As The Wholesale Bullion Market Quakes, Retail Premiums Are The Calmest Ever

And repo rates get increasingly wobbly. All is not well in the monetary sewers.

The SLV and GLD Situation

I'm short on time today, wife out with my son at a tennis tournament (he won, apparently, I'm shocked, he's tiny) and I'm here on the couch typing like a lazy slob while my daughters clean the house for Shabbos and one of them is freaking out about some lost item. They don't believe me when I say I'm working.

With the scene set, the SLV and GLD situation I covered in my video just published. I'll cover other stuff here. Long story short, borrowing rates on the two major ETFs are spiking, my guess as a cheaper way to fulfill physical deliveries, with financial institutions borrowing shares to redeem baskets to deliver the physical. In 2020, deliveries were going into the ETFs. In 2025, deliveries are being made FROM the ETFs. For details, watch the vid.

Plumbing Update

RRPs continue to slowly slide down towards zero (now $80B), which adds liquidity to the system, but the DOGE spending cuts are slowing the flow of dollars from the Treasury back into the banking system, result being that bank reserves are falling back down. They are now at $3.177T, down from $3.340T just prior to the inauguration and the glorious beatdown of the Deep State, may it be God's will that it continues and intensifies. In order to trigger a crisis, I believe we have to fall below $3 trillion for a sustained period of somewhere like 2-3 months. The more DOGE cuts, the faster we'll get there.