https://www.youtube.com/watch?v=9BQvsiE28S4

Digital Liquidity Meets Physical Metal: Tokenised Money in the LBMA Market

Previously, we noted how in 2025 gold & silver were largely moving together, with gold up around 31% and silver up around 34%. But in September, something appeared to change. Silver broke above its 2011 nominal high and dislocated from as it has now risen around 92% at time of recording and gold a little over 28%. The silver institute data has demonstrated supply shortages for years. But were there additional accelerants to this move? I believe there may have been at least three new dynamics which have impacted the market. This video explores the first, which is the potential consequences of digital liquidity via the UK’s tokenised bank deposits, which are functionally similar to wholesale CBDCs within a restricted financial ecosystem, and their interaction with legacy precious metals markets at the LBMA and the stresses this could cause on the silver market.
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00:00 Intro
00:59 Key Background Info
04:35 How the LBMA Silver Market Works
05:51 What Tokenised Deposits Really Change
07:06 How Tokenised Deposits Connect to Silver Markets
08:05 London Trading Volumes
09:05 Seeing Clearly Is Not the Same as Having the Metal
09:45 A Stress Scenario
10:54 What This Means for Policy
11:19 Conclusion

Miles Harris

06.01.26

#milesharris #silver