SINGAPORE — Physical silver is becoming harder to secure in Singapore as a sharp global price rally has triggered a rush of buying, leaving dealers struggling to replenish inventories and some customers facing waitlists stretching for months. 

CNA reported that silver surged strongly in 2025, rising 161 per cent and breaching US$80 per ounce for the first time last month. The rally has drawn renewed investor interest and tightened an already constrained supply, pushing more buyers to seek out physical bullion. 

At a heartland shop in Upper Boon Keng, bullion dealer Kwek Seow Bin said combined sales of gold and silver at his outlet jumped nearly sixfold from November to December, with customers trying to lock in purchases amid rising prices. He added that buyer profiles have shifted, with more younger customers in their 20s — and even foreigners — now buying silver. 

To cope with the demand, dealers said they are placing larger orders and expanding online channels. But deliveries are taking longer: Kwek said an order for about 300 pieces of 1kg silver bars placed last month is expected only in March, compared with the previous one-to-two-week turnaround. 

Analysts attributed the surge to both investment flows and industrial demand. CNA cited estimates that industries such as electric vehicles, solar panels and semiconductor manufacturing account for about 60 per cent of global silver consumption due to the metal’s high conductivity. Economist Tan Kee Wee of the Singapore Precious Metals Exchange said mine supply has not kept pace with industrial demand over the past five years. 

While higher silver prices may eventually feed into consumer costs, Tan said the near-term impact in Singapore is likely limited because silver typically represents only a small portion of total costs in products like batteries and solar panels.