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

Commodity Culture Sep 18, 2026 38:36

Summary

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.

Alasdair Macleod's takeaways

  • Top takeaway Macleod is cited as putting a roughly 18-month timeline on the end of the fiat currency system, which Steer endorses as 'probably very close to the truth'.
  • Steer credits Macleod with the view that China has quietly accumulated more than 20,000 tons of gold, well above its officially reported reserves.

Ed Steer's takeaways

  • 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.

Jesse Felder's takeaways

  • Top takeaway Felder presses Steer on the 2026 silver supply deficit of 46 million ounces and whether the physical shortfall can overwhelm paper-market suppression by the bullion banks.
  • Felder raises the Rand Paul Fort Knox walkthrough, references his recent on-air interview with James Rickards on gold revaluation, and questions whether the Fed and other Western central banks will ever reprice their gold.

James Rickards's takeaways

  • Top takeaway Rickards is cited as saying a Fed gold revaluation is technically possible but authorities won't pursue it because it would acknowledge gold as money, and that even a hypothetical 15,000 to 20,000 dollar revaluation would be a 'drop in the bucket' against US deficits.
  • Rickards also argues that once investors realize there is no off-ramp in the Middle East conflict, the war will flip from a headwind into a tailwind for gold and silver, a view Steer says he agrees with '100%'.