COMEX and LBMA have been at the center of the "paper vs physical" debate for years. The derivatives market dwarfs physical supply, which creates tension.

My take: Silver is undervalued relative to gold historically (gold/silver ratio is still elevated), and industrial demand (solar, EVs, electronics) is accelerating while primary mine supply is constrained. If there's a squeeze on physical delivery or loss of confidence in paper markets, volatility will spike.

Short term: choppy, driven by macro/dollar strength. Long term (5-10yr): bullish, especially if monetary debasement continues. But timing squeezes is a mug's game - these markets can stay irrational longer than most can stay solvent.

Not financial advice, just thinking out loud. 🪶