Morning Bites (part 1)

🥈Global ETFs bought 14mnoz net of silver in August, following the inflow of 5mnoz net in July, per funds data. The net purchase accounted for ~15% of global Ag demand in 2025, in annualised terms, which underpinned the elevated price volatility. Overall, in 8mo26, global ETFs sold 64mnoz net (8% of global Ag demand in annualised terms)

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

#silver