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Problem is I keep reading that the silver might not be there. With little of anything backing the paper.

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that may be a problem if you are expecting to take delivery of the metal?

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excerpt from industry article*:

there is much more paper silver than physical silver. In fact, the paper-to-physical metal ratio for silver is said to be around 356, meaning that for one ounce of physical silver, there are 356 ounces of paper silver.

In fact, some time ago when the price for one ounce of XAG touched the $80 mark, the price of one ounce of physical silver briefly touched the $130 mark because of a huge deficit of silver in the physical market.

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friday’s Silver METAL closes:
Spot silver: 103.90
1oz silver American Eagle: 119.89
1 oz CA Maple leaf: 114.39
1oz silver bar: 113.39

friday’s Silver PAPER closes:
ishares SLV: 93.91 (+6.13)
Sprott PSLD: 33.022 (+6.13%)

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as you can see from current silver prices, the over supply (naked shorting) is keeping paper silver artificially depressed (aka: manipulated) when compared to physical silver products, and paper prices were still up over 6% at friday’s close on paper.

as demand goes up & supply for investment remains low, this could cause a short squeeze on silver prices.

otoh, this could be ok, if your investment objective is SHORT TERM to jump on the momentum of the silver rally......or short the rally if you think silver is overbought?

however, if your investment objective is to hold physical silver LONG TERM as a hedge against inflation, or against the $36 trillion US Gov debt, or the SHTF scenario, just go to your local coin shop or coin dealer and buy some coins & hide um in your house

* “My $100 Silver Price Target Has Been Reached, What Next?”
Jan. 25, 2026 8:00 AM ETiShares Silver Trust ETF (SLV), SIVR, PSLV, PSLV:CA, XAGUSD:CUR
by Anna Sokolidou

excerpt posted for information & discussion purposes only