The Fed ends its balance sheet wind-down on December 1.
QT is over.
Translation?
💸 Liquidity is coming back.
The era of “tightening” quietly flips to loosening.
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At the same time…
December is the front & delivery month at the COMEX.
That’s when the biggest physical deliveries take place.
And London (LBMA) is already running low. 👇
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📉 TF Metals Report:
London silver stocks drawn down again in October
46 M oz drained from New York
22 M oz drained from Shanghai
Part of that metal was shipped to London just to keep it alive
You can’t print silver.
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Now connect the dots:
Fed stops tightening → dollar liquidity expands.
LBMA is bleeding physical.
COMEX heads into a major delivery cycle.
Liquidity floods the system.
Metal leaves the vaults.
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Every previous QE cycle sent gold and silver higher.
But this time the physical side is already dry.
No buffer, no stockpiles, no rescue from Shanghai or NY.
This is where paper meets scarcity.
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When fiat expands and metal disappears,
price is the only relief valve.
That’s why December might be remembered as the month the “paper illusion” cracked again.
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They’ll call it “liquidity management.”
We’ll call it what it is:
The start of QE 5 — and the beginning of the next silver storm.
🧵 China’s New Gold Rules: Bloomberg calls it a setback — but it’s actually a cleanup. 🥇🇨🇳
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Bloomberg says “China ends gold tax break.”
Reality? China just made it easier for ordinary people to stack gold legally and tax-free.
Let’s break it down 👇
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From November 2025:
🔹 Annual tax-free limit for personal gold sales jumps from 200 000 RMB ($27 k) to 500 000 RMB ($70 k).
🔹 That means millions of Chinese can now buy, hold, and sell gold without paying VAT or income tax.
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Plus — a brand-new tax deduction for gold investors.
If you invest through official channels (bars, ETFs, SGE), you can deduct 10 % of your annual gold investment from your taxable income.
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Yesterday’s Open Interest jumped +1,892 contracts — clear signal that new money entered the market, not just short-term traders rolling positions.
Today? Price dropped to $48.68, only to bounce hard back above $49.00.
That’s not random. That’s buyers defending the floor.
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When price dips with volume rising and open interest expands, it means someone’s accumulating — not running away.
Add to that 819 EFP contracts yesterday (exchange for physical).
Translation?
They’re moving silver off COMEX and locking in real metal.
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The pattern is classic:
💥 Manipulative drop →
💪 Strong defense →
🔥 Short squeeze setup.
You can almost feel the tension.
If $49.00 breaks cleanly, next targets sit at $49.40–$49.60, and beyond that… the shorts will start sweating.