Silver markets remain historically tight: Silver lease rates, the 1-month borrowing cost of silver in the UK, stand at ~7.3%, well above average levels seen in 2025. Under normal market conditions, silver lease rates remain stand zero when supply and demand are in balance. Currently, elevated lease rates are indicating severe silver supply shortages, a clear sign of market stress. Physical silver has become incredibly scarce amid the historic rally. Brace for more volatility in the silver market.(The Kobeissi Letter)