Silver jumps 20% as physical supply remains tight

$SILVER has gained roughly 20% in a month despite extreme volatility along the way.
But the more important story may be happening underneath the price action.
Physical supply remains tight, with silver production having peaked around 2016 even as prices have risen roughly fourfold since then.
Normally, significantly higher prices incentivize additional production. So far, silver supply has shown remarkably little response.
If demand remains strong while mine supply stays constrained, the physical deficit could continue supporting prices even after the latest rally.