Morning Bites

🥈Global ETFs sold 31mnoz net of silver in March, vs. the 10mnoz net gain in February, per fund data. The decline accounted for ~4% of their total silver holdings (~30% of global Ag demand in 2025E, in annualised terms), which underpins the ongoing price volatility. In 1Q26 ETFs sold 62mnoz (20% of global demand in annualized terms)

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