Fair to assume trillions of the physical metal weren't simultaneously dumped onto the market in the past day; this is entirely ETF driven therefore it's also sa

Fair to assume trillions of the physical metal weren't simultaneously dumped onto the market in the past day; this is entirely ETF driven therefore it's also safe to assume there is manipulation taking place to drive the price down. What I don't understand is why, when there appear to be signs of a supply shortage, market forces appear to want to drive the price down and cause any remaining inventory to flow towards China where there is a $30~/oz arbitrage to be made.