With inventories plunging 33% and 29 million ounces vaporized in a month, emergency airlifts are scrambling to plug the gaps.

"Paper trading can't hide reality anymore," he says. After five years of structural deficit, silver's paper illusion is cracking — and Neumeyer's calling for $100 silver and $5,000 gold. If he's right, the next melt-up won't be digital — it'll be physical.

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