JPMorgan is relocating its precious metals team to Singapore by the end of 2025 as part of a strategic shift in its silver operations. The bank has transferred 169 million ounces of silver to non-deliverable COMEX categories, effectively locking up nearly 10% of the global silver supply. This move aligns with a broader trend of increasing trading volumes in physical commodities driven by industrial and geopolitical factors. The Reserve, Singapore's largest private gold vault, now holds 15,500 tons of gold, reflecting heightened demand from central banks in China, Brazil, and Poland amid rising concerns over U.S. dollar credit. This strategic repositioning highlights the evolving dynamics in the global precious metals market as altcoins gain traction and traditional assets like gold and silver see renewed interest.