China’s hold over the physical silver market looms large for 2026

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• The Stocks: iShares Silver Trust (SLV), Abrdn Physical Silver Shares (SIVR), and Global X Silver Miners ETF (SIL) stand to benefit from a structural silver supply crunch driven by China’s 70% control of London Delivery-standard bullion combined with its ban on sulfuric acid exports, which is essential for silver extraction from copper ore.

• China is weaponizing silver market control in retaliation for US energy leverage over its oil suppliers, while simultaneous demand from Indian buyers, humanoid robot production, and industrial uses for AI and semiconductors will outpace production for a seventh consecutive year, creating sustained bullish pressure.

• The analyst who called NVIDIA in 2010 just named his top 10 stocks and Global X Silver Miners ETF wasn’t one of them. Get them here FREE.

As the primary financial, military, and cultural US rival in the battle for geopolitical supremacy, China has found itself outmaneuvered by President Donald Trump in the energy arena. US control over China’s main oil suppliers – Iran and Venezuela – have undermined a significant portion of its leverage. However, China has other cards to play in retaliation, and one of the main ones has been silver.

The futures markets have colluded to suppress silver prices around the globe for decades, but physical silver demand broke out in 2025 and the fundamentals for its bull run have not changed. However, China exercises an outsized control over the current global silver bullion market, and there is evidence already appearing that it will counter US moves in oil with comparable ones in silver. That means another likely silver bull run in 2026 for stocks and ETFs dealing with physical silver. Among these are:

Record China Silver Imports

China’s silver imports have been at record levels throughout 2026.

The analyst who called NVIDIA in 2010 just named his top 10 stocks and Global X Silver Miners ETF wasn’t one of them. Get them here FREE.

The Shanghai Futures Exchange nearly found itself in default for March delivery contracts as its inventories had been sorely depleted due to its bailing out of the UK’s LBMA in October 2025. LBMA nearly defaulted as its inventories were unprepared for a huge Diwali-fueled physical silver buying surge from Indian buyers. As a result, the SHFE hiked margin requirements for silver to 22% and went on a buying spree, increasing silver inventory by over 50% in March. Bloomberg reported that inclusive of industrial demand, China imported over 800 tons of silver in March, more than double its previous high of roughly 425 tons in December 2020.

Nevertheless, inventory inflows are still finding it difficult to safely accommodate demand outflows, and despite futures price manipulation to accommodate naked short sellers, physical purchase prices have stayed strong…