Global Silver Vault Stock (and Free Float) - As of End of May 2026

Global Silver Vault Stock (in metric tons) - May 2026​

LBMA End of May Silver Vault Stock​

The LBMA's May silver vault stock report came in 60 metric tons over my upper bound estimate. We'll have to wait a couple of months for UK silver import/export data to see if the LBMA's report makes sense. It did not for February and March and we're still waiting on the data to see about April.

PMBug Estimate​

For May, I again made two estimates because of the extreme disparity in the UK import/export flow in Jan-Mar versus previous months. The LBMA report coming in over my upper bound estimate considering that last month it came in right in the middle of my two estimates.

Considerations​

The one month silver lease rate was broke correlation briefly with SLV vault stock flows across the month of May around the time that India hiked silver import duties and then imposed restrictions on importing silver.. It looks like SLV vault stock was drained hard to contain a rising lease rate in May.

I said last month that I thought the London vaulted ETFs (SLV in particular) had reached the bottom of their wells with respect to draining vault stock. They increased vault stock in May and it looks like I was correct.

The LBMA vault total (and subsequent LBMA free float total) are based upon the LBMA's totals taken at face value. In reality, the LBMA has likely overstated their vault stock over the last few months by ~522 metric tons according to UK import/export data. That could be more or less pending April import/export data.

Global Free Float Observations​

Using the LBMA's report, the West has an upper bound of ~14,369 metric tons of free float vault stock at the LBMA + COMEX (not owned by ETFs). That's an increase of ~118 metric tons (3.8M ozt) from last month.

The upper bound total global free float (TGFF) including China (SFE/SGE) is ~16,253 (an increase of ~634t from last month). It would seem that India's government interrupting Indian silver demand had a noticeable effect (even if you adjust the LBMA total according the UK import/export data).

Global Free Float Value​

Last month, I estimated that ~$45.2B was enough to wipe out TGFF. Today I estimate:

LBMA + COMEX only (if China enforces export controls)
14,369t = 461,974,100 ozt x $80/ozt = $37B

TGFF (including China)
16,253t = 522,546,100 ozt x $80/ozt = $41.8B

Final Comments​

PSLV's silver vault stock is not directly available for settling COMEX or LBMA deliveries, so it is not included in the TGFF - I mention it because every 1,000 ozt that PSLV acquires is an LGD silver bar that is no longer available to the LBMA or global free float for trade settlement.

I am now tracking the global vault stock changes every day/week for the COMEX, SFE/SGE, SLV and PSLV. Of course, there is no daily or weekly data for the LBMA because they are run by dinosaurs. The LBMA apparently thinks their monthly grand total report provides sufficient transparency to their operations as they say:

LBMA said:

These figures provide an important insight into London's ability to underpin the physical OTC market.

Click to expand...

I frequently receive comments asking why I bother compiling this data. The comments commonly claim that the numbers are a fraud or they don't matter. Whether or not the numbers are completely accurate or not, they are the only public data we have and they *are* telling a story - revealing the rip currents of physical demand underneath the frothy paper market trading.

Last month's report posted here

Sources:
LBMA: https://www.lbma.org.uk/prices-and-data/london-vault-data
LBMA ETFs: I gathered the totals in a spreadsheet myself on May 30.
COMEX: I am saving COMEX silver stock reports and tracking the totals in a spreadsheet now.
SGE/SFE: I am saving SFE/SGE vault totals from Xiaojun Bai's daily X tweets and tracking them in a spreadsheet now.
PSLV: I am saving Sprott's PSLV silver stock data and tracking the totals in a spreadsheet now.

Last month I posted a chart of global "liquid" free float estimates with London vaulted ETFs superimposed. I've update the chart with May data:



The LBMA's "liquid" free float was down ~4M ozt across May while London vaulted ETFs were up ~6M ozt. The 2M ozt difference matches the 60 metric ton difference between the LBMA's report and my upper bound estimate for total vault stock.

The LBMA & COMEX were essentially flat in May while the SFE/SGE added massively. Where did China get this massive amount of silver from?

Also, I'm estimating the LBMA's "liquid" free float (based upon their total vault stock report) at about 3579 metric tons. If we adjust that by the 522 ton discrepancy with UK import/export data across Feb-Mar, the LBMA "liquid" free float would be closer to 3057 metric tons with further adjustments pending April and May UK import/export data.