This Substack has been tracking silver’s recent price surge driven by a global shortage of silver resulting in the premium in Shanghai for silver rising above 15% compared to Western cash/spot silver rates (priced even before a 13% VAT tax is applied on bar withdrawal from both SHFE and SGE exchanges in Shanghai). Indian exchanges have shown similar premia for physical silver. Shanghai and the Chicago Mercantile Exchange (CME) COMEX vaults in New York have been relentlessly drawn-down of silver bar stock and Western mints have suspended production of most silver bullion products due to this global silver shortage. ... (full story)