Another month over month drop at the LBMA, 4 months in a row...

Another month over month drop at the LBMA, 4 months in a row where they include "Lowest level since reporting started".

There were also 26,502 tonnes of silver (a 2.2% decrease on previous month), valued at $16.3 billion, which equates to approximately 883,417 silver bars. This is the lowest amount of silver held in the vaults since reporting started in July 2016.

Interestingly their graph data shows their silver stocks at 852000 silver bars instead of what they report in their summary as 883417, although the tonnage number is correct. These kind of mistakes have happened 2-3 times in the last months including the removal of a month of data in July.

Since LBMA silver levels are close to actual ETF owned amounts, there should be less drop month over month going forward as there is simply less available silver for anyone to extract from the LBMA, except through the ETFs themselves if they allow it. And obviously if there is not enough silver available at the LBMA the ETF's will be unable to buy any so their prospectuses may need to be changed like SLV was in 2021 to more correctly show that you aren't buying silver if you buy them.