The global silver shortage: The price gap between New York silver futures and London spot prices widened to 0.86 per ounce. The last time silver experienced such a disconnect was in March, when fears of US tariffs on silver pushed prices higher. At the same time, lease rates, the short-term borrowing cost of silver, jumped to 4.5%, far above the usual near-zero level, signaling a tightening market. According to TD Securities, silver supplies are dangerously low, and the amount of freely available silver in London is at its lowest level on record. As a result, silver prices have surged +5% over the last few days and briefly crossed above 39/oz for the first time in 14 years. Precious metals are running hot.