JPM Panic, Record Mines, COMEX Crisis!
JP Morgan Caused Silver Panic in China - Exclusive Vince Lanci Analysis
In an exclusive SilverTrade Insider interview, GoldFix Publisher Vince Lanci breaks down the ongoing silver proxy war: JPM and the Fed versus the PBOC/China. China shifted from bullish to short on its own exchange, attempted COMEX hedging/delivery, while the US (via JPM) is actively hoarding physical silver. Key event: JPM pulled ~13 million oz from COMEX registered around Thanksgiving amid a simultaneous CME "cooling issue."
Verified: Full interview published on silvertrade.com (Feb 19, 2026). Lanci's claims align with documented COMEX registered withdrawals, elevated Shanghai premiums (previously $20+/oz), and physical silver export restrictions/flow dynamics reported across multiple market analyses in early 2026.
First Majestic Silver Posts Record-Breaking Q4 and Full-Year 2025 Results
First Majestic Silver (AG) reported record Q4 silver production of 4.2 million oz (+77% YoY), silver-equivalent 7.8 million oz (+37% YoY), revenue of $463.9 million (+169% YoY) with 60% from silver at an average realized price of $69.74/oz (26% premium to Q4 COMEX average of $55.20/oz). Full-year: 15.4 million oz silver (+84% YoY), revenue $1.257 billion (+124% YoY), record cash of $937.7 million, and Q4 dividend declared with plans to double payout rate to 2% of net quarterly revenues starting Q1 2026.
Verified: All figures confirmed in First Majestic's official Q4/full-year 2025 financial results press release (released Feb 19, 2026) and earnings materials. Production, revenue, realized pricing, cash position, and dividend details match exactly.
COMEX Silver March-to-May Roll Refuses to Proceed at Required Pace
With only 5 trading days remaining until First Notice Day for the March contract, the March-to-May roll is critically slow: required ~30 million oz/day but only ~15 million oz rolled yesterday. At current pace, COMEX registered silver could hit zero by March 6. Silver backing futures now at 88.2 million oz.
Verified: Consistent with Feb 19, 2026 COMEX warehouse reports and open interest data. Analyst charts (e.g., shared by market participants) show registered silver ~88-90 million oz and slow roll activity; multiple independent sources confirm delivery pressure and low roll volumes ahead of First Notice.
NY Silver Delivery Demand Draining COMEX Registered Vaults at 20M oz/Month
Registered COMEX silver holdings have fallen from ~200 million oz (Sep 2025) to ~89 million oz today — an average depletion of 20 million oz per month. Eligible category insufficient to meet Western delivery demand as metal ships to China to capture premiums (recently up to $18+/oz discount vs. Shanghai).
Verified: Directly corroborated by latest COMEX vault reports (e.g., registered dropped to ~88.79 million oz in recent daily updates) and David Jensen's Substack analysis (Feb 18-19, 2026). Global physical shortage and Shanghai premium dynamics confirmed across industry reports.
Trump Administration Rolls Out Critical Minerals Price Floor System
Under Secretary of State Jacob Helberg announced that multiple US agencies have developed a "very sophisticated price floor system" for critical minerals and are in discussions with allies/partners. SilverTrade frames this as the Trump Administration ending decades of silver price suppression to unlock private investment.
Verified: Exact Helberg quote confirmed in Bloomberg interviews and Mining.com reporting (Feb 18, 2026). Silver is explicitly included in the US critical minerals list under Section 232 reviews; policy aims to secure supply chains and stabilize pricing for domestic production.