As of September 10, the Shanghai Gold Exchange silver benchmark was trading at roughly $72.78 per ounce.
Western spot was around $64.38 at the same time.
The difference?
About +13%.
That is no longer a small gap between two markets. It is a very substantial premium.
China’s silver price can be influenced by local supply and demand, currency conditions, and the structure of the domestic market.
Still, a gap this large is hard to dismiss.
If buyers in China are willing to keep paying materially more for silver than Western spot, it shows that physical market conditions are not the same everywhere.
And that matters for silver.
Silver is not just a financial instrument traded through futures and ETFs. It is also an industrial metal that is physically consumed in solar, electronics, power infrastructure, and other applications.
Part of the physical market in Asia is willing to accept a price well above the Western benchmark.
Western spot: $64.38. Shanghai: $72.78.
That gap is hard to ignore.
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