On Friday, January 30th, the silver market experienced one of the most dramatic paper price moves in modern history — with silver falling nearly 30% in a single day.
While headlines across social media focused on the silver price action, the real story isn’t just what happened on the COMEX charts.
The real story is what happened in the physical precious metals industry.
At SD Bullion, we want to provide clarity on what this means for investors, what’s happening behind the scenes, and what customers can realistically expect in the coming weeks.
Physical Silver Demand Has Exploded Since Mid-December
For the last 60 days, the physical market has been under sustained pressure from massive retail buying.
Demand began rising sharply around mid-December, and the industry has been operating at elevated levels ever since.
Like many major dealers, SD Bullion has been:
-
Hiring aggressively
-
Expanding fulfillment capacity
-
Working through growing order volume
At its peak, our shipping timeline stretched to nearly 10 business days.
By Thursday, January 29th, we had worked that back down to approximately 4–5 business days.
Then Friday hit.
Friday Was Unlike Anything We’ve Ever Seen
The market panic and buying surge on January 30th produced the largest transaction day in SD Bullion history.
To put it into perspective:
-
We processed 2.5× more transactions than our previous all-time record
-
That prior record occurred during the Silicon Valley Bank collapse in 2023
-
Friday’s revenue exceeded what SD Bullion generated in some entire months during 2025
Our IT team deserves major credit — even under historic traffic loads, the SD Bullion website stayed online and operational.
The takeaway is simple:
When paper silver collapses, physical buyers rush in.
Paper Price vs. Physical Reality
One of the most important points we want customers to understand is this:
The spot price is primarily a paper price.
It does not always reflect what is happening in the physical supply chain.
Just like banks don’t hold all cash for deposits, paper markets trade multiples more silver than exists in deliverable form.
That’s why you can see situations where:
-
Paper silver falls sharply
-
Physical demand spikes
-
Physical product becomes scarce
-
Premiums widen despite lower spot prices
Sovereign Mints Are Already Struggling to Keep Up
Our COO, Cole Keller, recently returned from meetings in Berlin with major sovereign mints around the world.
The message from across the global minting industry is clear:
Production capacity is being overwhelmed.
The Perth Mint has temporarily shut down new sales on key bullion lines simply to catch up on existing obligations.
This isn’t unique to Perth.
Most sovereign mints are facing the same problems:
-
Limited blank supply
-
Higher lease rates
-
Holiday production slowdowns
-
Surging global demand across the US, Europe, and Asia
Expect Longer Delivery Times Industry-Wide
As of February 2nd, the reality is:
New sovereign mint orders are now running roughly 8–10 weeks out.
Thirty days ago, delivery lead times were closer to 2–3 weeks.
This gap is expected to worsen over the next month as supply pipelines fully absorb Friday’s shockwave.
In short:
-
If it isn’t already in the pipeline
-
It likely won’t arrive quickly
Silver Eagles and Allocations Are a Major Concern
The first major domino may be American Silver Eagles.
Rumors suggest mint allocations through February are already being reduced.
Dealers expecting full supply may only receive a fraction of what was planned.
When sovereign silver coins go on allocation, it impacts the entire market:
-
Eagles
-
Maples
-
Kangaroos
-
Private mint rounds and bars
Availability tightens quickly.
What Can Investors Still Buy Right Now?
The best advice is simple:
Buy what is available now with the shortest delay dates.
At SD Bullion, we closely monitor our advertised shipping timelines, and customers should expect that:
-
Products in stock will still ship quickly
-
New production items may take months
Why 90% Constitutional Silver May Be the Best Opportunity
One product category stands out right now:
90% US Constitutional Silver
In this environment, constitutional silver is uniquely positioned because:
-
It has finite supply (no new coins will ever be made)
-
It operates in its own secondary market
-
It remains widely tradable
-
It is currently selling at a rare discount
At the moment:
-
Silver rounds are running $6–$8 over spot
-
90% constitutional is around $1 under spot
That’s roughly a $10 per ounce difference, or about 15% cheaper than other bullion products.
In times of physical scarcity, constitutional silver has historically performed extremely well.
Final Thoughts: Expect Delays — Not Breakdown
The physical market is functioning, but the industry is absorbing unprecedented volume.
No business can take a month’s worth of orders in a single day and treat it like normal operations.
Customers buying today should understand:
-
Your price is locked in
-
Shipping may take longer
-
Physical demand is extremely real
-
Availability will tighten further
SD Bullion remains well positioned due to long-term inventory planning and pipeline purchasing decisions made over the last year.
We appreciate everyone’s patience as we work through this historic market moment.
Stay Tuned for Continued Updates
The paper pullback may be temporary, but the physical demand trend is unmistakable.
Stackers are buying all the way down — and the global supply chain is adjusting in real time.
We’ll continue providing updates as the situation develops.
