They Smashed Silver Overnight — But the Physical Market Didn’t Blink

On January 6th, 2026, COMEX spot silver dumped to $72.18 — a move that should have crushed physical prices.

But when you check the real world?

American Silver Eagles still trade around $105–$110.
Dealers barely moved. Some didn’t move at all. A few even raised prices.

This video breaks down the single most important signal in the silver market right now:

✅ Paper price plunged
✅ Physical price stayed “stuck”
✅ The premium became the market

I also explain why arbitrage isn’t closing the gap, what dealers told me directly, and what it means if you’re holding physical silver vs paper exposure (SLV/futures).

🔍 What You’ll See Inside

Real-time comparison: COMEX spot vs dealer checkout prices

Why dealers price off replacement cost, not spot

How inventory scarcity forces “ration pricing”

Why paper and physical are no longer interchangeable

What a widening premium signals in a tightening market

What to watch going into the next major delivery window

🧾 How This Was Verified (Simple Test You Can Repeat)

Open dealer sites and compare immediate-delivery pricing for:

1 oz American Silver Eagles (current year)

“In-stock / ships now” listings (not pre-orders)

Then compare that real-world price to COMEX spot at the same time.

📚 Sources & References (Public)

Market / Exchange

CME Group (COMEX) — Silver futures overview, contract specs, margin info, delivery & warehouse reports

CME Group delivery reports / warehouse stocks (registered vs eligible)

Dealer Pricing (Retail Checks)

APMEX

SD Bullion

JM Bullion

Monument Metals
(Prices and stock status can change quickly; check current listings for verification.)

Market Structure / Physical Benchmarks

LBMA market documentation

Shanghai exchange pricing references (for cross-market premium comparisons)

⚠️ Disclaimer

This content is for educational and informational purposes only.
I am not a licensed financial advisor, and nothing in this video is investment advice, a recommendation, or a solicitation to buy/sell any asset.

All opinions are my own. Markets are volatile, and premiums, availability, and spreads can change rapidly. Always verify pricing, liquidity, delivery terms, and risk independently before making decisions.

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