Aug 5, 2026 · 37 min · 15 segments
A seismic shift is underway in the gold market. Ed Steer, editor of the Steer Report and a veteran precious metals analyst, warns that a "quiet run" on the London and New York gold markets is exposing…
Ed SteerGuest
Dunagun KaiserHost
I'm always privileged to have this legendary returning guest who we were directed to originally by David Morgan after the passing of Ted Butler.
We're talking about Ed Steer, who's been looking as close as anyone, if not more closely, at the gold and silver physical markets and the driving factors that affect them for the longest time.
You have been generous enough to share your in-depth analysis and views on what we can s- understand by reading the tea leaves that are on the Commitment of Traders reports and other actions surrounding ETFs and so on that affect the broader precious metals markets, and not just precious metals, but other commodities as well.
You've talked to us about c- record collusion and concentrated trading action and short positions, including naked short positions on the-- both the COMEX and other exchanges.
We have some big-ticket, uh, topics to discuss with you today, such as twenty thousand dollar gold calls, out of the money calls for January 2027 that some very large participants have been placing bets on.
Uh, big eight, uh, trading banks' actions since they took the market down at the end of January this year.
China declaring a cessation, a stopping out, uh, no more naked futures trading on the Shanghai Gold Exchange, what that's about, and your revelations from in-depth analysis of their latest Commitment of Traders report, all to help us understand what's going on in the precious metals and commodity space.
So could we kick it off with you, uh, giving us your view of what was broken a, a week or two ago, this big position that e- for fifteen thousand to twenty thousand dollar gold out of the money calls placed for January 2027, which got a lot of eyebrows raised across the industry.
Well, you know, I've-- I, I first came across this in February sometime, and I think I posted something about it in my column in March.
And, uh, of course, uh, as you correctly pointed out, uh, as time has gone along, it's getting more and more attention.
I got, uh, something in the mail from one of my subscribers this morning, um, pointing out that yesterday, okay, this has just happened yesterday, the six thousand strike, a thousand seven calls were added, eight thousand strike, two thousand calls were added, ten thousand strike, four hundred and seventy-five calls, and fifteen thousand, a thousand and twenty-nine calls were added, and at a twenty thousand dollar [chuckles] strike price, another nine hundred and eleven calls, uh, contracts were, were added.
So there's tens, many tens of millions of dollars being bet on the fact that gold [chuckles] is gonna be priced at some, some horrendous price, really high price between now and, uh, the end of the year.
So y- you don't bet this kind of money unless you know something that the average person doesn't know.
I don't know what it's g- what it's gonna hatch into when it does when, uh, as, as December approaches.
But, uh, there's big money bet on the fact that gold is, uh, gonna be f- far, far north of four thousand dollars, which is-- or forty-one hundred, wherever it's sitting at today, in, in five months' time from now.
And the question I have about these is, okay, fine, everybody's g- everybody's long, you know, these, these calls, uh, in various months up to and including December.
I'm always privileged to have this legendary returning guest who we were directed to originally by David Morgan after the passing of Ted Butler.
We're talking about Ed Steer, who's been looking as close as anyone, if not more closely, at the gold and silver physical markets and the driving factors that affect them for the longest time.
You have been generous enough to share your in-depth analysis and views on what we can s- understand by reading the tea leaves that are on the Commitment of Traders reports and other actions surrounding ETFs and so on that affect the broader precious metals markets, and not just precious metals, but other commodities as well.
You've talked to us about c- record collusion and concentrated trading action and short positions, including naked short positions on the-- both the COMEX and other exchanges.
We have some big-ticket, uh, topics to discuss with you today, such as twenty thousand dollar gold calls, out of the money calls for January 2027 that some very large participants have been placing bets on.
Uh, big eight, uh, trading banks' actions since they took the market down at the end of January this year.
China declaring a cessation, a stopping out, uh, no more naked futures trading on the Shanghai Gold Exchange, what that's about, and your revelations from in-depth analysis of their latest Commitment of Traders report, all to help us understand what's going on in the precious metals and commodity space.
So could we kick it off with you, uh, giving us your view of what was broken a, a week or two ago, this big position that e- for fifteen thousand to twenty thousand dollar gold out of the money calls placed for January 2027, which got a lot of eyebrows raised across the industry.
Well, you know, I've-- I, I first came across this in February sometime, and I think I posted something about it in my column in March.
And, uh, of course, uh, as you correctly pointed out, uh, as time has gone along, it's getting more and more attention.
I got, uh, something in the mail from one of my subscribers this morning, um, pointing out that yesterday, okay, this has just happened yesterday, the six thousand strike, a thousand seven calls were added, eight thousand strike, two thousand calls were added, ten thousand strike, four hundred and seventy-five calls, and fifteen thousand, a thousand and twenty-nine calls were added, and at a twenty thousand dollar [chuckles] strike price, another nine hundred and eleven calls, uh, contracts were, were added.
So there's tens, many tens of millions of dollars being bet on the fact that gold [chuckles] is gonna be priced at some, some horrendous price, really high price between now and, uh, the end of the year.
So y- you don't bet this kind of money unless you know something that the average person doesn't know.
I don't know what it's g- what it's gonna hatch into when it does when, uh, as, as December approaches.
But, uh, there's big money bet on the fact that gold is, uh, gonna be f- far, far north of four thousand dollars, which is-- or forty-one hundred, wherever it's sitting at today, in, in five months' time from now.
And the question I have about these is, okay, fine, everybody's g- everybody's long, you know, these, these calls, uh, in various months up to and including December.
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