White metal just hit $94 and keeps climbing into uncharted territory.

Here's what caught attention: vault inventory across major exchanges has dried up dramatically. Shanghai exchange holdings are down 80% compared to 2021 levels—that's significant. London LBMA and Comex warehouses show the same pattern, with supplies getting tighter across the board.

When physical inventory tightens this much while prices break records, it usually signals something deeper about global liquidity and industrial demand. Worth monitoring if you're thinking about macro positioning or hedging strategies.