Gold and Silver Pull Back — Smart Money Buys When Others Wait 
If you’ve been waiting to stack more silver, now might be your last chance for a while. The global silver squeeze isn’t coming. It’s here.
In his latest video, Mike Maloney delivers a blunt warning: physical silver is vanishing worldwide, premiums are surging, and the disconnect between paper and physical markets is hitting a breaking point. From mints in Canada to shops in Vietnam, supply is drying up fast.
A Global Supply Shock in Real Time
Australia, Africa, Canada, Vietnam, the U.K., and the U.S. are all showing the same signs: empty shelves, delayed shipments, and backorders stretching out weeks. The Royal Canadian Mint and Perth Mint are both out of key products. SD Bullion had fewer than 2,300 units left at last count. And Costco? Zero silver or gold at any Ontario location.
Even more concerning: in Vietnam, dealers report that raw materials themselves are running out. They can’t even get the metal to mint new coins.
When Silver Becomes “Unobtanium”
Mike coined the term “unobtanium” back in 2008, during the depths of the Global Financial Crisis. That year, demand for silver overwhelmed the system so completely that dealers were forced onto allocation, and many smaller shops simply ran out. GoldSilver.com had entire weeks where the only product available was a kilo bar of gold—if you had $30,000 to spend.
Today’s squeeze looks eerily familiar, but broader. It’s no longer just a supply chain issue. It’s a structural deficit. Central banks are buying. Investors are hoarding. And supply can’t keep up.
The ETF Market Is Flashing Red
Silver ETFs like SLV are under massive pressure. Borrowing fees for short positions have exploded, with rates surging to nearly 10% and shares to short completely unavailable. That’s a huge red flag. As Mike explains, this signals intense behind-the-scenes stress and could fuel extreme volatility.
At the same time, the paper price of silver is failing to reflect real-world scarcity. Mike shows how spot prices are diverging from the premiums paid for physical coins and bars. In some cases, buyers are paying $55+ per ounce—while spot lingers in the low $30s.
Buyers Are Not Waiting
The latest data from BullionStar is telling: for every seller in September, there were three buyers. Despite all-time highs in price, demand is not slowing. In fact, it’s accelerating. The message is clear: people want to own silver, not trade it.
The global silver market is slipping into a scenario where “available” and “affordable” no longer mean the same thing. This is what happens when monetary metal meets monetary mayhem.
You can print dollars. You can’t print silver.
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People Also Ask
Why is there a silver shortage in 2025?
Global mints, refiners, and dealers are running out of physical silver as demand overwhelms supply. From Canada to Vietnam, inventories have vanished and even raw materials for minting new bars are drying up. Learn more from Mike Maloney’s latest video analysis: Silver Shortage “This Is Not a Drill”
What does Mike Maloney mean by “silver unobtanium”?
“Unobtanium” is Mike’s term for the moment when physical silver becomes nearly impossible to buy—no matter the price. It first happened during the 2008 financial crisis, and current supply conditions suggest we may be heading there again.
Why are silver premiums so high right now?
Physical silver prices have broken away from paper “spot” prices due to extreme scarcity. Dealers are paying up to $55 per ounce in some markets just to source inventory — far above official trading levels.
Are silver ETFs like SLV affected by this shortage?
Yes. Borrowing fees for short positions in SLV have exploded to nearly 10%, and available shares to short have hit zero. These stresses in the ETF market reflect growing pressure in the underlying physical market.
Should investors buy physical silver now or wait?
Mike Maloney believes demand will likely continue to rise as currencies weaken and inflation fears build. Physical ownership offers security outside the banking system—something paper assets can’t match.
