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Paul Brownstein: Silver is the financial system's canary
By Paul Brownstein
ChartsAndParts.Substack.com
Monday, July 21, 2025
Everything in silver is getting so, so stretched. It's hard to imagine this game going on much longer. Harder still to imagine what happens when it ends.
This isn't just about silver. It's about fragility, exposure, and cracks in a system designed to hold -- until it can't.
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In the past few weeks a rare alignment hit the silver market:
-- Record short positions by swap dealers, offsetting natural demand.
-- SLV borrow rates spike with shorts scrambling.
-- Silver lease rates spike with users paying up for physical
-- Comex warehouse stock explodes by more than 200 million ounces, with futures buyers taking delivery.
This is not normal. It's pressure. ...
... For the remainder of the analysis:
https://chartsandparts.substack.com/p/silver-the-systems-canary
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