Earlier this week, this Substack noted that there was a divergence between market views on precious metals being ‘overbought’ in comparison to data showing that silver and platinum, in particular, are facing extraordinary London shortage in the face of increasing global demand. The metal shortage in the world’s largest physical precious metals market in London signaled by extreme implied lease rates for silver and platinum and price backwardation tell us that there is a run into physical precious metals. Gold has the greatest liquidity due to central banks supplying their metal to market and is thus currently showing ... (full story)