Peter Brandt Found a Problem With the Silver Shortage Story

Peter Brandt, a veteran trader, reported on November 3, 2026 that immediate-delivery silver was priced a few cents below the nearest contract on Comex, CME Group’s New York metals exchange, a small discount he said weakens the paper-silver theory. That theory holds that futures trading keeps prices down for physical metal that supporters consider scarce. Many silver bulls had bet a shortage would make spot prices exceed futures, known as backwardation, but silver has fallen more than half from its January record and touched a fresh 2026 low in late October before rebounding amid US-Iran peace talks. Brandt shared a weekly chart tracking the spot-to-futures gap while challenging the shortage narrative.