Group 1: Silver Market Insights - COMEX silver inventory recorded at 16,195.81 tons on September 9, 2025, an increase of 56.26 tons from the previous day [1][2] - COMEX silver price closed at $41.35 per ounce on September 9, 2025, down 1.39%, with an intraday high of $42.07 and a low of $41.20 [1] Group 2: Trade Policy and Legal Developments - A federal appeals court ruled that certain tariff measures implemented by former President Trump were illegal, potentially allowing U.S. importers to seek refunds amounting to hundreds of billions of dollars [3] - The court's decision challenges the legality of tariffs imposed under the International Emergency Economic Powers Act (IEEPA), which accounted for approximately $35 billion of the $59 billion in tariff revenue collected in the first half of 2025 [3] - Legal experts are preparing strategies for clients, considering three potential scenarios for tariff refunds, with the most likely being the establishment of an administrative process for companies to apply for refunds [4]