39% of Funds Hold Zero Gold | SLV Loses 192 Tons | Silver Lease 7%+ | Rand & Tanaka Selling Out — The Reset is Already Underway

39% of fund managers have zero gold. 

And per Rick Rule, the 4-decade average U.S. allocation to precious metals is ~2%, while today it’s <0.5%.

That’s a four-to-one underweight. We’re not “late”—we’re pre-game warmups. Markets are now addicted to more and more debt for less and less growth.

To avoid recession, policy keeps juicing credit and expanding money supply. That math forces real assets higher over time—not as a trade, but as a mechanical response to currency dilution.

This isn’t “a gold rally.” It’s Phase 1 of a monetary regime change. The crowd is still out of position, the pros are underweight, and the referees are buying the field. Early innings.

Snider’s Signal: Why USD/CHF Matters 🚨

• Swiss yields back negative = global slowdown locked in. 

  • The safest balance sheet on earth is screaming that central banks — Fed included — will be forced to cut harder than they admit.

• CHF = crisis money. 

  • When stress hits, capital sprints into Switzerland.

  • A stronger franc + negative Swiss bills = investors paying premiums for the “safest cash.”

  • That always foreshadows UST rallies, curve steepening, and risk tremors.

• Markets > models. 

  • The Swiss curve has a history of leading Treasuries.

  • Forget Fed speeches — the market already knows where policy is heading.

👉 Dashboard takeaway:

• USD/CHF sliding toward 0.80 = systemic stress.

• Swiss front-end < 0 = collateral scarcity + U.S. cutting cycle risk.

• Layer that with negative swap spreads + drained RRP, and you’ve got an early siren.

Bottom line: If CHF strengthens while Swiss bills stay negative, the market’s telling you the credit machine is seizing — and flows will ricochet into Treasuries first, then gold and silver as the ultimate trust assets.

🔹 Liquidity & Funding Stress

🔹 Silver & Gold Market Stress

🔹 Global Yield Stress

🚨 South Africa just joined the shortage wave: Rand Refinery, the world’s biggest supplier of Silver Krugerrands, is officially sold out.

Here’s the read-through:

• This is Japan, all over again. 

  • Yesterday, we saw Tanaka suspend sales of small bars as Japanese savers lined up around the block.

  • Now, South Africa — the very source of silver coins themselves — can’t keep up with retail demand.

• Retail stress = the truth leaks out. 

  • COMEX, LBMA, OTC markets can bury stress behind paper and swaps.

  • But when the refinery that mints the coins runs dry, there’s no hiding it. Empty vaults speak louder than any futures chart.

• Early innings of panic. 

  • Deliveries are being “deferred” — that’s code for we don’t have it yet.

  • The next shipments might buy time, but once global shortages stack (Japan + South Africa + Germany + more), the psychology flips.

  • People stop asking if supply will vanish and start assuming it already has.

👉 Read between the lines: First Japan, now South Africa. The cracks are spreading. These aren’t isolated retail hiccups — they’re signals of a system running on fumes. You do not want to be the one chasing ounces when the parabolic rush begins.

Here’s what this SLV outflow really signals when you read between the lines:

• 192 metric tons gone in a week → That’s not “investors shifting allocations.” That’s physical metal leaving JPM’s LBMA vaults, shrinking the pile backing paper claims. That’s ~6.2M oz in a few days.

• Violent daily swings in SLV shares (up 5–6M, down 8M+) → tug-of-war between inflows and redemption pressure. But when the dust settles, metal left the vault.

• Free float up = paper claims rising vs. physical metal falling → the opposite of stability. It’s leverage without the underlying.

• Context matters:

  • Retail shortages (South Africa + Japan) are emerging at the same time.

  • Lease rates at 7%+ confirm banks are scrambling to borrow.

  • COMEX registered just saw a big single-day dip.

This is how cracks show up before a reset: paper silver sloshes around violently, while physical availability thins out.

👉 Read between the lines: These outflows aren’t noise—they’re signals that silver’s paper façade is bleeding metal underneath. Once redemption pressure collides with retail panic and industrial demand, the “warehouse illusion” disappears. That’s when the game shifts from charts to survival, and the physical market takes control of the price.

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Luke Lovett
Cell: 704.497.7324
Undervalued Assets | Sovereign Signal
Email: [email protected]

Disclaimer:
This content is for educational purposes only—not financial, legal, tax, or investment advice. I’m not a licensed advisor, and nothing herein should be relied upon to make investment decisions. Markets change fast. While accuracy is the goal, no guarantees are made. Past performance ≠ future results. Some insights paraphrase third-party experts for commentary—without endorsement or affiliation. Always do your own research and consult a licensed professional before investing. I do not sell metals, process transactions, or hold funds. All orders go directly through licensed dealers.