You're looking at the price of paper silver (i.e. derivatives) not physical. As we speak, the pricing of two markets are diverging due to the manipulation of the paper silver price. If you don't believe me, look on Ebay and see what people are selling physical silver for and check out this link:
The leverage reported here is creating an illusory silver market and from what I understand a similar phenomenon is occurring in the gold market (Check out G.A.T.A.)
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