Treasury Spends Nearly $1 Trillion in June So Far

Silver remains in a tight trading range as open interest in silver futures nears a 6 month high.

That suggests a price smash ahead for paper traders is a strong possibility in order to get those numbers down. The possibility of a spot price smash doesn't have much bearing on physical buyers though, since premiums tend to rise on these sorts of events, and physical premiums remain stubbornly around financial crisis highs.

Apparently, silver's back-and-forth since 2021 hasn't discouraged the stackers from doing their thing, so to speak. As for where the next crisis will emerge from, it looks like commercial mortgages is the most likely culprit.

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Arcadia Economics

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