On Silver: Silver hit a record area around $121.64/oz in January 2026, then fell into the high $60s / low $70s. However, things are changing right now on physical side. Late-March data shows roughly 76.0 million ounces of registered silver against about 569.1 million ounces of open interest, implying around 7.5x paper leverage and only 13.4% coverage. At the same time, March silver deliveries have been very large. CME-linked data show about 9,212 contracts delivered in March 2026, equivalent to roughly 46.06 million ounces, an unusually large draw relative to registered inventory, representing about 60.6% of the 76.0M oz.(BloFin Research)