Commodity Culture Silver Must Reset To 'Multiples of Current Price' To Resolve 'Huge' Deficit: David Jensen
Feb 11, 2026
David Jensen, author and precious metals analyst known for deep silver and gold research. He lays out why a massive physical silver shortage forces prices to reset to multiples of today. He discusses vault drawdowns, limits of paper markets, Shanghai premiums, and whether metals are returning to monetary use. Conversations cover market mechanics, Chinese demand, and systemic monetary risks.
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Physical Shortage Drove Silver Surge
- Silver's recent parabolic run was driven by true physical shortages and heavy delivery demand in major vaults.
- Prices must reset to multiples of current levels because modest increases won't unlock enough supply.
Circuit Breakers Can Be Circumvented
- CME COMEX circuit breakers exist but can be repeatedly reset by velocity-logic holds.
- High-frequency traders can exploit these resets so the guardrails may fail during rapid moves.
Paper Promises Break Down Under Demand
- Price-fixing via paper promises works only until physical demand forces delivery.
- Prolonged suppression draws down stocks and creates an inevitable physical crisis.