First published by Money Metals Exchange here: https://www.moneymetals.com/news/2024/09/16/the-high-stakes-of-silver-a-billy-the-kid-poker-parable-003467
<p><img src='https://www.moneymetals.com/uploads/content/The-High-Stakes-of-Silver--A-Billy-the-Kid-Poker-Parable-min--1-.jpg'/></p>This parable illustrates the disconnect between paper representations and physical assets in the silver market.