On the contrary, silver futures shot up from $103 per ounce Friday close to about $117 shortly after NY COMEX opened today; then dropped very quickly back to $103.
This is the paper market, with January futures closing Wednesday 1/28.
This does equate to a swing in total valuation above-ground silver in vaults, worldwide, of about $900 billion.
It’s the big banks rigging the paper market so they can cover some of their shorts.
It has NOTHING to do with the physical price of silver, which is about $130 at this time and paying no attention to NY.
Based upon the price of physical metal in Shanghai, Japan, India etc., the silver bull is just getting warmed up.
gisd O
Physical silver is actual metal (bars, coins like American Silver Eagles) bought from dealers for delivery or storage. Spot price: ~$110.47 bid / $110.72 ask per ounce (Kitco, Jan 26, 2026 ~21:24 NY time). Physical prices include premiums ($8–15+ above spot for coins due to minting/demand).
Paper silver includes futures, options, ETFs—financial contracts without owning metal. High volume/leverage drives volatility. COMEX front-month futures (March 2026 contract): last ~$110.37 per ounce (CME Group, delayed; intraday swings from ~$101–118 noted in reports).
New York refers to COMEX (CME Group), the main global hub for silver futures/paper trading and benchmark spot prices. Regional markets (e.g., Shanghai) show differences due to local demand/currency/premiums—Shanghai often higher (e.g., equivalent to ~$112+ USD/oz based on recent conversions from CNY quotes).
In summary:
◇ Physical = tangible metal ownership (with premiums).
◇ Paper = derivatives (speculation/hedging influence pricing).
◇ New York (COMEX) = primary exchange for paper silver.
Markets interact but differ; regional gaps are common, not proof of manipulation. Check live data at CME Group or Kitco.
MarQ