Gold Exempt. Silver Exposed. The Policy Gap That Could Break the Silver Market.

Sep 9, 2025, 1:27 PM EDT

Silver has moved to multi-year highs at the same time Washington has confirmed an exemption from tariffs for gold bars, while offering no equivalent clarity for silver.

The result is less about headlines and more about market plumbing: where metal is held, how it is financed, and how closely paper hedges track physical costs.

In this GoldCore TV episode we set out, in plain terms:

What the gold exemption versus the silence on silver means;
How this is showing up in premiums, delivery times, and the New York–London basis;
The policy paths from here and how each would affect spreads and availability;
The key indicators to watch, especially for holders of physical metal.

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About Author

David is the CEO of GoldCore. Until Summer 2023 he was the Director of Marketing and Communications, responsible for all marketing and communications strategies and branding. David joined GoldCore in 2008 as Director of Business Development and later took over as Director of Marketing and Communications in 2020. Prior to this Dave managed and operated his own Marketing Agency and completed multiple coaching qualifications. "Working for GoldCore gives you a fantastic lens through which to view global financial and geopolitical developments. I am very proud to be part of a company that contributes to increasing investors understanding of these developments." When he’s not at work, David is passionate about sailing and has completed the ‘Round Ireland Yacht Race’ twice.