In this episode, we break down what spiking lease rates really mean in the gold and silver markets. You’ll learn how lease rates work, why backwardation signals metal scarcity, and what happens when the normal flow of metal to refiners, jewelers, and fabricators starts to break down. We also cover why silver experienced a temporary shortage while gold remained stable, and how paper market mechanics can distort real supply and demand. If you want a clear explanation of this rare market signal and why it matters, this conversation lays it out step by step.

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