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The silver market faces mounting stress as trade-war concerns intensify, with higher rates to borrow metal adding to signs of global dislocation.
A surge in lease rates for the precious metal has become the latest sign of alarm, with anxiety building over the impact of further tariffs from US President Donald Trump. That’s sparked a dash to ship silver into the US in a bid to capture premium prices in New York, possibly causing a squeeze in London.
Precious metals — gold as well as silver — have been upended this year, as Trump challenges the global trade order. That’s spurred demand for havens, and also opened up rare pricing dislocations between key markets. While spot silver has gained about 17% this year — making it one of the best performing commodities — futures in New York have done even better.
On a physical level, the tariff concerns — especially levies against…
