As silver drifts lower—seemingly more than any other commodity—I believe the risk of force majeure increases tremendously. If force majeure ever happens, it’ll happen at the lowest price possible, not the highest. That’s the bailout. It saves the bankers the most money. Short positions haven’t meaningfully declined since silver’s January peak. Instead, they keep selling short, suppressing the price. But the result is a low silver price and a massive short position—a prime setup for another historic short squeeze, repeating what we saw in 2025. They’re trapped, and they can’t get out. As mentioned in my tweet below, registered silver covers only 18% of open interest. If they collude to force a bailout and cash-settle at these depressed prices, just 20,000 contracts standing for delivery on the same day would take every last ounce of registered silver. The result? Cash settlement at $50, followed by a violent repricing into triple digits. In reality, it would take far fewer contracts to trigger force majeure. They wouldn’t wait until the vaults were empty to declare it. This could happen any day. If not, sit back, stack, and wait for the next short squeeze.