Silver wobbles, imports surge
- Silver prices plunged roughly 2.3% Thursday, dipping toward $76 amid geopolitical and oil-driven market moves. (fxstreet.com) - China imported a record 836 tonnes of silver in March as retail buyers and solar firms front-loaded purchases. (goldsilver.com) - Analysts warn of a multi-year silver deficit and strong industrial demand that underpin ongoing price volatility. (thestreet.com)
Silver fell about 2.3% in European trading on Thursday, April 23, slipping to around $76 an ounce as oil climbed and broader risk sentiment shifted. (fxstreet.com) West Texas Intermediate crude rose near $95.80 a barrel, its highest level in a week, after disruption around the Strait of Hormuz kept energy markets on edge. FXStreet said that move helped pull money out of silver even after the metal’s sharp run earlier this year. (fxstreet.com) At the same time, China bought a record 836 metric tons of silver in March, according to customs data reported by Bloomberg. That was far above the 10-year March average of about 306 tons. (bloomberg.com) Those purchases came from two different buyers. Retail investors shifted into silver bars as gold neared $5,500 an ounce, while solar manufacturers stocked up before China ended an export tax rebate on April 1. (goldsilver.com) Silver sits in two markets at once: investors buy it like a store of value, and manufacturers consume it in products like solar cells and electronics. That split helps explain why spot prices can drop on a day when physical demand is still running hot. (goldsilver.com) The underlying supply picture is also tight. The Silver Institute and Metals Focus said on April 15 that the market is heading for a sixth straight annual deficit, with 762 million troy ounces drawn from stocks since 2021. (usnews.com) Their 2026 outlook projected a global shortfall of 1,440.1 tonnes, or 46.3 million ounces, even with demand expected to ease from last year’s levels. Reuters reported that falling inventories have increased the risk of another liquidity squeeze in the physical market. (kitco.com) That tension has already shown up in the price chart. Silver hit a record high near $121.6 an ounce in January 2026, and some market trackers showed it trading in the mid-$70s on April 23 after a drop of more than one-third from that peak. (tradingeconomics.com) ING said this week that China’s March import surge may cool after the policy-driven buying wave from solar firms and the earlier burst of retail demand. For now, silver is trading between two facts at once: softer prices on the screen and unusually strong demand for metal in the real economy. (fxstreet.com)
