Core Insights - The silver reserves in London vaults saw the largest increase in at least nine years in October, alleviating previous extreme supply tightness that had caused London silver prices to soar above those in Shanghai and New York [1] - The influx of nearly 54 million troy ounces of silver into London vaults was driven by historical arbitrage opportunities due to market tightness, leading to a transfer of inventory from other regions [1] - The surge in demand from India and inflows into silver ETFs contributed to the supply constraints, resulting in a peak premium of $3 per ounce for London spot silver over other markets [1][2] Group 1 - The recent inflow of silver has eased the supply tightness in the London market, with spot prices now slightly below New York futures prices [2] - Approximately 48 million ounces of silver were withdrawn from the New York Commodity Exchange (Comex) during October [2] - A net outflow of about 15 million ounces from silver ETFs, which primarily store silver in London, has contributed to the replenished supply [2] Group 2 - The market is estimated to have nearly 200 million ounces of silver available for purchase or borrowing, indicating a significant recovery from previous shortages [2] - The increase in silver supply in London has exceeded the outflows from New York, Shanghai, and ETFs, suggesting that some supply may be sourced from private vaults or recycled silver [2] - Despite the easing of supply, the borrowing cost for silver in London remains high, with a one-month annualized borrowing rate around 5%, although it has decreased from over 30% during the peak crisis in October [2] Group 3 - The risk of tariffs has not been eliminated, as silver has been included in the U.S. government's Section 232 critical minerals investigation, which may lead to potential tariffs and trade restrictions [3]
白银挤兑潮退去 伦敦库存创至少九年来最大增幅 现货溢价收缩
智通财经网·2025-11-10 22:53