Silver is leaving the U.S. as physical bullion market restructures

Physical silver is flowing out of the U.S. into tighter overseas hubs even as futures prices can weaken, signaling a structural reshaping of the bullion market. Scottsdale Mint CEO Josh Phair says record domestic volumes earlier in the year have given way to moderated U.S. demand while shipments move through Europe/London to China and India, where imports surged and policy changes have tightened channels. Market evidence includes LBMA good-delivery premiums running roughly $0.20–$0.40 above normal, corporate treasury purchases (e.g., a 10,000 oz buy by Hyperscale Data’s unit) and state-level moves into allocated bullion custody. These physical flows — combined with regulatory shifts and growing corporate/state adoption — point to tighter deliverable supply in certain forms of silver, and potential longer-term price support despite short-term spot volatility.