At the beginning of the year, the Exchange For Physical (EFP) spread for silver (calculated as COMEX futures minus LBMA spot) rose dramatically from near zero to almost $1. This was largely attributed to fears or confusion over USA tariff policy and the potential impact of same on moving physical silver from London to New York eating into the profit of the arbitrage trading that bullion banks have long enjoyed. The bullion banks started moving physical silver en masse to New York - COMEX...
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By all accounts, silver has been in a structural deficit, with global demand exceeding global production, for over four years now:
Above ground supply has made up the difference with inventory draining from major vaults in the COMEX and LBMA systems since early 2020.
COMEX silver vault inventory:
LBMA silver vault inventory:
Tariffs, EFP Spreads and Monkey Wrenches
In late November, 2024, President Trump announced 25% blanket tariffs were to be imposed on goods from Canada and...
An overview of recent developments in the silver market and the nascent #silversqueeze 2.0 effort.
Considering the possibility of gold as unpegged legal tender ...
... history only records six characteristics for money. It is with the development of digital money systems that a seventh characteristic for money becomes apparent ...
Tracking silver vault totals for the COMEX, LBMA and SGE/SFE monthly. Also contains news and discussion related to industrial demand vectors for silver.
Ongoing discussion of events related to the world reserve currency ...