There's an interesting twist—recent actions by a longstanding Wall Street institution are like a gambler suddenly quitting the game, casually slipping chips into their pocket before leaving.

Here's what apparently happened: it reportedly changed the status of 1.69 billion ounces of silver from "deliverable" to "non-deliverable." Sounds like a technical adjustment? But that number is significant—equivalent to 10% of the global silver supply being "frozen." Traders hadn't even reacted when the funds started flowing in new directions.

Coincidentally, the storage capacity in Singapore just expanded to 15,500 tons. The timing is so perfect that it’s hard not to think: capital always senses the trend early and seizes the opportunity.

The London market has also recently experienced some issues. Gold delivery times have stretched from a few days to several weeks, and silver leasing rates have soared to 30%—the signals behind these numbers seem somewhat contradictory to the official statement of "normal inventories."

Why is this happening?

The logic isn't complicated. Gold can be stored, but silver is different—it’s essential for photovoltaics, electric vehicles, and chip manufacturing, making it a real industrial commodity. Over the past decades, the market has relied on paper contracts to support price systems, but physical supply has been in deficit for five consecutive years. The gap between paper and physical is widening, and eventually, the game can't go on forever.

So, you’ll see that smart money is already doing three things:
- First, taking the physical silver they can get their hands on;
- Second, moving funds into safer places;
- Third, quietly waiting for the next round of rebalancing of pricing power.

When the paper system can no longer hold, those remaining at the table will have to put in real gold and silver to fill the gaps. And those who left early? They’ve already eaten the meat, with nothing left but the broth.

The essence of this move is probably: seeing the situation earlier than others, then using the simplest and most direct method—moving assets away.