China just tightened silver exports with a significant policy shift. Starting January 1st, all silver exports now require government authorization, and the market responded immediately.

This move hit Shanghai's silver prices hard. They surged to $85 per ounce—that's roughly $5 above the spot price you'd see stateside. The gap tells you something: supply constraints are real, and traders are pricing in the uncertainty.

When major producers restrict exports, it creates arbitrage opportunities and reshapes global commodity flows. The premium between Shanghai and US markets reflects both the scarcity premium and the cost of navigating the new licensing requirements. Keep watching how this plays out—export controls often cascade through correlated markets, especially metals and energy sectors.