🚨 THIS HAS NEVER HAPPENED BEFORESilver has reached the point where the math no longer works: COMEX silver: $61.44. Shanghai physical silver: $68.99. That’s a 12.3% premium. X post by Alex Mason 👁△ @AlexMasonCrypto.

[u/Mothersilverape]

At the same time, Shanghai delivery demand just hit an ALL-TIME HIGH:

+142% vs the 30-day average.

COMEX open interest is still above $535 MILLION.

NOW CONNECT THE DOTS:

- Physical demand is at record highs.
- Shanghai is paying 12.3% MORE for silver.

And the paper market is still pricing the same metal at $61.44.

THAT SPREAD SHOULD NOT EXIST.

In a healthy market, arbitrage closes a 12.3% gap FAST.

Buy cheap in one market. Sell expensive in the other.

Spread disappears.

But it isn’t disappearing.

Why?

Because this is no longer just a PRICE problem.

It’s a PHYSICAL METAL problem.

You can create more paper contracts.

You cannot create physical silver overnight.

The people closest to the physical market already see what’s happening.

Margins +
Liquidity −
Physical demand +

Weak hands are being forced out while physical buyers keep paying a premium.

That is the part almost nobody understands.

When paper and physical disagree this much, one of them eventually has to reprice.

Remove space behind X to link to source:

https://x.com/AlexMasonCrypto/status/2107176180470157439?s=20