Скачать или смотреть The Dark Truth Behind the Fed’s $34 Billion — Why Is China Buying Silver at $89?

What you’re watching isn’t a “year-end shakeout.” It’s a paper-market seizure colliding with physical reality—and the tape is confessing in real time.

On Dec 29–30, 2025, COMEX tags a historic high near $84/oz—then gets driven to ~$71 in under twelve hours. That’s not organic selling. That’s forced liquidation in thin holiday liquidity: “Ghost Week,” skeleton desks, empty order books, and one over-leveraged player hitting margin. The machines don’t debate value. They execute: sell at any price until liquidity appears.

But here’s the fracture line: while New York prints $71 paper, Shanghai prices the same metal near $90—an ~$18 gap. In a healthy market, arbitrage closes that spread. When it doesn’t close, it’s not a “pricing difference.” It’s a movement restriction problem—metal can’t (or won’t) flow freely enough to heal the wound.

Then the story tightens: Shanghai inventories down ~75%. That isn’t volatility. That’s the buffer disappearing. And when the buffer is gone, markets don’t “correct”… they ration: priority metal goes to the highest-urgency buyers, and everyone else pays up in premiums.

Now zoom into the plumbing. The crash doesn’t stop at futures charts—it threatens clearinghouses. When the probability of default rises, the whole complex starts sweating. That’s why the overnight repo market becomes the emergency valve—and why a $34B liquidity injection shows up like a defibrillator. You don’t inject that into a healthy machine. You do it when the system is trying not to break before morning.

And while the West patches paper, China moves to protect physical: export restrictions starting Jan 1, 2026—licenses concentrated through state-controlled channels. Don’t read that as confidence. Read it as a tourniquet.

This isn’t sentiment.
It’s scarcity meeting delivery.

You can quote paper.
You can print promises.
But you can’t print atoms.

🔔 Subscribe for financial breakdowns that track the real battlefield: inventories, delivery stress, liquidity, leverage—and the moments when the screen price stops matching the metal.

#Silver #PhysicalSilver #PaperVsPhysical #DeliveryStress #COMEX #LBMA #Shanghai #Premiums #RepoMarket #Liquidity #Leverage #SupplyShock #Geopolitics