Here's a striking market signal: silver buyers are now forking out a 7% premium to take delivery today rather than waiting a year. That's a massive spread.

What does this mean? The London silver market is flashing red for physical metal scarcity. In typical market conditions, you'd see a modest positive spread—that's just the cost of storage, insurance, and financing. But this? A 7% jump signals something's broken in the supply chain.

When premiums spike like this across commodities, it tells us something important: inventory is tight, and the market's pricing in real delivery constraints. It's the kind of imbalance you see when demand outpaces available supply.