Up until a few months ago you would have been correct. But recently the major American banks have almost withdrawn from shorting silver. Those American banks are letting their short contracts expire.
As far as I can tell, only the European banks are still actively shorting silver. The general consensus is that the European banks are shorting silver to protect the companies that need silver and to prevent silver from becoming a monetary metal again, so they can digitalize currency (and gain control over the serfs).
I have been investing in gold and silver for several decades and stay abreast of both markets.
Here are some of my observations:
Up until the last 10 years almost all silver was recycled, e.g. melting down broken necklaces, but with the new solar/battery requirement for silver it is now getting thrown into the landfill. Currently, there is no economical way to recycle the batteries and old solar panels, - but many are trying.
No one know how much silver there is in the world, because up until recently it was always cycled. But because it is relatively cheap, no one has has any idea how much is out there.
The refiners are working at full capacity and cannot meet demand. Since they are at full capacity, they are focusing on melting down pure silver coins (Silver Maples) or bars. You can buy coin silver for less than silver content, because the refiners are not buying it.
When you understand that silver is being used at a higher rate than the mines produce and that some countries are remonetizing silver, e.g. India, the "true value of silver" is only an opinion.
SLV is a pure money play. An owner of SLV has no right to the silver in the SIL vaults (JP Morgan holds the silver and Blackrock runs the fund).
PSLV is a closed ETF and if you own shares you have a right to the silver, though they only disperse in 1000 oz bar increments. I think each share represents .34... oz of silver. Sprott owns and administers the fund. The silver is held in the Canadian Royal mint and audited annually by JPMD. Because Sprott is a close end fund it trades at either a discount or a premium. Right now it is trading at a little over a 3% discount.
SIL and PSLV track each other closely, but do diverge. For instance, one day SIL will be up 1.31% and PSLV will be up 1.27% and vice versa.