When the worldwide Silver spot price is calculated, it is a complex equation with several factors playing into the overall equation. The entities with the most power over the Silver spot price do not generally exchange physical Precious Metals but instead use derivative commodity contracts to determine the price of physical Silver. Silver is traded virtually 24 hours a day through many exchanges such as Chicago, Hong Kong, London, New York and Zurich. The Silver spot price is then calculated using the near-term, or the nearest contract with the most volume, futures contract prices

The most important exchange in determining the spot price of Silver is the COMEX, a branch of the Chicago Mercantile Exchange. COMEX is the most influential trading market for Silver futures contracts and consequently has the greatest impact on Silver’s worldwide fiat currency spot price. Futures contracts for Silver on the COMEX represent the projected price of 5,000 ounces of Silver on a hypothetical future delivery date. However, most futures contracts are never settled in Physical Silver, just cash. Hundreds of ounces of “on-paper” Silver are traded on the COMEX for every single ounce of Physical Silver that is ultimately delivered in the real world.

https://learn.apmex.com/investing-guide/silver/how-is-the-silver-spot-price-set/

Now hold on just a minute…

The whole price of silver isn’t based on anything real or fixed, which we knew, because value is subjective, but to go from that to “yeah this one place in Chicago says what the price is based purely off hypotheticals” is neat.

Unlike the stock market, which is supposedly (but not actually) price set off the last trade, the silver market spot price is fixed based not off how easy or hard it is to get actual silver, but based off a “guess” by the Chicago Mercantile Exchange.

“Is anything these people do not founded in fraud?”

(No.)

How crazy is it that when anyone walks into a store and goes to buy silver, the price that’s asked is there not by any value judgment of the buyer or seller, but because some guy in Chicago says he thinks silver might be worth $X on MM/DD/YYYY.

The fact that they’re able to fix the price through futures contracts screams that they’re playing some game in the present to buy or sell based off the current price, literally knowing what they’re going to set the price to at some future date. RICO can’t come fast enough. They literally know what the price is going to be, because they’re actively setting it in the present with “futures” contracts. That’s nuts.