Will Silver Hit $75/oz Soon? How About $100/oz? | Andy Schectman

**Adam Taggart** (0:01)
And we should be live. Welcome to Thoughtful Money. I'm Thoughtful Money founder and your host, Adam Taggart. I'm welcoming you here for a special live stream on The Silver Price with my good friend, Andy Schectman. Andy, how are you doing, buddy?

**Andy Schectman** (0:16)
Adam, I am great. My man, how are you?

**Adam Taggart** (0:19)
I'm good. Thank you. So full transparency, folks. So this morning was supposed to be the release of an interview with phenomenal independent journalist, Matt Taibbi. That interview has gotten pushed back a couple of days. But it actually, I think, was a blessing in disguise because yesterday, briefly, the price of silver in the futures market crested $67 an ounce for the first time. And I've been meaning to get Andy back on. Andy, I almost kind of feel like a bit, it's a bit like Groundhog Day, where I have you on to discuss, well, how high could silver go? And then silver keeps going higher faster than we both imagine here.
So basically, the genesis of why I pulled you on today, and thank you because you did this both at the last minute, and now you have a lot of other balls in the air at a very busy time for you. But I put out a post on X the other day, right when silver had crested, I think it was zeroing in on $65 an ounce. And I said, silver at $65 an ounce starts getting Wall Street thinking about silver at $75 an ounce, and then silver at $75 an ounce starts getting Wall Street thinking that $100 an ounce might be possible. So are we starting to sort of see the tractor beam of the big round number in investors' minds potentially pulling the price up here, or is this strictly a supply shortage-driven situation?

**Andy Schectman** (1:50)
Well, I think it's more so the biggest money in the world is understanding that the dollars that are used to purchase silver are not worth as much as the silver itself. There's a very interesting report that just came out of the Economic Times that says JPMorgan holds 750 million ounces of silver. That's worth more than $40 billion, and if true, it would be the largest stockpile on the planet. And the rumor is that they didn't just stop shorting silver, that they actually flipped and have become the biggest long in the market. In just six weeks, they've added 21 million ounces, while supposedly closing a 200 million ounce paper short.
That short is a large portion of what keeps the price down, and buying the physical at the same time pushes it back up. It gets more interesting. Evidently, they pulled 16.6 million ounces out of the registered inventory. In COMEX, there's registered. Those are the bars that back the contracts and eligible. We have nine Brinks facilities. One is JFK New York. It's a COMEX facility. If you own thousand ounce bars in our program at JFK Brinks, it's eligible. Eligible to be moved to registered. Not being moved to registered unless you say so, but they're bars that are not for sale. So anyways, the 16.6 million ounces came out of registered and left COMEX. Goodbye. May never come back.

**Adam Taggart** (3:18)
And just to make it clear for folks, registered silver is what can be delivered when a contract expires, right?

**Andy Schectman** (3:24)
Right. And then there's something I never heard of. I'm not a COMEX expert, but I read literally voraciously. And they talked about moving 169 million ounces into a non-deliverable vault. Now, when I think about what that means is, I have a client who has an awful lot of thousand-ounce silver bars, and they're at Brinks JFK. One of my distributors, a very good friend of mine, is a Royal Canadian Mint distributor. He had brand new thousand-ounce bars when she was purchasing these bars at Brinks JFK, a COMEX facility. He had them stationed there. And I said to him, she'd really, can you just have them moved instead to Salt Lake City? He said, you don't want to do that. I said, well, why not? He says, because it's not a COMEX facility. I said, but what does it matter? I said, if it's in a Brinks facility in New York, gets loaded onto a Brinks truck, gets moved to Brinks JFK, never, I mean, Brinks Salt Lake City, never leaves the ecosystem. What the hell is the matter? He says, because it left the Brinks ecosystem, didn't the COMEX ecosystem. It didn't leave the Brinks ecosystem. Anyways, they say that 169 million ounces were moved into non-deliverable vaults. That means that it still exists on paper, but has been legally removed from the delivery system and can't be used for settlement unless re-registered. So, this is metal being removed from the delivery pool. This isn't defense of posturing. And you talk about a major shift. You have the biggest short, now flip-flopped into the biggest long. Now, furthering what you were talking about, if you don't mind, I'll simply say that the deliveries have been off the charts non-stop. And I've been screaming about this for the last 13 months. In just the first 12 days of the December contract, now I haven't looked over the last two days, as I have been in meetings and doing other things. And for the last 12, the first 12 days, we saw 58 million ounces of silver delivered and almost 3 million ounces of gold. Of course, contracts are being issued all day, every day. Who's got the kind of money, Adam, to take possession? Every single month, we're seeing this of 58 million ounces of silver and almost 3 million ounces of gold.