It is correct. Shanghai is quoting a price relative to physical ownership of the metal. The Spot price you see from COMEX is "paper trading" of silver....it is fake. When they want the price to go down, the banks in tandem sell paper...when they want it to go up they hold paper. If you try to buy a one ounce physical American Eagle from a bullion dealer, you are currently paying Comex spot price plus a $10-20 premium....the Shanghai price or the bullion dealer price on physical silver really gives you an idea of what silver is actually worth.