#数字资产市场动态 London Silver Spot Market Has Recently Caused Some Turmoil.

The key data points are in front of us: the spread has fallen to -7.18%. This number may seem insignificant, but the logic behind it is worth pondering—investors are willing to pay nearly 7% more now to take immediate delivery of physical silver than the price for delivery in one year. In other words, it’s much cheaper to buy now than in the future. This kind of price inversion indicates a problem: physical silver is truly tight.

Why is this happening? Industry insiders point out that the core issue is "paper-physical mismatch." The amount of paper silver certificates circulating in the London market far exceeds actual inventory. This system has been functioning well until trust begins to waver. Imagine a reservoir with only 10 barrels of water but 1,000 water withdrawal coupons issued; if everyone tries to cash them out simultaneously, the entire system will collapse.

The current pressure is gradually being released. Silver prices in places like Shanghai are higher, which incentivizes arbitrage trading—silver flows from London inventories to the East. Meanwhile, industrial users (such as solar panel manufacturers) are also rushing to stockpile physical silver, worried about future supply risks. These two forces together are slowly draining liquidity from London.

What does this indicate?

On the surface, it appears to be a traditional financial credit crisis. Funds are shifting from "paper promises" to physical assets—gold and silver. This trend has just begun and may continue to heat up.

From a market perspective, high leverage combined with shortages will only make silver price volatility more intense. Any disturbance can trigger sharp drops or surges.

Interestingly, as the traditional financial system’s "paper" begins to be questioned, another narrative is becoming more convincing—assets like Bitcoin and Ethereum, with transparent ledgers, fixed supply, and no need for intermediaries, are gaining prominence. Their role as "digital hard currencies" appears even more solid in this broader context.

Small disturbances often foreshadow larger shifts. Perhaps this run on London’s silver vaults is leaving a mark on our era. $BTC $ETH $KAITO $AT $TRU