100% of COMEX drain (withdrawals) in April are effectively pulled from Eligible category
While crunching the data to update my run rate factor for Registered category draining, I noticed something very unusual! In the month of April, the Registered vault stock actually increased from 76.4M ozt to 80.8M ozt while the total vault stock (Registered + Eligible) lost ~13M ozt.
Essentially, 100% of vault stock in April came out of the Eligible vault stock. Starting around the end of January, I had been checking what percent of the total COMEX silver vault stock draining since October 1 (when the COMEX started draining to support the LBMA's critical dearth of free float vault stock). The ratio had consistently run 57%-60% though the end of March.
It would appear that this shift in draining patterns is signalling a shift in the COMEX vault flow dynamics. It looks like the bullion banks are wanting to maintain a floor on Registered vault stock around 76M-80M ozt.
If this continues, I may have to completely change my run rate analysis to focus on the Eligible vault stock drain rate.
While crunching the data to update my run rate factor for Registered category draining, I noticed something very unusual! In the month of April, the Registered vault stock actually increased from 76.4M ozt to 80.8M ozt while the total vault stock (Registered + Eligible) lost ~13M ozt.
Essentially, 100% of vault stock in April came out of the Eligible vault stock. Starting around the end of January, I had been checking what percent of the total COMEX silver vault stock draining since October 1 (when the COMEX started draining to support the LBMA's critical dearth of free float vault stock). The ratio had consistently run 57%-60% though the end of March.
It would appear that this shift in draining patterns is signalling a shift in the COMEX vault flow dynamics. It looks like the bullion banks are wanting to maintain a floor on Registered vault stock around 76M-80M ozt.
If this continues, I may have to completely change my run rate analysis to focus on the Eligible vault stock drain rate.
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