Silver finally broke above its all-time high. Meanwhile, gold is setting records on what seems like a daily basis.

But what is this precious metal rally telling us?

There is more to it than central bank demand and investors seeking safe havens.

In this episode of the Money Metals' Midweek Memo, Mike Maharrey takes a deep dive into the current dynamics of the silver market and uncovers the underlying factors driving both gold and silver higher - a shaky global fiat money system and a paper market suffering from an acute shortage of metal.