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| Money Metals News Alert | November 10, 2025 – Gold and silver prices ended last week largely flat and then rallied strongly today.
President Trump announced over the weekend that most American families can expect a $2,000 "tariff dividend." Markets will be digesting the news of that stimulus this week.
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The announcement is further indication that neither side of the political divide is serious about spending restraint or controlling deficits.
Activity in the bullion markets has slowed from the frenetic pace during mid-October. The pullback in prices gave pause to buyers who were attracted by surging prices and slowed down sellers who were hoping for prices to recover.
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 | Gold : Silver Ratio (as of Friday's closing prices) – 82.6 to 1 | | |
| Not Enough Silver... or Just in the Wrong Location? | | | |
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Early this year, high premiums developed for COMEX bars in the U.S. thanks to fears of tariffs on importing silver (and gold). In response, traders shipped an estimated 300 tons of silver from London to New York to alleviate that squeeze.
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Last month, the London Bullion Market ran into some issues of its own with respect to silver – with huge premiums, high financing costs, and far more requests for delivery of actual bars than the market could handle.
The catalyst for the shortage in London was driven by demand from India – and this came on the heels of a partial drain of silver sent to the U.S. combined with new silver ETF investment inflows.
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This year's Diwali holiday saw many Indians shift from buying gold to silver because the yellow metal has become so expensive.
During the peak of buying in mid-October, premiums for silver there reached as high as $5/oz. Major Exchange Traded Funds (ETFs) for silver were unable to procure silver fast enough and suspended new subscriptions.
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The holiday rush has passed and demand has lessened. The surge in silver imports alleviated the supply crunch.
Indian silver premiums have fallen back to a more normal range of 25 to 40 cents an ounce.
The London silver market has also returned to a more even keel. However, the current equilibrium in the markets may be short-lived.
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This year's spike in demand from India likely isn't a one-time phenomenon.
Silver ETFs in India now hold triple the amount of metal versus a year ago. That metal is stored in local vaults and odds are most of it will remain there. In other words, it won't be returning to London.
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At the very least, unless gold prices fall substantially, we can expect another surge in silver demand from the huge population of India when Diwali rolls around next year.
The small shift in interest from gold to silver in India could be signaling a bigger trend. Given the dramatic rise in gold prices, it is fair to say Indians probably aren't the only investors and consumers around the world who will increasingly turn to silver.
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| For its part, the Chinese government just made a change which could reduce the amount of silver coming to market. Silver was added to a list of supervised commodities effective November 1. Exports will be managed with an eye toward prioritizing domestic needs... | | |
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| This week's Market Update was authored by Money Metals Director Clint Siegner. | | |
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