China’s M2 is creeping toward ~$48T (USD equivalent) — and that’s not a headline, it’s a liquidity regime shift. Money on that scale doesn’t stay trapped in bank balance sheets forever. When currency supply expands faster than confidence, capital starts rotating into hard assets.
The usual release valves show up first: gold, silver, copper, energy, broad commodities. And silver feels like the coiled spring — paper exposure looks massive compared to the real-world metal flow (depending on whose estimates you track). That kind of mismatch doesn’t unwind gently.
This is the quiet build-up… until pricing snaps into a new range.
Watching:
