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.
2️⃣
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. 👇
3️⃣
📉 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.
4️⃣
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.
5️⃣
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.
6️⃣
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.
7️⃣
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.
1️⃣
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.
2️⃣
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.
3️⃣
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.