By Michael Lynch
Econanalytics.Substack.com
Wednesday, October 22, 2025
Analyzing Comex data since the price roller-coaster began last Friday, Oct. 17, indicates that paper shorts flooded the market at record high volume driving the price down. December contract open interest dropped as paper longs folded.
However, physical gold bought on the October contract continued at a sizzling record pace. Two large players emerge from being somewhat dormant, Bank of America and Morgan Stanley house accounts, and bought much of the physical gold.
... Dispatch continues below ...
... ADVERTISEMENT ...
First Majestic Mines Silver and Gold,
Mints Its Own Silver Bars, Ingots, Coins, and Medallions,
and Sells Them Online at Low Premiums
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The company owns and operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver and Gold Mine, the San Dimas Silver and Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon gold project in northeastern Nevada, U.S.A.
In 2025 these mines are projected to produce between 27.8 to 31.2 million silver-equivalent ounces, consisting of 13.6 to 15.3 million ounces of silver and 129,000 to 144,000 ounces of gold, with an all-in sustaining cost of $19.89 to $21.27 per payable silver-equivalent ounce.
For more information about the company, visit:
https://www.firstmajestic.com [1]
In a practice unique to First Majestic, the company is proud to manufacture exceptional silver bullion products from its 100%-owned and operated minting facility, First Mint, offering a portion of its own silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at the company's bullion store at low premiums.
To review First Mint’s full product range, visit:
The rush for physical gold continues regardless of price spikes or price smashes.
Since the price-roller coaster began Oct. 17, 6,000 new contracts have been written for immediate physical delivery over the last three days. Each of those were daily records for this point in the delivery period as have each of the last six days. ...
... For the remainder of the analysis:
https://econanalytics.substack.com/p/the-comex-gold-sell-off-is-all-paper [3]
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Sunday-Wednesday, November 2-5, 2025
https://neworleansconference.com/gata/ [4]
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
http://www.gata.org/node/16 [7]
Donations of $250 will entitle the donor to a 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png [8]
