Veteran trader Peter Brandt believes that the slight discount of spot silver relative to Comex futures undermines the theory that “futures are suppressing the price of scarce physical silver.” Silver has fallen by more than half since reaching a record high in January. Many silver bulls had expected physical shortages to push spot prices above futures prices, a situation known as “backwardation.” However, a single weekly observation cannot settle the debate, because the “paper silver” theory focuses on the metal backing open interest, not on price spreads.