Resolves YES if credible industry reports or government sources indicate that violence-related disruptions in Mexico's silver mining regions, including Zacatecas and Durango, have caused more than 1.0% of global silver production to be halted or significantly delayed as of April 1, 2026. Resolution will rely on data from mining company disclosures, Mexican government announcements, or reputable industry analyses such as the Silver Institute or USGS. This threshold reflects the current estimated material impact of violence on global silver supply, which is critical given the ongoing structural silver deficit and tight inventories. Disruptions must be directly attributable to violence, excluding unrelated operational issues or geopolitical export restrictions.

Violence in Mexico's core silver-mining region, including Zacatecas and Durango, could disrupt a significant portion of global silver supply. This poses substantial risks to silver availability and could drive up market prices.

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