Gold and silver were hit by a sharp liquidation, with silver plunging more than 10% intraday and gold falling nearly $150 before stabilizing. Jeremy Szafron speaks with former JP Morgan bullion desk executive Robert Gottlieb to break down what drove the move.
Gottlieb argues the selloff was structural, not conspiratorial. With gold rising from $2,600 to around $5,000 and silver surging from $28 to above $70, volatility mechanically reduced allowable position size across banks and funds. “The allowable positions based on navar become significantly small,” he explains, as value-at-risk limits tightened and banks stepped back from warehousing risk. In a crowded, leveraged trade, “selling begets selling in a market like this.” His warning to traders: “You never catch a falling knife.”
He also pushes back on manipulation claims, stating, “The banks are not short,” and emphasizes that central bank demand remains policy driven: “A central bank never makes a decision based on price. They make a decision based on policy.”
Recorded February 12, 2026
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📘 Mastering Gold and Silver Markets (Released February 18, 2026):
00:53 – Geopolitical Headlines, Dollar System Talk & Market Reaction
01:23 – Robert Gottlieb on the Silver 10.5% Collapse
02:22 – Algorithmic Trading, CTAs & Volatility Spikes
03:20 – Chinese New Year Liquidity & Pre-Holiday Selling
04:18 – VAR Limits: How Risk Models Shrink Positions
08:42 – COT Report: Managed Money & Swap Dealer Positioning
13:05 – CME Silver Withdrawals & Physical Market Flows
22:31 – Margin Increases & Volatility Amplification
24:19 – “Bull Markets Don’t Die From Corrections”
25:41 – Hedging, Leasing & How CME Futures Work
27:01 – Inside Mastering Gold and Silver Markets
31:07 – “Central Banks Buy on Policy, Not Price”
34:26 – Dollar Strength, Interest Rates & Gold
36:06 – Excess Leverage, Blind Consensus & Investor Mistakes
41:03 – “The Banks Are Not Short” Addressing Manipulation Claims
#Silver #Gold #MarketVolatility #ForcedLiquidation #PreciousMetals
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