****Silver: COMEX drains + Shanghai shortages — short-squeeze risk intensifying**** [climaxing]

$79.49-80+ spot May fut flat Apr20 (lags $80.83 +2.05 Apr19 break)/Silver Institute 46.3M oz gap 2026 6th yr (inv -762M since '21/industrial +18%)/GSR ~62/India Rs247k/kg US-Iran ceasefire/Hormuz/SHFE margins 22%; COMEX 76.4M oz (90% junk/low OI/net longs -487 COT)/backwardation/Jane Street 500x SLV/SLV outperforming; JPM $81/$200/Oliver $300-500/AG low AISC/WPM ramps; monitor deliv/prem/OI/shorts/ETFs/margins/imports/May/freeze/Silver Act/CFTC/GSR/ceasefire/Hormuz/India $70 floor $110 up.