SILVER in London, COMEX is Increasingly Disappearing

Since the early 2020 pandemic-driven gold and silver bullion shortage arbitrage and the late Jan 2021 #Reddit #WallStreetSilver #SilverSqueeze phenomenon kicked off, the persistent demand for physical silver bullion has had near no let-up, spiking in strength, especially when spot silver prices fall as they have recently. Confirmed by ongoing data, supposed silver warehoused in London has not been at levels this low since early 2016. Having now rolled over nearly -200 million ounces from its peak just after the Silver Squeeze kicked off in earnest in early 2021. To better break down the silver bullion bar hoards supposedly sitting in London, one must first acknowledge that the vast majority of that London silver is supposedly unsecured ETF and ETP silver trust holdings. BullionStar’s Ronan Manly points out that about 2/3rds of this gray matter on the chart is supposedly SLV silver, the world’s largest unsecured silver ETF custodian managed by criminal RICO precious metals spoofing bank JP Morgan. Of course, if you have followed along, you likely recall the ridiculous SLV prospectus change in early 2021 where the trust basically told its unsecured shareholders. They own nothing but a price mimicking derivative that they might not be able to get silver if global demand gets too strong. So basically, good luck as you underperform virtually any piece of silver bullion owned directly by investors worldwide. What actual amount of silver bullion can actually be acquired and pulled from the aqua-colored section of this London silver warehouse pile is unknown. But I would bet strongly that it is much tinier than this chart. But for devil’s advocacy, let’s say the reported silver bullion inventory float in London is around 10,000 metric tons… that is only just over 321 million ounces of silver bullion. The nation of India alone, when their silver demand remains persistently high like it has been this month, and last, that amount could be taken by them alone in just over a year running. Turning to the North American COMEX side of this 1,000-ounce silver bullion bar off-take equation. This week we saw a massive amount, nearly 5 million ounces of silver, left the deliverable registered pile into the not up for potential physical delivery eligible pile. You can see the dark green line cascading downward, and sharply of late, about -100 million ounces have been sucked from the COMEX silver registered pile since the Reddit WallStreetSilver Silver Squeeze phenomenon began. We’re now nearing falling COMEX registered silver warehouse inventory levels, back where they were when the spot silver price tripled from early 2010 to early 2011. Silver bullion stackers are not only buying bullion hand over fist, but they are also reveling in anonymously showing off to one another in forums where they rally around like-minded bullion stackers.