Silver Two-Speed Market: New York Refills, Shanghai Pays Up
Silver vaults in New York are refilling—a bearish signal—but the supply tightness has relocated to Shanghai, where buyers now pay an 11% premium over the global price.
The silver market is showing a clear two-speed dynamic. In New York, vault inventories are being replenished, a development that typically points to easing physical demand or growing surplus, which would normally be considered bearish.
Yet the tightness has not disappeared—it has shifted east. In Shanghai, buyers are now paying roughly 11% above the world reference price, indicating strong Chinese demand that is absorbing available metal. This bifurcation highlights regional divergence in silver supply and demand, with Western inventories rising while Asian buyers pay up for immediate delivery.
Source: FXStreet Forex News