Silver market tensions signal broader supply concerns. One-month lease rates in London markets are hovering around 7.3%—substantially above what we've typically seen across 2025. Here's what matters: when silver supply and demand balance out under normal conditions, lease rates should basically sit at zero. The fact that we're seeing these elevated borrowing costs tells you something's off about current availability. Tight physical supply dynamics like this often ripple across commodity markets and can influence how traders think about inflation hedges and asset allocation strategies.