Bas Kooijman
Silver recorded some volatility on Tuesday, but held near multi-year highs as investors balanced political developments with strong industrial. The market’s focus could turn to safe-haven assets after US President Donald Trump announced the removal of Federal Reserve Governor Lisa Cook over alleged mortgage fraud, triggering renewed debate over central bank independence. The move could increase pressure for earlier rate cuts, particularly as Trump continues to advocate for rates, benefiting non-yielding assets like silver.
Industrial demand remained a key source of support. China’s solar cell exports jumped over 70% in the first half of 2025, driven by strong Indian demand, while the country added a record 93 GW of solar capacity in May alone, a 300% year-on-year increase. This reinforces silver’s strategic role in the energy transition, which could continue to underpin the metal. The market could also continue to find support in significant investor positioning. In the first half of 2025, global silver ETPs attracted substantial inflows totaling 95 million ounces, lifting cumulative holdings to 1.13 billion, approaching historical peaks.
Kooijman is the CEO and Asset Manager of DHF Capital S.A
