The West is trading "Paper Silver." The East is draining the vault.



Shanghai silver just hit $80/oz. That is a massive premium over COMEX. But the price isn't the signal. The signal is Backwardation.

Spot prices are higher than Futures prices. This only happens when the market is screaming:
"I don't want a promise to deliver metal next month. I need the metal right now."

China’s inventories are at a 10-year low. They aren't speculating; they are cornering the physical market for solar and EV production.

The arbitrage window is closed. The physical squeeze is here.
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