On October 9, the spot price of silver in London broke through the key level of $50 per ounce, reaching a high of $51.2230 per ounce, setting a new record high since 1980. Additionally, the LBMA spot prices against COMEX futures saw an unusual premium expansion to over $2.50 (typically just a few cents), creating a rare dislocation between futures and spot markets overseas along with a backwardation structure. In response, the Chicago Mercantile Exchange raised margin requirements for silver and gold futures. In contrast, domestic silver prices performed relatively weakly on October 9 and 10, with silver ingot exports becoming profitable……