[I didn't know that the US had put tariffs on precious metals. Metals were sent to the US to avoid the tariffs. Now they are stuck, and London doesn't have enough silver available to provide liquidity.]

Commodities Report: Precious Metals Pause After Record Highs Saxo Bank

Oct 21 2025

A no-tariff outcome would ease existing tightness in the London market by allowing greater movement of U.S.-held metal to Europe. That, in turn, would narrow the recent London-over-COMEX premium that reached pandemic-era extremes in recent weeks and bring one-month lease rates back toward normal levels.

A tariff announcement, by contrast, would have the opposite effect. Metal already inside the United States would effectively become semi-stranded, intensifying tightness in London and driving COMEX premiums higher. Under such a scenario, silver could quickly retest and potentially exceed recent highs, fueled by renewed squeeze dynamics rather than incremental demand growth.

Traders are therefore treating Section 232 as a binary event with asymmetric outcomes. Either scenario offers opportunities, but position sizing will be critical given silver's inherently thin liquidity and tendency toward exaggerated moves.

https://menafn.com/1110224688/Commodities-Report-Precious-Metals-Pause-After-Record-Highs-Saxo-Bank

>>23752385

Unobtainium.

Comex Rule 389 incoming?

[Silver Unobtainum incoming.]

“The COMEX Rule 589, which entered into force on 22 December 2014, could be applied at any moment. Let’s suppose, that Silver price is 16$. At some point nobody will want to sell its physical Silver. Buyers will then be forced to raise the auction. After a rise of $ 3, the market will be stopped 2 minutes to let buyers and sellers negotiate. Then the market resumes, the auction goes up by $ 3 … etc. When the threshold of $ 12 rise in the day will be reached, without anyone wanting to sell physical silver, the market will be closed. And there will be no fixing for that day. Without a fixing, nobody will be able to buy or sell silver in the world till the next fixing. The second day, the silver market opens at $ 28. But nobody agrees to sell physical silver at this price … so as the day before, the price rises by $ 12 … but there is once more no fixing. In 2 weeks, 10 business days of trading, courses will increase from $ 16 + $ 120 = $ 136. … Have fun and do the math by yourself.”

https://allenagenda.com/cryptocurrencies/what-is-the-comex-rule-589/