Record Silver Rally Spurs Cross-Border Smuggling From Hong Kong to Mainland
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Hong Kong customs officers inspecting a car leaving for the Chinese mainland this week discovered a cargo heavier than the typical road-trip snacks: 219 kilograms of silver hidden inside tins of Danish butter cookies.
The seizure at the Heung Yuen Wai Control Point on Jan. 27 highlights how a frantic rally in precious metals in early 2026 is reshaping criminal enterprise and rattling supply chains. With London spot silver prices surging more than 60% since the start of the year to record highs, shortages and price gaps are fueling arbitrage attempts across the border.
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- Hong Kong customs seized 219 kg of silver worth HK$6.1 million ($880,000) hidden in cookie tins, amid a surge in silver prices.
- Two men were arrested for attempting to smuggle silver into mainland China, evading tariffs and taxes.
- Silver prices soared over 60% in early 2026, driven by industrial demand, supply constraints, and geopolitical instability, increasing smuggling attempts.
- October 2025：
- Hong Kong customs intercepted two airfreight smuggling cases at Hong Kong International Airport, seizing 60 kilograms of gold-silver alloy and 80 kilograms of suspected gold.
- Throughout 2025：
- Silver posted gains of more than 140%.
- Jan. 27, 2026：
- Hong Kong customs officers seized 219 kilograms of silver hidden in tins of Danish butter cookies from a car leaving for the Chinese mainland at the Heung Yuen Wai Control Point.
- Jan. 29, 2026：
- The suspects arrested in the Jan. 27 smuggling case were scheduled to appear at the Fanling Magistrates’ Courts.
- By Thursday, Jan. 29, 2026：
- London spot silver price breached $110 an ounce, following a rally of more than 60% since the start of 2026.
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