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Post #2398 159
Morning Bites (part 3)

🥈The total silver holdings of global ETFs were up 21% YoY in December to 864mnoz, according to fund data. Meanwhile, in 2025 their net silver purchases jumped 9.1x YoY to 148mnoz (13% of total global Ag demand)

Despite the solid demand for renewable energy in China, which supports a deep physical market deficit (15-18% of global Ag consumption in 2025-26F, on our numbers), current silver prices are already above the medium-term levels we view as fundamentally reasonable (~USD 65/oz), mainly due to abnormal speculative activity, we believe

#silver
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