The 24 Hours Before Tuesday's Silver Open — What Just Happened This Weekend

追加: 2026-05-25

[00:00:00]Here is where silver stands right now on Memorial Day Monday. $75.35 frozen market closed. And here is what happened this weekend while the price couldn't move. The deal that was called 5050 on Saturday, the one that decides whether silver gaps up or down at Tuesday's open, is still not signed.

[00:00:27]largely negotiated is still the phrase on the table, not agreed, not implemented, not confirmed by Iran. And Iran's own media spent the weekend saying something that directly contradicts the Hormuz terms being described in Washington.

[00:00:45]24 hours from now, Tuesday's bell rings.

[00:00:48]Silver is going to gap one direction or the other. Here is everything you need to know before that happens.

[00:00:56]Let me walk you through the weekend timeline. Not the headlines, the actual sequence. Friday close. Silver sits at $75.35.

[00:01:07]Markets close for the long weekend. No price movement possible until Tuesday.

[00:01:12]Saturday night, the US president posts on social media. A twomonth nuclear talks window. Hormuz reopens. That is the announcement as described from Washington's side. Sunday, Iranian state media publishes its own version. Hormuz stays under Iran's sovereign management.

[00:01:33]Israeli officials call the terms bad.

[00:01:36]GOP senators raise concerns publicly.

[00:01:39]Poly market stays at 91.3% no deal. The announcement and the reaction do not match. Monday morning right now. Still no signed framework, still no joint statement, still no Iranian confirmation of the Hormuz terms. That is the full sequence. 4 days, one announcement, zero confirmation from the other side. I want to be direct with you about what that phrase largely negotiated actually means. It means they are close. It does not mean they are done. There is a real difference between those two things. And that difference is worth understanding before Tuesday's open. A SIM deal has specific language both sides agreed on.

[00:02:23]It has an operational timeline. It has a joint statement. Largely negotiated. Has none of those things. It is a progress report from one party in a negotiation.

[00:02:35]Now why does Hormuz matter so specifically to silver? Let me explain the chain because it is direct. The straight of Hormuz has been effectively disrupted since late February. That is 88 days as of this recording. Roughly 20 to 25% of the world's seaborn oil passes through that 21m waterway. When that flow is threatened, oil prices rise.

[00:03:01]When oil rises, inflation expectations rise. When inflation expectations rise, the Federal Reserve cannot cut rates or in this case faces pressure to hike them. When the Fed is hiking or holding at elevated rates, silver faces a direct headwind. Non-yielding assets lose their appeal when bonds are paying more.

[00:03:24]Reverse that chain and you understand exactly what a hormuse deal does for silver. Oil falls, inflation expectations ease, rate hike odds collapse, dollar softens, silver gets room to move. The twomonth nuclear talks window is the other piece worth understanding. What it actually means is this. Iran and Washington agree not to escalate militarily for 2 months while formal nuclear negotiations proceed.

[00:03:55]That is not a final agreement on anything. It is a pause button. The underlying nuclear dispute, the core reason for the conflict does not get resolved in two months. What happens in two months is both sides sit down and attempt to structure a longerterm framework. For silver markets, what matters is not the nuclear outcome. What matters is whether Hormuz reopens operationally during those two months.

[00:04:22]That is the inflation variable. That is the rate cut variable. That is the dollar variable. The 5050 quote came Saturday evening with the announcement itself. The US president was asked directly about the probability of success. His answer deal versus strikes is 50/50. Those were his words. The decision maker describing his own outcome probability as a coin flip. That is not spin. That is an honest read from someone who knows the details. When the person making the call says it is even odds, the market should take him at his word. And here is what that 50/50 means practically for silver. It means the upside scenario and the downside scenario are being given equal weight by the most informed person in the room.

[00:05:14]Silver at $75.35 is not pricing 5050.

[00:05:21]Silver at $75.35 is closer to pricing a 70 to 80% failure probability. It is already pulled back significantly from the optimism levels of miday.

[00:05:35]If the coin lands on deal, silver is underpriced at $75.

[00:05:40]If it lands on strikes, $75 may still have further to fall. That asymmetry is worth understanding before Tuesday opens.

[00:05:51]History offers one relevant reference point here. In 2019, US Iran tensions escalated sharply around Hormuz following tanker seizures. When tensions briefly eased in September that year, silver moved approximately 4% higher within two sessions. The relief was temporary. The underlying conflict was unresolved, but the market responded immediately to the reduction in oil risk premium.

[00:06:20]The current situation is more severe and more sustained. The price response to resolution, if it comes, is likely to be larger, not smaller. Here is the honest read on what the weekend actually showed us. Start with Iran's language. The phrase sovereign management of the straight of Hormuz is not a translation issue. It is a deliberate framing.

[00:06:44]Iran's position consistently held is that the strait falls within its territorial and strategic sphere.

[00:06:52]Agreeing to reopen Hormuz implies that Iran was closing it, which Iran does not publicly acknowledge. Their framing has always been that they manage access, not that they blocked it. That distinction matters practically.

[00:07:06]Washington describes a horm's reopening.

[00:07:09]Thrron describes ongoing sovereign management. Both sides can sign the same document and describe it differently to their domestic audiences.

[00:07:21]What matters is what actually happens to tanker traffic through the strait after any announcement. That operational reality, not the language in the document, is what oil markets will price. Now, Israel, why does a US Iran nuclear talks window concern Israel specifically Israel's position on Iran's nuclear program has been consistent for years. A two-month negotiating window does not dismantle any centrifuges. It does not reduce enriched uranium stockpiles. It creates a delay in any potential military action while Iran's program continues operating. From Israel's perspective, a deal that pauses military options for two months without requiring concrete nuclear roll back steps is not a deal that addresses the actual threat.

[00:08:14]An Israeli official calling the terms bad is not political posturing. It is a statement of strategic position. The GOP senator's concerns are related but distinct. The reported terms, a nuclear talks window without clear roll back conditions, raise questions about verification.

[00:08:35]What stops Iran from continuing enrichment during the two months? What happens at the end of the window if talks fail? These are the questions congressional critics are asking publicly. Their concerns do not block the deal, but they do signal that ratification or congressional support for any resulting framework will be contested. Now, let me explain Poly Market simply because it matters. A prediction market is a platform where people put real money behind probability estimates. If you think a deal lands before May 31st, you buy shares that pay out if it happens. If you think it doesn't, you buy the other side. The price of those shares reflects the collective estimate of everyone betting real money on the outcome. 91.3% no deal means that for every dollar in the market, 91 cents is betting against resolution by May 31st. Real money is different from opinions. Polls reflect what people say. Prediction markets reflect what they're willing to stake.

[00:09:40]91.3% is not a small signal. It is a strong collective judgment that the largely negotiated announcement is not enough to close the deal on this timeline.

[00:09:54]The May 31st deadline is the US president's stated diplomatic window. It is not automatically a military trigger, but it was described publicly as the point at which the diplomatic track either succeeds or the other track which the president described as strikes becomes the operative planned.

[00:10:14]After May 31st, the next decision point would be a new diplomatic attempt or an escalation. There is no automatic pause beyond that date. Let me be direct with you about what that means for Tuesday's open. If the weekend ends with no announcement, no signed framework, no joint statement, silver goes into Tuesday's open carrying the full weight of diplomatic failure. That is not a neutral starting point. That is an environment where oil holds elevated inflation expectations stay sticky and the Fed has every reason to maintain its hawkish posture. The market partially priced in deal optimism on Wednesday when the two Chinese super tankers transited Hormuz for the first time in 12 weeks. That partial pricing needs to be acknowledged. Silver bounced from $73.18 to $7726 on Wednesday's session. A $4 move roughly 5.5%.

[00:11:17]On the combination of tanker news and the final stages language from Washington. Some of that optimism is still embedded in the $75.35 Friday close. If the deal fails, that embedded optimism exits the price. Not all at once, but at exits. Here is a historical parallel worth naming. In January 2015, the Iran nuclear framework was described by the Obama administration as within reach just days before talks collapsed. Markets had partially priced in a positive resolution. When talks broke down, oil spiked briefly and precious metals sold off on the reassessment of the macro environment. The within reach language had pulled forward some of the positive pricing. Its collapse forced a partial reversal. Largely negotiated is doing similar work in this market right now.

[00:12:15]Some of the deal optimism is already embedded in prices from Wednesday's tanker news. If the deal fails, that optimism unwinds.

[00:12:24]Silver is at $75.35.

[00:12:28]It hasn't moved since Friday's close. It cannot move until Tuesday. As I'm recording this Monday morning, Shanghai has already opened and begun pricing the weekend news. That matters. The physical market doesn't wait for COMX. Here is something important about the 96-hour gap. Specifically, a normal overnight gap is 16 hours. Close on Friday, open Monday morning. This gap is 96 hours, 4 days. That is six times longer than a normal weekend gap. More time means more positioning. Institutional traders do not sit on their hands for 4 days waiting for ComX to open. They use the instruments that are available. Oil futures, gold positions, currency markets, silver options to adjust their exposure before Tuesday arrives. By the time the silver paper price moves on Tuesday, the institutional positioning is already largely set. That is not a conspiracy. That is how professional money management works. You don't wait for the last possible moment to respond to news that arrived 3 days ago. You respond when the information arrives using whatever instrument is available.

[00:13:47]Retail investors who check silver's price Monday morning and see $75.35 are looking at a number that no longer reflects where institutional money thinks silver should trade. The gap on Tuesday morning is the recalibration.

[00:14:03]Let me explain what is actually happening in the markets that are open right now. Oil futures trade around the clock on global exchanges. The CME Globeex system never fully closes.

[00:14:17]Gold trades on the Shanghai gold exchange on London markets on various Asian exchanges before any US exchange opens. Currency markets forex are the most continuously liquid markets in the world. Through those markets, professional traders are already expressing their view on the Iran situation. If oil fell significantly in Asian trading Sunday night, that is institutional money saying the deal is real enough to reduce the risk premium.

[00:14:48]If gold moved up, that is a separate signal, dollar weakness or flight to safety. If the dollar index dropped, that is rate cut expectations rebuilding. Right now, before Tuesday opens, here's what you can check yourself. Go to tradingeconomics.com and search WTI crude oil. That will show you the current futures price and the move from Friday's close of $985.

[00:15:14]If it is below $94, deal optimism is winning in the market. If it is above 98, it is not. Search DXY on any financial app or on trading economics.

[00:15:28]The dollar index below 100 means the dollar is weakening. A silver tailwind above 103 means it is firm. A silver headwind. Search gold spot price. Gold and silver do not always move together, but in this macro environment, they are correlated enough that gold direction in Asian hours is a useful preview of silver's Tuesday open. These three numbers, oil, dollar, gold, are the pre-market briefing that institutional traders are looking at right now. You can look at the exact same numbers. The information is not hidden. It is just not being packaged for retail silver investors the way it is being packaged for institutional desks. That is what this video is trying to fix. If all three are pointing the same direction, oil down, dollar down, gold up, the deal scenario is taking hold in global markets before Comx ever opens. If they are mixed or pointing toward caution, oil flat, dollar firm, gold flat, the market is skeptical regardless of what the headlines say. Now, let me explain the Shanghai premium clearly because it is showing something the Comx price is not. Two markets are pricing silver simultaneously.

[00:16:48]Comx is the paper market, futures contracts, financial instruments, mostly settled in cash. The Shanghai Gold Exchange is the physical market, metal that buyers actually take delivery of.

[00:17:00]Right now, Comx is quoting silver at $75.35.

[00:17:05]Shanghai's afternoon fix has been running at roughly $83 to $84.

[00:17:11]That $8 to$9 gap means physical buyers in China are paying significantly more than the paper price suggests silver is worth. That gap is not random. It reflects genuine physical demand that is strong enough to sustain a premium over the international paper benchmark. When the paper price falls towards $73 and physical buyers keep paying $83, the physical market is telling you something. It is saying the real world price for actual metal is not $73. It is considerably higher. The paper price is being suppressed by macro mechanics, the Fed, the dollar, the Iran uncertainty, while the physical price holds up because the underlying demand is real.

[00:17:57]The January 2026 gap opened is the relevant historical reference for what Tuesday could look like. When silver hit its all-time high of $12167 on January 29th, the preceding opens had been gap up sessions, the price jumping at the open from where it closed the prior session. Those gaps were 2 to 4% in a single session. The Tuesday open after a 96-hour weekend with a binary Iran outcome could produce a gap of similar or larger magnitude in either direction. That is not unusual for this market. That is what this market does when significant news arrives during a closure. Tuesday's open is not the moment to make a decision. It is the moment to measure one. Let me explain why Tuesday specifically is different from a normal Monday open after a long weekend. Memorial Day volume is thin.

[00:18:52]Many institutional desks are still running skeleton crews. The retail participant base is lower in thin volume conditions. Price moves are amplified both up and down. A 2% gap in normal volume conditions can become a 4% gap in thin holiday volume. Whatever direction Tuesday opens, the initial move will likely be larger than the news alone justifies. The market will partially correct back toward equilibrium in the first hour. Watch what happens after the initial move, not just the move itself.

[00:19:30]Now let me explain the dollar mechanism clearly. Why does a weaker dollar lift silver? Silver is priced in US dollars globally. When the dollar loses value relative to other currencies, the same ounce of silver costs fewer euros, fewer yen, fewer rupees. That makes silver cheaper for international buyers.

[00:19:53]Cheaper silver means more demand from buyers outside the United States. More demand pushes the price up. The mechanism is that simple. A 1% drop in the dollar index does not produce a 1% rise in silver, but it removes a headwind. When the dollar weakens and silver demand responds, the price moves.

[00:20:16]Right now, the dollar is near a six-w week high. That is a headwind. If the Iran deal reduces inflation expectations and signals coming rate cuts, the dollar weakens. That headwind reverses. Silver gets room to breathe. Treasury yields work the same way. The 10-year US Treasury is currently yielding approximately 4.5%.

[00:20:40]When you can buy a US government bond paying 4.5% guaranteed, the appeal of holding silver, which pays nothing, is reduced. That is the opportunity cost.

[00:20:51]Every percent of yield that treasuries pay is a percent of return that silver has to compete with without paying anything. When treasury yields fall because inflation expectations ease or because rate cut pricing rebuilds, that opportunity cost shrinks. Silver becomes more competitive against bonds.

[00:21:12]Institutional money that had rotated into treasuries rotates back toward hard assets. A confirmed Iran deal by easing inflation expectations would push yields lower within hours. That yield move would hit Tuesday's session directly.

[00:21:30]Now, let me explain ComX first notice day because I think some viewers have heard the phrase without knowing exactly what it means. Comx trades silver futures contracts. A futures contract is an agreement to buy or sell a specific amount of silver at a specific price on a future date. Most futures contracts are never actually settled in physical metal. Traders roll them. They close the expiring contract and open a new one further out to maintain their position without taking delivery. After first notice day, holders of long contracts, buyers who have not rolled, can be assigned a delivery notice. That notice tells them you are receiving physical silver. The silver comes from the Comx registered vault, metal that has been certified, weighed, and designated as deliverable. The June contract has first notice day on approximately May 28th.

[00:22:29]There are currently approximately 14.5 million ounces of open interest in that contract. Not all of those will stand for delivery. The majority will roll before Wednesday, but some won't.

[00:22:42]Industrial buyers, solar manufacturers, electronics companies, fabricators are the ones who actually need the metal.

[00:22:50]They don't roll, they take delivery. The coverage ratio is currently 16.2%.

[00:22:57]That means for every $100 of paper silver claims in the registered vault system, there is $16.20 worth of physical metal available for delivery. The stress threshold analysts watch is 15%. We are just above it. In January 2026, delivery pressure hit hard. 33.45 million ounces were withdrawn from COX registered inventory in a single week.

[00:23:26]That was 26% of the entire deliverable pool removed in 7 days. The price moved sharply during that delivery window. Not smoothly, not gradually. The compression between paper and physical was forced and fast.

[00:23:43]June is not guaranteed to repeat January, but the pool is thinner now than it was in January. The starting registered inventory is already 40% below the October 2025 peak. A delivery event of half January's intensity would still push the coverage ratio below the 15% stress threshold.

[00:24:06]Here is the scenario nobody is mapping clearly. Iran uncertainty and comx delivery pressure hit the same 48 hour window. Tuesday's open is driven by the Iran gap. Wednesday is first notice day.

[00:24:21]If the Iran news is negative and silver gaps down Tuesday, the paper price is lower going into delivery season.

[00:24:28]Industrial buyers taking delivery on Wednesday are doing so into a lower paper price, but the physical metal is no more abundant than it was. The paper price falls. The physical reality doesn't move. That compression is exactly what creates the conditions for a sharp snapback. If the Iran news is positive and silver gaps up Tuesday, delivery demand on Wednesday arrives into strength, buyers who were planning to roll their contracts may decide to stand for delivery instead. They're already in profit. The price is moving their way. That increases delivery demand into an already thin vault. The upward pressure compounds. Either path into Wednesday makes the COX delivery story larger, not smaller.

[00:25:18]No sign deal as of this recording. That is the factual status. Let me give you the structural reminder first briefly.

[00:25:26]The silver market is in its sixth consecutive year of supply deficit. The projected shortfall for 2026 is approximately 46.3 million ounces.

[00:25:37]Solar, electric vehicles, and AI data centers are consuming silver at rates that grow every year. None of that changed this weekend. Not one ounce of that demand disappeared because of diplomatic uncertainty. That is the foundation. It does not move on weekends. Now, here is the honest read on the short-term picture. Largely negotiated without Iranian confirmation means path B pressure is the default going into Tuesday. Silver at $75.35 is not protected from a retest of $73 in this environment. The paper market follows the macro. The macro without a signed deal still has oil elevated, inflation sticky, and the Fed hawkish.

[00:26:25]That combination is a silver headwind.

[00:26:28]Acknowledge it directly. But, and this matters, a silver price at 75 because of paper market pressure is not the same thing as a silver price at 75 because the structural story broke.

[00:26:42]Paper market pressure shows up in futures positioning, in dollar strength, in rate expectations. It is macrodriven and event driven. It responds to news.

[00:26:54]It reverses when the news reverses. You can track it in real time through oil prices, treasury yields, and the dollar index. Structural thesis breakdown looks completely different. It would show up as industrial demand contracting, fewer solar installations, slower EV production, reduced AI data center buildout. It would show up as mine supply suddenly expanding, new large deposits coming online years ahead of schedule. It would show up as physical demand falling, coin sales declining, ETF outflows accelerating, Shanghai premium collapsing. None of those structural signals are present. Physical demand is strong. Shanghai is paying $83 for metal. Comx quotes at 75. The deficit is on track. Industrial demand is growing. The structural thesis has not broken. that gold to silver ratio today sits at approximately 60 to1. The long run 20th century average is 47 to1.

[00:27:58]At 47 to1 with gold at $4,500, silver is at $95. That math has not changed. That calculation does not know what Iran announced on Saturday. It is just math. Here is the practical framework for thinking about reassessment, not panic. If 73 breaks on a daily close, meaning silver closes below 73 on Tuesday or any subsequent session, that is a warning signal, not because the structural story changed, because it means the paper pressure is strong enough to push through a level that physical buyers have defended twice. That requires you to ask, has something changed in the physical demand picture or is this purely paper pressure? If it is paper pressure, the question is how long can it sustain below a level where physical buyers have previously stepped in. If 73 holds on a third test with a visible bounce and reasonable volume, that is the strongest technical signal the 2026 chart has produced. Three tests, three holds, physical buyers defending the same level repeatedly is not coincidence. That is a bid. There is a version of this weekend's outcome that is actually more constructive for silver than a signed deal today. Hear me out on that. If the deal fails and oil spikes, that is short-term pain for silver. But sustained oil above $100 is not sustainable politically or economically.

[00:29:33]The pressure to resolve hormuz increases. The IEA chief has already said global oil markets reach the red zone by summer without reopening. That is a hard calendar deadline. The longer Hormuse stays disrupted, the more pressure builds toward eventual resolution. And the eventual resolution, when it comes, hits a market where physical silver has been drawing down reserves for weeks or months longer than expected. A delayed deal means a bigger eventual release.

[00:30:06]That is not a comfortable way to hold silver through the short term. But it is the honest read on what a collapse scenario eventually produces. The other scenario deal lands today produces an immediate tailwind but removes some of the urgency that has been building physical demand. Buyers who were accumulating aggressively at $73 and $75 because they expected elevated inflation may slow their accumulation pace if inflation pressure eases. Neither outcome is clean. Both have complications.

[00:30:42]I want to be direct with you. There is no version of this weekend where the picture becomes simple. The complexity is the honest read. What would actually change the long-term thesis? Not paper prices going to 72, not even 65. What would change it is industrial demand reversing, solar adoption declining significantly, EV production contracting materially, AI infrastructure buildout slowing enough to reduce silver consumption, or a major new primary silver mining discovery that adds tens of millions of ounces to annual supply within 3 years. Neither of those things is currently happening or even approaching. Price going down does not break the thesis. Price going down while the structural demand picture remains intact is what has preceded every major silver recovery in the past 50 years.

[00:31:40]Here is the sequence. Four things in the specific order that matters. Signal one.

[00:31:47]Go to tradingeconomics.com and search WTI crude. Friday's close was $985.

[00:31:56]If WTI is below $94 right now, deal optimism is winning in the market. That is a 4% move down. It signals that oil traders who are among the most informed in the world on Hormuz are pricing the deal as real enough to reduce the risk premium. If WTI is above $98, collapse scenario dominant. The risk premium has not moved. Markets are treating largely negotiated as noise. This is signal one because it is the most direct and most liquid market signal available right now. Signal two, dollar index. Search DXY on any financial app or trading economics. If DXY is below 100, the dollar is weakening. Rate cut expectations are rebuilding. Silver gets a tailwind when Tuesday opens. If DXY is above 103, the dollar is firm. Silver has a headwind. The macro environment going into Tuesday is hostile. Dollar direction confirms or contradicts what oil is telling you. If oil fell and the dollar weakened, both signals pointing the same direction, the deal scenario is gaining real traction. If they are pointing opposite directions, the market is genuinely uncertain. Signal three, Tuesday, 9:30 a.m. ET first print. Do not react to the opening gap immediately. Watch the first 5 minutes for direction. Watch the first 30 minutes for conviction. Watch the first 2 hours for confirmed trend. A gap open does not tell you where silver is going.

[00:33:39]It tells you where the market started.

[00:33:41]What matters is whether that direction holds. A 3% gap up followed by a reversal in the first 30 minutes is the market saying the news was priced in already. There is no new follow-through.

[00:33:54]A 3% gap up that holds and builds through the first hour is confirmed direction. Below $74 on Tuesday open, path B taking hold. Above $80 on Tuesday open, breakout scenario $74 to $80.

[00:34:11]Market is processing contradictory signals. Watch the 2-hour trend before drawing conclusions. Signal four, Comx warehouse report, May 28th. Go to cmeroup.com.

[00:34:24]Under the metal section, find the daily warehouse stocks report. Look specifically at the registered silver figure. If registered silver inventory drops by more than 1 million ounces in the first two postfirst first notice sessions, June delivery demand is active. Physical buyers are pulling metal from the vault. That reinforces the physical floor. If registered inventory is stable through those two sessions, the June delivery period is passing quietly. The physical market pressure is not materializing this month. Why this specific order matters?

[00:35:00]Each signal confirms or questions the one before it. Oil tells you how global professional money is reading Iran.

[00:35:07]Dollar confirms or contradicts oil.

[00:35:10]Tuesday's open shows you what the silver paper market itself thinks. Comx warehouse data tells you what the physical market is actually doing.

[00:35:19]Together they are a sequential picture.

[00:35:22]Each one adds information the previous one didn't have. Here is how to use them together practically. If oil is down and the dollar is down and Tuesday gaps up, all three confirming, that is a strong signal the deal scenario is gaining real traction. You have three independent markets all pointing the same direction.

[00:35:45]That is meaningful. If oil is down but the dollar is up, the signals are contradicting each other. The market is uncertain. In that case, Tuesday's open is the deciding vote. Whichever way it moves with conviction becomes the dominant signal. If oil is flat, the dollar is flat and Tuesday gaps down.

[00:36:08]That is the collapse scenario taking hold quietly, not dramatically, just the slow reassertion of the macro headwind.

[00:36:17]That environment tests $73 within the week. And if all four signals align in the bearish direction, oil up, dollar up, Tuesday gaps down, comx inventory stable, that tells you something specific about the timeline for silver's recovery. It does not break the structural story, but it extends the patience required to hold through to when that story dominates the paper price. Do not look at only one, use all four. Here is the summary in plain English. The deal is not signed. Iran is contradicting the terms. Poly market doesn't believe it closes by May 31st.

[00:36:59]Silver is frozen at $75.35 with 24 hours left before the gap open.

[00:37:07]That is the honest status as of 4:00 a.m. Monday morning. The structural story, the deficit, the demand, the ratio math did not change this weekend.

[00:37:18]The diplomatic story is still unresolved. Those are two different things. Keep them separate in your head going into Tuesday. Tuesday at 9:30 is the moment the price gets to respond to everything the weekend produced. The four signals oil dollar Tuesday open comx warehouse will tell you in sequence what is actually happening. Not what a headline says is happening. what the market is actually pricing. Do not be the last person to understand what happened this weekend. You've now got the framework. This is not financial advice. Everything in this video is for educational purposes only. Silver is highly volatile. Please consult a qualified financial professional before making any investment decisions. I'm John AG where we decode the game of money. If this gave you a clearer picture of Tuesday than anything else you'll read today, share it with someone who needs it. See you on the other side of that open.