SILVER PULLBACK ON HOT JOBS — But Gold Barely Moved & The OMB Just Projected $2.065 TRILLION Deficit

Added: 2026-05-10

[00:00:00]You watched silver get marked down today. You watched the same financial television anchors who spent yesterday calling silver the trade of the year pivot in real time. The second the 8:30 a.m. Bureau of Labor Statistics print hit the tape into telling you that the silver bull market is now vulnerable to a Fed pivot. Sure, of course it is. The price went up too fast in January. That proved it was a bubble. The price came down. That proved the bubble popped. The price ripped through $80 Wednesday and Thursday. That proved nothing. The price gave back two or 3% on a Friday morning jobs report that beat expectations. That proves the rally is over. Heads they win, tails you lose, except for one detail. Today, Friday, May 8th, 2026, the United States Bureau of Labor Statistics released April non-farm payrolls. Economists were expecting somewhere between 49,000 and 60,000 new jobs. The actual print smashed forecasts. The dollar caught a bid. The two-year Treasury yield spiked. Silver and gold both sold off. Stocks held their gains. And inside that headline beat, three things happened that the talking heads on CNBC are not telling you. The first is that the United States Office of Management and Budget published the Q2 Treasury Borrowing Advisory Committee presentation today projecting a 2.065 trillion federal deficit for fiscal year 2026. 2 trillion with a T. The second is that the US Iran ceasefire framework, the deal that crashed oil and ripped silver 6% on Wednesday, held under pressure today despite the beat. The third is that gold, the asset that should have collapsed on a hot jobs print combined with hawkish Fed repricing, barely moved. By the end of this video, you're going to understand exactly why today's red candle is not what the cable news desk is selling you, and why silver's structural case is stronger today than it was yesterday, even with a lower price on the screen.

[00:01:50]As I record this Friday evening after the New York close, Silver Spot is trading roughly between $78 and $79 an ounce off the $80.87 intraday high we hit Thursday morning. That is a give back of 2 to 3% from Thursday's print, but still up more than 7% from Monday's $73 low. Gold trades in the $4,700 zone, having spent Wednesday and Thursday touching $4,746 per ounce. The dollar index caught a bid on the strong payroll sprint. The 10-year Treasury yield is pressing back toward 4.5%. Brent crude is holding in the high 90s. The gold silver ratio, which compressed from 60.65 to 59.36 during the Wednesday Thursday RIP, sits this evening at roughly 60. Three trading days ago, silver was at 73.

[00:02:37]Wednesday, on the Axios deal report, silver ripped 6% to 77. Thursday on the Iran response delay and the gold silver ratio compression. Silver pushed through 80 for the first time in two and a half weeks. Today on a stronger thanex expected payrolls sprint, silver gave back roughly half of that move. In gold, the metal that should have fallen the most on a hawkish job surprise barely flinched. That non-reaction is the entire story. That non-reaction tells you the floor under hard money is now structurally larger than any single rate cut narrative. The market spent Wednesday pricing a deal. Today, it had to digest the math that the same Federal Reserve cannot cut rates into a labor market that just printed strong and cannot hike rates with PCE inflation at 3.5% and ISM prices paid at 84.6. The trap is the same. Today's headline just made the trap less subtle. What we are watching in the language of every serious analyst who has ever studied a long-term debt cycle is what I'm going to call the trapped pivot. The framework has three parts. Part one is that the Federal Reserve is structurally cornered. Today's payroll beat removes the cleanest dovish argument the FOMC had. The labor market is not collapsing.

[00:03:46]But ISM prices paid printed 84.6 last Friday, the highest since April 2022.

[00:03:52]Core PCE printed 3.5%. Three voting members on April 29th tried to strip the easing language out of the Fed statement entirely. 8 to4 split. Most divided FOMC vote since 1992. Powell hands washed the keys to that mess in seven days. Part two is that the Office of Management and Budget today projected a $2.065 trillion federal deficit for fiscal year 2026.

[00:04:15]That is the number the Treasury showed the borrowing advisory committee 2 trillion in new federal borrowing this year alone. The same Treasury that needs to issue that paper into a market where the 10-year yield is already pushing 4 a.5%. The same Treasury whose interest expense on existing debt now exceeds $1 trillion annually. Part three is that the comics silver vault has not refilled since first notice day last Thursday.

[00:04:37]Approximately 77 million ounces of registered silver against more than 575 million ounces of paper claims. Coverage ratio 13%. Sixth straight month below stress. Ray Dallio writes about latestage debt cycles the way pathologists write about latestage organ failure. The patient looks stable. Then suddenly the patient is not. Today's strong payroll print did not change the deficit. It did not change the inflation print. It did not change the comics register. It just gave the paper shorts one more day of cover. If you're still here, you are not the herd. You're not the guy who subscribed to CNBC's YouTube channel after Jim Kramer told him to buy Nvidia at the top. You are the OG who has been stacking since Silver had a $14 handle. You are the one who watched JM Bullion go offline at $77 in February.

[00:05:22]You are the one who saw the LBMA experience technical difficulties. The same hour, Shanghai premium hit 13%. So, here is what I'm asking. If you refuse to be the herd's exit liquidity, if you understand that rock beats paper in the long run, no matter how loudly the paper screams, hit the subscribe button below right now. CNBC will never tell you what I'm about to tell you. They cannot.

[00:05:44]Their advertisers will not allow it.

[00:05:47]Every subscribe to this channel is a vote against the banksters and one more retail stacker. We wake up before the music stops. OG's drop OG plus your city below. Texas, Manchester, Bangalore, Brisbane, Verona, Sydney, Toronto, Naples, Berlin, Madrid, anywhere. Let the algorithm see exactly how big the awakened minority actually is. Now, back to the data. The data dump. The April non-farm payrolls report from the Bureau of Labor Statistics smashed expectations that economists at investing.com and FX Street had pegged in the 49,000 to 60,000 range. The actual print beat the low end significantly. The dollar caught the strongest bid we have seen since the hormuse's tanker strike Monday. The 10-year Treasury yield spiked. Stocks held their gains because the underlying red was that the US economy is not collapsing. Silver and gold both sold off in the immediate reaction. Silver more than gold. Exactly as the golds.com pre-market guide published Tuesday had laid out as the legitimate bare case for a strong print. But here is what nobody on cable television is saying tonight.

[00:06:47]The same source published a brief today after the close stating explicitly that quote April payrolls smashed forecasts.

[00:06:54]The US Iran ceasefire held under pressure and the OM projected a 2.065 trillion deficit. Gold barely moved. End quote. The OM projection comes from the actual Treasury Borrowing Advisory Committee presentation released today as part of the Q2 quarterly refunding documents 2.065 trillion. That is what the United States plans to borrow in fiscal year 2026. That is what gets sold into a bond market with rising real yields. That is what the next Fed chair has to manage. And while that was being digested in Manhattan, the Iran ceasefire framework, the one Axios reported Wednesday, the one that hammered oil down 9% in a single session, held under pressure today.

[00:07:34]Average hourly earnings, per the BLS report, came in at $323 per hour, up 3.6% year-over-year.

[00:07:43]exactly the wage stickiness the Fed cannot cut into without losing credibility. The labor market is not collapsing. The inflation is not cooling. The deficit is $2 trillion. And the metal that everyone said would tank on a strong jobs print barely moved. You don't have to take my word for any of this. Robert Gotautle, the former JP Morgan precious metals managing director, told the Jerusalem Post this winter on the record, quote, "There is basically no free floating silver left."

[00:08:10]End quote. Keith Newmier, CEO of First Majestic Silver, told the deep dive in late April, quote, "Silver is in a new price regime, and the market isn't used to it. We've created a new pricing paradigm. We're not going back to the old pricing that we're all used to over the past 20 or 30 years." End quote.

[00:08:26]Last week, Mining Stock Daily released a 55minute interview with Michael Oliver of Momentum Structural Analysis. The official video description on Mining Stock Dailyy's own channel describes the current silver setup as a quote violent congestion zone before a potentially explosive move higher and states Oliver is making the case that silver is entering a new pricing regime far above previous highs, far above 21. His published target is between $300 and $500 an ounce. He calls what comes next lightning form repricing. Bank of America Global Research has a 12-month gold target of $6,000 and a 2026 average silver target of $86. Goldman Sachs holds its year-end gold target at 5,400.

[00:09:08]JP Morgan puts $6,300. City Group's standing silver target is 150. The Reuters analyst poll now projects a 2026 average silver price of $79.50 per ounce, up from $50 as recently as October. Even JP Morgan's own Commodity Desk, the same firm that paid $920 million in DOJ fines for spoofing this exact market, projects an average silver price of $81 for the year. Their average is above where silver sits this evening.

[00:09:38]The cartel itself is admitting the floor is higher than tonight's screen. So why did silver fall today? Because that is what paper does on a strong jobs print.

[00:09:47]Algos sell the gap. Margin clerks raise margins. Speculative longs trim. None of those reasons changed a single supply demand fundamental. The deficit is still six years in counting. China still imported over 1500 metric tons of silver in the first quarter alone, the highest first quarter total on record per Bloomberg customs data. The comics coverage ratio is still 13%. The Bank of Japan is still committed to a yen defense campaign. Powell still leaves the building in 7 days. The OM still projects $2 trillion of new borrowing this fiscal year. The Iran ceasefire framework still holds. The 762 million ounces drawn from above ground silver stock since 2021, a full year of global mine output gone, is still gone. None of those things change today. What changed today is the price on a screen for a few hours. And the price on the screen is not the metal in your safe. This is not a market. This is a crime scene. And today's volatility is just the last cover story getting recycled. Which brings me to the trapped pivot. And the three numbers you need to remember.

[00:10:46]Three numbers, three triggers. Number one, 2.06. 065 trillion. The OM projected fiscal year 2026 federal deficit published today via the Treasury Borrowing Advisory Committee. That is what gets sold into a rising yield environment. That is what creates the structural floor under hard money. That number does not get smaller next year.

[00:11:07]It gets larger. Number two, 13%. The ComX coverage ratio, sixth straight month below stress. Approximately 77 million ounces of registered silver backing. more than 575 million ounces of paper claims. That ratio does not get fixed by a strong jobs print. It only gets fixed by silver going to a price where eligible holders convert to registered. Higher prices, not lower.

[00:11:30]Number three, 7 days. The countdown until Powell exits the Federal Reserve and Kevin Worsh inherits a market with the most divided FOMC vote in 34 years.

[00:11:40]two trillion of new borrowing, sticky inflation, hot wages, a Chinese physical buyer hoarding at multi-deade highs, and a silver vault that has been bleeding for 60 consecutive trading sessions.

[00:11:51]When the central bankers start fighting in the lobby, and one of them is about to walk out for the last time, the medal in the basement always wins. Now, the predictions, three falsifiable predictions tied to specific data triggers, not vibes, not opium, levels that will either confirm this thesis or destroy it. Prediction one is technical.

[00:12:10]Silver tested 81 this week and gave back to 78 to 79. The next test is the $76 zone, the same level where Wednesday's rip began. Holding 76 on a daily close basis through Tuesday means the breakout structure is intact and we are setting up a second attempt at 81 and beyond.

[00:12:27]Losing 76 means a deeper retracement to 73 to 74, but the structural setup remains unchanged. Prediction 2 is monetary. Tuesday's CPI print at 8:30 a.m. Eastern time. If headline CPI prints above 3.3% year-over-year, the rate cut path is dead until Q4 and silver consolidates between 75 and 80 for the next 2 weeks. If CPI prints at or below 3.1%, silver tests 83 within five trading sessions. Either way, the structural floor remains. Prediction three is the structural one. The most important registered comics silver inventory continues to bleed regardless of any single jobs report. We will print a registered number below 70 million ounces before Memorial Day weekend 17 days from now. When that happens, the coverage ratio falls below 12%. At that point, a single $200 million player can ask for delivery and break the entire pool. That is not a forecast. That is third grade arithmetic. And when the pool breaks, whether on a deal, a no deal, a strong jobs print, a weak one, or something nobody saw coming, silver does not move to 150 in a polite linear way. It moves to 200 or 300 in days, not months. Lightning form repricing. The phrase is Oliver's. The math is yours.

[00:13:42]Now, I want to hear from you. In the comments below, two things. First, and this is the most important comment thread on this channel. If you are an OG who has been stacking since silver had a $14 handle, drop OG plus your city.

[00:13:56]Texas, Manchester, Bangalore, Brisbane, Verona, Milan, Sydney, Toronto, Naples, Berlin, Madrid, anywhere. Let the algorithm see how big this so-called fringe actually is. Second, your prediction. Where does silver close on Friday, May 15th? Above 81 means we punch through resistance and confirm the breakout. Below 76 means CPI printed hot and the banksters bought another week.

[00:14:20]Drop your number. The closest gets a shout out. And listen, if you got value from this breakdown, hit subscribe, hit the bell, share this video with one person who still thinks the comics number is real. Because every one of us, we wake up before delivery week is one less retail stacker getting fleeced when the rules change. And the rules always change. We are watching the death throws of a paper system that has lied to four generations of savers. Powell exits in seven days. Worsh inherits a market with two trillion of new borrowing on the calendar. Sticky inflation that the labor market just confirmed is not cooling. An Iran ceasefire that crashed oil but did not crash gold. A Chinese physical buyer that just printed record first quarter import tonnage. And a comics register sitting on 13% coverage for the sixth straight month. The 84.6 prices paid print was the warning shot.

[00:15:08]The Hormuz tanker strike was the second one. The Bank of Japan intervention was the third. Wednesday's 6% rip was the response. Thursday's break of 80 was the confirmation. And today's pullback on a hot Jobs number is just the cover story before the next leg up. Diamond Hand Warriors do not sell at 100. They do not sell at 200. They do not sell at 500.

[00:15:27]They do not sell because rock beats paper. Because Hotel China takes deposits but does not allow withdrawals.

[00:15:33]Because as long as you do not ask for the metal, they have it. And the math is no longer in their favor. Stay sharp.

[00:15:39]Stay stacked. Stay one move ahead of the herd. Save the silver. Save the world.

[00:15:44]This is John AG. Same time, same channel.