Silver market myths: what COMEX data actually shows

0:00I wasn't going to make this video because it's not going to make me very popular. What I'm about to tell you is not something that the silver and even the gold community wants to hear. But I believe that you need to understand the truth. I see the same myths recycled over and over again on Reddit, on X, on YouTube, in the comments, and everywhere. And these myths are going to cost regular investors some real money.

0:24Not the hedge funds, not the banks, but regular people, people like you. And look, before we go any further, let me be very clear. I own silver. I am on your side. I want it to go up. But wanting it to go up and understanding how it actually works, those are two very different things. I also want to be very clear that I'm not a financial adviser. I'm not a registered investment adviser, anything of the sort. So because I do something doesn't mean you should.

0:48But I was an investment banker. I wasn't a talking head. I wasn't a guy who read a blog and then started a channel. I was an actual investment banker sitting on the trading floor where the stuff was happening. And what did I learn in those rooms? Well, what I learned is something that does not match up with what you're being told online. It's not even close.

1:10So here's what I'm going to do for you in this video. I'm going to take the myths of the silver market apart, the ones you're seeing everywhere, and I'm going to show you what's actually true, what's half true, and what is just complete and utter nonsense. And some of you are going to love this. Some of you are going to be pissed off with me, but either way, you'll understand this market better than 99% of people screaming about it online.

1:37So if that's what you're here for, truth, put it in the comments down below. Write some truth in there. And maybe now you're thinking, who's this guy and why should I listen to him instead of my favourite silver stacker on YouTube? It's a fair question. My name is Felix Prehn. I'm a banker. I founded the Goat Academy 6 years ago, which is an education platform where we've taught over 20,000 students. Now, we don't sell silver. We don't sell gold. We don't have a coin shop. We have zero financial incentive to tell you silver is going to go up or going to go down. We just teach people how markets actually work.

2:06And what makes us different from any other channel out there talking about this? We have actual Wall Street mentors in our programme. Not former brokers, not financial influencers. I'm talking about people who spent decades in institutional banking, portfolio managers, derivative traders, market makers. Yes, even metal market makers. The guys who manipulate the silver market we're all screaming about. Yeah, I have them as mentors. They teach our students.

2:32And what I learned from these guys is that the silver market is one of the most misunderstood markets on the planet. And that misunderstanding is not accidental. It is profitable for someone. So let's start exposing that. And that back there of course is Winston, who's our gold analyst. Get it? He's a golden retriever. He does all the hard research around here.

2:54All right. So myth number 1, everyone says COMEX has almost no silver left and it's about to default, right? We've heard this a lot of times. Registered silver is collapsing. We have a gold and silver community. We have a really high value tool here. And I can see in there live registered silver went from last year from 117 million. And it's collapsing, right? It's just down to below 80 million now. 70 something million. It's really really coming down. And if it continues at this rate in 62 days, there is no more registered silver left. Right? That's the data.

3:28Look at the stress index we have on this here. Crazy, right? You can get access to this by the way. There's a link down below to this as well. It's about $620 a week. You can cancel it at any time. I believe in making institutional data affordable for people. But first, you need to understand that COMEX has two types of silver in its vaults. There's registered and there's eligible. Understanding that difference is the key to understanding what COMEX is about to run out of silver really means. It is not really quite the truth.

3:56Think of it like this. A parking garage. Registered silver, that's the cars parked in spots that say for sale. Those are the silver bars that are actively offered for delivery. And that number is about 70 million ounces right now and it's dropping really, really rapidly. But eligible silver, that's all the other cars in the garage. They're parked, they're there, they're just not currently for sale.

4:24And that number right now is, we've got it here somewhere, don't we? There it is. 250 million ounces, right? Still sitting in the vaults. So when someone says COMEX only has 79 million ounces left, it's technically correct. But they're leaving out the 250 million ounces that are still sitting there, just not available for delivery right now. Right? Those 250 million are owned by institutions and investors who can flip that silver to make it registered silver. A couple of keystrokes on a thing and it's done.

4:56So it's a bit like saying a car dealership is almost out of cars because the showroom only has 5 left while ignoring the 200 sitting on the lot behind the building. Now, does the drop in registered silver, this chart here, does it matter? Absolutely. It tells us demand for physical delivery is intense. It tells us the market is under stress, but under stress and about to collapse are two very, very different things, right?

5:22We have our own COMEX stress index for silver. It's at 95 out of 100. That's pretty freaking extreme. Paper leverage is running at 7 times. Delivery coverage is only 13%. They're real numbers. There's real pressure there. But what some of the silver influencers won't tell you or maybe just don't understand, I mean I always think people have good intentions. Mostly COMEX has never defaulted, not once in its entire history. Not in the 1980s when the Hunt brothers squeezed it like a lemon. Not in 2011. Not in 2020. Not in 2021 when Wall Street Silver went viral. Every single time people said, "This is it," COMEX found a way out.

6:06Does that mean they never will? No. But if you're betting your savings on this happening this time, you should understand the difference between a stressed system and a collapsing broken system. Is that helpful? If that's helpful, put a helpful down below in the comments.

6:23Now, before we get into the myths that are really going to ruffle some feathers here, if what I just said makes you think, okay, maybe I don't understand this market quite as well as I thought or quite as well as I want to, good. That is the whole point of this, right? That's what we do here. We take the stuff Wall Street knows and regular investors don't and then we break it down so anybody can understand it.

6:48And if you're serious about your portfolio and your financial freedom and everything else in your life, then I've got something even better for you than this particular video. I'm going to run a free training that goes far deeper into how the market actually works. And I'm going to teach you specifically Wall Street's own rules for picking stocks, for picking silver, for picking gold, for picking anything that they invest in, and how they make those decisions, how they make their selection process. And it's based on something that's 50 years old. It's nothing new, but Wall Street still uses it, and I'll teach it to you completely free of charge.

7:28No credit card, nothing required there. And all you got to do is show up on time. The rooms tend to get full. We get quite a few thousand people on those because they're super high value. So show up for yourself. If you're going to do that, write "show up" in the comments down below, and I look forward to seeing you there on Saturday, 8:00 p.m. New York time.

7:51That is now myth number 2. It's the one that really pisses me off, I must say. Everybody tells you this. There are 350 paper ounces for every physical silver ounce. The holdings are flawed and it makes me angry because it's so close to being true. And then people ruin it by exaggerating it into nonsense.

8:13So the claim is this. For every 1 ounce of physical silver, there are 350 ounces of paper, right? Futures contracts, ETFs, options, or whatever paper stuff. And therefore the entire market is a Ponzi scheme and it's going to explode. Now let me explain why this number, this 350 number, is utter guff and then I'll tell you what the real number is, which is still scary enough.

8:39So the 350 to 1 number, so 350 paper to 1 real ounce of silver, comes from taking all the notional value of every silver derivative, which is basically futures contracts, options contracts, swap contracts, doesn't really matter. And then they divide it by the physical silver in the COMEX vaults that we just looked at inside our metals minute app, right? Sounds very dramatic. It is also completely meaningless.

9:14And here's why. Let me give you an analogy. Say you own a house. So here is your house. And it's worth $500,000. Now you have a mortgage on it. You have homeowners insurance and your neighbour has a bet with his friend about what your house will be worth next year. The insurance company has a reinsurance contract on your policy. A hedge fund has a derivative linked to your neighbourhood's property value. So this is really what goes on on Wall Street.

9:54Now you add up all of those contracts and come up with a value of those, right? So maybe your neighbours, your insurance, they reinsure it and

10:04Some hedge funds and so on. Maybe you got 5 or 6 contracts and you could argue that each one of those contracts is worth $500,000. So now there is $3 million worth of contracts relating to your one little house with its one little door right now. Does that mean your house is leveraged 6 to 1? Does that mean all those contracts are going to show up and demand your living room? No, of course not. Because most of these contracts never require delivery of the house. They're financial bets. They settle in cash. Nobody shows up with a truck and wants to collect something.

10:45And the same is true for silver. Most futures contracts are closed before delivery. Most options expire when worth zero. Most swaps settle in dollars. So this 350 to 1 number treats every single one of them as if somebody is going to demand a physical pile of silver they'll stack up. It's not how it works.

11:04So what's the real ratio? And again, I've got a number for you on that. If you go into our metal minute, again there's a link down below, it's like 6 of us, 20 a week. There is leverage. It's about 7x. That's the truth. That's the real number. And 7x is still high. In a normal healthy market that would be more like 3 or 4. So the leverage is elevated. There is real stress as you can see by the extreme stress indicator, but it's not 350. It's not even close.

11:37So when somebody tells you 350 to 1, they're either confused or they're trying to scare you into buying something. In my experience, it's usually the second one. And be honest, did you think it was 350? Put 350 down there and we'll see how many people have been misinformed.

11:59Now, myth is that the Shanghai premium proves that Western silver prices are manipulated and therefore fake. And that's actually my favourite because it's probably the most sophisticated of the myths. It sounds really smart. It's mostly wrong and somewhat right. Here's the argument. Silver on the Shanghai Gold Exchange trades at a premium to Western prices. Again, we track that because it is important. I'm not saying these things are not important. I'm not saying they're untrue. I'm not saying they don't matter. But we track it.

12:29Where do we track it? Okay, I'm going to have to just hit the refresh on that particular indicator, but we do track it in there. It's about 19% last time I checked this morning. So Shanghai pays 19% more for silver than we do in the US. Now, therefore, that proves that Western prices are manipulated, suppressed, right? The real price of silver is the Shanghai price and everything else is just a lie. Well, not quite.

12:58Let me give you another analogy. Imagine you're at a concert. Outside of the concert venue, and here's the data by the way, 19% is the premium as I'm recording this. If you're outside of a concert and there's a guy selling water bottles, and how much is the water bottle outside of the gas station on the corner? It's about $2. If you're inside the venue, the water bottle is $8. It's the same water, same bottle. Now, is the gas station price real or is the venue price fake? Or is the venue price higher because you're trapped inside a building with 50,000 people that's going to take you an hour to get out and you're thirsty.

13:42So the Shanghai premium isn't telling you the real price of silver. It's telling you that silver is harder to get in China than in the West. And that's true, but the reasons matter. China has capital controls. You can't freely move money or metals across the border. Import licences are restricted and there is a lot of domestic demand. Because China makes a lot of industrial equipment. Solar panels, EVs, all that stuff. Chips and so on and all that's made in China. So there is a very strong demand for industrial silver.

14:16So does that premium tell us something important? That 19% here? Yes. It tells us that demand in China is absolutely through the freaking roof. It means physical silver is being pulled east. It means the global market is tight, but it doesn't mean that Western prices are entirely fake. It just gives us an indicator that there is a scarcity premium that reflects local conditions.

14:37Now, I can tell you silver is generally in pretty short supply around the world. Try ordering a significant quantity from somebody and they'll tell you it'll take 3 months. But that premium is somewhat artificial. It's an indicator. It would usually be more like 3 or 4%. The moment that's 19, so again tells us something useful, but it doesn't prove that Western prices are going to have to go up, which is what a lot of people are telling me.

15:04Is this useful? Shall we continue? Put a U or a useful in the comments down below. If not, I'll stop making these kind of videos because I also just don't want to annoy people unnecessarily. But let me walk you through myth number 4. Jane Street is the biggest holder of SLV, which is the biggest silver ETF, and therefore smart money is loading up on silver. They know it's going to explode, right?

15:27Okay, this one annoys me because it's not just wrong, it's backwards. Jane Street holds about 20 million shares of the SLV ETF, which is an index fund that tracks the silver price. They're the single largest holder. Now the silver community has taken this as gospel proof that the smartest trading firm in the world is betting on silver to the moon.

15:55Now if you understand what Jane Street actually is and what they actually do, you will understand this better than 99.9% of people out there and maybe you can share it with some other people to help them. Jane Street is a market maker. They don't make bets on whether silver goes up or down. They make money on the spread, which is a tiny gap.

16:19So say you're paying $70 for your silver. That's your price. They will buy it from you at say $69.70 and they'll sell it to you for $70.10. So there is a tiny gap between the buy and the sell price and we call this the spread. And they make that money. They are the casino. They're not the gambler.

16:48So think of it this way. You walk into a currency exchange at the airport. Don't, by the way, I find out they make about an 11% markup. But say you're going to Europe and you want to buy some monkey money. So what will they do? Well, they will buy your euros at $1.08 real money and they will sell it to you at $1.12. Now they don't care which way the euro goes, up or down. They just make money on this 4 cent gap every single transaction, thousands of times a day. That's Jane Street.

17:31So when Jane Street holds bucketloads of a silver ETF, they're not doing it because they're bullish on silver. They hold those shares because they need to own something to be able to make the market. And if they hold that many shares, it often means they're hedged in the opposite direction. Market makers hedge. That's what they do. They might be long on SLV and they might be short on silver futures or options. So their net exposure to silver is probably zero. That's what they do.

18:05And what I learned from my mentors, the guys who teach my students, when a market maker's position gets this large, it doesn't tell you anything about direction. It tells you about volume. It tells you there's a lot of activity, it tells you it's probably going to move a lot, but it doesn't give you any directional guidance.

18:23If you want to learn from those kind of guys, potentially 1 on 1, literally have that 1 on 1 conversation about your portfolio, then show up for free on Saturday and I'll tell you a little bit more about that. But mostly Saturday is about teaching you how to make better decisions about what to buy, when to buy it, the way Wall Street does. So think about people like Jane Street as the plumbing. They don't care what goes through it. That's a strange analogy, I get that.

18:49Okay, myth number 5. Couple more to go. This time, COMEX can't stop the squeeze. The system is breaking. There's nothing you can do about it. And I kind of love it because it reveals a beautiful innocent faith in the idea that financial markets are fair. They're not. And if you understand that, I mean truly understand that, you will make much better decisions.

19:10So let me walk you through COMEX's toolbox. The things they have already done in the past and will definitely do again if they feel threatened. Tool number 1, they simply raise margins. Remember December? They'll do that a lot. It's the easy option. They used it many times in 2011, 5 times in 8 days. What does it mean? It means they basically make it dramatically more expensive to hold leveraged silver positions, which is what the traders do. So the traders suddenly have to come up with millions more dollars literally in cash overnight. They can't do it. So they have to sell, price crashes.

19:45It's like a casino changing the minimum bet. Say a poker table, it's now not $100 but it's now $10,000 in the middle of the hand. You can't afford the new minimum. Well, you're folding. You're out. And then suddenly there's nobody left at the table except the biggest player. Beautiful, isn't it? If you're the casino.

20:03Position number 2, they can cap how much any single entity can hold. They can literally put positions in there. Oh, you want to buy 100,000 contracts of silver? Sorry, the limit is 5,000 now. Since when? Oh, we just came up with that like just 2 minutes ago. That's number 2. Number 3 is they force cash settlement and people just don't talk about it. COMEX contracts have

20:29The right to settle in cash instead of physical metal. So you're thinking, oh well, if all those contracts are there then we're going to run out of the shiny stuff, right? The silver bars. But COMEX just say, no, you're not getting any silver bars. You're getting dollar notes. That's it. So even if every single contract demanded delivery simultaneously, which has never happened, they could say, "Here's your money. There's no silver. Go away."

21:01Is that a default? Is that something wrong? Technically, no. You agreed to the terms. Cash settlement is in the contract. You just didn't read the fine print because it's probably really tiny and really boring, right? But it's there.

21:12Tool number 4, they just close the market. Yeah, they can do that. And then number 5, they can change the rules if 1 to 4 doesn't work. COMEX isn't a government institution. It's owned by CME. You can buy shares on them. It's a private company. They can change the rules. They've done it before. They did it in the 80s. Literally, when the Hunt brothers cornered the market, they just changed the rules and it was legal.

21:43So when someone tells you they can't stop the silver squeeze, they've done it many times, multiple times with tools that still exist, they will use them again or they'll make up new tools. Now, does that mean silver can't go up? No, silver can absolutely go up or down. But the idea that COMEX will just sit there, let itself be destroyed, that really is naivety or ignorance.

22:08Now, do you think this is incredibly unfair? Put it in the comments down below. Put "unfair" in the comments down below if you think it's incredibly unfair. And I agree with you. But you see, the market isn't fair. Does that mean we can't make money in the market? No, we can make a lot of money on the market, but understanding the real system rather than the idealistic thing makes it a lot easier in my humble opinion.

22:28So, here's myth number 6. Industrial demand for silver is so high the market has to break. Think about this. Solar panels, EVs, AI, right? They all need silver. There's no substitute. This is the most seductive myth on the list because the underlying trend is real. It's undeniable. Industrial demand for silver is massive and growing. Solar panels use silver for connectivity. Electric vehicles use silver. 5G infrastructure, AI data centres, medical devices, silver is everywhere. Missiles. And unlike gold, which mostly sits in vaults looking very pretty, silver actually gets consumed. It gets destroyed and manufactured.

23:09That's all true. It's a legitimate long-term bullish thesis for silver. And I'm not arguing with that. That's true. But I'm arguing with the timeline. The silver community has turned "industrial demand is growing" into "industrial demand will force a delivery crisis on COMEX this month." And that's a very different claim.

23:30Here's what the industrial demand bulls get wrong. First, industrial users don't typically buy silver on COMEX. They have long-term supply contracts with mining companies and refiners. Toyota doesn't log into COMEX's website and buy futures contracts, right? They have a supply agreement with a refiner who sources from mines in Mexico and Peru.

23:51You want to track the mining world, just go into our Metal Minute tool and just toggle on the mining operations around the world. Look where that silver is coming from. Right, Mexico? Is everything looking there all right? Is there anything going on there? Was there maybe an earthquake nearby somewhere, right? We get those a lot in South America for example. They got all those little earthquakes, right? When those get bigger, that's quite a big one, 5.6, right? That can have a big impact on large mines.

24:19Now this is a copper mine for example, right? And we have most of the major mines on this map. We're going to keep adding more and more to them. And it gives you a pretty good insight into what's actually going on there. And then you can also keep up to date with all the mining related news, right? Literally all the mining related news in the world that's happening minute by minute as it comes in here. So that's part of our little tool there. Links down below in the comments.

24:42But COMEX is a financial market. Industry operates in the physical market. They're connected. Price is connected but they're not the same. And substitution, so replacing silver, is hard but it isn't impossible. So, if silver goes to say $200, every single industrial user is calling the R&D department and saying, "Find a freaking alternative."

25:07Right now, if silver is 50 bucks, it's not worth it. They're not doing it. But at $200, you're going to be spending a lot of money on finding that alternative. And there are alternatives. Copper, aluminium, graphene, carbon, all that stuff. But none of them are as good. But they don't necessarily need to be as good as silver if they are significantly cheaper.

25:33The next thing also is that if prices really do go to $200, silver recycling is going to go through the roof because there are millions or billions of ounces of silver sitting in landfills, old electronics, old solar panels, a lot of stuff. And there is recycling, but it isn't really worth digging up a lot of that stuff. So, if that happens, that would again bring in some supply. Not quickly, but it'll happen.

25:55So, we're seeing a slow burn, not a detonation. Yes, I believe it supports a gradual price increase over years and decades. Not promising you that. I haven't got a crystal ball, right? He keeps eating them. But the idea that COMEX is going to run out because of solar panels isn't really going to happen, right? And people selling you urgency, look for it. Always follow the money. That's what I always say. Whatever happens in the world, whatever happens in the news, whatever someone says, follow the money.

26:24Now, my number 7 myth is the 4 most expensive words in the English language. And one of my early banking mentors banned this, burnt it into me. This time is different. It never is. Every time silver runs up, the same words come out. Every time people believe in them with their whole hearts, and every time they get hurt, right?

26:451980. This time is different because the Hunt brothers cornered the market, right? Silver hits $50 back then and then it crashed down to $10. The rules changed. The squeeze got crushed. 2011, all about money printing. It is different this time because of money printing. Silver hit $50 again, went back down to $14. 2021, different because we now have Reddit, right? Silver spiked, went sideways for years. COMEX won.

27:12And now 2025, this time is different because Shanghai premiums, supply chain stress, solar panels, de-dollarisation, China, right? And look, I want to be fair because some of those things are genuinely different. The stress numbers are real. The demand is real. The industrial consumption story is real. The geopolitical environment is more unstable than it has been in a very long time.

27:32But the mechanism everyone is betting on, a forced delivery failure on COMEX leading to this price supernova, that mechanism has been predicted for many decades and it always fails to materialise because the people who run these markets always find a way to manage it. And I know because I talk to those people.

27:52So the question isn't whether the fundamentals support higher silver prices. I think they do. I think silver prices should go higher. I own it. I'm buying it. I'm quite happy with it. But the question is whether you should bet your financial future on one specific failure scenario that has basically a zero historical track record. And I think you know the answer to that. Obviously you got to come to that conclusion yourself.

28:15All right. So I've just spent a lot of time telling you all the things that I think are wrong in the silver narrative. Now let me tell you what I actually think is going to happen because I'm not a silver bear. I would say I'm a silver realist. And realists still make money, right?

28:29So this is what we call a probability matrix. It's how institutional analysts, people with lots of money on the line, think about silver right now. Not hope, not some narrative, not some story, probabilities. So we got some scenarios here.

28:46Scenario 1, full delivery failure. COMEX actually runs out of silver. Contracts can't be honoured. System breaks and we get a silver price of $150 to $200. Honestly, probability, I would say 5 to 10%. Yeah, I think it's near zero if I'm truthful with you because every tool in the COMEX toolbox exists to prevent this, right? Margin hikes, cash settlement, rule changes, they can just stop trading. They would burn the house down before letting it collapse. Could it still happen? In theory, but it's very, very unlikely.

29:21Scenario 2, we get a managed squeeze. And this is where it gets a bit more exciting for us. Prices rise significantly. Physical markets tighten, but the exchanges still manage the situation. Orderly cash settlements, maybe some emergency rule changes. So it overshoots, it corrects to a new higher price range. So we're looking at $80 to $120 here, right? We hit $120. We've come back down.

29:49Obviously, to me, this is the most likely outcome. If the stress continues increasing I would say 30, 40%, maybe even a little bit more, it could even be 50%. And it's very tradable. And if you want to learn how to make it tradable, again show up on Saturday, felix/training, I'll teach you. And the current stress indicators are very real but I think the system can absorb it.

30:13Scenario 3 is status quo, which is a very fancy way of saying same same, which is what they tend to say in Asia. Prices fluctuate, silver trades in a range, $50 to $80. This is quite likely. This is I think where most market makers are positioned right now. We're looking at 35 to 40% here, likelihood of that happening. It's not great content for YouTube but it's the base case, right?

30:40Just flattish, gradually increasing market. And then the fourth scenario, this one here, the deflationary shock. A recession hits, credit tightens, banks stop lending, risk assets sell off, and silver gets caught in this liquidation event just like it did in March 2020 when it dropped to $12. So even in a structurally bullish market, short-term shocks can crush the price of silver.

31:06What's the likelihood of silver going below $50? 10, 15%, it's definitely there. It's not super high, but it's also not zero. And if you're 100% in silver, no hedging, that scenario ruins you.

31:22So what's the play? Institutions position for multiple outcomes. They might own some physical silver for the upside. They might use some options for some leverage. They keep some cash for the dips. They hedge the extreme risks very, very cheaply. And that's what everybody should do. It's not buy silver and pray for a COMEX collapse. Instead, it's own silver as part of a strategy that accounts for the world being more complicated than a YouTube thumbnail.

31:50And is it more complicated to do that than to just hit buy? Yes. Can you learn it? Yes. Does it mean you need to be a genius? No. But you probably need somebody to teach it to you.

32:02So the bottom line, I think the silver case is real. I think a COMEX collapse isn't going to happen. The system is stressed, it isn't broken. Is it useful to understand how stressed it is? Yeah, which is why we track it. We have another cool tool, by the way. You can do this on your phone. It's actually really cool that way. You can just start with a receipt and just pump it in there.

32:27Say silver purchase receipt. Let me find one. Okay, here's one. Let me just save that image. Actually I'm just saving this as an example. So you click on "got receipts." You can also take a picture on your phone obviously and you just upload that crappy looking picture, which would be quite similar to what you would take. And it says that look, you bought this $35.6 per ounce. Must be a very old screenshot.

32:58I didn't add it to the stack, did I? What did I do? Is it already there? My stack. Yeah, there it is. Stack value is now here. And it tells you that over time what happened, how it's outperformed the market. And you can do that with all your silver, all your gold. It'll show you the holding there really quick just with a screenshot. And you can also add it manually if you wish. You can just select what you bought, what you own. You can upload a spreadsheet. You can even scan a handwritten statement, which is very cool.

33:29So it's a really nice way to keep track of what you actually own over time because I know it's very difficult to do this. Again, it's part of the Metal Minute, $6 a week type thing. That's down there. I hope this has given you some value. If it has, please share it with other people who might not like to hear it, but hopefully will absorb some of the information so they can make better decisions.

33:49And if you want to learn how actually institutional investors, the buggers on Wall Street, make these decisions, decide what to buy and when, come and join us on Saturday live. Winston will be there, felix.org/training. Any final words, Winston, on the silver markets? Winston, come on. No, I think he's more of a gold specialist, don't you think? Yes. Yes.

34:12All right, take care. If you own gold or your retirement account has exposure to any precious metals, you just lost more money in a single week than at any point in the last 43 years. Know that's