economy
January 27, 2026
Egon von Greyerz On The Hidden Crisis Behind Silver’s Price Surge
The volume of outstanding paper contracts in London and New York now vastly exceeds the amount of physical silver available for delivery.
TL;DR
- Outstanding paper silver contracts far exceed available physical silver.
- Silver is transitioning to a physical market driven by scarcity, not leverage.
- Increasing demand from solar energy, electric vehicles, electronics, and defense sectors.
- Persistent supply deficits in silver over the last five years.
- The selling of paper silver is failing to suppress prices, with quick rebounds observed.
- Significant price increases are expected, potentially reaching $100 and beyond.
- Investors are advised to hold physical silver outside the banking system, avoiding ETFs and futures.
- Silver is predicted to outperform gold, with the gold-silver ratio expected to decrease significantly.
- Potential for market failures, including bullion banks going under.
- The overarching concern is the destruction of paper wealth due to unprecedented money printing and lending.
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