The London silver market has been thrown into turmoil by a massive short squeeze, driving prices above $50 an ounce for only the second time in history and stirring memories of the billionaire Hunt brothers’ notorious attempt to corner the market in 1980.
Benchmark prices in London have soared to near-unprecedented levels over New York. Traders described a market where liquidity has almost entirely dried up, leaving anyone short spot silver struggling to source metal and forced to pay crippling borrowing costs to roll their positions to a later date.