JPM-Metals Weekly Silver bells are ringing-20251218

Sharp moves higher and a pick-up in volatility in silver and platinumcontinue to garner the most attention across precious metals.

Platinum’s push up to $1,900/oz+ appears to be primarily driven by aferocious ramp-up in futures trading activity and open interest on China’sGuangzhou Futures Exchange, although the exchange has recentlyinstituted stricter position limits.

Silver’s nearly 130% year-to-date rally is increasingly bringing upquestions around the potential destructive implications for demand.

We think one of the most vulnerable segments of demand is solar which,at just under 200 moz, makes up 30% of industrial demand for silver and18% of total silver demand inclusive of net physical investment.