Morning Bites

🥈Global ETFs sold 9mnoz net of silver in June, vs. the broadly unchanged holdings in May, per funds data. The decline accounted for ~1% of their total silver holdings (or ~10% of global Ag demand in 2025, in annualised terms), which underpins the ongoing price volatility. Overall, in 1H26 ETFs sold 81mnoz (14% of global demand in annualized terms)

In our view, solid demand for renewable energy in China, will further support a significant physical market deficit (6-8% of global Ag consumption in 2026-28F, on our numbers). In the medium-term we see ~USD 65/oz as fundamentally reasonable level, while prices remain volatile mainly due to abnormal speculative activity

#silver