1️⃣
SLV ETF Alert:
➡️ 9.65 million new shares created today
➡️ 8.7 million ounces supposedly delivered into SLV
➡️ New high for the year in shares outstanding
Sounds bullish, right? More demand = higher price?
Not on the paper market.
2️⃣
On the very same day, silver crashed −5.5%.
From $52.39 → $49.50.
So how can the biggest “delivery” of the year cause the sharpest price drop?
Because most of that silver never moved.