The bottom might be in.

https://www.reddit.com/r/Wallstreetsilver/comments/opq6zn/comex_open_interest_is_now_at_a_52_week_low_at/

Comex open interest is now at a 52 week low at just below 150,000 contracts. SLV's ledger is down 1.5 million oz today. The comex vault is flat after 4 vault operators seeming pass around 600,000 oz.

Due Diligence

SLV is down 1.5 million oz. PSLV is flat.

Note that PSLV does not sell units at a price less than NAV and the shares have been at a discount for some time now. This is specified in their prospectus and it protects the existing unit holders from diluting the value of their units. If they sell $1.00 worth of shares but can only buy $0.98 of metal, the existing unit holders would bear the loss. The unit sales, and resulting silver purchases, will commence when the net demand improves from apes purchasing shares. That will extinguish the discount to NAV and push the units into a premium.

The total OI at comex has been in decline for the last 6 weeks after a spike upwards. The OI is now at a 52 week low as shown on the plot below. Superimposed on the plot is the comex silver price and you can see that there is some level of positive correlation between OI and price.

At the comex vaults, it almost seemed like 4 vault operators passed around 600,000 oz. MTB and Loomis moved 600,000 oz each OUT OF THE VAULT however HSBC and Brinks moved 600,000 each into the vault. Not sure what is going on there.