And I think we haven't seen anything yet.
When it really gets tight, those premiums will only go higher and
higher and higher because you're talking about a very small pool of
available metal
The silver held in the vaults in the lbma are the lowest they've ever
been.
Since they started keeping track of the number of ounces in 2016,
we've talked about the same type of action on the comex, massive
delivers coming off of comex to where there's only 40 million ounces.
And the registered category which is, well, let me put that in
perspective.
India Imports.
It almost 37 million ounces in of silver in August alone.
So, in one month, a country Imports as much silver as is backing
delivery of all of the open interest, which is almost 1,500 % re
hypothecated.
So, in other words, the open interest is fifteen hundred percent
greater than the number of bars backing it.
And the registered category, this is not a very good situation.
When you talk about from the top down and I want to read something to
you, to give you a synopsis of what this industry is dealing with in
terms of inventory.
And this comes from a very reliable source who I do business with and
they wanted me to understand why it is so difficult to get product.
So I'm going to read through these and everyone out there can maybe
understand what's going on.
He says wanted to help you
To show you with what's happening.
He says, here are 10 or so examples of what we're dealing with these
is you mcore.
One of the world's largest Precious Metals Recycling, businesses
overcapacity and they won't take on any new accounts even though they
have tried for years to get us on board.
Asahi won't take any new customers as they can't, fulfill current
demands metal or wanted our business a few months ago and
And now cannot accept any new orders.
The geiger mint in Germany.
No More capacity in Turkey.
Many of the men's have been experiencing political issues at the
moment and cannot get product out.
Pamp is not giving new allocations, probably until December or
January, Val Kami is Val, can be.
It's holding off all new allocate allocations as they are concerned
about energy.
Availability this winter.
They are not sure.
They will be running.
At full capacity.
Fortunately, we have product from them coming under next.
Allocation, I will add the Mason mint, which we have some product.
In their numbers are very small, will not take any new orders the u.s.
mint, you know, as well as anyone who says and all the other
sovereign.
So, you're dealing with all of the major Supply Centers throughout the
industry that are not sovereign.
Mints are either not taking on any new business at all, or massively,
massively back ordered.
And so, this is a problem because what I have been focusing on done
again, for the, past year and a half, because of the inefficiencies of
the Sovereign, men's has been bars from these mints from these private
events around the world.
And so when we see this type of supply chain issues that I've been
talking about for a long time, it starts to get me quite nervous and I
think, you know, I have been trying to reflect as to why this is
happening.
And, you know, look, you've got inflation at 40 year highs that isn't
just isolated here in the United States.
You look at the United Kingdom there, a basket case.
You look at Australia, they're in trouble.
You look at Western Europe, they're in trouble.
You look all around the world and people see inflation, they see
geopolitical issues.
They have just come out of a pandemic.
A lot of people don't trust their governments, they see government's
rushing to the to the bottom and currencies devaluing they see chaos.
I guess you could say anxiety stress, fulness even if they can't quite
articulate.
What it is.
They don't feel things.
All right, and you have awoken.
I believe a whole generation of investors, not just in North America
but globally that are all competing for a tiny bit of gold and silver.
When for the last few years, it's been the mission of every country
around the planet to print as much money as they possibly can, while
trying to fool us all by keeping the measurements, by which they gauge
inflation off or skewed.
And so, even if the numbers are
Not supporting the way people feel.
I think people understand something is not right and you all of a
sudden have more competition globally for a very small pool of gold
and silver and it's getting real.
And this is what I've been trying to tell people about for the last
two years now.
Will we see it?
He's and more.
We see a refreshing up Supply.
I sure hope.
So we always have in the past but this is different than anything he's
ever been in the past.
And yet we still
Still haven't really awoken the main stream.
We're getting periphery more and more people are waking up to it.
But when the real mainstream wakes up to whatever event it is, that
triggers their desire to purchase precious metals, it's getting harder
and harder and harder and harder to get what's coming will be much
worse than this.
Because here, again, the amount of people who buy gold and silver, as
I've always
Talked about are the pimple on the elephant's rear end.
When the elephant turns around and says my goodness gracious.
I need some metal, we're all in trouble.
If we want to try to get any more and I think that that will
ultimately be a problem.
When there is an event that I can't help but think is coming.
Not sure what it is, how it happens, what triggers it are or the
extended duration of it.
But I do think that something is coming based upon all of the things I
see and have been
Talking to you about for the last two years.
And when that event comes that rattles the elephant shakes, the
element because the elephant has been busy eating and drinking and
having a good old time.
But all of a sudden it's going to get rattled.
And when the elephant gets rattled and turns around and says, I need
some gold silver, there's going to be a big problem because the
elephant has a lot of money.
And this is a market that we've talked about, We've joked about, we
have
We have thought every single possible outcome about you and I both on
and offline and, you know, if a five or a ten million dollar deal is,
is becoming very difficult, really difficult.
What happens when you see 20 of those are 50 of, those are 100 of
those or 1000 of those industry-wide.
I mean, gone gone and that's what I'm most concerned about what better
time to
To issue the new Moscow exchange, and that's their premise itself in
that if the Moscow exchange were to launch tailored to all of the
Eurasian Nations that have not only spent the last several years
accumulating gold.
They are the largest accumulators, the largest purchasers of it, the
largest miners of it.
What not if that were to happen and they were to set the
Price of gold.
Let's say 2500 or 3000 announce set the spot price of silver let's say
it 50 or $75 announcing the matter of seconds.
You'd see Arbitrage and everything would be pulled off of The Exchange
that would be allowed to in the west and sent directly Eastward to
capitalize on that.
That spread that that bifurcation is Patrick.
One of my favorite guys mentions and and I think he's probably right.
I mean we are seeing a massive Distortion or
In C or delineation between spot and between physical product.
And and so, if you were to be an extreme that would actually properly,
reflect, what metals should be rather than allow this manipulation.
Where the open interest in silver can be fifteen hundred percent
greater than the bars backing it.
Then we would have a real Market, not one that is make-believe and I
think it would vary
Quickly create Havoc for the lme and for the comex that would render
it completely and totally, neutered or obsolete.
So yeah, I think Patrick is right.
You take a look at a silver eagle selling at sixteen or Seventeen
dollars over the price of silver.
You look at Gold Eagles selling at 11 or 12 or 13 percent over the
price of gold.
In many respects, you're beginning to see this and
selling at roughly four times the premium I've ever sold them for in
my entire career.
So yeah, it's happening and it's one of these deals that I think not
only is it happening?
I think we haven't seen anything yet.
When it really gets tight, those premiums will only go higher and
higher and higher because you're talking about a very small pool of
available metal