Silver’s two-speed market: New York refills while Shanghai pays up

By Przemyslaw Radomski, CFA – FXS

New York’s silver vaults are refilling, which looks bearish, and yet the tightness didn’t vanish, it just moved to Shanghai, where buyers now pay roughly 11% over the world price.

Silver has spent the last two weeks looking like a market that lost its story. The metal sits near $61.50, gold trades around $4,150, and the gold-silver ratio has settled near 67. Silver is down about 13% from its end-2025 close near $71 and roughly 49% below the January 29 all-time high of $121.62, though still up close to two-thirds from a year ago. On the surface, that is a soft tape, and the headline that keeps circulating makes it look softer still: the silver held in New York’s futures warehouses is going up, not down.