Morning Bites

🥈Global ETFs bought 5mnoz net of silver in July, following the revised outflows of 11mnoz net seen in June, per funds data. The gain accounted for ~5% of global Ag demand in 2025, in annualised terms, which underpins the elevated price volatility. Overall, in 7mo26, global ETFs sold 78mnoz net (12% of global Ag demand in annualised terms)

In our view, solid demand for renewable energy in China will further support the silver market’s physical deficit (4% of global Ag consumption in 2025) in coming years. Meanwhile, in the medium-term we see ~USD 65/oz as fundamentally reasonable level, but concede that high volatility in Ag prices mainly due to abnormal speculative activity

#silver