[Chad_the_Impaler]

There are scenarios in which paper silver can dramatically outperform physical silver, usually for short periods of time. Heavy institutional buying into silver ETFs can push up the ETF market price if share creation outpaces the actual delivery of metal into vaults. In 2025, ETF share prices have already traded briefly at a premium to the physical metal.

If a short squeeze occurs in the paper futures, the paper price can move rapidly compared to the physical market. In the paper market, participants can be leveraged and liquidity can change rapidly. During speculative frenzies, paper markets can experience outsized inflows and rapid price movements compared to the physical bullion.

[T Ruth]

During speculative frenzies, paper markets can experience outsized inflows and rapid price movements compared to the physical bullion.

The premium in the price of junk silver U.S. coins over the spot price of silver is almost zero, whereas a few years ago it was around 50%. I do not understand it. My best guess is that many people think this price spike is a bubble that will not last.