🧵 | Why London “needs” COMEX silver
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Let’s be clear:
London doesn’t need silver to trade it —
it needs silver to survive its own lie.
#Silver #LBMA #COMEX
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LBMA runs on “unallocated” paper promises.
No one actually owns metal — they own a claim on a claim on a claim.
When someone dares to ask for real bars, the vaults suddenly “need a few days.”
Cute.
3️⃣
So what happens when those requests pile up?
They call New York.
COMEX “lends” metal — not sells it — so London can pretend it’s solvent for another week.
4️⃣
It’s not liquidity.
It’s life support.
A transfusion from one dying patient to another, so both can tell the world they’re “healthy.”
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Meanwhile, every physical ounce leaving NY is one step closer to revealing the truth:
there’s not enough silver to cover the paper.
Not even close.
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LBMA and COMEX aren’t markets — they’re a cartel of promises.
They move metal around like props on a stage.
The audience sees silver.
The backstage sees panic.
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So yeah, London “needs” that metal.
Not to trade it — to hide the shortage long enough for another press release about “robust liquidity.”
8️⃣
But hey — keep stacking.
Because when the curtain drops,
the only thing left standing will be the metal in your hand. 🪙
#SilverSqueeze #StackerLogic #LBMA #COMEX #Silver
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Thread 🧵 | David Jensen: The “London Promissory Note Market”
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Mining executive & metals analyst David Jensen (@JensenStrategic) says it plainly:
The LBMA isn’t a bullion market — it’s a promissory note factory.
Unallocated paper claims there are orders of magnitude larger than COMEX futures.
#Silver #Gold #LBMA
2️⃣
LBMA’s spot market trades over 300 million oz of silver daily, equal to 3 billion oz turnover —
in a world that mines ~850M oz per year.
That’s not “liquidity.”
That’s leverage on promises.
Meanwhile, COMEX averages just 100–200k contracts daily (~0.5–1B oz).
3️⃣
For gold, London holds ~385M oz in paper claims vs 280M oz in vaults, much of it locked in ETFs or leases.
Translation: the “physical” market is a spreadsheet illusion.
COMEX may set headlines,
but London sets the price — on paper.
🚨 LONDON SQUEEZE: $50+ silver, spot > futures, shorts bleeding. Physical rules the game. #SilverSqueeze
1/ London just flipped the board. Spot in London trades above NY futures, liquidity is vanishing, and shorts are paying eye-watering borrow to survive the roll. This is not a drill.
2/ Overnight borrowing costs have spiked to triple-digit annualized in the tightest moments. That’s what true scarcity smells like: pay up or get out.
3/ Traders are literally booking transatlantic cargo slots. Estimated 15–30 million oz are being lined up to fly/sail from New York to London to capture the premium. Physical arbitrage in real time.
🧵 Reflection: What if China’s negative silver premium means something else? 🐉
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Lately, the Shanghai Gold Exchange shows both gold and silver trading below international prices.
Silver premium: −4%
Gold premium: −1%
It’s a reversal — for months China was paying above global prices for physical metal.
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At first glance, it looks like falling demand.
But SGE isn’t a free market — it’s guided.
So what if the “discount” is deliberate?
A quiet policy choice to give domestic households a window to accumulate metals at lower prices.
3️⃣
China has done similar things before — letting citizens buy when the rest of the world was distracted.
Later, when premiums rose again, the metal was already in strong hands.
What if we’re watching the same playbook unfold, again?