COMEX Average Daily Withdrawals and Deposits through April '26

[pmbug]

Withdrawals were down roughly 33% in April from March - just barely staying above December's low rate. A reminder that December's low rate lead to the LBMA running into trouble in January. This level of flow from COMEX to LBMA was not sufficient support for the LBMA to satisfy physical demand from India and China (and @Viking ).

This is the reason that my run rate estimates have blown out lately. The 5 DMA withdrawal rate is reflecting near record low withdrawals lately.

I expect the withdrawal rates to climb again as they did in January. May is going to be an interesting month for silver flows.

 

[pmbug]

Almost half way through the month and the average daily deposit in May is ~711K ozt while the average daily withdrawal is just ~791K ozt. The gap has closed much like what we saw in December. The closing of the gap in December lead to the LBMA running low on free float vault stock in January. Are we going to see a repeat play out?

 

[pmbug]

Update through May (oh my!):


COMEX had a net gain of vault stock across the month of May. Deposits slightly exceeded December 2025 levels and withdrawals were the lowest since at least October 2025. The LBMA didn't get much support from the COMEX in May.

 

[Voodoo]

Might fit in with those like Luongo who think the US is trying to leave Europe and their bankers as the bagholder.

 

[pmbug]

We'll see how the bullion banks respond once 1mo silver lease rates go north of 10% again. It looks to me like they are trying to manage a "just in time" supply chain at the moment (keeping any excess inventory inside USA borders).