The silver market is showing massive cracks in the system. Paper prices are trading at $82.50, yet physical silver is commanding $90–$130 per ounce. Orders are backed up through late January, revealing a critical disconnect.

Banks holding massive short positions are suppressing paper prices to avoid catastrophic losses—classic market manipulation. Meanwhile, vaults are running dry. This isn't normal price discovery anymore; it's a system under extreme stress.

The parallel to GameStop is striking: when supply truly evaporates and demand explodes, artificial price suppression becomes impossible to maintain. The gap between paper and physical is the smoking gun. When that reality finally catches up, we could see a violent repricing that institutions are desperately trying to prevent.