Dig deeper into silver and you'll find the situation's getting messier. U.S. banks are sitting on massive short positions—somewhere between 300 to 400 million ounces. Here's where it gets interesting: Comex warehouses, which function as the main physical storage hub, are holding roughly 400 million ounces. The gap between what banks are short and what physical reserves actually exist? That's the real story traders should be watching.