Contrary to what many believe, drops of over 20% in silver are NOT a "once-in-a-lifetime" black swan event.

We saw this happen in 2011, 2013, 2015, 2020, and 2026.

And the most curious thing: in all cases where leveraged short positions triggered a drop in the price of silver—physical demand subsequently increased.

However, since spot prices did not necessarily reflect this increase in demand, the shortage crisis worsened following the drop, making the delivery of the physical metal truly "complex".