🚨 MARKET WAKE-UP CALL
Silver is trading in two realities — and that shouldn’t happen.
Same metal. Same day.
London spot near $80/oz
New York COMEX around $71/oz
A $9 spread that defies normal market logic. In a true free market, arbitrage would erase this fast… but it hasn’t.
Why?
▲ Physical supply is under pressure
• China controls ~60% of refined output and is tightening exports
• Shanghai inventories sit at decade lows
• Global stockpiles down ~70% since 2020
• 800M+ oz consumed in just 5 years
At the same time…
U.S. banks are net long silver for the first time on record.
Translation: capital is rotating away from paper exposure and into real metal.
Paper silver = leverage
Physical silver = necessity
Shanghai reflects true demand.
COMEX reflects financial engineering.
That price gap? It says everything.
