Silver Analyst Robert Gottlieb Appears to U-Turn

Some Swap Dealers / Bullion Banks 'May Be Very Exposed' Short Silver

Mar 26, 2025

“Yes, the CME is a futures exchange, however, it is backed up by physical. For all those that are saying CME is just paper and claiming all other absurd theories like banks are short the world's supply of gold and silver and need to cover, please stop talking your position and spreading disinformation. Banks are short the CME against being long London otc and otc forwards. They are NOT outrite short metals.”

Robert Gottlieb, precious metals analyst and industry veteran (LinkedIn), March 21, 2025

I also posted the above quote in a Substack post on Friday March 21, 2025 regarding the fact that being long London physical OTC spot/forward contracts can be a long nothing given the blinding leverage of the London spot/forward contracts and evacuation of the free float of silver from London vaults, over the past 3 months, along with a slow replenishment.

I forwarded Friday’s post to Mr. Gottlieb on LinkedIn and he blocked me within a couple of minutes.

Today, Robert Gottlieb posted the following on LinkedIn (the screen shot is from this post on Reddit. ) and keep in mind Gottlieb’s Friday words:
“Banks are short the CME against being long London otc and otc forwards. They are NOT outrite short metals.”

r/OccupySilver - Robert Gottlieb. 1st Precious Metals Industry Expert - Previously: MD at HSBC & JP Precious Metal... 2h. Edited. Gold and Silver PHYSICAL shipments into the CME are non-stop (473k ozs gold and 2mm ozs silver reported today), remember banks can borrow gold from Central banks, while there is no backstop for silver. I know I have repeatedly discussed the silver distortion; however, swap dealers' positions per the CFTC are extremely alarming and someone maybe taking a huge position and be very exposed (see Bloomberg chart of swap dealers' positions). Silver OTC tighter from yesterday and also further down the curve. Lease rates: 1 week: 630 bp's., 3 months: 530 bps., 6 months: 445 bps. I expect silver to continue to get more distorted. Swap dealers are the shortest, they have been in a long time. I assume a good amount of these shorts will be closed in May when banks deliver in against their shorts. There has only been 15k lots silver issued for March, I won't be shocked if this arb widens even more and otc in London continues to get further backwardated. This tightness has to be fundamentally bullish. Note, we saw an increase of 7500 lots added to managed money longs last week, which if selling came in, these new longs will be quick to sell. However, overall, this tightness is clearly friendly to silver. With gold deliveries continuing at a decent pace, export gold efp to become more distorted.

Now after a weekend, Gottlieb says “I know I have repeatedly discussed the silver distortion; however, swap dealers’ positions per the CFTC are extremely alarming and someone maybe taking a huge position and be very exposed (see Bloomberg chart of swap dealers’ positions)… … Swap dealers are the shortest they have been in a long time”

Swap Dealers are bullion banks.

So this week, some bullion banks may be very exposed by their shorts (however they are not outright short as they are hedged in London?).

The sands are shifting somewhat.

Best regards,

David Jensen

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Oz HillBilly

Mar 26Edited

I'll tell you what is worth more than all the gold and silver in the world and that is Integrity!!

Proverbs 22.1 rings more true today than ever before in history and while many people talk about having gold and silver to save us which is just utter nonsense, we need real men of character and integrity that is the only way out of this mess. There has to be consequences in government and business for the theft, fraud, corruption and collusion with foreign countries.

There has to be rule of law!!

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