Good article. Premiums for physical trading in the spot market have remained flat over the last few months which suggests supplies are still tight but sellers are able to keep up with unrelenting demand. Lots of small bars have found their way into the market as arbitragers profit by taking metal off the CRIMEX stockpiles and as more producers are supplying directly to market. In other words an equilibrium has been reached for the moment where small bar Silver (100oz or less) commands a $4-5 premium & Eagles/Maple Leafs nearly double that. Silver mine output has not seen any significant declines despite the 50% haircut in the POS and in fact production remains flat at essentially the same levels as a year ago. Thus for the moment, retail buyers will be the primary driving force behind the premium to Silver in the open market.