Gold Silver Just Had The Mother Of All Washouts What Happens Next Ed Steer

So there's money big money pouring into the fact that somebody's betting big that by December gold is going to be north of 1015 or $20,000. We're talking about tens of millions of dollars worth invested by people that think that's going to happen. This is big money and I expect it's smart money. And the other thing I'm watching to is there's a lot of talk about July the 4th in this gold back bond. You know, I heard your interview with Andy yesterday and he was saying well, you know, it's Judy Shelton brought this up, but it's a possibility It's being discussed at out of out of the all the things that we're seeing up to this point of the including this big engineered smashdown that we're witness to the culmination of hopefully today is all part and parcel of hopefully a great reset in the price of the precious metals and when that happens, it'll be a great reset and everything else as well. This is Kaiser Johnson with Liberty and Finance and these are the Miles Franklin weekly specials for June 22nd through June 29th, 2026 while supplies last first this week one ounce gold Australian kangaroos are just $99 over spot per ounce pre-1933 AU $20 gold St. Gaudens coins are just $75 over melt per coin one ounce silver UK Britannia are just $3.99 over spot per ounce and finally kilo silver Nordic mint bars are $2.99 over spot per ounce to order our specials or any of the many other options. We have available call us at 1-888-81-liberty. That's 1-888-815-4237. We're available after hours and on weekends and we look forward to speaking with you. Welcome back to Liberty and Finance. I'm always privileged to have this distinguished returning guest Ed Steer who was referred. We were referred to by David Morgan and by Ted Butler has been a long time associate of data the gold antitrust Action Committee and has been in this since the beginning and thank you for joining us here again on Liberty and Finance. Thank you for having me on that again. What a remarkable day to be having this interview during one of the largest smash downs in recorded history of the metals and at a time when so many explanations can be made of how that makes no sense logically, but it will be will unpack that with your help and one of the things I wanted to kick this off with was a rather astonishing financial article that came out on Coindesk. It was published by it was rebroadcast by Google Financial News on the markets this morning. The title of it is gold and silver and Bitcoin tumble as the quote debasement trade unwinds and they go on to say precious metals have fallen sharply as markets price in the Fed rate hike rate hikes and they go in if you script down a little bit it talks about because of renewed inflation fears. The Fed is likely to price in two more rate hikes by March of 2027. So in the face of renewed inflation fears, they're using that as the rationale the rational reason why markets would be selling off precious metals all of the explanations that are made with a straight face by the mainstream financial press defy logic. I understand the half-baked logic behind this but could you help us understand why they would say that renewed inflation fears would cause an unwinding of the protective assets like precious metals? Well, first of all, let's let's I'll state right up front that George Orwell is alive and well in 2026. I mean the disinformation out there you see is unbelievable and what he said black is white and war is peace and things like that. I mean, that's what we're seeing here. I mean the war started and the metals got killed. I mean, but they all had an explanation for it. If you believe that well, I have a bridge for you. So all of this stuff you see out there in the mainstream media is pure BS and they're just using whatever words they can come up with to describe what's going on like inflationary fears and you know, if you're having inflation fears and they figure the precious metals should go up and they're saying interest rates are going to go up and I don't think they are but they have to have a story and they make one up. It's as simple as that. So that's not the explanation for what's going on at all. So you can't believe all the garbage you read in the mainstream media about the precious metals just out of sake of completeness. I know that we may get some comments if we don't at least say this. Okay, so let's grant that some people will say because of anticipated higher in interest rate hikes. It's more likely that short-term US Treasury bonds will yield higher returns and therefore there would be a flight to interest-bearing assets from assets that do not bear interest such as precious metals any corroboration comments or debunking of that rationale before we move on just to so people understand we're not entirely ignorant of that. Well, certainly I mean, that's the old saw they dig out. But if you go back in the past, I think it was back in 2000 for any anybody's been around that long. I remember very well interest rates and the and gold and silver going up at the same time or was it back in 19? I can't remember but it's it, you know, the correlation or lack thereof between what's going on in the currencies and what's going on in the precious metal space is such hokum. You just it's impossible to believe, you know, I'm looking at the dollar index right now and it it chopped a bit higher until about I want 915 this morning in New York and it's been on the slide ever since and it's only up 19 basis points at the moment. So you want to tell me that increase of 19 basis points in the dollar index is cause of a major sell-off of 10% of the silver price and I don't how much is and go for 5% that's all like I said, that's just another one of these tropes they drag out where higher inflation and higher interest rates and you know, the sky is falling and you know, all these BS stories to come up with and the dollar index and interest rates just another one of these, you know, bugaboos they haul out and you know, make you put the fear of God into people of going into the precious metals, but what we're witness to today is just another example of the the short the commercial traders in their wash rinse and the spin cycle that's trying to flush out as many long holders as they possibly can. We've seen this movie countless times over the last 25 years and the one we've lived through since, you know, the highs of late January is just another one in the process. Although everyone must have been including myself, you know, that this is this is a really really ugly one. The other thing that you have spoken about recently was that we don't know what the true price of gold and silver is. Can you expand on that? Well, no, they've been recorded. They've been suppressed or all of recorded history. I mean, you take a look at the gold and silver coinage back in the 17 and 1800 offer, you know, gold and silver money through all recorded history, but they've been at fixed rates, you know, a $20 gold US $20 gold piece was equivalent to a $20 bill and now a $20 gold pieces north something north of around $4,000. So, you know, who knows what the price is? They know the prices have been suppressed in the Comex futures market for the last 50 plus years and the banks have tried mostly unsuccessfully up until, you know, starting in about five years ago. All of a sudden we saw the price start to rise and it's well more than that 25 years ago. It's gone from what $500 an ounce up to up to 5700 and after this is engineered price decline is back around below $4,000. So, you know, if the banks weren't in there as short sellers of last resort that prevent prices of silver and gold platinum and palladium and the other commodities from rising in the Comex futures market. It's an absolute guarantee that the prices of them plus a whole range of other commodities would be far higher than they are today. But this this price meant Anglo-American price management scheme has been going on since what? I think it started in gold in 1975 and it's been running now for 50 plus years and, you know, the world's a totally different place now than it was back in 1975. The rise of China, Russia, India, and of course the number of people on the planet is doubled and triple and quadruple since that and the demand for all commodities has gone through the roof and this price management scheme in the paper market is way past its best before use date and when they finally do let the prices rise to reflect that, you know, we'll then we'll find out what the true free market prices of everything are including gold and silver. You've talked to us in the past about a record low interest and a low extremely low short position and a alignment set up a real set up for a bullish posture of the major traders to the most bullish set up that you've seen or that we've seen throughout history. How has the last this last market movement that's led us to today affected that outlook that you're seeing in the setup of the market? Well, I'll tell you, you know, it was it was bullish. It's been wildly bullish since about the middle of April when the commercial traders have managed to cover a lot of their short position, which has been going on going since for over a year now. This part of the rally we saw in gold and silver last year was caused by the commercial traders going in and covering short position. And of course, ever since the they took the prices down at the end of January, they've been repeating the process to the downside and what we're seeing and we're witness to right now is we're recording this program Donegan is the final flush out where the commercial traders are tricking and spoofing and pulling bids and everything else to get the the traders on the long side to sell their long positions or go short. So the the commercial's traders can cover the short positions and as wildly bullish as it was even on Monday. Okay, just three days ago. It is even more wildly bullish now. We got a COT report on Friday and a bank participation report on the 10th of July and but I can tell you right now that the commercial short position held by the banks mostly US and British banks is by it was the lowest on record five or five or so weeks ago and it's even lower than that now and I wouldn't be at all surprised that once we see the numbers that the US bullion banks may actually be out of their short position in silver, but it's too soon to sell that to tell but you know, the numbers numbers have never been more bullish than they are right now. And if if Ted were still with us today, he would certainly concur but from a Comex futures market perspective as ugly and as depressing as the price action is today. It just makes the the set up for the Brawley that will follow even more stronger. And like I said, it's like you pointed out is, you know, the numbers right now are the most bullish since I've been following the markets for 25 years. You also have written recently and spoken recently about the the historic shift from financial assets into real assets has begun and it's unstoppable. Would you like to expand on that? Well, sure. I mean, all you have to do is look at the price of gold. I mean, take a look at it's gone from I remember when it was like $250 an ounce and I thought that was expensive. The thousand dollars was never attainable. I was buying silver at my local bullion store for $5 an ounce. And so I said, I'm not going to spend 250 for an ounce of gold when I can buy silver for five. So, you know, the amount of money that's going into the physical market is all you have to do is look at what the banks have been doing for the last five or six years. They've been net buyers of gold now for, you know, thousand tons a year and there's no question in my mind that they are big buyers in the last three or four months with the price going down like that, you know, it's ever since the BIS made gold a tier one asset, it's on par with paper currencies and the world's reserve currency, which is a US dollar. And now there's more gold. Gold is worth more than all the entire Treasury market or all the dollars in circulation. I can't remember what it is. So, you know, people, you know, the banking system is rushing to it and it's so it's a private investor up until January when they all got flushed out to the downside, but you know, everybody knows that the current fiat currency system that we've had in place since 1971, you know, it's going to breathe its last one of these days and whether it be copper or gold or silver, I mean retail investors and banking systems and hedge funds, you know, have been piling on to the long side accumulating stuff. And if you want to look at the poster child for that at the moment, that's Tether, which is one of these cryptocurrencies, you know, they were the biggest buyers of gold in the last six months, except for the Bank of Poland, the National Bank of Poland, which bought more. So, you know, everybody can see the writing on the wall. It's just a matter of when they actually allow these prices to rise. So, you know, the demand, the demand at the official level is absolutely monstrous and that's not about to change. You've also talked and you just alluded to it a moment ago about the days gone by when you were able to, when people say, ah, look how disappointing gold and silver are now. Look, they're half of, silver's half of what it was back in January, just five months ago. Gold's lost 25-30%. These things are dogs, move on. And there's this notion, it seems at least in the U.S., of today's momentum is all that the retail so-called investors or traders seem to care about as opposed to the systematic opportunistic acquisition and accumulation by the biggest parties at the top of the food chain, central banks and so on. But you said it in a way that really grabbed my attention. You said if I could just get that one day back again, what I would, what I would, wouldn't give for it. And for people to look with that eye of a future perspective, looking back at today. So can you, can you take us through that thought process and help people understand because you've seen a lot more of this in your life than most people have. Okay, to tell you that, you know, the truth, you know, you know, it was Buffett, I can't remember if it was Buffett or Rothschild said, do you got to buy when blood is running in the streets? Well, I was a buyer yesterday. I bought Agnico Eagle Mines and added that to my portfolios. And so, you know, I'm eating my own cooking on this. But you know, I remember haggling with my bullion deal over a five-ounce silver round that I ended up, you know, he wouldn't go lower than $35 on it. And you know, Lord, please give me that day back one more time. So if you're looking for a moment in history, that's comparable to that today would be the day. You know, this is when you when you go in it, you go you go in and buy when others are afraid to do it and you sell when everybody else doesn't want to sell. I mean, the thing is that we all should have sold at the end of January and we should all be buying today. So there's been lots of points like that through the last 25 years where you know, we've been we've seen this movie before done again, many, many times and all the prices down is below 200 day moving average and you look at Bloomberg and you look at Reuters and you go to all the website And they're saying the sky is falling and that's the end of the bull market. We've seen this movie for we don't know what the true free market price of gold and silver is, but there are many, many multitudes magnitudes work. Well, there are many multiples of what they are today. So, you know, the only reason I haven't bought more today is I just haven't had the time at the time, but I'm certainly thinking about going in the market and saying that I'd actually bought the low dip. So like I said, we've seen this movie before and if there ever a good time to invest like it's on days when it's it's absolute ugliest and that's when it's most difficult, but that's when the real fortunes are made. And the second half of that question was the contrast that you've been observing between the distaste the retail traders have exhibited when momentum is down or price is down versus the accumulation by those at the very top of the food chain. Well, yeah, I mean that's typical. I mean, I just take a I only have to look at myself. Okay. I mean, I've been in this for 25 years and I would look at the dips and I wouldn't touch them with a 10-foot cattle product because I was afraid to. Okay. I mean, you know, you're you're your spirits are down your portfolios down life is looking shitty, you know, am I ever going to be able to retire that out? And I mean, we've we all live with these doubts. Okay, but you know over the last three or four years or last couple years, you know, I've been buying the dips and said, you know, I'll tell you what I'm going to start eating my own cooking. Like I said, I listen to Warren people like Warren Buffett and Roth Charles, you know, these guys didn't get rich by buying at the top and selling buying high and selling low. They bought when blood is running in the streets and it made them a fortune and then I'm prepared to, you know, swallow hard pony up the money and buy it. So but it's standard for people not to want to do this and that's why the richer richer and the rest of us are. Well, we just muddle along. You watch these markets as close as anyone that I know of in a very detailed manner analyzing the commitment of traders report analyzing money flows analyzing forward indicators analyzing physical availability shortages. You've talked about a major tectonic shift of control of price moving or from where it currently is in New York to inevitably the east. Can you give us an insight into what you're watching there that convinces you that that's what's going to be coming? I mean China is the largest, you know, as a largest population on planet Earth beside will along with India, you know, they've gone from being a backwards Society 25 years ago. I mean they were they were nothing 25 years ago into the leading economic powerhouse. They are today and they're the biggest biggest consumers of raw materials on planet Earth and they've been importing gold for they keep all their almost all their own production within the country. They've been recording gold like mad out of New York and London. They say they have what 3,000 tons or 3,500 camera what they say they got that's their official reserves, but there are a lot of people out there that believe that including Alistair McLeod and myself that their gold holdings are well north of 20,000 tons and you know, they watch the West and financial system. It's paper monetary system. They're well aware of the fact that the price are being managed. I mean the Chinese and the Russians have been in, you know, found this out through gather like more than 20 years ago. So they're more than aware of what's going on and they've been secretly accumulating the stuff all these years and at some point, okay in the future whenever they decide they're going to announce how many go their gold reserves and whether they go back to a gold back one. I don't know. That's really unknown, but they'll all the power is now in the Far East and I'm not just talking about China talking about India and all the other kind of Korea and all these places in Japan that have you know that there are traditional holders of gold in the flow from gold from the West to the East has been insatiable because Indian China the number one and number two gold importers and buyers in the world on the retail level and and for their banking system. So, you know this shift from from the West which is you know, which is peaked economically financial and monetarily to the West or to the bottom for the West is peaked in the end of the East is now rising and of course where the money goes sooner or later the power to price those commodities will end up there too is in the Shanghai gold exchange at some point will take over from the LBMA and the Comex and the price will be set in Shanghai where it should be. For people who want to follow your in-depth analysis and writing that you do. How would they find out more and how would they take advantage of that Ed? Well, they just Google my name Ed Steer, S-T-E-E-R, Ed Steer gold and silver. My website will pop up. There's a tab on there for it says a sample column. Just click on that and that's the kind of information that I provide that that particular column on the sample column is my longest column of the month. It's got the commitment traders report the bank participation report my daily columns mercifully are much shorter than the one that you're going to look at there. So it's a fact-based column. I mean, there's nothing I don't speculate here are the facts and I've got all the numbers to back it up. So if anybody's interested, they get 260 columns a year and the freight is US $100, which isn't a lot. We know you have a very full analysis and writing schedule in your week and yet you worked in time for this interview with us on this very high volatility day. That's been something a lot of our viewers and subscribers and clients have been calling and asking about any words of wisdom that you would share with people who approach you and say what the heck is going on with this to help them to regain a sense of perspective at this moment at this turning point. Well, I'll tell you what, there's a couple of things that I'm keeping my eye on very very carefully now. And the first one is the amount of call options that are open in December for December gold. I have it in my inbox right here and I'm just going to bring it up and it's been increasing all the time. This is brought up brought up back in February. This has been going on the 10,000 15 and $20,000 call options for gold. There's enormous 53. So there's 63,000 contracts put up between those three months, even though only two or three months ago is only half of that. So there's money big money pouring into the fact that somebody's betting big that by December gold is going to be north of 10 15 or $20,000. We're talking about tens of millions of dollars worth invested by people that think that's going to happen. This is big money and I expect it's smart money. And the other thing I'm watching too is there's a lot of talk about July the 4th in this gold-backed bond. You know, I heard your interview with Andy yesterday and he was saying Well, you know, it's Judy. Shelton brought this up and it's a possibility. It's being discussed at out of out of the that is something that's another straw in the wind. And here's the other straw in the window, which I found amazing is that if you go on the US Mint's website, they've got these Liberty Bell one ounce and a half ounce of coins. You can buy and I look some of the price a one ounce gold Liberty Bell coin is 19,600 us. The one ounce silver is 1,500 and a half ounce silver. They got a half ounce. I couldn't believe it when I saw it is 750. Now who in their right mind would be paying that kind of money for a silver or gold coin? I don't care if it's a 250th anniversary of the of the US or not, but you know, you see the straw here and a straw there and a, you know, the call options and this big big, you know, sell out this is engineered price decline the mother of all sell-offs to the downside. You know it and the commercial traders getting out of this many short positions as they can you take this straw and that star this piece of the puzzle that piece of puzzle and there's getting to be more and more of a they're showing up more and more frequently, you know, you know, I get up in the morning and look at the screen and say how long can they keep this up before this price management scheme has been going on for 50 plus years is finally worn down. You know, Scott Bessons and Kevin Warsh are more than aware of the fact that what's going on in the precious metals and I think they have plans to wind this thing down and all of these all the things that we're seeing up to this point, including this big engineered smash down that we're witness to the culmination of hopefully today is all part and parcel of hopefully a great reset in the price of the precious metals and when that happens, it'll be a great reset and everything else as well and thank you so much for joining us here for this update on Liberty and Finance my pleasure done again. This is Kaiser Johnson with Liberty and Finance and these are the miles Franklin weekly specials for June 22nd through June 29th 2026 while supplies last first this week 1 ounce gold Australian kangaroos are just $99 over spot per ounce pre-1933 AU $20 gold St. Gaudens coins are just $75 over melt per coin 1 ounce silver UK Britannia are just $3.99 over spot per ounce and finally kilo silver Nordic mint bars are $2.99 over spot per ounce to order our specials or any of the many other options we have available call us at 1-888-81-LIBERTY That's 1-888-815-4237. We're available after hours and on weekends and we look forward to speaking with you.