Solar and Data Center Demand

Structural deficits in high-grade silver paste for photovoltaic cells continue to widen. The surge in compute demand for AI is also putting unprecedented pressure on silver-heavy electrical components.

Inventory Squeeze

With LME and COMEX inventories hitting five-year lows, manufacturers are scrambling for physical delivery. August contracts are already trading at a premium, signaling a 'backwardated' market structure.