China controls between 60% and 70% of the global silver supply through its refining capacity. In late December 2025, China revealed a White List of 44 Chinese firms authorised to obtain export licences, including all state-owned enterprises and politically connected companies. Previously, when globalisation was embraced, Comex, the LBMA, and Shanghai markets tracked closely. Meanwhile, silver prices have been kept artificially low through excessive futures selling. To encourage new investment in silver mines, prices must reflect current supply and demand in fragmented, bifurcated markets.

Source: The Edge Markets February 13, 2026 03:07 UTC