🚨About 26% of COMEX Available Silver Was Just Claimed. SHFE Silver At Lowest Levels Since July 2016. Gold And Silver Are Warning Of A Major Risk-Off Event. Bitcoin Performing Like A Risk-On Asset, Not A Store of Value.

Wed–Fri Dec ’25 delivery data shows 7,330 contracts already requested for delivery = 36.65M oz.

COMEX registered silver is ~138.28M oz.

That means one player (or a few) just claimed ~26% of all metal that’s actually available for delivery on COMEX.

Now line that up with the rest of the puzzle:

• LBMA: no timely vault reporting, rising lease rates, and constant “whisper” that London is sourcing from COMEX/SHFE just to stay alive.

  • Even if they’re not literally at zero, they’re clearly tight.

• SHFE: inventories on track to be drained within ~2 months if current drawdown continues.

  • China is already paying premiums and arbitraging physical.

Read between the lines:

A big whale just front-ran the entire system, locking in a quarter of COMEX’s deliverable silver while London is opaque and Shanghai is running dry.

That’s not “speculation,” that’s a slow-motion bank run on the global silver float.

Paper can roll, spin, and stall, but if this tempo keeps up, every new delivery demand will be fighting over a shrinking pile of real bars—and that’s how you get violent repricing, position failures, and a full-blown monetary moment in silver.

China’s silver inventories aren’t “low.”

They’re drained to the floorboards — down 86% from the peak and now sitting at levels not seen since 2016.

Gold? Same story.

SHFE and SGE are bleeding metal out the door to London because the LBMA blew through its stockpile months ago when lease rates went vertical.

That was the tell: LBMA is no longer setting global prices — it’s scavenging for supply.

And here’s the punchline:

Global silver is priced by three venues:

• COMEX

• LBMA (now effectively a passthrough)

• SHFE

LBMA is crippled.
SHFE is nearly empty.
COMEX inventories are collapsing while whales stand for delivery.

Silver at $57–$60 isn’t the move.

It’s the opening act of a global repricing when physical finally rips the pen out of paper’s hand.

Katusa called it perfectly:

“Where the ceiling just became the floor.”

Welcome to the phase transition. The era of true price discovery.

It’s the market’s first gasp of oxygen after 5 and a half decades underwater.

Gold and silver are screaming that the system is straining.

Crypto is already wobbling. Equities are levitating on leveraged fumes.

When stocks finally crack, the entire risk complex will get liquidated—crypto first, everything else second—as the yen carry trade, margin loans, and global leverage unwind in real time.

The metals are the canaries. Everything else is the cage. Stay alert.

Silver is going ballistic.
CME freezes futures for 7-10 hours.
Venezuelan airspace gets cleared on command.

These aren’t separate events — they’re linked stress points in the same system.

Silver’s breakout is a collateral revolt, the physical market overpowering the synthetic layer.

We could be wrong but this is likely why CME halted trading: someone needed time to stop a disorderly repricing.

At the same moment, Venezuela — one of the biggest untapped oil bases on Earth, and a key potential node in any non-USD energy pricing regime — suddenly comes under direct U.S. control.

Exactly when people are warning that the yen-oil nexus is the pressure valve for the global carry trade.

Put simply:

Silver threatens synthetic collateral.
Venezuela threatens energy collateral.
Oil-in-yen threatens the funding layer.

Together they form a single message:

A stressed system is tightening its perimeter just as multiple hard-asset markets try to reprice at once.

Bitcoin just erased $4,000 in two hours and vaporized $400 million in leveraged longs in a single hour.

That’s not the behavior of a store of value — that’s the behavior of a high-beta liquidity shock absorber.

A real store of value doesn’t:

• collapse on liquidation cascades,

• move tick-for-tick with risk-on leverage,

• or get mechanically dumped anytime vol spikes.

Gold and silver rally when liquidity is stressed.
Bitcoin disintegrates when liquidity is stressed.

One asset is demand for safety.
The other is demand for leverage.

This chart isn’t an anomaly.
It’s Bitcoin telling you what it actually is:

a speculative risk asset dressed in a store-of-value narrative.

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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.