CME Futures Exchange's new mini silver contract has attracted attention. This 100-ounce small contract contrasts with the standard 5,000-ounce contract, seemingly making it easier for retail investors to participate, but there is a problem behind it. The 100-ounce contract is settled in cash — without physical silver backing, purely digital pricing. In other words, the exchange does not hold any corresponding silver inventory. This is completely different from traditional spot trading. Although the standard contract also has financial leverage characteristics, it at least theoretically has physical silver as backing. The mini contract is entirely paper trading; can the price signals truly reflect the market? This is indeed worth paying attention to.