Silver Markets War For most people, the silver market looks quiet. Prices move, margins change, analysts argue — nothing unusual. But beneath the surface, a silent war is unfolding. This is not a war about how high silver prices will go. It is a war about who defines what the price means . COMEX vs. Shanghai: When Prices No Longer Agree Traditionally, silver prices have been discovered through Western futures markets. Paper contracts, leverage, liquidity — the system worked as long as trust held. Recently, however, something subtle but dangerous has appeared: • Price divergence • Delivery anxiety • Rule adjustments instead of price discovery When futures prices and physical realities drift apart, markets can survive — but confidence weakens . At the same time, another market exists where silver is treated less as a financial abstraction and more as a strategic industrial input . A market where participants are closer to physical supply chains, manufacturing demand, and sta...

AI Investment, SACO, BPS, and the Provider/User Divide 1. Discomfort with the “Bubble” and “Circular Investment” Narratives There is frequent discussion suggesting that current AI investment is “a bubble” or merely “circular trading.” However, most of these arguments do not place AGI as the ultimate goal . They assume that technological progress will continue only incrementally, which leads to the perception that: • investment levels look excessive • ROI does not seem to make sense Yet, if we consider the possibility that AGI may be humanity’s final invention , the present moment does not resemble a normal investment cycle. Rather, it is more natural to view it as: the final phase just before the goal — a dead heat near the finish line. 2. This Is Not a Chicken Race, but the Final Stage of a Marathon At first glance, current AI infrastructure investment may appear to be a “chicken race,” where the first to pull back wins. In reality, it is closer to: the decisive moment of whet...