At some point, the normies will figure out that PAPER silver is (nearly) worthless, and they'll be willing to sell WELL below the current rate (so that they can recover SOMETHING before it all goes to $0/ounce).
But the 'sell at all costs' price will also affect the price of PHYSICAL silver.
Does this create a HUGE DIP in the silver prices for a while (for both PAPER and PHYSICAL) -- or will we see two SEPARATE prices?
I don’t expect a prolonged dip. What I expect instead is silver continuing higher until the disconnect between paper price (COMEX) and real-world physical price becomes impossible to ignore.
At that point, the system doesn’t reprice paper downward — it breaks. A force majeure or cash-settlement event is declared, paper silver is settled in fiat, and the paper market effectively ends as a price-discovery mechanism.
Physical silver then trades independently based on availability, industrial demand, and replacement cost — not leveraged derivatives.