[SMM Silver Market Update] On July 14, 2025, amid concerns over US tariffs, the spot silver premium surged, with the one-month silver lease rate spiking to 6% compared to its near-zero normal level. During the day, LBMA spot silver breached $39/oz, briefly touching $39.075/oz, extending its year-to-date gain to 35%. In the domestic spot market, the Shanghai Gold Exchange's silver (T+D) contract recorded a three-day winning streak, gaining over 2% intraday to reach 9,233 yuan/kg, hitting a fresh high since May 2011.