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- Embed this noticeThe bullion banks. They were using those shorts to control the spread and scalp the silver carry trade. Physical constraints finally came knocking in 2025 and trapped them in those short positions. But you know what happened recently? JPM bit the bullet on their balance sheet and clawed their way out of their short positioning, then immediately pivoted long silver. They're gutting the rest of the bullion bank cartel by forcing them to cover.