Bill’s Commentary:

“Are you feeling bad about today’s silver price action? Don’t!”

China’s Silver Price Erupts—Now a Staggering 10.5% Above the Paper Mirage of COMEX!

Arbitrage Frenzy: China and the East Are Drinking COMEX’s Milkshake as Physically Settled Markets Expose the Great Western Silver Ruse

The Silver AcademyJul 25

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The Two Worlds of Gold: Paper Promises vs. Physical Reality

For years, global gold markets have been a tale of two realities—one, an empire of paper contracts swirling through the Western financial centers, most notably the U.S. COMEX; the other, the heavy, immovable truth of actual ounces resting in vaults from Shanghai to Singapore. But what if everything you thought you knew about the “price of gold” was merely an illusion, a magic trick orchestrated in dimly lit boardrooms? Why, you have to ask, do the numbers never seem to add up when the COMEX lights go dark and real buyers in Asia step onto the stage?

How Did We End Up With 363 Paper Claims For Every Real Ounce?

Let’s pull back the curtain. For decades, COMEX has stood as a monument to leverage, with stories—often substantiated—of as many as 350 paper claims stacked precariously atop a single lonely ounce of gold. How did so much faith end up resting on so little metal? And isn’t it curious how, like clockwork, the most violent price swings or “corrections” occur during New York trading hours, when the market is most detached from physical settlement and actual delivery? What happens when the casino closes and only those with chips that can be cashed in for real gold are left standing?

When COMEX Sleeps: The Return of Honest Price Discovery

Is it merely coincidence that when COMEX slips into remission—those quiet, off-peak hours—the price of gold in the physical markets, especially in China, begins to inch upward, almost as if freed from invisible shackles? Why do we see a steadier, more rational quest for price discovery during those times, a march toward fair value that the wild paper markets so often suppress? It’s the tortoise and the hare all over again: the slow, relentless bidding for metal in Shanghai, on platforms like JD.com or the Shanghai Gold Exchange, keeps notching higher premiums over the contrived benchmarks of the West. Who is really setting the price, and who is just pretending?

China’s Grand Strategy: Turning the Tables on Western Bankers

But what if China isn’t just a passive participant in this gold tug-of-war? What if Beijing understands, with absolute clarity, the vulnerability at the heart of the Western banking system—a dependence on the illusion of infinite gold, rather than the burden of storage and delivery? Could it be that, by building robust physical markets and draining bullion from West to East, China is orchestrating its own multi-decade endgame to expose the Achilles heel of American finance? Why do you think the world’s largest hoard of gold is making its slow, deliberate journey from leased London vaults to new state-of-the-art facilities in Asia?

JP Morgan and the SLV Farce: A Fox Guarding the Henhouse

And let’s address the elephant—or perhaps the fox—in the silver vault. Isn’t it breathtaking in its audacity that JP Morgan, the same institution fined for manipulating precious metals prices, is entrusted as the custodian of the world’s largest silver ETF, SLV? How can we honestly pretend this arrangement is anything but farcical—a fox guarding the henhouse, while the rest of us are told everything is above board? When you see such blatant conflicts of interest at the heart of Western “custodianship,” do you wonder how much of the ETF really sits in physical metal, and how much is just another paper promise waiting to unravel?

The Slow March to Physical Supremacy: Can the East Force a Reckoning?

Every time the U.S. COMEX resumes its feverish, high-volume trading, you can almost hear the echo of suppressed outrage: why is true price discovery being denied? And every time the global gold price breathes again outside New York hours, you see a glimpse of what a free market could become—a patient, steady march toward actual value, driven not by leverage or algorithms, but by the elemental desire to possess real, unencumbered metal. How much longer will the facade hold, now that the East seems determined to call the West’s bluff?

Bill’s Commentary:

“OK so you are shocked… ARRESTS PLEASE! Oh, no arrests again? You are part of the “cast”?”

During my tenure here as the Deputy Director of the FBI, I have repeatedly relayed to you that things are happening that might not be immediately visible, but they are happening. 

The Director and I are committed to stamping out public corruption and the political weaponization…

— Dan Bongino (@FBIDDBongino) July 26, 2025