Essentially, things are moving more slowly than I expected them to, but they are following the predicted pattern. The spot prices are completely fixed due to the fact that most “metal” being traded exists on paper only, but physical metal is getting scarce, especially since the central banks mopped up majority of it. Having in mind that only a small fraction of the population actually has physical metal, and the majority didn’t wake up and smell the coffee yet, you can imagine what will happen when the majority tries to convert their paper savings into gold and silver, only to find out that there isn’t any on the market.

In Germany, a small “gold rush” in the order of magnitude of 200 people daily per retail store was sufficient to completely exhaust the amount of metal available for sale.