Industrial Scarcity vs. Paper Prices

While speculative flows fluctuate, physical demand from the photovoltaic and data center sectors remains unyielding. Exchange-held inventories are at five-year lows, leading to record premiums in the physical market.

Byproduct Supply Risks

With China's sulfuric acid ban now in effect, analysts are monitoring potential slowdowns in copper and zinc mining. Since silver is primarily a byproduct of these operations, any reduction in primary metal output will mechanically tighten silver supply.