The countdown above is the short game. The episode below is the long one, and it’s worth both. James Anderson, head of research at SD Bullion (which shares ownership with SilverTrade, so weigh accordingly), walks through why these delivery months keep getting tighter. His tally: add ETF flows to the Silver Institute’s deficits and the market has run roughly 1.4 BILLION ounces short since 2019, not the 700 million the headlines cite (3:54).
His endgame math is blunter: “The only thing that’s really going to rectify that is a silver price of three, four hundred dollars an ounce for a sustained amount of time” (14:55). And he’s not even the most aggressive voice in the room. Bank of America’s team put out a 135-to-330 range this year (12:11). Anderson’s floor figure and BofA’s range are forecasts, not promises. The OI numbers above are neither: they’re what’s actually happening on the board, four days out from first notice.
Watch the tape Thursday. Roll, or stand. That’s the whole question.
