PodcastCommodity CultureEd Steer

SILVER Manipulators To Be 'Overrun' as Rush Into Metals Sends Prices Soaring: Ed Steer

Ed Steer links the Federal Reserve’s rate path, dollar debasement, and questions about U.S. gold reserves to a broader case for higher precious-metals prices. He argues that manipulation and price suppression have constrained gold and silver even as physical tightness, central-bank gold buying, and China’s accumulation reshape the market. His forecasts center on a tightening silver balance, potential war-related upside, and a broader investor rush into hard assets if inflation and money printing persist.

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Key Takeaways

Ed Steer links the 25-basis-point FOMC rate hike, possible additional tightening, and long-term dollar debasement to an uncertain outlook for precious metals. He argues that gold and silver have already reflected purchasing-power erosion, citing prices of about $4,300 and $63 per ounce, respectively.

Steer describes sustained official-sector demand for gold—roughly 1,000 tons annually for a decade—and alleged covert Chinese accumulation that could exceed 20,000 tons, although he labels the latter estimate speculative. He argues that a disclosure of China’s true reserves could create a different pricing regime for precious metals.

The episode portrays silver as physically tight but still subject to Western paper-market price discovery: the East-West premium has remained mostly between 12% and 13%, while China’s exchange-based buying adds roughly 53 million ounces of demand to a projected 46 million-ounce deficit. Steer argues that continued buying over the next six to 12 months could materially tighten the market and pressure prices.

ECONOMY

FOMC Rate Hike — Ed Steer notes that the FOMC meeting ended with a 25-basis-point rate increase and indicated that another 25-basis-point increase could occur before year-end. He argues that the pressure on precious metals will depend on developments in oil and currency markets, making the year-end outlook uncertain.

“And as far as how the year end goes, it, you know, I it's really up in the air…”—

Gold Reserve Revaluation — Ed Steer argues that the United States has not officially audited its gold reserves since 1953. He questions whether all reported holdings are present or free of leases and swaps. A revaluation to $10,000–$20,000 per ounce is theoretically possible, but even that would provide only about $1.2 trillion—roughly the amount by which the U.S. deficit grows in six months. James Rickards adds that officials may avoid marking gold to market because doing so would signal its continuing monetary importance.

“So, you know, the thing the fact of the matter is, and everybody knows, I mean, just I'm just repeating what I've said before and everybody else has said, you…”—

MARKETS

Silver Manipulation — Ed Steer alleges that intervention prevented silver from breaking above $70 after a rally that could have continued to $80, $90, and beyond. He attributes the subsequent decline to spoofing, bid pulling, and other forms of market manipulation.

“Well, you know, it's obvious since, you know, they stepped into the boys stepped into the precious metals at the end of January that they've kept them on a very…”—

Opening Selloffs — Ed Steer says precious-metals stocks have increasingly sold off immediately after the market opens, even when gold, silver, and the stocks initially rise. He dates the pattern in silver to mid-September and says it has become more pronounced in gold stocks over the last two or three weeks.

“I mean the markets opened this morning on the comx and gold was up a whole bunch and silver was up a whole bunch and the stocks opened up a…”—

East-West Premium — Ed Steer says the East-West silver premium was a little over 13% and has persisted mostly between 12% and 13%, signaling sustained physical tightness. However, he argues that Western markets, particularly COMEX, still control commodity price discovery until China and the Shanghai Gold Exchange can assume that role.

“Well, first of all, the premium yesterday was between the west and the east was a little over 13%…”—

FORECASTS

Silver Market Tightening — Ed Steer argues that China’s exchange-based accumulation is adding roughly 53 million ounces of silver demand to a market already facing a projected 46 million-ounce deficit. He says continued buying over the next six to 12 months could materially tighten the market and pressure silver prices.

“So, you know, this is a source of quote unquote demand that it wasn't there before…”—

Commodity Repricing — Ed Steer argues that the West’s paper currencies, Treasury markets, and bond markets have been severely undermined relative to the East’s gold accumulation. He predicts that commodities generally, and precious metals particularly, will be the assets left standing after the decline he describes.

“The accumulation of gold by the east versus the west and the fact that basically the paper the paper currencies that the west is using their entire treasury markets and…”—

War-Driven Surge — Ed Steer agrees that the Middle East war could shift from a headwind to a tailwind for gold and silver as the lack of an exit strategy becomes clearer. The threatened Bab al-Mandeb and effectively closed Strait of Hormuz are presented as catalysts that could drive both metals significantly higher.

“He thinks that's going to reverse and we're going to see it become a tailwind as reality really sets in and we realize there's no exit ramp here…”—

Coming Up

Ed Steer says silver’s retreat from nearly $70 reflects deliberate price suppression, while future direction depends on oil, currencies, Federal Reserve policy, and broader commodity pressures.

Recent Silver Price Action

Steer argues spoofing, bid pulling, bullion-bank activity, and repeated attacks on precious-metals shares reveal coordinated intervention rather than normal market trading.

How Deep is the Manipulation?

The discussion questions whether Federal Reserve rate hikes truly support Treasuries, as investors increasingly reject Western debt and seek protection from currency debasement through hard assets.

Fed Rate Hikes Bearish For Silver?

Steer says persistent silver deficits have not yet forced prices higher because banks continue supplying metal, but eventual physical depletion could produce a reckoning.

Silver Supply Deficit

Shanghai exchanges have accumulated tens of millions of ounces, creating substantial new demand that Steer believes may represent China quietly tightening the global silver market.

Silver Premium in Shanghai

A persistent 12-to-13-percent Shanghai premium demonstrates physical tightness, although Western exchanges still control commodity pricing until China develops a competing mechanism.

Will Central Banks Stack Silver?

Steer views central-bank gold buying as evidence that officials distrust the fiat system, while substantial official silver accumulation appears unlikely or deliberately unreported.

Rand Paul's Fort Knox 'Audit'

Steer condemns Rand Paul’s Fort Knox walkthrough as no substitute for a formal audit and suspects portions of U.S. gold are missing, encumbered, or improperly documented.

Will the US Revalue Gold?

Gold revaluation could theoretically support the dollar and address some debt pressures, but Western governments resist acknowledging gold’s monetary role; China may eventually alter the pricing regime.

Debt Crisis and the End of an Empire

Steer describes rising yields, enormous U.S. debt, currency debasement, and geopolitical coercion as symptoms of a declining Western empire that will ultimately drive investors toward commodities.

Rise of the Surveillance State

The interview argues that expanding surveillance, censorship, and digital-control systems reflect accelerating authoritarianism across Western countries as governments lose economic and monetary stability.

Canada-EU Partnership

Steer views Canada’s proposed European Union associate status as another threat to national sovereignty, criticizing Mark Carney and broader globalist pressure on Canadian policy.

Middle East War to Send Gold Higher?

Middle East conflict initially triggers official efforts to suppress precious-metals prices, but Steer agrees prolonged war and supply disruption will eventually send gold and silver sharply higher.

Retail Will Rush Into Gold and Silver

Steer expects inflation and money printing to push ordinary investors into precious metals, with even a small percentage of the population potentially creating a major market stampede.

Gold & Silver Miners Being Suppressed

Gold and silver miners remain deeply undervalued because bullion banks suppress their share prices, but currency debasement and renewed hard-asset demand could eventually revalue the sector dramatically.

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Important Disclaimers

Not Investment Advice: For education only — not financial, tax or legal advice.

AI-Generated: Made by AI from source transcripts and may contain errors.

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