There’s been a lot of chatter lately about gold, and rightfully so. It’s been hitting new all-time highs, central banks are hoarding it like candy, and the mainstream financial world is finally starting to pay attention. But silver? It’s been quietly setting up for something potentially massive.

According to recent data, we’ve already seen over 100 million ounces of silver physically shipped into the U.S. since December. To put that in perspective, that’s more than what came in during the entire COVID surge. Why? Arbitrage, tariffs, and banks trying to get out of short positions before the whole thing blows up in their face.

Here’s the kicker: silver inventories in London are getting tight. Like really tight. Free-floating silver is now estimated around 247 million ounces. That’s less than what trades on a normal day in the global market. And unlike gold, there’s no central bank holding 20% of the world’s silver supply that can just bail things out. When silver runs out, it runs out.

Lease rates have already spiked to around 4 to 5 percent. For years, borrowing silver was basically free. Now? Not even close. That tells you everything you need to know. The metal is getting harder to source, and if industrial users can’t lease it, they’re going to have to buy it. That’s where things get interesting.

Look, silver’s always been frustrating. It lags, it chops sideways, and just when you think it’s dead, it explodes. This feels a lot like 2009-2010 all over again. The setup is here. The squeeze is building. And when it finally hits, a lot of people are going to be caught completely off guard.

Stack smart.