Ridiculous, truly ridiculous. The surge in silver prices is so rapid that people can't keep up—but if you think this is just the industry stockpiling silver for chips, then you haven't seen the full picture.

The real story is deeper. The key lies in the game of the "Emperor's New Clothes" played by the global futures market.

But today, we not only need to expose this scheme but also clarify: when the "paper promises" of the old system start to crack, where is smart money flowing into?

For example, why have some decentralized protocols suddenly become the "must-pass" route in this massive capital shift?

**1. The essence of the silver surge: it's not about scarcity, but about unfulfilled promises**

Global silver production is 27,000 tons per year, with industrial consumption at 23,000 tons—honestly, not considered scarce.

But the futures market is a different story. Look at these numbers:

The actual inventory at COMEX is only 14,000 tons, London warehouses hold less than 4,000 tons, and Chinese stocks are 715 tons.

All these deliverable silver stocks combined still fall short of half a month’s global industrial demand.

The strange part is this: big players are selling short positions that far exceed their actual inventory. It’s like a concert with only 1,000 seats selling 5,000 tickets.

In the past, this was harmless—settling in cash at expiry, everyone happy.

But this time, it’s different. Some longs are refusing to accept cash—they say, "I don’t want money, I want physical silver."

The shorts’ minds go into a frenzy: "Physical? I... don’t have enough inventory."

And then the bubble bursts. Shorts panic, desperately buying up physical silver at high prices, buying less and less, which drives prices sky-high.

**2. Why silver—and what will happen next**

This short squeeze isn’t an isolated event; it’s a microcosm of the mismatch between the old financial system’s "paper promises" and reality.

When enough people start questioning, "I want physical, not paper certificates," the system’s fragility is exposed.

Meanwhile, capital is searching for new homes—systems guaranteed by code and cryptography, not relying on centralized institutions’ "promises."

This is the deepest lesson of this silver wave.