Morning Bites

🥈Global ETFs bought 4mnoz net of silver in September, following the inflow of 14mnoz net in August, per funds data. The net purchase accounted for ~4% of global Ag demand in 2025, in annualised terms, underpinning the ongoing recovery in investment demand for precious metals

In our view, solid demand for renewable energy globally will keep the silver market in a moderate physical deficit (which reached 4% of global Ag consumption in 2025) in the coming years, although ongoing technological improvements have substantially reduced silver intensity in solar applications and narrowed the deficit versus prior years. In the medium-term, we see ~USD 65/oz as a fundamentally reasonable level for Ag prices

#silver