by David Jensen, Jensen’s Economic, Precious Metals, & Markets Newsletter:

Saddle Up

“If you can’t take a small loss, sooner or later you will take the mother of all losses.”

Ed Seykota

Silver shortage is kryptonite to the system of setting silver’s price with leveraged cash/spot promissory notes in London’s cash silver market – the world’s largest cash physical silver trading market by volume. A promissory note is no substitute for a silver bar when the market encounters physical shortage.