Observational Notes on Silver Paper Investment Trusts • There are few signs that the physical silver price itself is about to decline. (Industrial demand and physical scarcity remain intact.) • However, there appear to be structural risks in the silver paper market (investment trusts, certificate-based products). • Recently: • A clearly inexperienced retail crowd has begun flowing into silver investment trust forums. • Discussions are heavily focused on price levels and price increases . • There is almost no discussion of delivery conditions, emergency clauses, or redemption terms . → This suggests a growing misconception that paper price = value . • At the same time, there are visible signs that: • More experienced participants, and • People with strong risk-management awareness are quietly taking profits and reducing positions. • This behavior appears less like a bearish view on silver itself , and more like a deliberate move to distance them...