Well sourced article. The core of it is that once artificial price suppression ended and real supply deficits emerged, remaining short positions faced severe losses.

Eight Banks Paid $1.3B for Silver Manipulation. Then in 2025, Silver Hit $83 and Shorts Collapsed.

JPMorgan traders went to federal prison for spoofing (2008–2016). Regulators prosecuted eight banks (2016–2023). Then the 2025 rally to $83/oz ...