Silver doesn’t have one price today. It has two — and most people are missing it.

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On COMEX, silver trades around $73 per ounce.

In Shanghai, the same physical silver is closer to $81.

The difference? About 11% — and it’s been holding for months.

And here’s the key part:

this gap is already adjusted for VAT, taxes, and most local distortions.

This isn’t noise. It’s the real price someone is consistently willing to pay for physical metal.

That’s not normal.

Spreads like this are usually closed quickly through arbitrage (buy low, sell higher).

But not this time.

Why?

Because COMEX is largely a “paper” market.

Shanghai reflects much more of the actual physical delivery side.

And access isn’t easy:

So the spread isn’t easy to capture — and that’s exactly why it persists.

What does it tell you: → physical silver carries a premium over paper silver

-availability may be tighter than it appears

This isn’t random. It’s structural.

The question isn’t if it resolves, but how:

does demand fall, or does the lower price move higher?

And with demand driven by industry (solar, electronics, tech),

this isn’t something that disappears easily.

This is worth watching.

Because sometimes the real market is not the one you see on the chart.

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