2025-12-27 06:10:33

#比特币与黄金战争 What is happening now in the London silver market is worth a serious look.

Investors are starting to lose faith in paper promises. The frantic demand for physical silver bars is shaking the market’s foundation. The key signal is the spread data dropping to -7.18%—meaning that, to get physical silver immediately, people are willing to pay nearly a 7% premium over the delivery price a year later. This "distortion" in the price structure exposes the extreme shortage of spot silver.

What is the root cause? Massive paper-to-physical leverage. The paper silver certificates circulating in the London market far exceed the actual deliverable physical inventory. Imagine a reservoir with only 10 barrels of water but issuing 1,000 water withdrawal coupons. Any concentrated redemption demand could cause a collapse.

The pressure of runs is triggering abnormal global liquidity flows. Silver prices in Shanghai are higher, and arbitrage trading incentivizes silver to flow out of London inventories to the East, further draining local liquidity. Industrial users like solar panel manufacturers are also rushing to buy physical silver, worried about future supply disruptions.

The deeper implications behind this are:

**The trust crisis in traditional "paper credit"**—the trend of funds flowing into physical assets may be accelerating. Demand for gold and silver is shifting from speculation to genuine hedging.

**Volatility is being infinitely amplified**—shortages under high leverage mean price volatility will be stretched. Any small disturbance could trigger sharp rises or falls. This presents both opportunities and risks for traders.

**The "contrast" advantage of crypto assets**—when traditional financial paper promises face run risks, assets like Bitcoin and Ethereum, with transparent ledgers, supply algorithms, and no need for intermediaries, become more convincing as "digital hard currencies." $BTC $ETH does not rely on any institution’s promise of redemption, making this trait especially important when the credit system is tearing apart.

A crisis in the London silver vault may be redefining the very foundation of asset value.

BTC0,29%

ETH0,23%

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TokenEconomist

· 12-27 06:39

actually, the -7.18% basis inversion is textbook fractional reserve collapse... but let me break this down—london's basically running a 100:1 leverage game on physical silver. think of it this way: trad finance keeps promising settlement they can't fulfill, then crypto comes in with transparent on-chain proof of reserves and suddenly bitcoin looks *way* less crazy, ceteris paribus.

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ZeroRushCaptain

· 12-27 06:31

I'm back again, with the same narrative of "fiat collapse saving the crypto world"... But this time, the play at the London Silver Vault really does seem quite convincing. Ten barrels of water for 1000 water coupons—oh, isn't this a true reflection of what I experienced in a certain contract before?

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pumpamentalist

· 12-27 06:28

Paper silver is going to cool off; physical silver is the real king. BTC has long seen through this set, and true hard currency doesn't need anyone's endorsement.

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DuskSurfer

· 12-27 06:23

The matter of paper silver, it should have been exposed long ago, and now someone finally sees through it. What does the -7.18% figure indicate? It means no one believes anymore. A promise a year from now is worth less than getting the money now; the logic is very clear.

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WenMoon42