@Watchfulbull I am watching this with interest - COMEX and SFE - the quantum's due to move out of COMEX are similar to yesterdays SFE delivery but the dates differ.
We know the Comex is tight based on the data, and an unknown quantity is available to fill trades. Why? Because it seems a majority (at least 50% based on COMEX's own admission) of the metal held in the COMEX vaults belongs to parties that have not made the SILVER for sale. It's stored there only.
The SFE deliveries seem to be increasing at an accelerated pace. At yesterday's rate it has about 11 days delivery left. If it cannot get silver from the COMEX. Where might it come from? Russia? India? Proceeds of commodity trades - not really, that is the place of gold. Direct from the silver miners? Any ideas?
We know that the LBMA has very little available as most belongs to ETF's Exchange Traded funds. Those funds can be withdrawn and the silver sold of course. See Below.
We seem to have had no more news out of Russia since August 2022 about the establishment of the Moscow World Exchange for precious metal trade. But watch this development.
I looked back over some data that the Happy Hawaiian posted on Reddit two years ago that demonstrated almost all the LBMA silver is owned by ETF's and not available to trade. So it seems to me that the LBMA contribution to the inventory would be negligible - unless there is a drain of funds from withdrawals out of the ETF's like there was in 2022 with 125 Million ounces used to help make up the supply deficit. Now that might happen. But what if the positions are just changed from SLV to PSLV? Blackrock just acquired an interest in PSLV that gave it an interest in more than 7 Million silver ounces (4.26% of 166M ounces). Why did it do that when it could of invested in the SLV? Is it worried that the SLV silver is not available? Is it there but encumbered? How many times encumbered?
PSLV is the Sprott Exchange traded Silver Fund, that is a well known fund that actually invests and holds money in physical silver, and in certain cases your investment can be redeemed in physical silver.
