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hina buys up the bullion, the relevance of paper markets on Comex (and London) is shrinking. Liquidity and relevance of paper gold and silver relative to bullion are diminishing. This market report analyses why open interest on Comex has declined to multi-year lows and the consequences. Clearly, liquidity has been drained from western paper markets by the continual drift of bullion into firm Asian hands. We present evidence of the strains on market makers on Comex who have limited capital resources and we debate the consequences. Open interest is now at multi-year lows This week saw open interest in the...

The case for silver price floors is no longer speculation — it is official U.S. government policy in motion. In the first half of 2026, the Trump administration has taken concrete steps through Executive Orders, high-level diplomacy, and international agreements to stabilize prices for critical minerals, including silver. This isn't vague talk; it's backed by signed proclamations, Vice Presidential addresses to dozens of nations, and action plans with key allies like the EU and Mexico. Here's the evidence-based case for why price floors (implemented through trade mechanisms like adjustable tariffs in preferential agreements) are coming — and why silver stackers...

President Trump announced Friday evening that U.S. and Nigerian military forces had killed Abu-Bilal al-Minuki, a leader of the Islamic State group, in a "meticulously planned and very complex mission." Mr. Trump described al-Minuki as the Islamic State's second-in-command globally and "the most active terrorist in the world." "He will no longer terrorize the people of Africa, or help plan operations to target Americans," Mr. Trump wrote on Truth Social. "With his removal, ISIS's global operation is greatly diminished." The Nigerian president's office also confirmed the operation, and said that "early assessments confirm the elimination" of al-Minuki. "Several of his...

Peru has decided to tap its fuel reserves to protect domestic supply and contain the impact of what is already being described as the country’s worst energy crisis in the last 20 years, following a gas pipeline rupture that severely disrupted the national energy system. The measure was announced by Prime Minister Denisse Miralles, as authorities moved to respond to the emergency triggered by the shutdown of a section of pipeline operated by Transportadora de Gas del Perú (TGP) in the Megantoni district. The incident led to restrictions in gas deliveries to industrial users and the power sector, while the...

On April 14, a Chinese battery startup backed by one of the world's largest automakers rolled the first A-sample all-solid-state battery cells off a production line in Guangzhou....The company is targeting GWh-scale output by the end of 2026, twelve to eighteen months ahead of where Toyota’s timeline stood at the start of this year. The silver market has not priced this in.... ...Greater Bay Technology’s A-Sample Changes the Timeline Greater Bay Technology (GBT) is a battery startup backed by GAC Group, China’s fourth-largest automaker by volume. On April 14, GBT confirmed that A-sample all-solid-state battery cells are now rolling off...

Introduced in House (05/07/2024) Monetary Metals Tax Neutrality Act of 2024 This bill exempts gains or losses from the sale or exchange of certain coins or bullion from recognition for income tax purposes. The exemption applies to gains or losses from the sale or exchange of (1) gold, silver, platinum, or palladium coins minted and issued by the Department of the Treasury; or (2) refined gold or silver bullion, coins, bars, rounds, or ingots that are valued primarily based on their metal content and not their form.

Key Takeaways A Historic Reclassification: The U.S. Department of the Interior officially designated silver as a Critical Mineral for 2025, reclassifying it from a historic precious metal to a strategic asset essential for national defense and economic stability. Hidden High-Tech Dependencies: While often associated with solar panels, the graphic reveals silver's less visible but "irreplaceable" role in Artificial Intelligence (AI) thermal management and the non-flammable batteries required for advanced military munitions. The Supply Chain Response: With the U.S. currently relying on imports for 64% of its silver, this new status triggers federal "fast-track" permitting and tax incentives designed to break...

China imported approximately 836 tonnes of silver in March, the highest monthly total ever recorded, as demand from the country’s solar manufacturing sector and retail investors simultaneously overwhelmed domestic supply, according to Chinese customs data reported by Bloomberg. The March figure is 78% above February’s 470 tonnes — itself a record for that month — and runs 173% above what March typically sees — the 10-year seasonal average for the month sits at around 306 tonnes. Year-to-date imports through March now stand at approximately 1,626 tonnes, the highest on record for the first quarter. Solar panel manufacturers — China dominates...

Archaeologists in Chile have uncovered a 16th-century silver coin, confirming the location of one of South America's most infamous failed colonial settlements at the site of Rey Don Felipe – later known as Puerto del Hambre, or "Port Famine".Located on the north shore of the Strait of Magellan, Rey Don Felipe was founded in 1584 with around 300 Spanish settlers. According to historical accounts, the extreme conditions led to the settlers starving or freezing to death, and by the arrival of English navigator Thomas Cavendish in 1587, the settlement was mostly in ruins.The coin, valued at eight reals and bearing...

Basel III and Silver: What It Means for Investors The regulatory revolution reshaping precious metals markets and creating unprecedented opportunities Introduction The implementation of Basel III banking regulations marks a watershed moment for silver investors, creating unprecedented opportunities alongside significant market disruptions. While gold captures most regulatory headlines, silver's extreme paper-to-physical leverage ratio of 300:1 positions it as potentially the bigger beneficiary of these sweeping changes. As Basel III forces banks to unwind decades of paper silver positions, investors who understand these regulatory shifts can position themselves ahead of what industry experts describe as a "coiled spring" ready to propel...

Key Points Bank of America's metals chief just issued a silver price target so wide it raised eyebrows even among bullsThe physical silver market has now recorded deficits for five straight years, and 2026 is expected to make it six There is a specific scenario that could send silver to levels not seen since a famous market squeeze decades ago The bank’s metals team is projecting silver could reach anywhere between $135 and $309 per ounce before the end of 2026. That is not a typo. And the reasoning behind it deserves more attention than most investors are giving it...

119th CONGRESS 2d Session H. R. 8007 To amend the Commodity Exchange Act to reduce systemic risk while increasing geographical diversity and competition with respect to depositories for the storage of precious metals, and for other purposes. IN THE HOUSE OF REPRESENTATIVES March 19, 2026 Mr. Fulcher (for himself and Mr. Harris of North Carolina) introduced the following bill; which was referred to the Committee on Agriculture A BILL To amend the Commodity Exchange Act to reduce systemic risk while increasing geographical diversity and competition with respect to depositories for the storage of precious metals, and for other purposes. Be...

U.S. Fiscal Situation Continues to Deteriorate In just the past week, the debt and deficits of the United States took further blows as spending increases, falling revenues, and geopolitical hostilities tightened the funding vice. Distractions vs. Long-Term Trends Even if you're primarily a precious metal investor, you've likely been distracted by war headlines for the past few weeks. Over that same time, however, other long-term headlines have surfaced that will greatly impact gold and silver over time. You may have missed them, so, for this week's post, let's recap. Monthly Treasury Report – March Deficit Let's start with the latest...

According to a statement released by the Autonomous University of Barcelona (UAB), the Romans extracted gold from alluvial deposits in the Eastern Pyrenees. Using optically stimulated luminescence dating techniques, Oriol Olesti Vila of the UAB and Jorge Sanjurjo-Sánchez of the University of A Coruña dated two samples of fill from the remains of an ancient hydraulic structure on the Segre River to the third and fourth centuries A.D. The researchers explained that Roman miners would have eroded gold deposits from the riverbanks with water, and then washed them, either by channeling water through the sediments or flooding the sediments with...

The COMEX Inventory: Silver is published by the Commodity Exchange Inc. (COMEX). This indicator is used to track the amount of silver held in COMEX-approved warehouses. It serves as a key benchmark for assessing supply levels and potential market movements in the silver market. A high inventory level may indicate a surplus, potentially leading to lower prices, while a low inventory level may suggest a shortage, potentially driving prices higher. The inventory data is calculated based on the total amount of silver held in COMEX-approved warehouses. This includes both registered and eligible stocks. Registered stocks are those that are available...

RAY DALIO SAYS THE MONETARY ORDER IS BREAKING DOWN AND FIAT IS NO LONGER A CENTRAL BANK ASSET. GOLD AND SILVER BECOME THE ANCHOR WHEN PAPER CONFIDENCE CRACKS.

https://www.cmegroup.com/delivery_reports/Silver_stocks.xls

The Last Time the CME Halted Trading, Silver Surged 127% Over the Next 60 Days Silver Was Trading at $53.26/oz When the CME Halted Trading for 10 Hours overnight November 28th for “COOLING ISSUES”. Silver then immediately spiked to an all time record high $56.78 immediately upon resumption of trading on November 28th. Silver then proceeded to more than DOUBLE to $121 over the next 2 months as a historic physical short squeeze played out. The CME “Cooling Issues” Trading Halt just HAPPENED to occur on First Notice Day for the December Silver Contract- Reportedly After a CHINESE INDUSTRIALIST notified...

President Donald Trump has kicked off $12 billion project to stockpile critical minerals used by the defense and technology sectors as a hedge against Chinese dominance of the strategically important industry in what the White House will call “Project Vault.” The public-private effort — first reported by Bloomberg — would use $1.67 billion in private seed funds and combine that cash with another $10 billion from the U.S. government’s Export-Import Bank for the purchase and storage of critical minerals and rare earths such as gallium and cobalt, a key ingredient in rechargeable batteries as well as modern jet engines used...

China Sets The Price Now GFN – SHANGHAI Trading in a major China-listed silver fund was halted for a full session on January 30 as regulators moved to contain price distortions, while global silver prices fell sharply from record highs amid elevated volatility and tighter derivatives margin requirements. China’s Shenzhen Stock Exchange suspended trading for the entire day on January 30 in the UBS SDIC Silver Futures Fund LOF, according to an official fund announcement. The notice stated that trading would be halted from the market open through the close as part of exchange risk-control measures. “该基金将于2026年1月30日开市起停牌至收市。” (“The fund will...