Global gold and silver inventories

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pmbug

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Summary
  • Gold is now in its 11th straight month of net outflows, seeing 285k ounces leave the vault so far in March.
  • Silver has seen far more concentrated outflows from Registered, getting as low as 10.9% of total inventory in February.
  • On Jan 26, before the recent sell-off in gold, the amount of paper gold for each Registered physical ounce was 4.6.
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more:

 
Those who keep an eye on the well-known COMEX daily gold and silver inventory reports, (officially titled CME’s “Warehouse and Depository Stocks”) will by now have noticed that a new depository / vault called “ASAHI DEPOSITORY LLC” has recently made an appearance on the reports, specifically since May of this year.

COMEX inventory reports are always of keen interest in the precious metals space because they show, at least in theory, how much physical gold and silver in held within a group of ‘approved’ depositories / vaults in and around New York City to backstop or meet delivery obligations connected to the trading of gold futures and silver futures contracts on the Commodity Exchange (COMEX).

 
comexReg5year.png



Looking at the ‘Registered’ category (silver with trading warrants attached and that can be used to settle futures contracts), after huge falls in registered inventory over 2021 and 2022, the COMEX registered silver inventory increased marginally during 2023

www.bullionstar.com

From 150M down to 20M in 2 years...
a little salivation is justified imo :)
 
Those charts from Ronan Manley are 2 months old now.

 
Looks like LBMA can make up for the 120 million ounce annual deficit in production. At least for another 6 or 7 years.
yes, but at what price CL
Those LMBA inventories are not silver on sale at current price.
They have owners. Who know how much they ask for their metal stocks.

85% of Silver in London Already Held by ETFs​

"These LBMA London vaults are run by seven vault operators which comprise three bullion banks JP Morgan, HSBC and ICBC Standard Bank – and four security firms – Brinks, Malca-Amit, Loomis and G4S.

While many eyes have been fixated on the mammoth iShares Silver Trust (SLV), that is only part of the picture, and there are 13 additional silver-backed ETFs that store their silver in London that people may not be aware of.

By calculating how much silver the ETFs hold in London , we can determine how much available physical silver remains in the London LBMA vaults that is not already held by these ETFs. This then gives an estimate of how much room these ETFs have before they hit a wall of not being able to source any more silver in the London vaults without having to import it or ship it in. And the answer, as you will see below, is not that much room at all.

LBMASilverHoldings02a.png


And we haven’t even factored in yet the allocated silver holdings that the wealth sector (investment institutions, family offices and High Net Worth individuals) hold in the LBMA London vaults, silver holdings which are also part of the unreported custodian vaulted stocks category."

Credit to Ronan Manly (again)
 
@pmbug, is it possible to change the title of this thread from Comex gold and silver ... to Global gold and silver...
just for my peace of mind :D
 
If traders bust the LBMA and COMEX it's going to get ugly fast.
 
If traders bust the LBMA and COMEX it's going to get ugly fast.
ugly for whom? :)

Anyway, traders don't ask for delivery, so it won't be them to bust LMBA and Comex, rather - if any - it will be manufacturers and long-term investing entities.
 
You have to read the fine printing the contract. All contracts can be settled in cash. No delivery need take place. Might piss some folks off but to be honest they know going in that it's a crap shoot at best to get delivery Anyone investing already knows there is a 500 to 1 paper contract to physical ratio.
If they can allow a scam like bitcoin to be 50,000 a bit they can certainly keep the scam of gold and silver manipulation going.
 
All contracts can be settled in cash.
That's true for Comex, not for LMBA.
The LMBA aspire to be a market for physical, not for futures, hence the B referring to bullion.
Of course we know that the LMBA is not a physical market as it works with unallocated accounts, but the point is, within this market if a bullion bank promises to deliver 1 ton of silver, they have to. Offering a cash settlement would mean defaulting the contract.

Re Comex, yes, they can settle in cash, but still, the moment it happens the cat will be out of the bag - so to speak: that futures exchange will lose credibility and with it business and volume. It will become enough irrelevant to be unable to keep setting the worldwide official price for precious metals.
 
All contracts can be settled in cash
Still thinking about it...
LMBA... spot market... "The spot market is where financial instruments, such as commodities, currencies, and securities, are traded for immediate delivery."


Within a contract for the immediate delivery of 1 ton of gold, a clause allowing cash settlement wouldn't make any sense.
It's like going shopping, giving the shoes seller $100 vs. the immediate delivery of those Nike... with the clause that he can settle in cash?
 
Nothing to see, can listen in one tab, surf the forum in a different tab.

Gold & Silver Exchanges Being 'Bled Dry' and No One is Paying Attention: Andy Schectman​

Feb 23, 2024

Andy Schectman explains how the major metals exchanges are being bled dry of both gold and silver, in a significant move towards higher precious metals prices that no one is paying attention to. As the demand for physical gold and silver surges, the integrity of these exchanges is being questioned, raising concerns about the sustainability of the entire precious metals ecosystem. Andy shines a light on the factors contributing to this unprecedented situation and explores its potential ramifications for investors and the broader financial landscape. 43 mins long.



00:00 Introduction
00:42 Outlook on Gold Price
05:09 BRICS and Dedollarization
11:32 Central Banks Front Running the Market
16:23 Catalysts for Silver
23:37 Is the WEF Agenda Failing?
34:12 Collapse of the Dollar
 
Nothing to see, can listen in one tab, surf the forum in a different tab.

Gold & Silver Exchanges Being 'Bled Dry' and No One is Paying Attention: Andy Schectman​

Feb 23, 2024
Reading around the web, the stackers forums, it seems premiums are still low. It doesn't look like dry bleeding.
 
ETFs in the west are seeing outflows. I didn't watch the video, so I'm not sure if that is what he was referring to.
 
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