Following Friday’s 10/17/25 LBMA Silver price at $54.10, today’s 10/20/25 LBMA Silver Price = $51.80.

From an AI overview:

Backwardation in silver or gold means the spot price (for immediate delivery) is higher than the price for a future delivery (futures price). This indicates strong demand for the physical metal right now, scarcity in the market, and that buyers are willing to pay a premium for immediate availability. It’s an unusual situation, as precious metals typically trade in “contango,” where futures prices are higher to account for storage and financing costs.
Furthermore, For silver, long-term backwardation is a rare but powerful signal of physical scarcity, where immediate demand is so high that buyers are willing to pay a premium for current delivery over future delivery. It suggests a shortage is expected to last, not just a temporary glitch, and can indicate a shift in market power from paper to physical trading, potentially leading to higher prices as real-world supply and demand dictate value. For silver, long-term backwardation can signal that a persistent physical supply shortage is expected to continue, potentially indicating a structural market imbalance that could drive prices higher as industrial demand outpaces supply.

Most here understand the definition of backwardation occurring….silver available for immediate delivery is selling for more than silver contracts for delivery 60 days in the future…will be interesting if the condition continues… is a shortage of physical silver occurring or marketing hype?

Rich,

This is the third time (that I’ve read) you’ve mentioned backwardation on Silver and yet no one has asked and I bet, even though 90% can google, they don’t have a clue what it means long term for Silver…

This is a Silver nightmare playing out and people are still looking in the rear view mirror and fighting last year’s war…

Today (10/20/2025) was also the largest 1 day price gain in history for Gold COMEX, up $161.00 (+3.82%); the prior highest one-day price gain was $132.70 (+3.3%) on 10/13/2025. Today was the 2nd largest price gain for Spot Gold, up $104.30 (+2.45%); the largest one-day price gain in history for Spot Gold was a rise of $120 on 4/9/2025, and the highest one-day percentage gain in spot gold was an 11.58% surge (price gain of $90) on 9/17/2008.
Backwardation in Silver continues: Silver Spot = $52.32 and Silver COMEX (Dec’25) = $51.40 (10/20/2025 5pm ET).

Unprecedented! Still 3 more days of LBMA AM/PM fixes needed, however we currently are on pace for a 4 tier jump in gold product price increases! That would be a 3 tier jump on 10/8, 3 tiers on 10/15 and possibly 4 tiers on 10/23. 10 tiers in 3 weeks time has never happened ever, as far as I know? Crazy! Current range in use is $4,050.00-$4,099.99. The average for the 1st 2 of 5 days, is $4,262.63. That would leave us just 15 tiers to go, before both hitting $5,000 and the end of the current “Pricing Range Table”! Wonder if there is much of a chance to see a 5 tier jump? We just have to average $4,324.92 for the next 3 days of AM/PM LBMA closings. I guess there is a chance, with KitCo closing today at $4,355.10. Never say never! Just saying…. PS Yes, I’m fully aware, KitCo spot price is not used to calculate Mint price increases. Mentioned, as it is a point of comparison of what we potentially could see on the LBMA over these next 3 days. BTW, Silver closed at $54.10 on 10/17. Next fixes published at 7pm EST. PSS KC&SO: “What will we do with a drunken sailor?
What will we do with a drunken sailor?
What will we do with a drunken sailor?
Early in the morning”

’X’ marks the spot… 😉

Estimated London Fix (since Thursday): $4,266

You know the routine come Wednesday late afternoon..,

…Also in the top 1% of All Time Percentage gains (3.6%)…

For the 48th time this Year.

GLD closed at $403.15 (24×5 trading may cause price variation).