East Meets West: Silver Spike Shatters Records—$59 on JD.com, London Lease Rate Explodes to 19%.

Silver Academy ^ | 9 Oct 25 | Silver Academy

[delta7]

Silver is spiking simultaneously across the globe: China’s e-commerce platform JD.com lists silver at $59 per ounce. London’s lease rate rockets to a historic 19%. Physical shortages in Asia &The West.

-$50 dollars is the new floor on Silver with no resistance above. -Silver short sellers will get their faces ripped off. (polite way of saying it) -Earlier this week the SLV lease rate spiked to over 12% -Today LBMA lease rate hit 19% -China industrial silver users hoarding physical silver

All indicating a global silver shortage

China’s state-run Chengtong Precious Metals—the direct descendant of the State Council Ministry of Materials—amass 20,000 tons of silver, and then abruptly withhold inventory data after 2023 Samsung’s silver solid state battery deployed starting in 2026. The battery’s performance features will render the lithium-ion battery obsolete and at 1 kilogram of silver per car multiplied by number of EVs manufactured per year …. This will use more Silver than Solar industry which gobbles up 12% of the Silver mined each year Then there are some very inpatient silver mining investors settling for Measly profits Remember, you can’t get a 10-bagger when you sell before you even made your 2-bagger (Honestly, I can’t believe I have to write this) HOLD YOUR POSITION.

JD.com has silver listed at $59 per ounce. With 1 kilogram equaling 32.1507 troy ounces, that works out to about $1,900 per kilogram. This highlights soaring premiums in China and the desperate scramble for physical metal.

Now we interrupt this news article to pivot to the West

The 19% Lease Rate Shock: China’s Secret Silver Empire and a Global Market on the Brink

This is not just another price spike. The world is witnessing an unprecedented unraveling of the silver market—one that pundits, economists, and policymakers everywhere will remember as the point at which physical reality overwhelmed financial illusion.

China’s Epic Hoard: The Hidden Catalyst

Ask yourself: Why would China’s state-run Chengtong Precious Metals—the direct descendant of the State Council Ministry of Materials—amass 20,000 tons of silver, and then abruptly withhold inventory data after 2023? The silence isn’t accidental. It is an unmistakable signal that we’ve crossed from a world of open markets to a new era of state-controlled, covert accumulation. Chengtong doesn’t just influence China’s supply and demand; it dictates it. This enterprise singlehandedly wields the power to throttle imports, exports, and the pulse of the nation’s silver reserves, now cloaked in a secrecy the West can only guess at.

The 19% Lease Rate—A Historic Alarm Bell

On October 9, 2025, Bruce Ikemuzo of the Japan Bullion Market Association sounded an alarm the world can’t ignore: the LBMA’s 1-month silver lease rate hit a staggering 19.2%. This is not a technical footnote; it is a moment of naked panic, a sign that those with actual silver are clinging to it for dear life while others are forced to pay historic premiums just to rent a slice of reality. Never before has the London market, the heart of global bullion trade, witnessed a scramble of this severity.

Backwardation: When Today Is Priceless

The market isn’t content to wait. Backwardation—where those desperate for silver pay more for it today than for tomorrow—now dominates this once orderly exchange. The charts are explicit: major buyers, both industrial and financial, will move heaven and earth to secure real metal, not promises. Why? Because for billions of ounces of silver “promissory notes” in London, the bars simply aren’t there.

China’s Industrial Juggernaut: Hoarding at Any Cost……

[MileHi]

so where does this put junk dimes/quarters?

[Presbyterian Reporter]

“”””Silver is spiking simultaneously across the globe: China’s e-commerce platform JD.com lists silver at $59 per ounce””””

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If any of this is true, those who shorted silver at $50.00 are not going to have a restful sleep until the markets in Asia reopen Sunday at about 6pm EDT.

Silver got to $50 in 1980 and 2011, this could be the ‘third time is a charm’ and silver goes up, up, and away.

[kiryandil]

In a good place. 🙂

[chud]

so where does this put junk dimes/quarters?

I would still stack them, after all there is silver in there.

HOWEVER, the refiners just sent out word to coin shops that they are not accepting 90% (junk/constitutional) or sterling silver.
I think that the reason WHY is because the refiners are backed up and under pressure to get out good delivery bars to the LBMA and Comex (that's just my theory).

Rumor has it that both LBMA and Comex have empty, or nearly empty, vaults at the moment.

So, this MAY represent a buying opportunity for stackers where you can get junk dimes/quarters and sterling at spot or less.

[chud]

Replying to myself to add: the refiners don't want 90% "junk" silver because it takes a little longer to refine than silver that is three 9's or four 9's fine.

But that Constitutional ("junk") silver is still worth money!

It's just not what the refiners want right now because they are trying to work FAST.

[MileHi]

Thanks

[MileHi]

No doubt

[Chad_the_Impaler]

The price for physical silver bars on JD.com is notably higher than typical Western spot prices. The consistently higher prices (2-15%) compared to the COMEX spot price reflects retail premiums, shipping, and market demand in China.

[leopud]

IBTG and IBTS have numerous meanings.
Would you care to decipher those which you are familiar with?

[leopud]

unless you are talking about iShares

[Axenolith]

Interesting copper activity too, it rose pretty steeply for about 2 weeks and then tanked almost 10%. There’s majority fraction of silver production as a byproduct of copper and other base metal mining and I’ve got to wonder if the silver pressure is being seen as established and based enough that the copper/base metal producers are willing to maintain or exceed production levels with the objective of profiting from the silver fraction and either laying away the copper/others or dumping it at/near cost.

[GOPJ]

Thanks for the ping.

[kiryandil]

Interesting.

[JonPreston]

The West’s decades manipulation ( Comex and LBMA) of the PM markets is finally crashing.

What is causing this manipulation collapse?

[delta7]

What is causing this manipulation collapse?
————————-
The major bullion banks short Gold and Silver on the US Comex with thousands of paper contract shorts , daily, up to months of world mining supply at a time. When the contract holders at settlement demand physical delivery, the shorts have to buy physical “ good delivery bars” Gold or Silver at market prices to cover.

With the huge physical Gold and Silver shortage ( in the proper specified form, 1,000 oz bars for silver) they can not find enough physical Gold or Silver in “ good delivery” form to cover their paper contract losses ( $$$ billions). This has the potential ( like Bear Stearns) to collapse the bank.

Keep in mind the Western PM market deals in paper contracts, not physical. They commonly settle in Dollars, not physical.More people in the Comex and LBMA are now rushing to take ( demanding) Physical delivery. Note: the Chinese Gold market ( SGE) deals in physical backed contracts only.

The U.S. Comex has been manipulated and corrupted by massive paper shorts, taking delivery is cleaning out their warehouses. Just one major “ failure to deliver” will explode the price of Gold and Silver, overnight .The recent example is the Nickel debacle a year or two ago. They had toshut down trading and cancelled the $$$ billions of contracts!

[delta7]

I will add, we can now expect huge PM price swings to the upside, overnight, especially during delivery days. I fully expect $20, $30 dollar daily Silver price increases. The key is a Comex or LBMA “ failure to deliver” event. Silver is especially the one to watch.

We can have a Friday close at say $51, then an opening on Monday at say $100 plus….in which case they will close all Silver trading for a few days to cool down….but when it reopens Silver will reach prices unimaginable.

Simply put, there is no longer enough Silver to supply demand.

[delta7]

For the best Silver news and happenings.

https://substack.com/@thesilveracademy

[JonPreston]

I’m curious given the way 99.9% of banking transactions happen today: you’re saying there is an actual physical delivery of 1000 oz silver bars to contract holders at settlement?

[chud]

That is what I have been hearing.
People are standing for delivery of their silver instead of settling in cash.

Also, regarding the refiners: there is apparently a shortage of nitric acid, which is used to dissolve impurities.

TSMC also uses nitric acid in semiconductor manufacturing.

[delta7]

Comex good delivery bars, must be in this form and only by the approved refiners. Up till now, most contracts ( Banks) settled in dollars, a record number of contracts are now demanding the physical settlement….resulting in huge shortages of delivery bars, because the bars must be in this form, example: Silver in 1,000 t/oz bars AND only by the approved” authorized “ refiners.

An added footnote: ALL the U.S. major refiners are now refusing dealers scrap, presumably to busy producing good delivery bars for the Comex to supply them so they don’t go into default….only one word: Panic.

https://bullionexchanges.com/learn/lbma-good-delivery-comex-approved-refiners-and-depositories

GOLD BARS:

Fineness: Minimum of 995.0 parts per thousand fine gold for standard Good Delivery bars; however, 1 kilo bars must meet a minimum fineness of 999.9 (99.99%) fine gold.

Weight:

Good Delivery Bar: 400 troy ounces (approx. 12.44 kg).

1 Kilo Bar: 1,000 grams (1 kg), now an accepted standard under the 999.9 Kilobar Standard.

Dimensions:

400 oz Bar: Top length of 210-290 mm, width of 55-85 mm, and height of 25-45 mm.

1 Kilo Bar: Rectangular shape with refined specifications set by LBMA.

Marks: Serial number, refiner’s hallmark, fineness, and year of manufacture.

By incorporating 1-kilogram gold bars into its Good Delivery List, the LBMA has provided investors with an additional market-approved option that aligns with international trade standards.

SILVER BARS:

Fineness: Minimum of 999.0 parts per thousand silver.

Weight: 1,000 troy ounces (approx. 32.15 kg).

Dimensions: Top length of 250-350 mm, width of 110-150 mm, and height of 60-100 mm.

Marks: Serial number, refiner’s hallmark, fineness, and year of manufacture…..more…..
———————————-
All the retail Coin shops I talked to stated their refiners have stopped accepting scrap, the dealers state PM’s ( especially Silver) are flying off the shelves. Keep in mind the U.S. retail PM market ( coins, rounds, small bars) pales in quantity to Comex contracts.

As most big box dealers ( Apmex, JM Bullion, Moneymetals , etc) produce their own bars and rounds from other sources ( mining companies) than the Comex, we haven’t seen a panic in the US retail sales market (but foreign nations are reporting panic) yet…..but that day is coming…..first indication will be rising premiums, up to 10-15 percent and more over the spot price to buy, second indicator will be dealers paying spot and higher to those selling. It will happen quickly and suddenly.

Last stage: called “ unobtainium”, no one will sell their PM’s at any price- most likely when the US enters high inflation, debt default, credit crisis,banking crisis, etc…