Silver Is On A Tear Today

Interesting article from October 2025
Major Refineries Stop Taking Silver - Phoenix Refining

excerpt:
Silver is now in massive backwardation, a unique and often alarming market condition where spot prices exceed futures contracts. This implies that investors are placing more value on physical ownership in hand today than promises of future delivery.

This is rare in precious metals and almost unheard of at this scale. Normally, backwardation indicates one of two things: either acute short-term supply chain disruptions… or the market no longer believes paper silver (such as COMEX contracts) can be physically settled.

 

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I think it’s both. Paper silver can’t be trusted (you would have thought a lesson from the 1980’s would have taught that one) and supplies are short and have been for over five years.

 

And now the profit takers are stepping in and selling so the price is dropping.

 

What is a fair price for a Morgan Silver Dollar if silver is at $110 ?

I know based on silver content it should be about $78...what are the dealers offering ?

 

Shanghai vault inventories dropping according to this website.
China Silver Price today: Trends, premiums and Market Insights

 

At $110 the silver content is worth a few cents over $85.00. Not sure what dealers are offering.

 

So if we want the best price for our silver, pile it all into a suitcase and buy a ticket to China?

 

I’m sure Chinese customs would confiscate it long before you could sell it.