27,065 tonnes in London's vaults sounds like a large number. The World Silver Survey 2026 just confirmed it is not. In October 2025, silver lease rates (the cost of borrowing physical silver for short periods) spiked to levels widely reported at around 39%, among the highest on record. The normal rate is below 1%. A market that, by all appearances, had felt well supplied for years had suddenly become one where metal appeared impossible to source. The squeeze lasted weeks, drove silver to the January 2026 all-time high of $121.67, and then eased as metal flowed back into London from New York. The World Silver Survey ... (full story)