Part 5/12:
Morgan links the recent flow of silver across the Atlantic—particularly from London into the COMEX—to a combination of tariff scares and arbitrage opportunities. These moves are perceived as attempts to secure physical silver amid mounting demand, possibly fueled by geopolitical tensions, economic uncertainties, or shifts in supply chains.
Furthermore, Morgan notes that some of the physical silver demanded has been shipped back to London from New York, with about 29 million ounces moving between these financial hubs. The concern remains that these flows may not fully satisfy current demand, especially if leverage and leasing activities (borrowing and lending silver) are being used to mask tighter physical supplies.