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Volatility in global markets and domestic restrictions on gold have triggered a massive surge in physical silver demand in Türkiye.
According to data released by Borsa Istanbul, silver imports in January 2026 reached a historic peak, breaking the monthly record held since data tracking began in March 1999.
In January 2026 alone, Türkiye imported 273,357 kilograms of silver. To put this figure in perspective, the country imported a total of 860,443 kilograms in the entirety of 2025. This means nearly one-third of last year's total volume was imported in just the first month of 2026.
The previous annual record for silver imports was set in 2023, with 1.16 million kilograms.
Experts point to specific local drivers for this rally. The strict import quotas currently applied to gold in Türkiye have redirected a significant portion of precious metal demand toward silver. Additionally, as gold prices soar, silver has become a more accessible alternative for investors with lower purchasing power.
The situation mirrors a global trend of supply deficits. On the COMEX exchange, physical demand has surged to four times the available silver stocks, with March 2026 seen as a critical delivery deadline.
Concurrently, mining output is declining while industrial demand—particularly for solar panels and electronics—continues to rise, widening the global supply gap.
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