For most of the past century, the global price of silver was essentially a Western financial product. LBMA and COMEX in New York and London set the tempo through futures contracts, benchmark fixes, and institutional trading activity that had little to do with where the metal was physically consumed. That architecture is now under meaningful strain, and the stress fractures are visible in the data. The central question confronting silver market analysts today is not whether physical demand is migrating eastward, but how far along that migration already is, and what it means for price formation going forward. ... (full story)