And whether that's true or not, may no longer matter in a world where - as described below - there is virtually no physical silver to be purchased.

Spot Silver is back to its highest since the August/Sept cycle highs...

Gold futs managed very modest gains...

And silver's dramatic outperformance has pushed the gold/silver ratio to its lowest since 2014...

Silver miners are also getting the love:  Australian silver stocks including Argent Minerals and Boab Metals rise more than 20%.

US Equity futures are taking a hit (all down around 1%)...

So as silver approaches $30, keep an eye on major price slams, emerging either out of central banks who desperately need to keep precious metals lower, or the BIS itself, whose Benoit Gilson will have a busy day tomorrow.

Update (1100ET): For some background on just how unprecedented this weekend's action in silver markets is, Tyler Wall, the CEO of SD Bullion writes the following (emphasis ours): 

In the 24 hours proceeding Friday market close, SD Bullion sold nearly 10x the number of silver ounces that we normally would sell in an entire weekend leading to Sunday market open.

In a normal market, we normally can find at least one supplier/source willing to sell some ounces over the weekend if we exceed our long position (the number of ounces we predict we will sell over the weekend).