think it’s a risk factors. You’ll sell it immediately.

And what’s what’s kind of interesting about that and give you the actual numbers, because I think it’s it’s it’s really quite illuminating that we’ve seen come out of GLD. Now, the prospectus says you and I can’t take possession of the metal. We can’t.

The large bullion banks like like JP Morgan, who fund what’s called baskets, can, but none of us can. People have said to me, do you think gold and silver will be confiscated like Roosevelt did over my shoulder? No, I don’t. I would say I’ve been saying it for years.

It’ll be the ETFs, if anything, because they could take it all and look you in the face and the world and face it. What? We didn’t break any laws or infringe any civil liberties. You you all can’t take possession of the metal.

It’s just a price representation. In fact, you can still buy physical metal. But here’s the interesting thing.

As the price has gone parabolic and gold recently gone up and up and up and up and up, we have seen a total of 16 tons of gold leave GLD. Now, the talking heads say, well, that’s strong interest rates, a rising dollar profit taking the Trump, the Trump risk on trade. No, it’s not.

It’s what’s called share repaid a share redemption. And these big bullion banks quietly in a very opaque manner don’t tell. They redeem their shares and they’re pulling the metal out and getting physical possession of it alongside of all of these developments we’re seeing on COMEX.

It is something far more substantial than we are being led to believe. So, yes, physical gold and silver to me, and I want to make it very clear, is not an investment to me. It is wealth, period.

It’s been wealth that has outlived two world wars, German hyperinflation, the Great Depression, every pandemic and is still wealth.