It simply evaporated. When folks turn NEGATIVE on stocks or silver, only a tiny amount of selling, AND NO BUYING, can make the price drop 10% almost instantly and that "money" simply vanishes.
The value of all our equities, or all our silver is an ILLUSION. When we say "silver is worth $22 per ounce" that's only true for small amounts of silver. If we all tried to get $22 per ounce for our silver, the price would immediately tumble to $3 per ounce. Only 1% of silver could be sold before crashing the price to $19, only 10% could be sold before crashing the price to $14, only 20% of our silver could be sold before crashing the price to $8
That means that most of your silver is only worth under $8 per ounce.... you just have to hope that when you sell, not many other folks will be selling at the same time.