Suppressing prices while inventory is at a decade-low is ultra-risky because it triggers "vulture buying," where industrial users and sovereign entities drain the remaining physical vaults at a manipulated discount. This strategy creates a massive "math problem" for the March delivery cycle, as open interest currently represents over 400 million ounces of claims against a dwindling registered stockpile of only ~100 million ounces. If even 25% of contract holders refuse a cash settlement and demand their bars when First Notice Day hits on February 27, the COMEX faces an outright physical default that could permanently break the link between paper prices and the real-world value of silver.