JPM recorded a tutorial on how the silver market works

[pmbug]

 

[Goldhedge]

Absolutively!

 

[SilverStacker]

Yeah this last go around has absolutely convinced me we are being histled in a majoc show and none of these so called "experts" have any idea what is going on or what will be going on. Luckily I didn't get hurt to bad, all I did was buy 10 $60 BU ASE's , when in fact I was considering spending a few $ K ahead of the coming hysteria, or maybe still even more. What stopped me was the one fly in the ointment that the so called "experts" couldn't get around and that was the fact there was still a lot of silver above ground and available. My LCS also never stopped buying 90%.

And thats the thing about capitalism. If product is available it somehow always find a way into the hands of the consumer. Today I bought BU Libertads for $60 apiece. Those are worth the money and I can live with the 10 $60 ASE's but the bottom line I learned from this latest freak out is there is never a good time to buy high and the chances of $100 silver by 2026 are zero.

 

[pmbug]

.... there is never a good time to buy high and the chances of $100 silver by 2026 are zero.

Challenge accepted

 

[nickndfl]

There were some options expiring on Friday, so they slammed them down to become worthless.

Buying $60 ASEs is a microcosm of what the future holds. The paper spot price is one thing and probably not going to be around in its present form in 10 years. However, if you want the actual physical PM coins in your hands you will need to pay more.

They are working on physical price discovery now. In the future the price of gold will be fixed at a.much higher rate. Maybe silver too? Still lots to play.out.

 

[SilverStacker]

Challenge accepted

Honestly ? Yathink ?

I still feel very good about silver but I think some of these recent predictions simply are not based on reality. I see the march to $100 being counted down in years now.

 

[Goldhedge]

Grok: how big is the silver strategic reserve of the US

US Silver Strategic ReserveThe United States does not currently maintain a dedicated strategic reserve of silver as part of its National Defense Stockpile (NDS), managed by the Defense Logistics Agency (DLA). The NDS inventory, which focuses on materials critical to national security, explicitly does not include silver. dla.mil

As of October 2025, the size of any US government strategic silver reserve is effectively 0 troy ounces.Key Context and Historical Background

• Current Status: Recent additions of silver to the US Geological Survey's 2025 Draft List of Critical Minerals have prompted discussions and initial steps toward potential stockpiling by the Department of Defense (DoD). For instance, the Pentagon announced plans in 2025 to acquire up to $1 billion in critical minerals (including silver) to counter supply risks from China, but this is a forward-looking initiative with no confirmed current holdings of silver in the NDS. mining.com
  
  Separately, the DLA holds a small operational inventory of approximately 197,000 troy ounces of recovered silver for DoD supply chain use (e.g., maintenance and repairs), valued at about $6.85 million, but this is not classified as a strategic reserve. dla.mil
  
  
• Historical Peak: The US once held significant silver in the NDS, peaking at 139.5 million troy ounces in the 1970s (49.4 million at the West Point Mint and 90.1 million at the San Francisco Mint). gao.gov +1
  
  This stemmed from earlier Treasury accumulations under the Silver Purchase Acts (1934–1963), which built holdings to over 3 billion ounces by the 1940s for monetary and wartime purposes (e.g., Lend-Lease loans and the Manhattan Project). cpmgroup.com
  
  
• Depletion Timeline:
  • By the early 1960s, remaining Treasury silver (165 million ounces) was transferred to the NDS.
  • Starting in the 1980s, NDS silver was repurposed for US Mint Silver Eagle coin production.
  • The stockpile was fully depleted by 2000–2001, after which the Mint shifted to market purchases.
    cpmgroup.com
  • 
    
  • DoD assessments repeatedly found that wartime silver needs could be met without a dedicated stockpile, given global supply availability.

Comparison of NDS Overall ValueFor broader context, the entire NDS (across all materials) is valued at approximately $1–1.3 billion as of 2025, a sharp decline from Cold War peaks due to sales and reduced needs.

If silver's critical status leads to active stockpiling in late 2025 or beyond, this could change rapidly—monitor DoD announcements for updates.

 

[pmbug]

Honestly ? Yathink ?
...

I do believe it possible. The squeeze on physical silver has just started to play out. We have not yet realized true price discovery. Do you remember what happened with Nickel a while back? A move like that is entirely possible for silver before year's end. December is a COMEX delivery month for silver. Could be a lot of fireworks then.

 

[Viking]

Those are worth the money and I can live with the 10 $60 ASE's but the bottom line I learned from this latest freak out is there is never a good time to buy high and the chances of $100 silver by 2026 are zero.

Challenge accepted

SilverStacker, I'll bet you half of pmbug's stash it will be over $100.

 

[pmbug]

Youtube version of the video: