David Morgan says the key story now is that the physical silver market is taking control from the paper market, with real metal demand overwhelming futures pricing. He explains that tightness in wholesale bars, rapid drawdowns in Asia, and rising premiums in key hubs show that physical buyers are setting the true clearing price. He adds that the COMEX and other futures venues can influence intraday trading, but they can no longer dictate long term price when large volumes of metal are leaving the system. Morgan notes that refiners, industrial users, and sovereign level buyers are competing directly for supply, which shifts power away from leveraged paper contracts. He believes this transition to physical price discovery will define the next phase of the bull market and could push silver far beyond $50 once inventories tighten further.
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