Silver's Fat Pitch

Like many Americans, I grew up playing a fair amount of baseball. Part of this involved trying to hit a little round ball with the equivalent of a modified, wooden stick.

Like asset prices and market forces, this little white ball, thrown by a pitcher 60 feet away, could sink, curve or speed by you in bewildering and often embarrassing ways.

Sometimes, however, we hitters of that ball would be blessed with what is called a "fat pitch"—that is, a ball thrown so comfortably straight, clear and trackable that it was effectively impossible to miss.

Below, I'll show why the set-up we are currently seeing in the global silver market is precisely that: A fat pitch.

Prior Silver Curve Balls
Of course, silver markets, like baseball players, have also seen a lot of curve balls and crazy swings.

We saw recent versions of this in December of 2025, when the COMEX price-fixers, with a little help from the Chicago Mercantile Exchange, or CME, raised margin prices to force a mass-selloff (i.e. price-fall) of the metal.

When that pitch failed, the COMEX threw another, far more effective margin hike (or "curve ball") in late January of 2026 to openly engineer the single-worst silver price crash in 44 years.

The reasons for these tricky pitches at the COMEX were obvious. The big players (i.e., banks) going net-short silver were literally dying under the weight of silver's rising price moves.

Not so coincidently, the CME/COMEX then initiated another, more effective, margin hike and thereby bailed the insider banks out of the mother of all short-squeezes.

There was no price discovery, but blatant price manipulation, as fixed/rigged as the 1919 World Series. (Ironically, both the CME and the cheating, 1919 White Sox hailed from Chicago…)

But as I argued in January, such a rigged game was nothing new. The COMEX has been playing it for decades, from defeating the Hunt Brothers' silver bid in the 1980's (with a sell-only trick) to crushing the "Reddit mob's" attempt to bring honest demand (and pricing) to silver in 2021.

In short, the COMEX, and the banks who effectively self-regulate it, threw a lot of curve balls which were difficult to beat.

But as we enter the 2026 macro playing field, it is the COMEX itself which is about to strike out, and this bodes extremely well for silver.

Here's why.