**Silver Squeeze 2025: What is Really Going on Here?
Good morning.
Attached are two pieces. The first is an informal podcast recorded earlier today, offering what we believe is the clearest explanation to date of the silver situation — London’s shortage, its connection to U.S. and Chinese holdings, and what it tells us about supply chains, market behavior, and shifting global influence.
The second is the written version of that discussion, edited for clarity and structure.
The Pressure Point
Silver prices in London now trade above futures prices in both Shanghai and New York.
The gap signals a shortage of deliverable metal in the West’s key hub. Both China and the United States have metal available, yet neither has chosen to sell into London’s premium.
“There is demand for London metal, and there is little supply to provide for it.”
The imbalance has become a visible measure of how unevenly global inventories are distributed.
