"Rapidly Declining Silver Inventories on the Shanghai Futures Exchange", by SRSrocco

Look how low physical silver inventories are at the Shanghai Futures Exchange.  Note that most contracts are settled with physical delivery, unlike at the COMEX where contracts are settled via cash (virtual paper).

http://www.tfmetalsreport.com/blog/6014/guest-post-rapidly-declining-silver-inventories-shanghai-futures-exchange-srsrocco