The biggest short squeeze in the world?, page-576

In the same way that the equity market is not a reflection of real world economic reality
so the silver spot price is not a reflection of the physical supply market. The two markets are divergent.
Imagine that someone starts advertising slabs of beer for $10, but when you go to get them there is no beer, but only signage that states they sell beer for $10. The market for beer is now set at $10.
However if you want to actually want to enjoy a coldie you will have to pay $50 for the slab.
That is the difference between spot price and physical price.
Notional value and physical market value.