🚨 This is extremely concerning.

Silver isn’t moving because of hype or speculation. It’s moving because physical supply is tightening fast.

Most people focus on price. The real signal is supply stress.

Here’s what’s changing:

China is quietly tightening its grip on silver exports. From 2026 onward, exporting silver will require government approval, large-scale operations, and major financing. Small and mid-sized exporters will be pushed out.

China controls a huge share of global silver production. When it restricts exports, the impact hits the global market immediately—just like what happened with rare earth metals.

Silver was already undersupplied. There hasn’t been a surplus in years, and demand has consistently exceeded supply.

Mining can’t respond quickly because silver is mostly produced as a byproduct of copper, zinc, and lead. Higher prices don’t instantly create more supply.

Inventories have been draining for years. Major vaults across the US, Europe, and Asia are near multi-year lows. In some areas, available supply only covers weeks of demand.

That’s why physical premiums are surging in Asia. Buyers aren’t speculating—they’re securing delivery.

Paper silver and physical silver are increasingly disconnected. There are hundreds of paper claims for every real ounce. This only works as long as no one demands delivery. Once demand shifts to physical metal, prices can reprice rapidly.

Industrial demand remains strong—solar, EVs, electronics, medical uses—with no easy substitutes and growing consumption even in slower economies.

That’s what the market is starting to reflect now.

On a personal note, I’ve studied macro for over 22 years and publicly called the last two major market tops and bottoms. When I fully exit the market, I’ll share it openly so others can follow.

If you’re not paying attention yet, you’ll wish you had.