Overview

• Spot silver reached about $53.55 an ounce in London before retreating as the London–New York gap narrowed to roughly $0.80 from as much as $3 last week.
• Lease rates in London jumped above 30% on a one‑month basis, driving up borrowing costs and intensifying pressure on short positions during the spike.
• Traders have booked air cargo for silver bars to capitalize on London pricing, with deliveries expected in the coming weeks to further balance supply.
• India’s festive buying is straining local supply, with reported premiums of 5–10%, suspended new subscriptions for physically backed silver ETFs, and spot–futures dislocations on MCX.
• Policy and macro uncertainty, including tariff threats and the ongoing Section 232 review, has supported investor demand for precious metals and heightened volatility.