We Are Not in Normal Market Conditions (Read This Twice) We are living through a period of extreme cross-market volatility — the kind that reminds you markets are not purely emotional… they are structural. We’ve watched gold and silver rally aggressively this year, then experience sharp, coordinated selloffs. Crypto has been hit. Equities have been hit. Liquidity shifts are happening fast. This is what unstable macro environments look like. The JPMorgan / Silver Context (Receipts, not vibes) It’s not “conspiracy” to say big banks have manipulated metals — because regulators and the DOJ already prosecuted it. In September 2020, the CFTC ordered JPMorgan entities to pay $920M for spoofing/manipulation in precious metals and U.S. Treasury futures. The DOJ also entered a Deferred Prosecution Agreement tied to unlawful trading in precious metals markets (same enforcement action). The SEC also published a press release describing the enforcement stack and the $920M+ total across actions. So when people notice “interesting” timing around silver collapses, it lands differently because there’s precedent. Now, on the recent crash + bounce: there have been public reports/posts claiming JPM closed/covered a meaningful silver short position around ~$78 (near the lows / where price stabilized). This claim is circulating via a “COMEX report / delivery data” narrative referenced by the Kobeissi Letter and repeated by market commentators. Important: those recent “closed at the bottom” claims are not the same thing as a regulator finding manipulation. They are reports and interpretations of positioning/delivery data that may or may not be complete. Treat them as signal to investigate, not gospel. What is well-documented is that the metals move was violent and largely positioning/liquidation driven — a “shock unwind” after leverage piled in. Translation: when leverage gets forced out, markets can crash regardless of “fundamentals.” --- So how do you operate in an environment like this?

The sentiment is extreme fear. That is the time to not get shaken out of positions. If its too risky back it down and try and keep something to put into projects you have long term conviction in. Sometimes the best trade is no trade NFA