New York Silver Is Not Solving London's Acute Silver Shortage Problem - Nor Can It

With the latest market data such as extreme lease rates and disrupted trading in London indicating that physical silver bar availability in the London silver market is approximately zero, some are noting that silver is being flown to London from New York implying that this will alleviate or materially address the shortage.

The scale of London’s silver problem is measured in the billions of oz. of immediate ownership and delivery-on-demand promissory note contracts standing in the London cash/spot market with daily average trading volume over 600 million (M) oz. per day of these spot silver contracts .

CME COMEX market data showing New York silver vault data reported on October 10, 2025 is presented in Figure 1 below.

Evidence of squadrons of freighter aircraft flying silver drawn, in material amounts, from New York silver vaults to solve London’s billion oz. silver leverage problem, in a world of global physical silver shortage, is not there.

Figure 1 - CME COMEX Silver Vault Stocks October 10, 2025; source: GoldChartsRUs.com

Prolonged, far higher silver prices and refinery capacity dedicated to meet the London and global physical silver shortage problem are required to allow this market to clear to resolve London’s silver market leverage problem.

Best regards,

David Jensen