Chinese Companies Attempted to Buy Canadian Silver at Above-Market Prices Ahead of Export Restrictions

Gold and silver bars in Munich, Germany, in a file photo. Reuters/Angelika Warmuth/File PhotoTwo Chinese companies contacted a Canada-based silver mining and exploration company and attempted to buy physical silver at $8 higher than its market price, days before China is set to impose export restrictions on the precious metal.Kuya Silver CEO David Stein told Arcadia Economics on Dec. 28 that the company received two requests on Dec. 26 from Chinese firms looking to obtain physical silver. Stein said the companies offered them $83 per ounce, “which I think at the time was probably an $8 premium.”