https://x.com/scottsdalemint/status/1885827169709920627

A significant amount of refined silver comes from Mexico. With the new tariffs, it now costs 25% more to import it. Looks like there is going to be a short squeeze on the the paper silver shorts, who typically operate on very slim margins. These traders often engage in a strategy where they buy silver contracts for the front month and sell contracts for a later date (future), hoping to profit from the price differential. However, with the increased sourcing cost, their positions are now deeply unprofitable. The carry trade they've been relying on has come to an end, forcing these short sellers to buy the physical silver they've promised to deliver, which could lead to further losses. This situation mirrors what happened in 2020 when gold and silver prices spiked due to refinery shutdowns.

If the tariffs move to Europe/Switzerland - the same would be for gold.