Investors are scrambling for silver: Silver lease rates, the one-year borrowing cost of silver in the UK, is above 5% for the 5th time this year. This is well above historical levels of near-zero rates, signaling supply shortages. Additionally, the price gap between New York silver futures and London spot prices widened to 1.20 per ounce. Meanwhile, Comex warehouse silver inventories are now at their highest level since records began in 1992. Demand for silver is historically high.(The Kobeissi Letter)