Silver Borrowing Costs Surge on Tariff-Driven Supply Jitters

Surging lease rates for silver are once again upending the precious metals market, with traders fearing that possible US tariffs could squeeze already tight supplies in London as price dislocations re-emerge between key trading hubs.

Washington last month categorized silver as critical to US national security, fueling worries that its new status may draw the attention of President Donald Trump, who ordered an investigation into critical minerals in April. That’s sent futures in New York above the international benchmark as traders price in the risk of silver getting hit with tariffs, and holders scramble to ship the white metal into the US to capture premiums.