Ray Dalio warns of a silent shift as global trade moves beyond the U.S. dollar, citing risks in **liquidity and crypto markets**. He points to silver as a key asset in this transition, driven by both monetary demand and industrial use. Dalio flags the paper silver market as fragile, with derivatives far outpacing physical supply. He links growing instability to systemic risks, including **Countering the Financing of Terrorism** concerns in unregulated financial flows. A liquidity crunch could force a violent repricing if major players demand physical delivery. The next 10 days, he says, may test market confidence and accelerate the shift to tangible assets.

As per Jinse, Ray Dalio from Dalio Vision highlights a 'silent shift' as global trade increasingly bypasses the U.S. dollar amid deteriorating U.S. fiscal health. With national debt exceeding sustainable levels and interest payments dominating the budget, Dalio argues that investors are beginning to seek assets beyond government control, with silver at the center of this transition. Silver, he explains, is both a monetary and industrial metal, making it uniquely positioned as demand rises from both financial and technological sectors. Dalio warns that the current paper-based silver market, with derivatives far exceeding physical supply, is highly vulnerable to liquidity crunches. He predicts a potential violent repricing if a small number of large players demand physical settlement, exposing the fragility of the paper market. The coming 10 days, he suggests, may reveal the true state of market confidence and trigger a shift toward tangible assets.