AGE Gold Commentary is our regular report analyzing trends in precious metals and rare coins. We monitor domestic and international markets and extrapolate from our 30 years in metals to place current events into a hard asset perspective. View archives.
10/13/2025:Gold breaks $4,000, $50 Silver breaks London
Source:
The relentless global precious metals rally that began in late August accelerated this past week, with gold breaking above $4,000 and silver surpassing $50. We haven’t seen anything like this since the late 1970’s. Gold has risen steadily with increasing trading volumes and physical demand, yet market conditions remain stable. Silver, however, is experiencing severe disruption.
A series of events reached critical mass and triggered financial turmoil in the London Over the Counter (OTC) silver market last Thursday. Since late last year, enormous amounts of silver have shifted from London to Comex warehouses amid uncertainty over potential tariffs. As a result, Comex silver inventories have swelled to record highs, while available silver in the London OTC market has plunged to record lows.
The recent surge in silver prices has driven unprecedented physical buying, depleting the remaining OTC supply. By Thursday, Oct. 9, this shortage pushed London silver premiums to a record $2.00 above New York prices and sent lease rates for borrowing silver skyrocketing from 25% to over 150% annually. In short, liquidity vanished, exposing how tight physical silver supplies have become outside of Comex warehouses.
The key issue is uncertainty over potential tariffs. Until there is clarity—expected on or after October 19—most of the silver stored in Comex vaults will likely remain there, prolonging today’s intense silver squeeze.
In this urgent gold market commentary, we break down what has happened and why, to flesh out for you what is really happening in these markets and offer our insights into what we believe could happen for gold, silver, platinum and palladium going forward.
You can also view this video on the AGE YouTube channel, which includes a transcript.
AGE's Gold Commentary
AGE Gold Commentary is our regular report analyzing trends in precious metals and rare coins. We monitor domestic and international markets and extrapolate from our 30 years in metals to place current events into a hard asset perspective. View archives.
10/13/2025: Gold breaks $4,000, $50 Silver breaks London
Source:
The relentless global precious metals rally that began in late August accelerated this past week, with gold breaking above $4,000 and silver surpassing $50. We haven’t seen anything like this since the late 1970’s. Gold has risen steadily with increasing trading volumes and physical demand, yet market conditions remain stable. Silver, however, is experiencing severe disruption.
A series of events reached critical mass and triggered financial turmoil in the London Over the Counter (OTC) silver market last Thursday. Since late last year, enormous amounts of silver have shifted from London to Comex warehouses amid uncertainty over potential tariffs. As a result, Comex silver inventories have swelled to record highs, while available silver in the London OTC market has plunged to record lows.
The recent surge in silver prices has driven unprecedented physical buying, depleting the remaining OTC supply. By Thursday, Oct. 9, this shortage pushed London silver premiums to a record $2.00 above New York prices and sent lease rates for borrowing silver skyrocketing from 25% to over 150% annually. In short, liquidity vanished, exposing how tight physical silver supplies have become outside of Comex warehouses.
The key issue is uncertainty over potential tariffs. Until there is clarity—expected on or after October 19—most of the silver stored in Comex vaults will likely remain there, prolonging today’s intense silver squeeze.
In this urgent gold market commentary, we break down what has happened and why, to flesh out for you what is really happening in these markets and offer our insights into what we believe could happen for gold, silver, platinum and palladium going forward.
You can also view this video on the AGE YouTube channel, which includes a transcript.
Sincerely,
Dana Samuelson
President