Silver futures surged past $117 on January 29, extending a historic rally with 275% gains over the past year. A severe physical supply crunch is driving the surge. Warehouse inventory now covers just 14% of outstanding futures positions.
A confluence of depleted inventories, oversized commercial short positions, and unusual backward contract rolls points to a textbook short squeeze now unfolding in real time.
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Warehouse Inventories Under Pressure
According to the latest CME warehouse stock…