"Although silver futures prices took a plunge, the demand for physical silver still remains at an alltime high. The differential between futures prices and spot prices opened further, increasing the backwardation ratio. While futures prices on the COMEX and LBMA were in the $60-$80 range, the Shanghai Metals Exchange was still offering spot physical silver north of $90-$110 per oz."
"Experienced traders noted that large banks like JP Morgan Chase, UBS and Deutsche Bank, among others, had hundreds of billions of dollars' worth of short positions that were crushing their balance sheets while the higher silver prices spiraled up. Many suspected that the price drop was manipulation engineered by the futures exchanges via collusion to help the banks get out of their short positions before the next price surge."
Silver surged to $120 in January 2026 then plunged back to the high $60s-$70s, with the mid-$80 range viewed by many as a buying opportunity. Physical demand reached alltime highs, driving a widening backwardation as COMEX/LBMA futures traded in the $60-$80 range while Shanghai offered spot above $90-$110 per ounce. Shenzhen Shuibei displayed extreme price differentials, selling at $136.80 and buying at $91.60. Large banks held massive short positions and suspected futures-market manipulation. CME margin hikes triggered forced liquidations, amplifying volatility. Silver mining stocks such as Hecla, Pan American, and Coeur are being watched.
Read at 24/7 Wall St.
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