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In this powerful clip, Egon von Greyerz explains why the precious metals market has entered a fundamentally new and unprecedented phase. One which is driven not by speculation or momentum trading, but by deep structural imbalances between physical supply and an unprecedented physical demand.

Video Length: 00:10:21

Persistent supply deficits in silver over several consecutive years, combined with rapidly rising industrial demand from sectors such as solar energy, electric vehicles, electronics and defence, have created a physical shortage in the last 5 years that paper markets can no longer mask.

At the same time, the volume of outstanding paper contracts in London and New York now vastly exceeds the amount of physical silver available for delivery. Von Greyerz warns that this imbalance marks a critical turning point, as silver transitions away from a manipulated paper-based system into a genuinely physical market, where price is ultimately set by scarcity, not leverage. 

Watch Egon explain why manipulation fails when physical precious metals run out.

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