Ed Steer

SILVER Manipulators To Be 'Overrun' as Rush Into Metals Sends Prices Soaring: Ed Steer

• Top takeaway Steer's top call is that bullion banks are actively suppressing precious-metals prices through spoofing and bid pulling on the COMEX, and that once physical metal runs out, just 1 to 3 percent of the public rushing in will 'send prices to the moon' and overrun the price managers.
• He frames a structural silver supply deficit forecast to widen to 46 million ounces in 2026, layered on roughly 53 million ounces added by the Shanghai Gold Exchange and Shanghai Futures Exchange since late February, as China quietly squeezing the silver market through accumulation.
• Steer calls gold and silver mining equities 'horribly undervalued,' arguing share prices should be two to three times current levels because bullion banks have been actively managing miners down since mid-September of the prior year.
• He argues the suppression will eventually fail because central banks themselves are stacking roughly 1,000 tons of gold a year and global investors are repudiating Treasuries as a 'certificate of confiscation,' pushing into hard assets.
• Steer frames the next eighteen months as the likely window for the fiat system to break, citing Macleod's timeline and the view that once people accept inflation as permanent policy, the stampede into precious metals will overwhelm the authorities.

Ed Steer says bullion banks are capping silver more brazenly than in 25 years — using spoofing and bid-pulling to hammer back rallies. A sixth straight supply deficit — ~46 million ounces projected for 2026 — meets Chinese exchanges quietly absorbing another 53 million ounces since February. Steer reads a persistent ~13% Shanghai-COMEX premium as proof physical and paper silver are pricing the metal in two different markets. Mining equities are 'horribly undervalued' in Steer's view — share prices actively managed down since September 15, 2025, even as producers print record earnings. Steer expects just one to three percent of the public shifting into gold and silver to overwhelm the manipulators within roughly 18 months.

"Nothing Would Surprise Me" As Currencies Blow-Up & Metals Take Over | Ed Steer

• Top takeaway The guest argues the major Western bullion banks face a Bear Stearns-style failure if silver blows through $100 and gold through $20,000, because the money simply does not exist to cover those short positions.
• He believes a confluence of unusual signals - a 23% drop in SLV short interest (the largest in a long time), a surge in October silver call options at $92 and $100 (each near 10,000 contracts, up from a few hundred), and commercial shorts near record lows - points to a major repricing of silver and gold by year-end.
• He warns that to save the bullion banks from collapse, authorities may shut the COMEX and LBMA and let Shanghai, as the largest physical producer/consumer hub, take over precious-metals price discovery.
• He points to the sixth straight year of a structural silver deficit - estimated around 46 million ounces by the Silver Institute - alongside stealth buying in silver equities (up 29% month-to-date and 7.18% year-to-date as of August 12, 2026) as evidence of an imminent supply crunch.
• He argues that nothing would surprise him from Western governments, the SEC, the DOJ, or the CFTC if the banking system is threatened, and that physical metal in hand is the only protection against a great taking or fiat-currency collapse scenario.

Silver is in its sixth consecutive year of structural deficit. The Silver Institute pegs it near 46 million ounces, the tightest supply backdrop in years. Open interest in $92 and $100 silver call options for October has surged to roughly 9,000-10,000 contracts, an unusually heavy bet on a non-delivery month. SLV (iShares Silver Trust) short interest fell 23% in the latest report, the steepest single drop in years and a sign of commercial unwinding. COMEX (main U.S. metals futures exchange) commercial shorts sit near record lows in silver. That setup has historically preceded major precious-metals rallies. Steer warns a short squeeze could shift price discovery from COMEX and the LBMA (London Bullion Market) to Shanghai if bullion banks buckle.

Insiders Are Betting Millions On Gold Reset By Year-End | Ed Steer

• Top takeaway Steer argues the tens of millions of dollars placed in far out-of-the-money gold calls at strikes from $6,000 up to $20,000 show big money betting gold moves dramatically higher by year-end, and he doubts anyone short of the Federal Reserve or Treasury could absorb the losses if gold ever hit $20,000.
• He reads the Commitment of Traders data as showing the big eight commercial shorts 'got stuffed': their silver short grew from an April low of about 43,600 contracts to about 48,000, and their gold short rose from 162,000 on May 26 to 193,000, because new longs kept arriving even as prices were pushed lower.
• He stresses that, unlike every episode in his 25 years of watching these markets, non-commercial traders bought into the decline instead of dumping longs and going short, and he suspects they are the same money behind the $20,000 strike calls.
• He describes the end-of-January collapse, when silver fell almost $40 in two to three days, as engineered through bid-pulling, spoofing and CME margin increases, and calls it a foreshock of the broader price reset he expects in precious metals and other commodities.
• He expects China's move to end paper and naked futures trading on the Shanghai Gold Exchange to shift metals pricing from West to East, and says a reset bringing three-digit silver and four- or five-digit gold is a matter of when, not if, possibly before the December options expire on November 24, 2026.

Traders have placed tens of millions into December gold call options at strikes from $6,000 to $20,000, betting on sharply higher prices. Commitment of Traders data (who is long or short) shows big commercial shorts growing even as prices fell, meaning new buyers keep absorbing. The guest argues January's silver crash, driven by bid-pulling and margin hikes, was a foreshock of a broader precious metals price reset ahead. Three banks ending naked (unbacked) futures selling on the Shanghai Gold Exchange signals pricing power shifting from Western paper markets to Asia. Whoever is writing these deep calls faces huge losses if gold reaches those levels, which is why the guest watches the short side.

Gold & Silver Just Had The "Mother Of All" Washouts! What Happens Next? | Ed Steer

Steer argues that the recent sharp plunge in gold and silver prices is a classic shakeout event, not a bull market reversal, driven by commercial traders covering short positions. Commitment of Traders data now shows historically bullish positioning, which Steer cites as evidence that commercial traders have largely exited their shorts, clearing the path for a rally. Steer points to large call options betting on $10,000 to $20,000 gold by December and speculation around a potential gold-backed Treasury bond as signals of an approaching monetary reset.

'Pick a Number' on SILVER as Shorts Set to BURN in 'Unstoppable' Rally: Ed Steer

Ed Steer argues that commercial traders' massive short positions in silver are approaching an unsustainable endgame that could force a dramatic price squeeze. Shanghai silver premiums signal that physical demand in Asia is pulling away from Western paper pricing, potentially shifting global price discovery to China. Analyst calls from Michael Oliver ($300-$500 silver) and Ed Dowd ($10,000 gold) frame a macro thesis where precious metals overtake traditional reserve assets.

CHINA VS COMEX: New Singapore Exchange Shocks Silver Market | Ed Steer

Massive silver short positions by bullion banks are colliding with accelerating physical demand from Asia, potentially creating a historic short squeeze. China is systematically draining physical silver inventories from COMEX, London, and global vaults, signaling a major shift in financial power eastward. New Asian trading systems like the Singapore and Shanghai exchanges are challenging Western metals pricing dominance and accelerating physical supply tightness.

Most Bullish Silver Setup Ever: MOONSHOT Rally Ahead | Ed Steer

Ed Steer details decades of gold and silver price manipulation by the 'Big 8' commercial traders on the COMEX, explaining how paper contracts suppress prices despite structural physical deficits. Analysis of Shanghai silver premiums reveals disappearing physical metals across global markets, suggesting silver should already be priced in triple digits based on supply/demand fundamentals. Unprecedented futures market setup signals an explosive move ahead, with physical delivery mechanics potentially triggering a market shock and moonshot rally in precious metals.

$200-$300 Silver Amid Supply Brick Wall | Ed Steer

• Top takeaway Steer argues that silver and gold miners are being actively suppressed — the silver-miners/silver ratio has collapsed from 1.58x in mid-September to 1:1, with silver miners now at 0.72x and gold miners at 1.46x, far below the 2-3x multiple typical of a bull market.
• He points to extreme exchange and ETF outflows as evidence of physical scarcity: 37.7M ounces left global ETFs in four weeks, COMEX shipped 30M+ ounces YTD, and SLV carries a 62.49M-ounce short position with no backing metal.
• Steer expects a discontinuous upside 'brick wall' event that could push silver to $150–$300/oz, citing a Bank of Montreal scenario projecting silver at $220 by 2027.
• Despite the suppression thesis, Steer is 'all in' on both physical metal and miners and tells value investors to split capital evenly, on the view that miners should trade 2-3x current levels once suppression breaks.

Ed Steer argues silver mining shares are suppressed to a 1:1 ratio with physical silver, breaking the historical 2-3x leverage pattern. The Global X Silver Miners ETF-to-silver ratio collapsed from 1.58x in mid-September 2025 to 1:1 by January 28, 2026. ETFs and mutual funds shipped 37.7 million ounces of silver in four weeks; COMEX alone shipped 30+ million ounces since January 1. SLV's reported short position stands at 62.49 million ounces owed, with no physical silver backing the shorted shares. Bank of Montreal's bullish scenario projects gold at $8,650 and silver at $220 by 2027.