While Morgan says the immediate "panic has subsided," he warns this was a critical lesson. The system runs on razor-thin inventories, a paper paradigm perpetually on the brink. The underlying issue of a "world running short of metal" remains completely unresolved. This was merely a preview. The day of reckoning, when the physical market finally seizes control from the paper manipulators, is not a question of if, but when. The squeeze was a tremor before the real earthquake.

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