Silver is currently living in two different realities.

On the COMEX exchange — around #GoldAndSilverHitRecordHighs per ounce.
In the physical world — completely different figures:

🇯🇵 Japan — ~$100 🇨🇳 China — ~$145
🇦🇪 UAE — ~$140

The gap — from 45% to 80%.
And this is not an "arbitrage opportunity." It’s a sign of systemic failure.

Why isn’t it being closed?
Because major banks are sitting in huge short positions on silver.
If the exchange price moves toward the real one, their losses will become so large that it will no longer be about trading, but about solvency.

What is happening now:

Physical silver is being removed from storage.
And in exchange, the market is flooded with increasing volumes of paper contracts.

This is classic supply compression.
When there isn’t enough metal to fulfill obligations,
the paper price will simply cease to matter —
the market will be forced to switch to real, physical value.

This is no longer manipulation.
It’s a survival game between metal and the banking system.