Today Nomi Prins, who has given speeches to the World Bank, IMF and Federal Reserve, told King World News that despite short sellers attacking the silver market, the price of silver will be in the $50s next week as short sellers get overrun.
October 11 (King World News) – Eric King: “They just smashed silver from around $51 down to $47. And Ole Hansen sends out this chart showing the Comex futures are $2.70 below the LBMA physical market. These guys (naked short sellers) are insane. This isn’t 2011. It’s not 1980. You have the Russians and the Chinese that have announced they are stockpiling silver as a strategic metal. They’ve told the BRICS to do so as well. And you and I were the first ones to say, ‘The US has run out of their strategic stockpile of silver, I bet you they are also going to start to stockpile silver again. And then the US came out with a long list of everything they wanted to stockpile including silver.
So there are all of these physical silver buyers, and yet these guys that are always railing cocaine, that are so coked up that are saying, ‘Let’s just keep selling it short and taking the price down.’ And you said to me, ‘This just isn’t going to work.’”
Nomi Prins: “Yeah, I think they are living in that former world. We are so not 2011. And the idea that you can manipulate for any long period of time, and by long I mean a couple of days. Silver prices today are insane as you said, to use your word. I would never (laughter) want to be caught shorting physical silver, which is basically what they are doing if any delivery was to be taken into those contracts.
And so what’s happening now is that the short sellers are at the end, really, of the manipulation game. Which means that throughout this game you are shorting, you’re rolling into the next short, you are basically able to extend shorts while there is still silver buying, while there is still a silver deficit. But you are able to extend it because there is not enough buying pressure in the overall market, so you can kind of fiddle around the edges of the market. That’s no longer the case. It’s becoming the end of the possibility of thinking it can be the case.
And so these guys are going to get caught short having to deliver a lot of silver. And the reality about silver right now is we are in a global structural deficit for silver that is not going away. And it’s over 100 million ounces per year. It’s growing each year, the demand in stockpiling is growing. The knowledge that silver is a good hard asset to be held in long-term portfolios is growing. And the demand for silver from everything from solar to defense weaponry is growing. And so when you have this 110 million ounce deficit per year that’s growing, but this is the important thing for everybody listening to know: there are not enough mines that are in the almost permit or just getting permit stage between now and 2027, that if you brought even those mines online would be able to close the current 100+ million ounce structural deficit in silver. And between now and 2027, the demand for silver is only going to increase.
And so what we are seeing now with this kind of recent surge toward $50, it went up and then came back down — I think we are going to be in the $50s next week. But that surge is the real market, the physical market, not the financial manipulation of the market participants. … We talked about silver getting to $50 back in January on this show earlier this year, and it has. And now we are looking at silver going very quickly once it hits $52-53 up to $60-$65 this year or at the turn of the year because there is a lot of recognition that the overall market still has to note that these short sellers vs where they are going to get the supply to basically close those contracts because you can’t roll them forever anymore. To continue listening to Nomi Prins discuss why short sellers in the silver market are going to get destroyed, where gold is headed, what to expect from mining stocks, uranium and much more CLICK HERE OR ON THE IMAGE BELOW.
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To listen to Alasdair Macleod discuss the squeeze in the gold and silver markets and much more CLICK HERE OR ON THE IMAGE BELOW.
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