Silver Short Squeeze, page-607

It's a hard one to navigate and a lot of factors involved including its industrial usage in jewellery, electronic and solar panels

Agree, the physical market of mining and production is significantly smaller by comparison than the paper market as a whole, which is distorted, but in this case, the other side of this trade are the goliaths, not just funds, but countries.

There's no question it's the same in gold where ETF's and funds are using paper as the underlying value to their fund's asset value. They are not always buying real gold to store.

I guess the question begs though, can the physical take over the pegged paper value to silver? Even though it's pegged to silvers value, doesn't really make it a short squeeze as the paper instrument is only pegged to the physical value, it's no different than having a perpetual future that never matures for delivery. If there is no trigger of delivery, where is the short squeeze and how will it happen?

Who can confirm all this trillion-dollar paper has a maturity or delivery? or is it just perpetual in nature, like owning perpetual fixed interest security that is pegged to the underlying value of the share if it ever converted, and they usually don't convert to ordinary shares unless there is a guaranteed reset/maturity date.