1、INTERIM SILVER MARKET REVIEWPhilip Newman and Sarah Tomlinson,Metals FocusNovember 13th 20252A brief summary of 2025Tariff concerns lead to surge in CME deliveriesEFP surge eclipses that of COVIDLiquidity squeeze develops in London,lease rates at unprecedented highsSilver price at record highResilie
2、nce of physical demandOne of the most dramatic years for silver in living memoryOne of the most dramatic years for silver in living memorySource:Bloomberg,LBMA,Metals FocusCME warehouse stocks off from record highsCME warehouse stocks off from record highsLondon vault holdings were increasingly allo
3、cated to ETPsLondon vault holdings were increasingly allocated to ETPs200250300350400450500550Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25MozReddit squeezeLiberationDayFirst US flightssuspendedLiquidity squeeze,+50Moz drawdown0%5%10%15%20%25%30%35%40%45%0200400
4、6008001,0001,2001,400Jan-21Jul-21Jan-22Jul-22Jan-23Jul-23Jan-24Jul-24Jan-25Jul-25Moz ETPs held in LondonOtherShare excl ETPs3A brief summary of 2025Tariff concerns lead to surge in CME deliveriesEFP surge eclipses that of COVIDLiquidity squeeze develops in London,lease rates at unprecedented highsSi
5、lver price at record highResilience of physical demandOne of the most dramatic years for silver in living memoryOne of the most dramatic years for silver in living memorySource:Bloomberg,LBMA,Metals FocusCME warehouse stocks off from record highsCME warehouse stocks off from record highsIdentifiable
6、 stocks Identifiable stocks growing importance of CMEgrowing importance of CME200250300350400450500550Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25MozReddit squeezeLiberationDayFirst US flightssuspendedLiquidity squeeze,+50Moz drawdownCME 36%share against 19%pre
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