The Silver Institute and Metals Focus – Interim Silver Market Review 2025

This report provides an in-depth review of the global silver market in 2025.

It highlights key market dynamics including tariff-driven surges in CME deliveries, unprecedented lease rates in London, record high silver prices, resilient physical demand, and significant investor interest in futures markets. The report also covers supply deficits and stock drawdowns over the past five years, emphasizing the dramatic market developments and trading activity across major hubs such as the US, London, and China.