<h1>Silver market dislocations create sharp domestic premiums, backwardation and regulatory risks for price discovery, reporting, and liquidity</h1> Rapid, large price movements in silver-driven by safe-haven flows, supply tightness and expectations of U.S. monetary easing-have produced sharp domestic premium increases, steep backwardation and divergence between physical, ETF and futures markets. These conditions raise regulatory concerns about market integrity, price discovery, disclosure and liquidity risk for investors and intermediaries, and may implicate surveillance, position limits and reporting obligations under commodities and securities laws. Market participants and regulators may need to address counterparty, settlement and consumer-protection risks arising from heightened volatility and structural supply deficits.