THE PAPER SILVER CRISIS HAS BEGUN

From London’s Empty Vaults to Shanghai’s Physical Rule: The End of Fractional Reserve Metal Markets.

In this presentation, Alasdair Macleod, advisor to VON GREYERZ AG, delivers a stark warning about the state of the global silver market.

He argues that what we’re witnessing isn’t speculation or investor mania — but mounting structural stress inside the Western paper pricing system. With declining open interest, tightening physical inventories, and growing pressure between London, New York, and Shanghai, he suggests the silver market may be facing a delivery challenge unlike anything seen in decades.

“This isn’t a speculative mania. This is a squeeze on paper contracts that cannot be delivered in physical silver.”

This is a deep dive into market mechanics, monetary history, and the consequences of a system that relies on paper claims far exceeding available metal.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit vongreyerz.substack.com