Silver now trading above $94 in record territory. Inventory levels of silver at the exchange vaults is at extremely low levels. The Shanghai exchange silver inventory levels are down 80% from their 2021 levels. Inventory levels in London LBMA and Comex vaults tells a similar story. Much of the inventory in LBMA and Comex is owned by silver ETFs (SLV and other funds) and is merely stored there. It is not available for delivery. It backs the ETF funds which own it. The actual silver available for delivery to industrial buyers is extremely tight. That is why companies like Samsung have started making deals to buy directly from mining companies, cutting out the middleman commodity markets.