Скачать или смотреть SF Desk Brief (Audio) — Silver Gapped Higher Overnight — Here’s Why | January 26, 2026

Silver just gapped higher — and the visible price is not explaining why.

This move was not led by a Western paper breakout or speculative momentum.
It was driven by physical repricing in Shanghai, where silver cleared well above paper markets and the premium expanded instead of closing.

In today’s SF Desk Brief (Audio), we break down:
• Why the overnight gap higher matters structurally
• What a widening Shanghai premium signals about deliverable silver
• How rehypothecation stress appears before headlines catch up
• Why gold is confirming this move rather than leading it
• Why a weaker dollar and dysfunctional bond market matter here
• What concurrent Shanghai and comex inventory drawdowns actually mean

This is not a classic flight-to-safety move.
It’s a failure of traditional shock absorbers — forcing price discovery through physical metals.

We close with three forward scenarios and probability weightings, and the exact signals that would confirm or invalidate each path.