Silver Market Highlights - February 3rd 2026
Perth Mint Suspends Silver Sales
The Perth Mint has paused wholesale orders for its 2026 Kangaroo 1oz Silver Bullion Coin until February 23 due to a large backlog from increasing worldwide demand.
Verified: Confirmed by Perth Mint's official notice to distributors, as reported on their website and multiple news sources including SilverTrade and Business News.
High Shanghai Silver Premium Signals Drain on Western Vaults
Shanghai silver cash price trades at a +29% premium to Western markets, creating an arbitrage opportunity over $34 per oz after VAT and shipping, likely accelerating silver flows from London and New York to China.
Verified: Analysis by David Jensen matches market data, with Shanghai premium confirmed via SGE prices and COMEX comparisons.
US to Host Critical Minerals Ministerial
The US will host the inaugural Critical Minerals Ministerial on February 4 to advance efforts in strengthening and diversifying supply chains, with silver noted as a critical mineral.
Verified: Announced by the US Department of State, with details on participation from over 50 nations.
Silver Price Volatility in Shanghai
Silver bounced 5% in Shanghai to above $100 before hitting limit down (-20%), closing at $96.81 (¥21,600/kg), with premium narrowing to $7 as COMEX rallied.
Verified: Prices match SGE benchmark data for February 3, with intraday movements reported consistently.
SHFE Silver Inventory Declines
Another 12.97 metric tons (417,000 oz) withdrawn from SHFE vaults, dropping total inventory to 14.46 million oz.
Verified: Confirmed by CEIC data from Shanghai Futures Exchange, showing 449.653 tons on February 3.
High COMEX Silver Deliveries
251 delivery notices issued Monday, with JP Morgan issuing 243 and stopping 137; total February deliveries reach 2,765 contracts (13.825 million oz).
Verified: Matches CME Group daily delivery report for February 3.
David Bateman Acquires Massive Silver Position
David Bateman purchased 1.93 million oz of physical silver bars, bringing his total holdings to 14.8 million oz, exceeding SHFE inventory.
Verified: Directly from Bateman's X post, confirmed via thread fetch.
Physical Silver Market Under Stress
BullionStar reports physical silver near impossible to source, with mints closed, refineries backlogged, and competitors empty.
Verified: Direct from BullionStar's update, corroborated by market reports.
COMEX Silver Depository Withdrawals
Over 2 million oz removed from COMEX vaults Monday, reducing total registered to 103 million oz and overall to 404 million oz.
Verified: Aligns with CME Group inventory reports, with registered near 105 million oz noted in analyses.
Shanghai Gold Exchange Lowers Silver Margins
SGE reduced silver deferred contract margins from 26% to 23% and price limits from 25% to 22%, effective after February 3 settlement.
Verified: Official notice from Shanghai Gold Exchange website.