Spot Silver rose for a second consecutive session to fresh record highs yesterday, amid soaring safe-haven asset demand and intensified supply shortages in the London bullion market, ING's commodity experts Ewa Manthey and Warren Patterson note.

Silver has gained more than 73% so far this year

"There are suggestions that a lack of readily available Silver in London is driving prices up, largely due to fears of potential US tariffs that have triggered a rush to ship Silver across the Atlantic. Meanwhile, recent data shows that Silver ETFs continue to increase with total known holdings witnessing inflows of 621.7koz for a third consecutive session to 822.6moz as of yesterday."

"Earlier estimates from the Silver Institute indicated a fifth consecutive year of supply deficit for the metal this year. Silver has gained more than 73% so far this year, supported by growing demand for safe-haven assets amid fiscal concerns, overheated equity markets, and threats to the Federal Reserve’s independence."