Silver Demand Drivers (and vault totals)

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Update (see post #68 for last month):
  • LBMA - As at end August 2024, ... There were also 26,245 tonnes of silver (a 1.4% decrease on previous month)... SLV report for 6 September claims 363.01 mtoz vaulted in London. That leaves a total of ~480.78 mtoz of silver in the London vaults not owned by ETFs. This compares to 493.22 mtoz reported at the end of July.
  • COMEX - As of September 5, 306.01 mtoz registered + eligible - 103.17 mtoz owned by SLV = 202.84 mtoz not owned by ETFs. This compares to ~205.7 mtoz reported at the end of July.
  • SFE/SGE - As of September 6 (SFE) and August 30 (SGE), 2,512,500 kg or 80.78 mtoz. This compares to 84.75 mtoz reported at the end of July.

The west has roughly 683.62 mtoz vaulted at LBMA + COMEX not owned by SLV. Total global including China is ~764.4 mtoz (19.27 mtoz less than at end of last month).

The LBMA total vaulted supply is down ~373 tonnes (~12 mtoz) from end of July. SLV gained 0.45 mtoz.

The COMEX is up 2.3 mtoz from end of July. SLV is about the same for the New York vault.

Sources:
LBMA: https://www.lbma.org.uk/prices-and-data/london-vault-data
SLV: https://emea-markets.jpmorgan.com/metalicsWebAppJanus/publicUnauthenticated/BONY_SLV.pdf
COMEX:

SEPT 5/GOLD CLOSED UP $18.00 TO $2512.90//SILVER WAS UP 55 CENTS TO $28.73//PLATINUM WAS UP $17.95 TO $928.10/PALLAIDUM WAS UP $1.25 TO $943.50//RUSSIA ANNOUNCES ITS ITS GOING TO BUY MORE MUCH PHYSICAL GOLD//ANOTHER GERMAN STABBING//VOLKSWAGEN MAY HA

WILLL FINALIZE LATER TODAY GOLD PRICE CLOSED UP $18.00 TO $2512.90 SILVER PRICE UP $.55 TO $28.73 Gold ACCESS CLOSED $2514.55 Silver ACCESS CLOSED: $28.77 Friday is OTC/London LBMA options exp…
harveyorganblog.com
(Michael #silversqueeze doesn't appear to have posted any updates on X/Twitter since August 5)
SGE/SFE:
 

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Multiple automakers have been testing product samples, bringing them closer to hitting the market. But like most new technologies, they won't be cheap.
www.pcmag.com
 
There is a lot of chatter on X/Twitter about an announcemt from Russia wherein they say they will be diversifying their reserves to include more precious metals including silver and platinum in addition to gold. Most seem to be hyping the news as if they will be a significant international buyer like India or China, but I read a comment that claimed the Russian fine print indicates they will only be buying/sourcing from domestic production. If that's true, I don't think it's going to have any appreciable impact on global silver markets supply/demand.
 
Update (see post #81 for last month):
  • LBMA - As at end September 2024, ... There were also 26,212 tonnes of silver (a 0.1% decrease on previous month)... SLV report for 8 October claims 368.25 mtoz vaulted in London. That leaves a total of ~474.48 mtoz of silver in the London vaults not owned by ETFs. This compares to 480.78 mtoz reported at the end of August.
  • COMEX - As of October 7, 305.873 mtoz registered + eligible - 103.17 mtoz owned by SLV = 202.70 mtoz not owned by ETFs. This compares to ~202.84 mtoz reported at the end of August.
  • SFE/SGE - As of October 8 (SFE) and September 30 (SGE), 2,536,031 kg or 81.53 mtoz. This compares to 80.78 mtoz reported at the end of August.

The west has roughly 677.18 mtoz vaulted at LBMA + COMEX not owned by SLV. Total global including China is ~758.71 mtoz (5.69 mtoz less than at end of last month).

The LBMA total vaulted supply is down ~33 tonnes (~1 mtoz) from end of August. SLV gained 5.24 mtoz.

The COMEX is down 0.14 mtoz from end of August. SLV is about the same for the New York vault.

Sources:
LBMA: https://www.lbma.org.uk/prices-and-data/london-vault-data
SLV: https://emea-markets.jpmorgan.com/metalicsWebAppJanus/publicUnauthenticated/BONY_SLV.pdf
COMEX:

OCT 7/GOLD CLOSED DOWN $1.85 TO $2646.35//SILVER WAS DOWN 39 CENTS TO $31.77//PLATINUM WAS DOWN $14.00 TO $978.40 WHILE PALLADIUM WAS UP $20.15 TO $1028.65//ALASDAIR MACLEOD ON SILVER FUNDAMENTALS IS A GREAT READ//ISRAEL VS HEZBOLLAH AND ISRAEL VS HA

GOLD PRICE CLOSED DOWN $1.85 TO $2646.35 SILVER PRICE DOWN $0.39 TO $31.77 Gold ACCESS CLOSED $2642.80 Silver ACCESS CLOSED: $31.70 Bitcoin morning price:$62,854 UP 250 DOLLARS. Bitcoin: afternoon …
harveyorganblog.com
SGE/SFE:
 
I don't have time today, but I need to update my monthly silver vault posts to include more ETF analysis on the LBMA vault numbers. I found this 3+ year old report from Ronan Manly with some source links:

85% of Silver in London Already Held by ETFs

In addition to SLV, another 13 ETFs store silver in LBMA vaults, holding 85% of all the silver in London.
www.bullionstar.com
 
This post may contain affiliate links for which PM Bug gold and silver discussion forum may be compensated.

More:

Industrial demand for silver to set new record high in 2024 as market sees fourth straight annual supply deficit – Silver Institute

The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
www.kitco.com

40% decline in retail bar and coin sales? That seems extreme...
 
"Losses have been concentrating in the US..."
How do they know it? Do they know investment figures in China?
 
I have no idea how accurate this is:
It does remind me that I need to crunch the October vault numbers though...
 
$50 by the summer. Once.it breaks $35 it will jump like BTC.
 
Voodoo said:
Meanwhile the paper price went down because.... blah excuses.
Click to expand...
I was thinking the same.
Physical demand explodes while paper sells off, price down.
When will the physical market finally determine the price!!!


pmbug said:
I have no idea how accurate this is:
Click to expand...
Either China or India.
Russia building their silver reserves using their own production, they don't need to import it.
imo
 
Update (see post #85 for last month):
  • LBMA - As at end October 2024, ... There were also 26,629 tonnes of silver (a 1.3% increase on previous month)... SLV report for 8 October claims 374.396 mtoz vaulted in London. That leaves a total of ~481.746 mtoz of silver in the London vaults not owned by ETFs. This compares to 474.48 mtoz reported at the end of September.
  • COMEX - As of November 7, 311.809 mtoz registered + eligible - 103.17 mtoz owned by SLV = 208.64 mtoz not owned by ETFs. This compares to ~202.70 mtoz reported at the end of September.
  • SFE/SGE - As of November 7 (SFE) and November 1 (SGE), 2,729,545 kg or 87.75 mtoz. This compares to 81.53 mtoz reported at the end of September.

The west has roughly 690.386 mtoz vaulted at LBMA + COMEX not owned by SLV. Total global including China is ~778.136 mtoz (19.426 mtoz more than at end of last month).

The LBMA total vaulted supply is up ~417 tonnes (~13.4 mtoz) from end of September. SLV gained 8.14 mtoz.

The COMEX is up 5.94 mtoz from end of September. SLV is about the same for the New York vault.

Sources:
LBMA: https://www.lbma.org.uk/prices-and-data/london-vault-data
SLV: https://emea-markets.jpmorgan.com/metalicsWebAppJanus/publicUnauthenticated/BONY_SLV.pdf
COMEX:

NOV 7/GOLD CLOSED UP $30.50 TO $2698.20//SILVER CLOSED UP $0.11 TO $31.76//PLATINUM WAS UP $3.95 TO $993.75 BUT PALLADIUM WAS DOWN $18.15 TO $1024.15//FED LOWERS INTEREST RATE BY .25%//IMPORTANT COMMENTARIES TO READ ON THE MUST LIST: PEPE ESCOBAR “T

Says it all SPECIAL thanks to Robert H for sending this to us: GOLD PRICE CLOSED UP $30.50 TO $2698.70 SILVER PRICE UP $0.11 TO $31.76 Gold ACCESS CLOSED $2705.70 Silver ACCESS CLOSED: $32.00 Bitco…
harveyorganblog.com
SGE/SFE:
 
Last edited:
^^ Just fixed a couple of mistakes. Numbers should be correct now.
 
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