[New post] Ed Steer: New Shorts Will Be Rocket Fuel for Silver Price
User ID posted: " https://www.youtube.com/watch?v=_73Puxty1QY Ed Steer: New Shorts Will Be Rocket Fuel for Silver Price by Palisades Gold Radio Tom welcomes Ed Steer back to the show, Ed writes a weekly subscriber column on the precious metals markets. To subscribe"
Tom welcomes Ed Steer back to the show, Ed writes a weekly subscriber column on the precious metals markets.
To subscribe to our newsletter and get notified of new shows, please visit http://palisadesradio.ca
Ed begins by discussing manipulation in metals and why the dollar index is also 'heavily managed'. When considering the amount of money being created the dollar should be much weaker.
During the past few months, the flows of physical gold into ETFs have declined. However, silver continues to flow into the ETFs and big players are likely involved.
The four largest traders are trying to exit their short positions. We're down to four large banks and successfully managed to run palladium down. These banks use short positions to manipulate commodities. Palladium is very easy to manipulate because of its small size.
He explains how small traders are hoodwinked into joining short trades. We see this now with some managed money traders. When the market finally shifts these players will be forced to cover at a loss. This will drive the price higher.
The current silver short position represents 184 days of world production. If a similar position existed on crude someone would be in jail. Sooner or later prices will blow up and the WallStreetSilver crowd has them cornered. "Metals prices are going to heights that we can't even imagine right now."
Physical silver remains tight and available supplies remain quite low. When large players get involved we could see an explosion to the upside. Increased demand for large 1000 oz bars occurs could quickly cause futures prices to rise. It's only a matter of time before this occurs.
Ed outlines the increasing demand situation for gold from India and China. What happens from here will be crucial although silver continues to lag.
Massive inflation is coming as central banks have now entered a period of "print or die". There is no way they can avoid inflation and this problem is now here to stay.
Talking Points From This Episode - Dollar and metals manipulation. - Palladium and short positions in metals. - Physical silver supply and demand for gold in Asia.
Ed's interest in precious metals began about 35 years ago during the final upside blow-off in silver and gold when the Hunt brothers tried to corner the silver market back in the very late 1970s, culminating in the high price spikes in both those metals in early January of 1980.
He made a lot of money during that period and lost a lot when the whole thing came crashing down. Almost 20 years passed before his interest in precious metals was revived. Even with the Internet in its infancy in 1999, it didn't take long to discover that all was not as it should be with gold and silver prices.
In early 2000 Ed ran into GATA and silver analyst Ted Butler on the Internet, and the rest, as they say, is history. He wrote commentaries for Bill Murphy over at lemetropolecafe.com for several years, and eight years ago, David Galland over at Casey Research was kind enough to ask Ed to write for their company, which he has done ever since.
After 15 years of watching, analyzing, and writing about the precious metal market, Ed says, "I know a thing or two about it and, as I've already stated, the first thing I found out was that gold and silver prices were and are being actively managed." A state of affairs that has now become obvious to all except for the willfully blind. This price management scheme has now extended into platinum, palladium, and copper during the last few years and this, amongst many other things, is what I write about daily.
Tom Bodrovics: It's Welcome to Palisades gold radio. I'm your host Tom Bodrovics. Joining me today is Ed Steer from Ed Steer's Gold and Silver digest. Thanks for joining me today
Ed Steer: Well, thanks to be on your show again
Tom Bodrovics: Excellent to have you back. I know you were a very popular guest. Last time we spoke, I believe in February or March here. So I wanted to start by maybe asking you about the dollar. Is it really acting as a headwind for the metals prices? At the moment, we've been bouncing above let's say, the 92 level for a couple weeks, and we've been holding above 93 for two weeks now. So how do you see the dollar playing into price action of the metals?
Ed Steer: Well, if you have to consider the fact that the dollar index is computed, but from a basket of currencies, and it's my opinion, that the dollar index is just as manipulated as everything else, whether it be the bond markets, stock markets, interest rates, and precious metals, is just another so called commodity that they can run up and down at their leisure, you know, the power is going to be has the power to do that, for sure. And everybody knows that, you know, with the amount of money printing going on in the US that the dollar should be far, far lower than it is today. And the fact of the matter is, it's just not being allowed to happen at the moment. And everybody knows precious metals prices should be far, far higher than they are. But that's not being allowed to happen either. So to say that there's a correlation between the two is a correlation between two basically what I consider to be rigged markets. So all eyes are on the door, and hey, I look at it every day and a report on it in my column as well. And Sunday is the run the dollar index up and kill golden Sundays, the dollar index will fall and gold and silver fall too. So you know, is there a correlation? I suppose you can say there is but in my opinion, this correlation is managed, and I don't put a lot of stock in it. But I do look at it, that's all.
Tom Bodrovics: So why are we seeing gold leave the known depositories right now? Well, while we're seeing flows of silver into depositories, does it have less to do with the prices of each and more to do with, let's say investor demand?
Ed Steer: Well, if you look at, say SLV, and which is the largest gold depository in the world, there's a lot of you know, big investors involved in that. And it appears that more gold is coming out than is going in. But in the weekly flows, and I have that chart in my column every Saturday, you know, since was it February, or whenever it's been last six months, since they hammered the heck out of gold and silver prices, from what $30 down to where we're at about 20 to something right now. If you look at those charts, for the last 678 months, there's been almost no change in the amount of gold and silver and all the world's known ETFs and mutual funds. They're basically flatlined. And as you correctly pointed out, the the amount of silver going into these things, despite the fact that silver has been hammered into the dirt is actually been creeping quietly higher. So you know, the people that are buying these funds, I consider to be in the know players that the deep pocket players that know what's going on, and they're just stashing this away for the inevitable day when prices are allowed to rise again, because this isn't john q public buying this stuff. This is the big money players doing it. And if they can't, like you said, you see gold going down in the coming out of these depositories. But if you look at the six month chart, or the 20 year chart, I mean, as I have my column, you'll see right away that if there hasn't been a decrease compared to how much is in there, it's extremely slight, considering the fact that, you know, Gold's been hammered down 150 bucks in the last, what, two months or whatever it's been. So it's been this way for many years now there's almost no correlation between what the price of gold and silver are doing and how much is going into or coming out of these various ETFs and mutual funds.
Tom Bodrovics: So what about the Palladium price? I know on your Saturday column here you had a chart showing that it was down quite a bit compared to the other metals. So why is it getting hammered this month as well?
Ed Steer: Well, you know, the price is being engineered lower and all for the precious metals because the four largest traders are trying to get out of the short position. As you know, I follow the work of silver analysts Ted Butler very closely. And they basically were down to four traders, all of them being banks that are short, these precious metals and they're doing everything they can to move heaven and earth to get out of the short positions. And as you pointed out, they're being most successful in palladium. In engineering the prices lower and they spoof and all kinds of illegal stuff in play the man or the other The precious metals as well. And the brain dead manage money traders in the non commercial category book are the price indicators. And they start piling in onto the short side. And it's the very act of them putting on a short position that causes prices to fall. And that applies to silver, gold and platinum and any other commodity as well as the manage money trainers that putting on short positions have caused prices to go down. So they're up to their eyeballs on the short side, and not only silver and gold, but platinum and palladium as well. But because palladium is such a dinky little market, I think the total open interest in palladium has only been 1000 contracts across all months. And so it's very easy for the powers that be if they wish to do so to manipulate this market in any direction they want to. And right now they've got the non commercial manage money traders, mega net short, and they're also making that short and platinum as well.
Tom Bodrovics: So as you and I talked about, before we hit record here, you were saying that the managed money, funds have moved in and taken over some of the top spots for let's say, the top eight commercial traders. But you mentioned something very interesting that once price turns, they're going to have less conviction very likely than the commercial banks will. So why is that in queue? Explain to us a little bit more about that.
Ed Steer: Yeah, sure. You know, this is something that Ted Butler is on about every week. And I watch what he has to say and listen to what I say very carefully. These manage money traders on the non commercial side. Most of them not all of them are basically trend followers. They're following trends. They're following trends down, they buy on the way up, and they sell on the way down. And they've been hoodwinked by the commercial traders, which are all banks, like I said, into going massively, massively short, in silver and gold, it's not as bad as it was, say, three or four years ago, but they're still big on the short side and silver. And the very act of them doing that drives the price lower. And some of them have such huge, huge and monstrous short positions now that they're now a member of what are the big foreign aid traders on the short side. So normally, under normal circumstances, it's all banks on they that are big eight, but right now some of these manage money traders are on the short side as well. But like you said, the moment the price turns, okay, and starts to rally again, or is allowed to rally again, these manage money traders will sell in a New York minute to get over their short positions. And what they do. To get out of the short, there's only two ways of covering a short position either deliver the physical metal or long to cancel it out. And since the manage money, traders aren't in the physical market at all, their only option is to go into the futures market and buy a long contract. And as the price rises, they buy long contracts. And the more long contracts they buy, the faster the price goes up. So as soon as the price starts to rise, even, you know, 50 cents $1, or whatever you're going to see these guys abandoned the short side of it very, very quickly. And of course, the act of them buying a long position drives the price higher, just like the act of them going short drives price lower. It's entirely they're running the price. The commercial traders, as Ted says, has complete control over these managed money traders, they know exactly how they're going to react on the way up. And they know how they're going to react all the way down to they're playing like a Stradivarius.
Tom Bodrovics: So is that kind of does that play into your thinking around something you mentioned as well before the call that this is one of the most bullish setups you've ever seen? Is it because as you say, the commercial banks have kind of suckered these money markets into these short positions, and that once the commercials decide that they're going to let the price come up, it's the money markets that are going to basically have to end up driving that price up as well and covering those shorts.
Ed Steer: Oh, absolutely. That's what will drive the price higher than manage money covering shorts. And what's going to drive the price even further is all the commercial traders the banks have to do is put their hands in their pockets and not be prepared to go short on the next rally. As Ted said: Do you know how high silver prices gold prices, platinum palladium, I don't care what the commodity is. If the big commercial traders aren't prepared to go shorter the next rally Well, I can tell you right now that prices will be at the moon and in a matter of days. So it's what the Big Four shorts do on the next price, right, which determine the price but it's the manage money traders, buying long positions and covering shorts is there going to be the rocket fuel that drives prices to the moon is allowed to do that.
Tom Bodrovics: So the last time you and I spoke, we talked about how big this net short position is compared to the annual production of the metals. So can you give us you know, an idea of how many days short This position is in silver
Ed Steer: Yeah, you know, I should, I should have sent you the chart before we went on air here. But right now in silver, the eight largest traders are short 134 days a world silver production, which is about four and a half months. And in that category of a traders, the four largest traders are short about 96 days, which is what three months in a bit. Silver has been the most shorted commodity in the commodities futures market now for about 50 years, only for a brief time about 10 or 11 years ago was palladium in the number one spot. But if you look at this chart, and go back from, say about 1973, when we got off the gold standard, Silver's been the most shorted commodity and the COMEX futures market throughout its entire history, with platinum and gold right behind it. So, you know, it's obvious from the fact that the three precious metals are the most shorted of all the commodities trader in the commodities futures market indicates that it's, you know, pretty much government policy or whatever you love the Fed policy that they're keeping the prices suppressed. It's been this way what like I said, for 50 years.
Tom Bodrovics: So can you tell us why that position specifically exists in silver? Is it simply because of the size of the market? Is it because it's easily manipulatable? Why is it so large in silver?
Ed Steer: You know, I'll tell you what the person that needs, you need to ask that question of his head. He's been around this market, he's been doing silver analysis now for 37 years. You know, he's the article Delphi as far as that goes, it's been shorted by eight or nine different firms over the last 30 4050 years. Now, the short position after Bear Stearns, what got bailed out, short position was taken over by JP Morgan. And now that JP Morgan is even out of their short position, they've stuck with the next eight largest traders. But as to why silver, I don't know, you figured gold would be the one that would be the most shorted, but it's not, it's silver? And I really don't have an answer to that. And like I said, My suggestion to you is to contact that and interview him. You're far more intelligent answer than I can give you.
Tom Bodrovics: Could we maybe speculate that it could be because of all of the industrial applications for silver as well, like if the industrial users can't get it? And they, in some ways have an interest in keeping the price lower and keeping it available? Could that play into it as well?
Ed Steer: You know, I'll tell you what, I don't think so I just think that what's happened here is that, you know, since we went off the gold standard in 1971, or the Gold Exchange standard, I'm sorry, is that we went from what was back in the 60s, we had a very much an overt attempt to control precious metal prices to the London gold pool and things like that. And once the COMEX futures market was initiated in gold, and silver, and all these other commodities, it became covert and now they're doing it in the paper market. And instead of in the physical market, so they're controlling prices that way, but this has been going on for so long now that you know, they're having supply issues. Okay, especially in silver, because as you pointed out, it's not it has a dual purpose. It can be either in a valuable industrial commodity, which is seeing wider and wider and more and more use all the time. And it's also an investment demand commodity. And the investment demand is now becoming a major component of the supply demand curve. And they box themselves if you've been shorting a commodity for 40 or 50 years, and you got a short position on all these precious metals is big. How do you get out of it at the very end? How do you look at a brick wall and say, Oh, my God, we've got the short positions on here, we have a supply problem, we can't let the price rise because it'll blow up the banks. They've created a Gordian knot that I don't think they have any idea how to get out of, and they're just shorting it, because there's nothing else they can do, they can let the price blow up, but it's going to blow off them sooner or later, because industrial demand and investment demand is eating them alive. And it's been exacerbated by the appearance of this wall street silver reddit.com crowd that showed up at the end of January. And nobody saw these guys coming in. Of course, it made things even worse for the big eight shorts. And I don't know how they're going to go this. But I know one thing is for sure. The only way out is we're going to see silver and gold and precious metal prices at prices that we can't even imagine right now.
Tom Bodrovics: I'd like to get to the demand side. But first, I'd like to kind of try and get you to give us some perspective that can you share with us what this big of a short position? What effect that would have if we applied it to, let's say oil? And hypothetically, would that even be allowed to happen to be this short in oil?
Ed Steer: Well, that's an excellent question on this chart, which I hope you post on your website when you put up this interview. Yep, is that right now I'm looking at crude Doyle and the biggest traders are short five days world's oil production. And the big four short three days. Okay, that's crude oil. Now, let me ask you this question, if you took a short position in silver, which is 134 days for the big 896 for the big four, and stuck that on crude oil instead, you know, crude oil would be selling for like $3 a barrel. And somebody would be in jail in a New York minute, it just would not be allowed under any circumstances. So you know, that's why, if you look at this chart with precious with the three big precious metals are nails on the right hand side, and they've been there for literally generations. Okay. But a sharp position of crude oil like that would not be tolerated under any circumstances.
Tom Bodrovics: So how could these the changes, let's say in the big eight to 10, shorts, how could this affect prices, let's say going into the fourth quarter here at
Ed Steer: All depends on whether or not you know it's $10. And the same for like years now, you know, how things turn out with the big four traders will be, let me just read this to you. The situation regarding the big four, eight commercial shorts continues to be beyond obscene, twisted and grotesque. And as Ted correctly points out, ad nauseum, its resolution will be the sole determinant of precious metal prices going forward. So if they stopped shorting, prices go to the moon, if it continues, shortly, we're gonna see what we've got right now. That's all it matters, there ain't no more.
Tom Bodrovics: So and how tight as the retail market been, since, you know, the last time we spoke, since the advent of Wall Street silver, have the bullion dealers had a chance to basically restock their shelves
Ed Steer: You know, it's certainly better than it was, but it's still not anywhere near what it should be. You go to any of the precious metal, the websites, and you're going to see on there, you know, delivery, two weeks, three weeks, four weeks, whatever. So the retail demand is not as strong as it was, but it's only lurking just below the surface. Okay, as I said in my column on Saturday, and I used to work in the retail bullion trade for four years. So I do have some knowledge about this. And I can tell you right now, the supply chain from the refiner to the wholesaler and to the retailers is 50 miles wide, 100 miles long, but only an inch deep. So when the Wall Street Reddit crowd showed up in late January, early February, they stripped out the retail supply chain in a week, okay. And I've seen that happen that myself when I was the retail volume industry a couple trade for a couple of times, in the four years I was there. So the retail demand on not just you know, five and 10 ounce bars, no one ounce rounds and stuff like that is just below the surface where to blow off at any moment. The real problem lies in the large people the big money coming in, where people buying like 500,000 1,000,002 million ounces, a day that's going into these various and sundry silver ETFs and mutual funds. That's where the problem is really going to lie. Because this physical silver just does not exist. If somebody comes along and buys three or 4 million ounces, that happens every day for a couple of days, I can guarantee the market will blow in hours, because the metal just doesn't exist. And they've got to this position right now where there's demand is actually greater than supply. And I don't think they know how to get out of this thing without blowing the price to the moon.
Tom Bodrovics: So to that point, I've been hearing that silver blanks are getting very difficult for mints like the US Mint, for example to get from their suppliers. Have you heard of a reason why this could be? Or is it?
Ed Steer: No, I'll tell you what, go ahead, Tom, I'll tell you what, I haven't heard that at all. Okay, and I have my ear pretty close to the ground. And I have my bird dogs out there. And I would know right away if there was any shortage, I'm not seeing it US Mint, or the Canadian Mint. I've reflected their last annual statements and there was nothing in there about that. The US Mint is turning out Silver Eagles that have pretty good rate. And most of their suppliers are well like sunshine is a big supplier of blanks to them, and marks a big supplier of blanks to them. And all the large major precious metal wholesalers are and I haven't heard of such a thing, but they have big contracts with a mint, okay, and the first people are going to satisfy before the retail customer is something like the US Mint, they're not going to let them down at all. So no, I haven't heard of it all.
Tom Bodrovics: Okay, so do we need to obviously differentiate between the retail market and let's say the 1000 ounce bar market that the COMEX deals in, how would you see a shortage to the 1000 ounce bar market start to present itself.
Ed Steer: It'll show up in the price immediately. The moment that you have a problem with industrial or commercial demand, it's going to show up in the price because it's going to show up in the COMEX futures market right away. You know the retail demand and God bless everybody. That's buying through the red at Wall Street silver crowd, and everybody else that has been picking up their small amounts of silver, they're very, very important. But as Ted says, you're going to see the price show up in the 1000 ounce bar market and Nicole mess with that becomes hard to come by. And they have to bid the price up to get it. And it's only a matter of time before that happens that's just taking longer than everybody expects, but can tell you right now the major bullion banks which provide the metal to the commercial users, they'll move heaven and earth to make sure they get the stuff to avoid a default and prices rising too much. But you know, like I said, you know, rigging the markets for the last 40 or 50 years, so I only come up against situation they have right now where their hand to mouth as far as silver supply goes, it won't take much to drive it over the edge.
Tom Bodrovics: So where would a silver shortage start to present itself, would it be in the retail demand side first or the COMEX side?
Ed Steer: The COMEX side first, because that's where the price is set. The retail market has no effect on the price whatsoever. You can buy all in silver Maple Leafs and Silver Eagles and Philharmonic's and kangaroos that you want. But it's not going to affect the price any although if you look further up the food chain, all those coins start off as 1000 ounce good delivery bar at some point. So a mark or sunshine, whoever is making these things has to buy them through the COMEX or through JP Morgan or whoever else is, you know, provides they have a contract with to provide them with silver. So the retail demand has an effect. And the commercial industrial demand has an effect on the price. But where it's going to show off this is 1000 ounce bar market first.
Tom Bodrovics: Excellent. So is that basically because once the retail let's say the retail denominations have been produced, and you know, sectioned off, that pieces already bought and you know, factored into the COMEX price. And that's why the COMEX price will be the first thing to go.
Ed Steer: Absolutely, because all forms of retail silver bar, whether it be a kilogram or one ounce round, or whatever the heck it is starts off life as 1000 is a good delivery bar in the comics. So it'll be demand either from the retail side or the most industrial side that will drive it but it's 1000 ounce bar demand regardless of where it's coming from. Okay, I don't care what your where it's coming from, it's most likely going to come from the commercial side, industrial side, because they're the biggest users. Now the retail demand is what 10 15% of total silver demand, which can spike as we know, to incredible levels. So it's the marginal use of the metal. So once it goes on the industrial side of the commercial side, it'll show up in retail prices almost right away, because 1000 ounce bars won't be available to anybody except the commercial dealers and people like sunshine or companies like that won't be able to get any more than they absolutely have to do just supply the mint with coins and stuff like that. So once it shows up in the COMEX it's gonna be rippled down the supply chain instantly.
Tom Bodrovics: Right? Okay, so another part of let's say the demand picture is India and particularly for gold. Towards the end of last week, you posted a chart for the demand from India for gold. So as it basically rebounded to, let's say, an average year and how important of a source of demand for metals is India
Ed Steer: India, along with China are the two biggest consumers of gold in the world and the rebound, it's hard to really tell Tom how this is going to shake out. I know that the man has picked up in India and China by a huge amount in the last two or three months. Now that we're out of this silly COVID thing. So you know, the final chapter on this hasn't been written, I'd like to see another two or three, four months worth of gold demand before going to say that, you know, it's back to where it was. But the indication of the demand is extremely strong from India right now. And also the same can be said of China. One thing you didn't mention, and I'll bring it up right now is India's silver demand. And for whatever reason, I haven't posted the chart for a while. But what happened is India's silver demand has just absolutely tanked. There hasn't been any demand for silver ore imports into India for silver for last eight or nine or 10 months. It's I have no idea why it's fallen off a cliff. It was very steady and very big for years and years and years. And all of a sudden things started in February. Silver imports in India just basically gone to zero.
Tom Bodrovics: Yeah, I was gonna get there to kind of contrast gold against silver but the Indian market typically is fairly price sensitive, or they're not
Ed Steer: Very sensitive as soon as the Chinese market to they like to buy the dips, so they got a big dip in front of them. Trust me, I think they weren't what are the important lesson was 100 and 100. Way over 100 times, it was a lot. Those aren't the official numbers. They're just sort of the whisper numbers that I'm hearing on the net. They want to get around to a reporting those officially for another month or so, but The unofficial numbers have a tendency to mirror the official numbers later. So somebody's leaking this information to the press and from what you read. And what I've read and other people have read is that India's demand for gold is red hot precisely because the price is low. And that's the thing about the Chinese and the Indian demand because of price sensitive, they're loading the boat up when the prices is cheap, and God wants them all over there. They can continue doing that.
Tom Bodrovics: Yeah, they're only importers, they're not exporters, right? from any gold that they produce.
Ed Steer: Yeah, absolutely. India doesn't produce any material amount of gold from its own lines worth, you know, worthy of the name. And China, the mine about three 400 tonnes, you I don't know what the exact amount is. But that amount of the mind only about two or 3% of it makes the country and that's the numismatic coins, like the 30 gram gold coin, and things like that. Other than that the internal production doesn't go anywhere. It's all absorbed by their bank or by the retail industry.
Tom Bodrovics: So before we leave the supply demand conversation, is there anything else worth mentioning there? Do you think?
Ed Steer: No, the only thing that I mentioned before is the setup in the COMEX futures market for a major price spike and silver has never been better than it is right now. It only depends how high prices are going to go on whether the Big Four shorts step down on the short side as prices rally. It's been that way for years and years now. And there's Ted Butler said, and I pointed out already, it will be the sole determinant of prices of all the precious metals going forward.
Tom Bodrovics: So you recently linked as well to an article from Bill Bonner, and titled, it's easier to print money than to make refrigerators. And in it, he wonders what's ahead for the US economy, inflation or deflation. So being as it is that I know you're quite focused on the metals, how do you fall on this inflation, deflation debate that is massive
Ed Steer: inflation coming? There's no question about it. I mean, just take a look at the way they're printing money out there, m two and m one, the amount of money that you know, basically it's printed I not just for the United States, but for all Western economies that are in debt. And that includes Canada, our beloved Canada, which is now most indebted ever been, there's no way that you know, inflation is already here in spades, and it's going to get far, far worse. And I don't see it getting better anytime soon. And it's not being reflected in precious metals prices, because it's not being allowed, but inflation is here to stay and going to get farmers.
Tom Bodrovics: Yeah, just it doesn't seem like there's any way out. And I'd know I noticed you posted in one of your recent articles, a chart that I haven't seen before, but you know, it looks the same as the price for steel, the price for lumber, you know, it, particularly lumber, it spiked, then crashed, and it's on its way back up. But the chart that you posted, which was quite interesting was the price of PVC, right? You use that to make plumbing, and it has spiked like crazy as well. So it really makes one wonder how any and all of those issues can be resolved, right?
Ed Steer: All Sure. PVC piping, as you know, it's ubiquitous in the US. It's everywhere in the plumbing industry, you know, it replaced copper A long time ago. And I don't care whether it's aluminum, or like you said PVC, or pick anything rubber, staying that somebody sent me some chart of rubber and stainless steel is looks the same way. Aluminum is the same. And so why isn't it for silver. And the reason is very simple is because they won't let it rise. But the supply demand problems exist in Far, far worse and silver than they are in the other commodities. And when that's allowed to be reflected in the price, well, you'll certainly know that because you'll wake up in the morning and look at the price and there'll be a new price for silver.
Tom Bodrovics: Well, I know there's many of us that are looking forward to that day very, very, very much.
Ed Steer: Especially me, myself and Ted Butler, and every other long suffering silver investor has been involved in this for the one year, five years, 10 years, 15 or 20 years. We all want this thing to end and one day it will end we'll all be very happy.
Tom Bodrovics: Yeah, I couldn't agree more. Of course, your article or your digest. Let's say Ed steers gold and silver digest is an excellent, excellent way to keep up on everything that's happening. Commitment of Traders reports, you go so far in depth, honestly, it blows my mind how much information you put out every single week, five days a week. I encourage all of our listeners to check it out. And is there anything else you'd like to mention here before we wrap up?
Ed Steer: No, I think we've pretty much covered it from one end to the other.
Tom Bodrovics: All right. I really appreciate your time today.
Ed Steer: Okay, thanks for having me on Tom.
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