Yesterday, Bloomberg reported that the London 1-year implied silver lease rate has surged above 5% p.a. On September 4, 2025, Bruce Ikemizu Chief Director of the Japan Bullion Market Association (JBMA) reported that the London 1-month implied silver lease rate had risen to 6.4%. The ongoing high and increasing lease rate for physical silver bars signals that the 41% price increase in silver so far in 2025 has been driven by an intensifying global shortage of this strategic and monetary metal. As the global shortage of silver continues to compound, we await the inevitable default by bullion banks that have sold ... (full story)