Morning Bites (part 2)

🥈Global ETFs sold 41mnoz net of silver in January, reversing from the 35mnoz net gain in December, per fund data. The decline accounted for ~5% of their total silver holdings (~40% of global Ag demand in 2025E, in annualised terms), which was likely triggered by a significant correction in precious metals' prices in late-January. Meanwhile, silver ETF total holdings were still up 17% YoY at 824mnoz in January

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