Quick overview

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Banks and refiners are rushing to meet the unprecedented demand from retail investors due to silver’s dizzying rally, as evidenced by Chinese aunts waiting in line in Shenzhen markets, out-of-stock Turkish refineries, and a Korea Mint offer that sold out in an hour.

 

The white metal has taken it up a notch in 2026 as the Trump administration ushers in a new era of imperialism and attacks on the Federal Reserve, jumping by about a third in a few weeks after surging nearly 150 percent last year. The consumer craze for silver coins and bars began in China, but as prices continue to break records, it is spreading.

Firat Sekerci, a bullion dealer in Dubai, stated, “It’s the highest demand I’ve ever seen.” For the past ten days, the majority of refineries in Turkey have been out of stock for the smaller bars, which are 10 and 100 ounces. “Turkish retail investors are now willing to pay up to $9 more per ounce than the global benchmark price

This is causing international banks to prioritize shipments to the nation and region, with less metal reaching India and leaving demand there unmet.”

Particularly for a less-liquid metal like silver, a short squeeze in October of last year demonstrated how local supply constraints can quickly spread worldwide.

At the time, London’s liquidity was depleted, and benchmark silver prices reached their highest level since the 1970s due to Indian stockpiling ahead of the Diwali celebration and tariff concerns that kept supplies locked up in the US.

According to Samit Guha, CEO of MMTC-PAMP India Pvt, investor demand for silver is greater in India now than it was in October, with smaller bars and coins being popular. is the biggest precious metals refiner in the nation. Although the company’s imports of silver dore more than doubled from October to December of last year, it is still having difficulties.