Shocking stat of the day: Buyers are now paying a 7% premium to buy silver today rather than wait a year for delivery. This signals an extreme shortage of physical metal in the London silver market. Under normal conditions, the spread remains positive due to the costs of storing, insuring, and financing silver inventories over time. The spread has widened sharply as buyers have moved away from paper contracts and demanded immediate delivery. Tight inventories are pushing banks and large buyers to secure physical silver now to avoid the risk of not being able to get the metal later. A run for silver on the London market is intensifying.(The Kobeissi Letter)