"Cooling Problem" or Bankers Rescue? The Truth About the Squeeze of 12,450 Silver Tons

[Igor Pereira]

CME Group, operator of the world's largest futures market (COMEX), blamed a "cooling problem" in its data center for a 10-hour global shutdown.

By Igor Pereira, Financial Market Analyst, Junior Member WallStreet NYSE

At ExpertFX School, we don't accept superficial narratives. The truth that emerges from behind the scenes of the industry is much darker: the system was deliberately turned off to avoid a catastrophic default of physical silver delivery. The market has reached the limit of lying that "there is always metal".

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1. The Trigger: 400 Million Ounces of Panic

The shutdown wasn't accidental. It occurred at the exact moment when silver reached records ($56,775/oz) and an Authorized Participant (AP) required the physical delivery of 400 million ounces (12,450 tonnes).

• The Cooling Lie: The technical excuse is implausible. Critical data centers like CME have triple redundancies. As experts pointed out: "It's their way of laughing at us."

• The Rescue: The "glitch" gave vital time for short selling positions (short), which did not have physical metal, to reposition, evaluate margin calls and avoid a price that would come out of the chart. It was an escape attempt, not a technical failure.

2. The Parallel Reality: The Physical One Has Not Stopped

While the CME screen was frozen ("nothing bright and clean where there was a liquidity hell"), the real market continued to function:

• High Prizes: Physical metal sites have increased their prizes.

• Bastidor Negotiations: Mining companies and refineries continued to negotiate real ounces. Physical scarcity does not respect software breaks.

• Chinese Confession: Chinese analysts confirm: " Now we lack physical silver, there is no remaining stock."

My Analysis (Igor Pereira): The paper system stopped to try to control the price, but the physical market continued to price shortages. This divergence is the final sign of a broken market.

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3. The End Date: 31 December 2025

The November 28 incident was just the warning. The real score is set.

• Crystallisation: In 31 December 2025, the positions must be crystallized for the closing of the year. That's when creative accounting finds its limit.

• The Dilemma of Banks: Between now and that date, banks, purses and regulators have an impossible choice: bury the problem (with more handling and injection of liquidity) or repair the silver for its real value of scarcity, far above current levels.

Conclusion of Igor Pereira: System Reached Limit

The CME blackout proves that the current financial system cannot handle the real demand for tangible assets. They would rather shut down the market than allow the price to discover its true value.

For us, investors in silver and gold, this is the ultimate validation. They're scared. The shortage is real. The paper price is a temporary fiction. Hold your physical positions. December 31st will be the trial.

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