China’s dominance in the silver market does not stem from mining strength but from its overwhelming control over refining. According to the London Bullion Market Association’s (LBMA) list of accredited refiners for global over-the-counter trading, China hosts 27 silver refineries, followed by Japan with 13. That puts it far ahead of Germany, Canada, India, and Switzerland, which have just four facilities each.
How China’s silver export controls could turn into strategic concerns for India
