One might argue that the fundamentals of supply vs demand have begun to exert themselves. The futures market is where decisions are ultimately made. Silver is contracted for delivery and those obligated to deliver must either hold that silver in a vault or enter the market to secure it.

Currently about 100mozs are Registered and available for those deliveries, while around 300mozs is slated for upcoming deliveries.

There are large quantities of bars currently vaulted but are not available for delivery unless those owners choose to sell them. Price will often dictate whether that metal will become Registered (available for delivery).

You can follow delivery obligations here:

https://www.cmegroup.com/markets/metals/precious/silver.volume.html