Turkey's demand for physical silver has surged significantly, influenced by global market volatility and the country's restrictions on gold imports. According to recently released data from the Istanbul Stock Exchange, Turkey's silver imports in January 2026 reached the highest monthly level since records began in March 1999.

The data shows that Turkey imported 273,357 kilograms of silver in January 2026. By comparison, the total silver imports for the entire year of 2025 amounted to 860,443 kilograms, meaning that imports in the first month of this year alone approached one-third of last year's total. The previous annual import record was set in 2023, with imports reaching 1.16 million kilograms that year.

Analysts point out that this sharp increase in silver imports is driven by distinct local factors. Turkey currently enforces relatively strict import quotas on gold, diverting some investment demand for precious metals toward silver. Additionally, against the backdrop of persistently high international gold prices, silver—with its comparatively lower price—has become an alternative for investors with limited purchasing power.

Globally, the supply-demand imbalance for silver is also pronounced. Demand for physical silver delivery on the New York Mercantile Exchange has risen notably, with market demand at times reaching several times the available inventory. Meanwhile, global mining output is trending downward, while industrial demand for silver from sectors such as photovoltaics and electronic components continues to grow, further widening the global supply gap.