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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39 Comments
“The banks are not short.”
That’s Gottlieb’s response to manipulation claims after silver’s collapse.
Was this risk models forcing selling, or something bigger?
Silver to 250!!
Investing in silver seems to be the comolete and full problem.
Rocks paper (B T energy C) buellleeerrrrrrrrr
Robert cmon guys you have to fix your fear and greed indicator. its backed by nothing it spits random number.
Uhh, uhh ,uhh can Kitco PLEASE put up an interview with someone who can speak? Going to Schiff's page to listen to a real speaker.
.
Excellent.
11:12
13:50
Ps-now i read that hes from jpmorgan👀
Jeremy is a Pro!!!
I love this channel. Learning so much.
LOUD NOISES MAKE WEAK HANDS DROP VALUABLE POSSESSIONS 😂❤🎉🎉🎉
Uhh. Uhh, umm. The worst metals interview ever.
Hight speed on
silver crash while the comex is being drained????
😅😂where did you get that figure from please?
I am no native, in my english: you have 1 billion oz Ag per year, 8 billion humas on earth, means 1oz Ag per person, every 8 years (!). If a 2 person household buy a E-car every 8 years, their silver budget is over. But they wanna have smartphone, electro stuff, investment, their state weapons, … Not enough silver, in this new – E world. 1oz Ag every 8 years per person! Not much.
Banks "lease" metals so they can rig the so called market.
CHINESE NEW YEAR LETS USA AND BIG BANKS TO MANIPULATE MARKETS UNOPPOSED! AVOID MARGIN, HOLD ON TIGHT THROUGH THE STORM!
Uh uh uh uh
Jo Morgan lol, paper silver is crashing the market, buy physical and hold and laugh
Nothing to see here folks.
Hey Bloomberg, manipulation of markets is illegal! Your integrity is now on par with Fox News! Did JPM move silver?
Why would they sell futures in such a short period of time and thus getting bad prices for the sale. While VAR is based on dollars but holdings are based on ounces. This guy has most likely been involved in the spoofing practices. VAR goes for all assets, since when does a bank sell when its asset prices appreciate. Strange accounting going on to say the least. They dont use that accounting rules for other assets. The exposure to other derivatives are increased when underlying asset prices rise. Remember 2008? How can the banks be long if they have to sell upon price appreciation?
This is full of BS.
Keep bringing guys like him on, and it'll be easy to unsubscribe.
Perfect reverse head and shoulders. Where you going to put your money Russia? Funny.
"Uh" is not a word.
a trader could see this silver crash a couple of weeks out. End of the month pinning.
"No manipulation, nothing to see here," says the guy named Gottlieb from JP Morgan.
How utterly tone-deaf is Kitco to post this?
Q; "Did the criminal banksters deliberately crash the price? "
A: "Umm, errr … aarh well … errr umm aarh … welll … umm … "
People did predict covid from 2018-19 that's all I heard from underwriters. Only they called it a Commercial real estate crash. Hey hey.. you gotta open your eyes.
Really good interview very informative
I like this banker. He actually is getting it right.
(((Gottlieb)))
Of course, of course.
One thing to remember the pricing you see on the screen is for a paper meme. If there are fewer paper buyers, this will affect and change the numbers on the screen. By lowering the price, paper buyers are more likely to respond. In today's world and generation, physical silver and gold have become inelastic demand. Just my thinking.
Silver became a meme asset driven by the wave of speculators. It has nothing to do with the "algos".
Miners HAVE to stop selling so much production, and store more ore to starve the furnace's in turn the dirty bankers !
Everything is a fucking historic event