Follow the silver: the UK imported 601.5 tonnes from the US in March and immediately re-exported 561.5 of it to China and India. That’s not trade. That’s a conveyor belt, and the LBMA is the middle segment.
Eric Yeung put the punchline on this exact flow when he joined the SilverTrade Insider from Hong Kong: “This time I think it’s actually being consumed. It’s actually being imported by China and it ain’t coming back to the LBMA or the US” (18:24). That’s the difference between this cycle and every previous smash-and-shuffle, where the same bars ping-ponged between COMEX and London to paint the tape. Metal that gets rolled into solar panels and EVs doesn’t come back at ANY price.
And while the West ships its silver east, Washington has declared silver a critical mineral and is backing a roughly $7 billion smelter in Tennessee, the first new one in about five decades (13:13). Draining your own strategic metal while building the plant to refine it is quite the two-step. Somebody in this trade is going to be wrong. The full Yeung interview is worth your time.
THE UK IMPORTED 601.5 TONNES OF SILVER FROM THE US IN MARCH:
& IMMEDIATELY EXPORTED ALL OF IT (561.5 TONNES) TO CHINA & INDIA‼️
CHINA IS DRAINING THE COMEX VIA THE LBMA!!
