Reporting and opinion by Mathew Carr

Jan. 21, 2026 — I’ve tried to be careful, below …but can’t guarantee the accuracy of the information under here …check before trading on this:

Rumor: …some banks have sold silver forward in paper markets yet there’s not enough physical silver to meet the delivery needs.

Silver prices are surging …see chart below. Not specifically today. They are little changed Wednesday.

Some paper futures/forwards contracts need to be delivered physically. This means lots of people might potentially sell paper contracts heavily before the expiry day to avoid delivering physical metal … if they like risk.

This creates volatility.

.@UBS can you please comment on whether you are short physical silver? https://t.co/b7jlo3d3sT

— Mathew Carr wants markets to save earth's charm (@carrzee) January 21, 2026

Lawrence seems credible

Banks tap Fed ’emergency reserve’ Repo, revealing potential bank-value flimsiness in already thin Christmas trading (4)

https://carrzee.org/?p=43542