Silver Demand Drivers (and vault totals)

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Unless I screwed up the calculations, the PSLV premium seems to have dropped back to the more typical 3.5% range.
 
Feb 27 Silver Report

Vaults
PSLV
SLV3.3M ozt
COMEX306K ozt
COMEX run rate~124d
Mar26 EFP spread -$0.03

Details

LBMA spot ​


Silver popped from the $89.50 open to $92, then $94 and settled at ~$93.64. Conflict with Iran started after the market close. Will gold and silver pop on the Sun night/Mon morning open?


COMEX 2-26​


1.1M ozt (36t) deposited in Asahi [R] (824K), StoneX [R] (307K), et al

1.5M ozt (45.5t) withdrawn from CNT (485K), JPM (648K), MT&B (193K), et al

1.2M ozt (36.1t) moved from [R] to [E] in Brinks (111K), Delaware (86K), Loomis (964K)

COMEX Run Rate​


Remaining Vault Stock = 360.3M ozt (88.4M [R], 271.9M [E])

Withdraw rate through last 5 days = 1.18M/day

@ 60% [R], run rate = 88.4M / 711K = ~124 (working) days (~6.25 months)

COMEX Commentary​


Thursday's 1.5M ozt withdrawal was balanced by 1.1M in deposits - the first significant (>1M ozt) deposit since Jan 30. The net withdrawal brought the 5 day moving average down and extended the run rate estimate by another 19 days.

EFP spreads (EST)​


Current spot price $93.81

Mar26 = -$0.03 vs -$0.16 Previous (spot @ 15:30: $93.86)
Apr26 = +$0.18 vs +$0.31
May26 = +$0.53 vs +$0.57


EFP Commentary​


Mar26 EFP spread almost zero! COMEX daily withdrawals now less than 1.5M/day since Feb 18. Will COMEX withdrawals run heavy without a negative EFP spread on Mar26 contract?

SLV Share Lending​


10M Shares available

Borrow fee rises from 0.36% to 0.39%

Plenty of shares available to plunder with almost no activity yesterday for the 4th day in a row now.

SLV Assets​


Blackrock:3.7M shares
JPM:3.3M ozt (104.2t)

SLV vault stock raiding is back. Huge drop in shares and ozt on a day where spot price rose ~7%.

PSLV​


No change to units
No change to ozt
Units/ozt ratio .3413

PSLV's units/ozt ratio was ~.3434 up until the end of November. It got pretty volatile for a while - bouncing up and down until mid-January. Since then it has been pretty stable lately around .3413. It's unclear to me if this is the new normal or if PSLV will acquire more silver to raise the ratio back to the historical levels.

ICYMI:​

 
1mo silver lease rate up to 2.15% now.

Even with APs (bullion banks) raiding SLV for vault stock, It appears that stress is building with the LBMA's liquid free float silver (higher lease rates generally indicate supply stress).

Either the COMEX opens the floodgates and increases the withdrawals/exports to London, or the LBMA is going to have problems very soon (sometime in March I'm guessing).

 
Mar 1 Silver Report

Vaults
SFE91.3K ozt
Mar26 EFP spread -$0.12

Price
SFE $110.45
SGE $108.49
Retail $95.84
MCX $94.51
Spot $94.32
COMEX Mar26 $94.12

Details

LBMA Spot ​


Silver popped from the ~$93.60 Sun night open to $96, fell back to ~$92.50, rose back to ~$96 and has drifted down to ~$94.50. Looks like a war trade vs. Mr. Slammy battle.


Lease Rates​


The 1 month lease rate has been steadily climbing for the last week which signals increasing tightness in the LBMA liquid free float vault stock.

EFP spreads (ET)​


Current spot price @ 08:30: $94.32

Mar26 = -$0.12 vs -$0.03 Previous (spot @ 08:12: $94.24)
Apr26 = +$0.11 vs +$0.18 (spot @ 08:20: $94.44)
May26 = +$0.38 vs +$0.53


EFP Commentary​


Mar26 EFP spread shifted more negative. Apr26 & May26 EFP spreads tightened. I would expect COMEX withdrawals to increase again given the rising lease rates.

India ​


MMTC-PAMP (retail) : $106.49 (less 10% taxes = $95.84)
Apr26 [SILVERM 5kg] : $101.84 (less 7.2% taxes = ~$94.51)
May26 [SILVER 30kg] : $99.69
MCX 'spot' : $98.33 (taxes?)

China ​


SGE $108.49 (no VAT)
SFE $110.45

SGE premium to LBMA spot = ~$13

SFE91.3K ozt (2.8t)
Very small inflow, but it was an inflow

ICYMI:​

 
Estimates for the LBMA's end of February silver vault stock (in metric tons):

LBMA official
Vault Stock = 29,109
Free Float = 7,913

PMBug "realistic"
Vault Stock = 27,511
Free Float = 6,315

I'm estimating the LBMA's *liquid* free float (6,315t total FF - 3421t illiquid FF) for silver to have an upper bound limit in the neighborhood of 2,894t. At at spot price of $100/ozt, that's ~$9.3B. That said, see the considerations mentioned at the end of this post for important context.

Details

The LBMA is due to report their end of February silver stock report on Friday, Mar 6. I fully expect them to report another overstated number. I estimate the LBMA's vault stock using known data for comparison.

Old Formula​


The last few months, I used a simple formula for estimating/forecasting the LBMA's vault stock and free float:

X = A - B + (C * D) - E - F

X = LBMA free float vault stock
A = LBMA vault stock (previous month)
B = ETF vault stock (current)
C = COMEX withdrawn for current month
D = An estimated percentage of COMEX withdrawn that was shipped to London
E = Export to China (SGE/SFE) (est for current month)
F = Export to India (est for current month)

Last month, I was way off on 'F' and after closer examination of the import/export data from previous months, I've realized this formula/method needs some improvement. So, I built a spreadsheet using past months data (with thanks to @GoldFishCharts website for import/export data and @BullionaireBob for filling in two holes in my COMEX data set) and calculated some factors for estimating unknowns within a reasonable ball park range.

Factors​


From October 2025 through December 2025, The UK silver imports from the USA ranged from 52% to 77% of the Withdrawn total from the COMEX for the same month. I had been overly generous in estimating this 'D' variable at 90% the last few months. The average percent for Oct-Dec was 65%.

Additionally, UK silver imports from the USA ranged from 51% to 67% of the total UK silver imports per month. The average percent over the three months was 60%.

Finally, the NET UK silver imports per month (ie. imports - exports) ranged from 70% to 87% of the total UK silver imports per month. The average percent over the three months was 80%.

New Formula​


It's only three data points (Oct-Nov-Dec), but the percent ranges and averages seem consistent enough to make reasonable factors for estimating purposes. Thus, my new formula for estimating the LBMA's end of February vault stock is:

X = A - B + (((C * D) / E) * F)

X = LBMA free float vault stock
A = (27,729 Official | 26,131 Realistic*) LBMA vault stock (previous month)
B = (21,196) ETF vault stock (current)
C = (1,591.8) COMEX withdrawn for February
D = (0.65) Estimated % of COMEX Withdrawn that was exported to London
E = (0.60) Estimated total UK silver imports
F = (0.80) Estimated net UK silver imports

The new formula yields the results posted above.

Considerations​


With a massive withdrawal rate at the COMEX, it would seem that the LBMA's free float has grown and is in better shape than it was on Feb 2, but there are a few considerations that might affect that conclusion:

Silver lease rates have been climbing every day for the last week. This indicates tightness with available supply in London (in the LBMA system).

ETF vault stock (particularly SLV, but also Blackrock's SSLN) appear to have been raided for vault stock by APs redeeming borrowed shares. If that is correct, the borrowers will need to return the shares and ETF vault stock at some point, so 'B' might be artificially low (much like with Jan30-Feb2).
 
Mar 2 Silver Report

Vaults
SFE63K ozt
SGE???
PSLV
SLV2.9M ozt
COMEX2.8M ozt
COMEX run rate~119d
1mo Lease Rate 1.86%
Mar26 EFP spread +$0.04

Price
SFE $97.71
SGE $96.73
Retail $86.41
MCX $85.32
COMEX Mar26 $82.90
Spot $82.86

Details

LBMA Spot ​


Silver dropped from ~$95 to ~$87, recovered to ~$90 at the close, and fell below $80 overnight and has climbed back to ~$82 this morning. Rollercoaster!


Lease Rates​


The 1 month lease rate apparently popped to 2.15% over the weekend, but has dropped slightly to 1.86% as of this morning (still higher than Friday's 1.72%). Climbing lease rates signal increasing tightness in the LBMA liquid free float vault stock.

COMEX 2-27​


607K ozt (18.9t) deposited mostly in Loomis [R] (372K) [E] (221K)

3.4M ozt (104.9t) withdrawn from CNT (1.5M), JPM (1M), Loomis (601K), et al

34K ozt (1t) moved from [E] to [R] in CNT (15K), Delaware (19K)

54K ozt (1.7t) moved from [R] to [E] in Brinks (15K), JPM (19K), StoneX (20K)

COMEX Run Rate​


Remaining Vault Stock = 357.6M ozt (88.8M [R], 268.8M [E])

Withdraw rate through last 5 days = 1.29M/day

@ 60% [R], run rate = 88.8M / 772K = ~115 (working) days (~5.75 months)

COMEX Commentary​


Friday's large 3.4M ozt withdrawal was slightly offset by 607K in deposits - the second day in a row for a moderate inflow. The net withdrawal brought the 5 day moving average up and shortened the run rate estimate by 9 days.

EFP Spreads (ET)​


Current spot price @ 08:34: $82.86

Mar26 = +$0.04 vs -$0.12 Previous
Apr26 = -$0.13 vs +$0.11
May26 = +$0.56 vs +$0.38
(I forgot to save the MW futures screenshot - D-oh!)

EFP Commentary​


Mar26 EFP spread slightly positive! Apr26 EFP spread now negative! May26 shifted positive. What happened with Apr26?

SLV Share Lending​


10M Shares available

Borrow fee at 0.39%

Plenty of shares available to plunder with almost no activity yesterday for the 5th day in a row now.

SLV Assets​


Blackrock:3.2M shares
JPM:2.9M ozt (90.2t)

SLV vault stock still draining. Lease rates still rising.

PSLV​


units
ozt
Units/ozt ratio .3413

Is .3413 units/ozt ratio the new normal or will PSLV acquire more silver to raise the ratio back to the historical .3434 level?

India ​


MMTC-PAMP (retail) : $96.01 (less 10% taxes = $86.41)
Apr26 [SILVERM 5kg] : $91.94 (less 7.2% taxes = ~$85.32)
May26 [SILVER 30kg] : $89.64
MCX 'spot' : $97.72 (taxes?)

China ​


SGE $96.73 (no VAT)
SFE $97.71

SGE premium to LBMA spot = ~$11

SFE63K ozt (2t)

China SGE Note​


SGE removed the silver vault stock data from it's weekly report. It's unclear if this was just an anomaly or a new "LBMA normal".

ICYMI:​

 
Mar 3 Silver

Vaults
SFE407K ozt
SGE423K ozt
PSLV
SLV2.7M ozt
COMEX2.4M ozt
COMEX run rate~83d
1mo Lease Rate 1.72%
Mar26 EFP spread -$0.56

Price
SFE $98.23
SGE $96.81
Retail $88.45
MCX $87.34
Spot $85.67
COMEX Mar26 $84.93 (5 hours old quote)

Details

LBMA Spot ​


Silver dipped, recovered and bobbed around $82.50, and drifted higher in the overnight/morning hours to $85+.


Lease Rate​


1 month lease fell back Friday's 1.72%. Did London receive a large shipment of COMEX silver?

COMEX 3-2​


26K ozt (0.8t) mostly in CNT

2.4M ozt (75.2t) from Brinks (1.2M), CNT (610K), Loomis (600K)

790K ozt (24.6t) moved from [R] to [E] in Brinks (607K), CNT (183K)

COMEX Run Rate​


Remaining Vault Stock = 355.2M ozt (88M [R], 267.2M [E])

Withdraw rate through last 5 days = 1.77M/day

@ 60% [R], run rate = 88M / 1.06M = ~83 (working) days (~4 months)

COMEX Commentary​


Monday's 2.4M ozt net withdrawal brought the 5 day moving average up and shortened the run rate estimate by a whopping 32 days as the Feb 23 withdrawal goose egg falls out of the 5 day window.

COMEX Commentary P2​


Mar26 delivery notices continue at a healthy pace. I expect the withdrawals are going to also continue at a solid pace. If Mar26 EFP spread also dips firmly negative, withdrawals might accelerate.

EFP Spreads (ET)​


Current spot price @ 07:50: $85.67

Mar26 = -$0.56 vs +$0.04 Previous (spot @ 02:42: $85.49)
Apr26 = -$0.20 vs -$0.13
May26 = +$0.14 vs +$0.56


EFP Commentary​


Mar26 EFP spread firmly negative again. Apr26 & May26 EFP spreads also shifted negative. CME report for Mar 3 (due this afternoon) likely to reflect a large withdrawal?

SLV Share Lending​


10M Shares available

Borrow fee still at 0.39%

Plenty of shares available to plunder with almost no activity yesterday for the 6th day in a row now.

SLV Assets​


Blackrock:3M shares
JPM:2.7M ozt (84.5t)

SLV vault stock recovers most of what it lost yesterday. It's a yo-yo inventory.

PSLV​


units
ozt
Units/ozt ratio .3413

Zzzzzzzzz. The last significant addition to PSLV vault stock was a month ago on Feb 5.

India ​


MMTC-PAMP (retail) : $98.28 (less 10% taxes = $88.45)
Apr26 [SILVERM 5kg] : $94.12 (less 7.2% taxes = ~$87.34)
May26 [SILVER 30kg] : $92.32
MCX 'spot' : $88.12 (taxes?)

China ​


SGE $96.81 (no VAT)
SFE $98.23

SGE premium to LBMA spot = ~$11

SFE407K ozt (12.7t)
SGE423K ozt (13.2t) through Feb 27

ICYMI:​

 
Last week in silver (in metric tons):

SGE silver vault - 13.2
SFE silver vault - 47
SLV London vault - 474.8
PSLV silver vault - 0.02
COMEX silver stock - 200.2
LBMA silver stock - ??? (no daily or weekly data because LBMA is run by dinosaurs)

Global net change (less LBMA):
Feb 23-27 = 214.42
Feb 16-20 = 764.27
Feb 9-13 = 720.8993
Feb 2-6 = 22.6
Jan 26-30 = 1,000.77
...

China's SGE vault data covers Feb 24-27 (Feb 23 was a holiday). SGE + SFE inventories are getting critically low, but they keep bleeding vault stock. It seems like the price pressure evident by the ~$11 SGE premium over LBMA spot will continue.

PSLV just posted a small 686 ozt adjustment last week. PSLV remains curiously quiet.

Last week the COMEX continued it's 2026 draining streak, but the rate of drain slowed down from previous weeks. A firmly negative Mar26 EFP spread and elevated 1mo lease rate would suggest that COMEX withdrawals might increase soon.

On Mon & Tue last week, SLV recouped most of what it lost over the previous two weeks, but on Fri, SLV began bleeding inventory again. SLV vault stock inventory is a bit of a yo-yo lately.

One can only imagine what chaos might be unfolding in the LBMA's London vault system right now. We can only imagine because the dinosaurs at the LBMA do not provide daily/weekly reporting of their vault stock like every other market and major fund in the world.
 
Speaking of Yo-Yo inventory this is the best ETF comparison I can make. The XRT was the first go to for GME shares like SLV is the go to for Silver.

Look at what they do with this "quiet" ETF. Dang can't even find it at the moment.
 

Mar 4 Silver Market​


SFE $97.54
SGE $95.11
Retail $86.51
MCX $85.94
Spot $84.46
Mar26 $83.91

1mo Lease Rate 1.5%
Mar26 EFP spread -$0.55

Details

LBMA Spot ​


Silver dropped from $85+ down to $83+, touched ~$85 again at night, dropped to $81+ and bounced back to $84+ this morning.


Lease Rate​


1 month lease fell back to 1.5% as COMEX withdrawals are increasing again and SLV vault stock is draining again.

EFP Spreads (ET)​


Current spot price @ 07:12: $84.46

Mar26 = -$0.55 vs -$0.56 Previous
Apr26 = -$0.16 vs -$0.20 (spot @ 06:30: $84.30)
May26 = +$0.01 vs +$0.14


EFP Commentary​


Mar26 EFP spread remains firmly negative. Apr26 & May26 EFP spreads collapsing towards zero. COMEX withdrawals appear to be increasing as expected.

India ​


MMTC-PAMP (retail) : $96.12 (less 10% taxes = $86.51)
Apr26 [SILVERM 5kg] : $92.61 (less 7.2% taxes = ~$85.94)
May26 [SILVER 30kg] : $90.91
MCX 'spot' : $89.13 (taxes?)

China ​


SGE $95.11 (no VAT)
SFE $97.54

SGE premium to LBMA spot = ~$11

ICYMI:​


~~~

Mar 4 Silver Vaults​


Vaults (ozt)
SFE710K
PSLV299
SLV1.2M
COMEX2.9M

COMEX run rate~75d
SFE run rate ~18d
SGE run rate ~180d

Details

COMEX 3-3​


deposited

2.9M ozt (91.9t) from Asahi (65K), Brinks (600K), CNT (800K), IDS Del (603K), MT&B (883K) et al

842K ozt (26.2t) moved from [R] to [E] in Brinks (379K), IDS Del (95K), Malca-Amit (367K)

COMEX Run Rate​


Remaining Vault Stock = 352.2M ozt (87.1M [R], 265.1M [E])

Withdraw rate through last 5 days = 1.92M/day

@ 60% [R], run rate = 87.1M / 1.15M = ~75 (working) days (~3.75 months)

COMEX Mar26​


Mar26 contract cumulative deliveries = 5,955
Mar26 contract equivalent ozt = 29,775,000
Actual withdrawals in Mar ozt = 5,371,317.76

Withdrawals are currently 18% of Mar26 delivery requests (but we're just getting started).

COMEX Commentary​


Tuesday's 2.9M ozt net withdrawal brought the 5 day moving average up and shortened the run rate estimate by 8 days. Two more days of 2.5M+ withdrawals and the 5 day average will rise (and the run rate est will shrink) significantly.

SLV Share Lending​


10M Shares available

Borrow fee fell from 0.39% to 0.34%

Plenty of shares available to plunder with almost no activity yesterday for the 7th day in a row now.

SLV Assets​


Blackrock:1.2M shares
JPM:1.2M ozt (39.2t)

Unusual to see daily gain/drain of ozt/shares > 1. Usually more shares are gained/drained than ozt.

PSLV​


units
299 ozt
Units/ozt ratio .3413

Zzzzzzzzz. Why an adjustment now? It's been over a week since the last adjustment and a month since the last deposit/inflow.

SFE Run Rate​


Remaining Vault Stock = 8,768,184 ozt

Withdraw rate through last 5 days = 473K/day

Run rate = 8.8M / 473K = ~18 (working) days (~1 month)

SGE Run Rate​


Remaining Vault Stock = 14,308,210.00 ozt

Withdraw rate through last 5 weeks = 395K/week

Run rate = 14.3M / 395K = ~36 weeks (~9 months)
 

Mar 4 Silver Market​


SFE $98.00
SGE $96.24
Retail $84.54
MCX $84.48
Spot $82.53
Mar26 $81.79

1mo Lease Rate1.33%
Mar26 EFP spread -$0.74

Details

LBMA Spot ​


Silver dropped from ~$84 down to $80+, rose back to $84+ again at night, and has dropped to $82+ this morning. CME and other exchanges have announced margin decreases.


Lease Rate​


1 month lease fell to 1.33% as COMEX withdrawals are increasing again and SLV vault stock is draining again.

EFP Spreads (ET)​


Current spot price @ 07:06: $82.53

Mar26 = -$0.74 vs -$0.55 Previous (spot @ 06:58: $82.27)
Apr26 = -$0.21 vs -$0.16 (spot @ 07:02: $82.60)
May26 = +$0.08 vs +$0.01


EFP Commentary​


Mar26 EFP spread goes deeply negative (should encourage more COMEX->LBMA flow). Apr26 shifts more negative and May26 shifts more positive. How will CME margin decreases affect the EFP spreads?

India ​


MMTC-PAMP (retail) : $93.94 (less 10% taxes = $84.54)
Apr26 [SILVERM 5kg] : $91.04 (less 7.2% taxes = ~$84.48)
May26 [SILVER 30kg] : $88.84
MCX 'spot' : $88.30 (taxes?)

China ​


SGE $96.24 (no VAT)
SFE $98.00

SGE premium to LBMA spot = ~$12

ICYMI:​


~~~

Mar 4 Silver Vaults​


Vaults (ozt)
SFE539K
PSLV
SLV4.4M
COMEX892K

COMEX run rate~73d
SFE run rate ~20d
SGE run rate ~180d (as of Feb 27)

Details

COMEX 3-4​


14K ozt (0.4t) deposited in CNT (4K), StoneX (10K [R])

892K ozt (27.7t) from Brinks (332K), CNT (387K), StoneX (141K) et al

5.9M ozt (184t) moved from [R] to [E] in Asahi (1.9M), Brinks (303K), Loomis (3.7M)

COMEX Run Rate​


Remaining Vault Stock = 351.3M ozt (81.2M [R], 270.1M [E])

Withdraw rate through last 5 days = 1.86M/day

@ 60% [R], run rate = 81.2M / 1.12M = ~73 (working) days (~3.75 months)

COMEX Mar26​


Mar26 contract cumulative deliveries = 6,466
Mar26 contract equivalent ozt = 32,330,000
Actual withdrawals in Mar ozt = 6,262,915.59

Withdrawals are currently 19% of Mar26 delivery requests. Context:

COMEX Commentary​


Wednesday's 878K ozt net withdrawal brought the 5 day moving average down very slightly, but the massive 5.9M ozt moved out of [R] was more significant as the run rate estimate shrunk by 2 days.

SLV Share Lending​


10M Shares available

Borrow fee rose from 0.34% to 0.38%

Plenty of shares available to plunder with almost no activity yesterday for the 8th day in a row now.

SLV Assets​


Blackrock:4.9M shares
JPM:4.4M ozt (138t)

Unusual to see daily gain/drain of ozt/shares > 1. Usually more shares are gained/drained than ozt.

PSLV​


units
ozt
Units/ozt ratio .3413

Zzzzzzzzz. It's been over a month since the last deposit/inflow.

SFE Run Rate​


Remaining Vault Stock = 8,229,048.00 ozt

Withdraw rate through last 5 days = 325K/day

Run rate = 8.2M / 325K = ~20 (working) days (~1 month)
 
Woa.... 5.9M ozt (184t) moved from [R] to [E] in Asahi (1.9M), Brinks (303K), Loomis (3.7M)

That took a pretty big chunk in one day.
 
I think that happens around the beginning of each month as the bullion banks prepare for delivering physical metal to the folks wanting delivery on the new contract, but I haven't examined the [R] to [E] flows over the last few months to confirm. That's just going off a loose memory as I never really paid those flows that much attention before.
 
Update (all values in metric tons) (see post #515 for last month):

Global Vault Stock (in tons) - February 2026​

Market​
This month​
Last month​
Difference​
LBMA (Total)
27,065​
27,729​
-664​
ETFs (LBMA vaults)
21,197​
(Feb 2) 21,866​
-669​
LBMA Free Float (LBMA-ETFs)
5,868​
(Feb 2) 5,863​
5​
PMBug Estimate LBMA Total
27,511​
26,131​
1,380​
PMBug Estimate LBMA Free Float (Feb 2)
6,314​
4,265​
2,049​
COMEX
11,121.53​
12,618.61​
-1,497.08​
SLV NYC Vault
2,835.67​
2,928.99​
-93.32​
COMEX-SLV (free float)
8,285.86​
9,689.62​
-1,403.76​
SFE/SGE
751.631​
948.733​
-197.102​
PSLV
6,747.364​
6,770.314​
-22.95​

LBMA February Silver Vault Stock​


The LBMA's February silver vault stock report very much surprised me. They reported a total silver vault stock number (27,065t) that was slightly less than my 'realistic' forecast (27,511t)!

PMBug Estimate​


It appears from comparing LBMA vault stock reports against UK silver import/export data that the LBMA has overstated their vault stock for the last few months. As a consequence, I've included my own 'realistic' estimate for LBMA vault stock derived from analysis of UK silver import/export data and COMEX withdrawals (see below for source link to explanation on how I arrived at this estimate).

Considerations​


Lease rates for silver hit a low for the month on Feb 20 and were rising daily into the month's end. This would be consistent with tightening supply and seems to me to corroborate the LBMA's report this month coming in slightly under my "realistic" forecast.

As a reminder, back in October, the LBMA broke down when it had somewhere in the neighborhood of 110M ozt (3,421t) of supposed free float per rough estimates given the available data. The LBMA's actual liquid free float is likely just a thin margin over the illiquid threshold.

Global Free Float Observations​


Using the LBMA's report, the West has an upper bound of ~14,154 metric tons of free float vaulted at the LBMA + COMEX (not owned by ETFs). That's a decrease of ~128 metric tons (4.1M ozt) from my "realistic" estimate for last month.

The upper bound total global free float (TGFF) including China (SFE/SGE) is ~14,905t (a decrease of ~326t from last month).

Global Free Float Value​


A while back, I estimated that ~$36B was enough to wipe out TGFF. Today I estimate:

LBMA + COMEX only (if China enforces export controls)
14,154t = 455,061,700 ozt x $100/ozt = $45.5B

TGFF (including China)
15,231t = 479,206,900 ozt x $100/ozt = $47.9B

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.

Sources:
LBMA: https://www.lbma.org.uk/prices-and-data/london-vault-data
LBMA ETFs:
PMbug's LBMA Estimates:
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.
PMBug 'Realistic' Forecast for February LBMA Silver Vault Stock:
 

Mar 6 Silver Vaults (ozt)​


PSLV
SLV1.5M
COMEX2.2M
LBMA21.3M (February)

COMEX run rate~61d
SFE run rate ~20d (yesterday)
SGE run rate ~180d (as of Feb 27)

Details

COMEX 3-4​


deposited

2.2M ozt (68.3t) from Brinks (305K), CNT (611K), MT&B (1.3M) et al

498K ozt (15.5t) moved from [E] to [R] in Loomis

COMEX Run Rate​


Remaining Vault Stock = 349.1M ozt (81.7M [R], 267.4M [E])

Withdraw rate through last 5 days = 2.24M/day

@ 60% [R], run rate = 81.7M / 1.34M = ~61 (working) days (~3 months)

COMEX Mar26​


Mar26 contract cumulative deliveries = 6,615
Mar26 contract equivalent ozt = 33,075,000
Actual withdrawals in Mar ozt = 8,458,945.91

Withdrawals are currently ~25% of Mar26 delivery requests.

COMEX Commentary​


Thursday's 2.2M ozt net withdrawal brought the 5 day moving average up significantly as the run rate estimate shrunk by 12 days. If the markets continue at this rate, the COMEX will be in trouble around June.

SLV Share Lending​


10M Shares available

Borrow fee fell from 0.38% to 0.30%

Plenty of shares available to plunder with almost no activity yesterday for the 9th day in a row now.

SLV Assets​


Blackrock:1.7M shares
JPM:1.5M ozt (47.9t)

SLV continues to bleed vault stock. It's going to be wild when the trend reverses and there isn't sufficient silver in the LBMA vaults to restock SLV.

PSLV​


units
ozt
Units/ozt ratio .3413

It's been over a month since the last deposit/inflow.

LBMA​


See previous post
 
Thank you for doing the work and sharing it with us Bug
I don’t really know what is going on behind the scenes but I feel a bit reassured by having you watching so closely and keeping us informed.
 
tl;dr - The (vault) drain is insane!
 

Mar 9 AM Silver Market​


SFE $96.85
SGE $95.69
Retail $85.51
MCX $84.27
Spot $83.51
Mar26 $84.25 (4+ hours old)

1mo Lease Rate1.26%
Mar26 EFP spread -$0.34

Details

LBMA Spot ​


Silver dropped from $84+ to below $80, rose back to $84+ again during the night, and has drifted down to $83+ this morning. CME silver margin decrease now in effect.


Lease Rate​


1 month lease fell to 1.26% on Friday. COMEX + SLV are giving the LBMA some breathing room.

EFP Spreads (ET)​


Current spot price @ 06:54: $83.51

Mar26 = -$0.34 vs -$0.74 Previous (spot @ 02:22: $84.59)
Apr26 = -$0.23 vs -$0.21
May26 = +$0.28 vs +$0.08 (spot @ 06:56: $83.36)


EFP Commentary​


All EFP spreads shifted more positive. CME silver margin decreases are in effect now.

India ​


MMTC-PAMP (retail) : $95.01 (less 10% taxes = $85.51)
Apr26 [SILVERM 5kg] : $90.81 (less 7.2% taxes = ~$84.27)
May26 [SILVER 30kg] : $88.93
MCX 'spot' : $87.73 (taxes?)

China ​


SGE $95.69 (no VAT)
SFE $96.85

SGE premium to LBMA spot = ~$12

ICYMI:​

 

Mar 10 AM Silver Market​


SFE $102.89
SGE $100.81
Retail $89.64
MCX $88.50
Spot $88.53
Mar26 $87.24 (~11 hours old)

1mo Lease Rate1.11%
Mar26 EFP spread +$0.05

Details

LBMA Spot ​


Silver rose from ~$83.50 to $86+ at the close, continue up to ~$90 during the night, and has bobbed around between $88 and $89 this morning.


Lease rate​


1 month lease fell to 1.11% yesterday. COMEX + SLV drains are accelerating.

EFP Spreads (ET)​


Current spot price @ 06:44: $88.53

Mar26 = +$0.05 vs -$0.34 Previous (spot @ 19:10 Mar9: $87.19)
Apr26 = -$0.11 vs -$0.23 (spot @ 06:28: $88.61)
May26 = +$0.16 vs +$0.28


EFP Commentary​


Mar26 EFP spread went positive (or very near it - I'm using a spot price 3 min later than the futures quote). Will COMEX withdrawals slow down now???

India ​


MMTC-PAMP (retail) : $99.60 (less 10% taxes = $89.64)
Apr26 [SILVERM 5kg] : $95.37 (less 7.2% taxes = ~$88.50)
May26 [SILVER 30kg] : $93.51
MCX 'spot' : $92.00 (taxes?)

China ​


SGE $100.81 (no VAT)
SFE $102.89

SGE premium to LBMA spot = ~$12

ICYMI:​

 

Mar 10 AM Silver Vaults (ozt)​


SFE186K
SGE2.3M
PSLV
SLV1.6M
COMEX2.9M

COMEX run rate~59d
SFE run rate ~27d
SGE run rate ~70d (as of Mar 6)

Details

COMEX 3-6​


918 ozt (0.03t) deposited

2.9M ozt (88.9t) from Asahi (1M), CNT (532K), JPM (19K), MT&B (1.3M), StoneX (20K)

1.7M ozt (54.3t) moved from [R] to [E] in Brinks (755K), MT&B (459K), StoneX (531K)

COMEX Run Rate​


Remaining Vault Stock = 346.3M ozt (80M [R], 266.3M [E])

Withdraw rate through last 5 days = 2.26M/day

@ 60% [R], run rate = 80M / 1.35M = ~59 (working) days (~3 months)

COMEX Mar26​


Mar26 contract cumulative deliveries = 6,680
Mar26 contract equivalent ozt = 33,400,000
Actual withdrawals in Mar ozt = 11,317,787.21

Withdrawals are currently ~34% of Mar26 delivery requests.

COMEX Commentary​


Friday's 2.9M ozt net withdrawal brought the 5 day moving average up slightly as the run rate estimate shrunk by 2 days. COMEX doomsday (zero Registered silver) still looks like ~June at the current drain rate.

SLV Share Lending​


10M Shares available

Borrow fee jumped from 0.30% back to 0.38%

Plenty of shares available to plunder with almost no activity yesterday for the 10th day in a row now.

SLV Assets​


Blackrock:1.8M shares
JPM:1.6M ozt (50.7t)

SLV continues to bleed vault stock. How long will it continue as spot price is rising again?

PSLV​


units
ozt
Units/ozt ratio .3413

It's been over a month since the last deposit/inflow.

SFE Run Rate​


Remaining Vault Stock = 8,332,766 ozt

Withdraw rate through last 5 days = 311K/day

Run rate = 8.3M / 311K = ~27 (working) days (~1.25 month)

SGE Run Rate​


Remaining Vault Stock = 11,959,600 ozt

Withdraw rate through last 5 weeks = 855K/week

Run rate = 12M / 855K = ~14 weeks (~3.5 months)
 
I'm not sure about this as it's from OG Asian AI guy.. But he states that the CME changed the rules again. Claiming that they now require 99.95% and NOT 99.9% purity. Anyone else see this confirmed? Very odd move to limit your metal coming in.

 
Pretty sure it's AI slop (ie. BS):


https://www.cmegroup.com/rulebook/COMEX/1a/112.pdf
 
Logically it doesn't make sense either. If you fear physical delivery problems then you Need MOAR metal not less. It's just compelling enough to listen to some of those but I almost never listen to the end. Kinda curious.
 

Mar 11 AM Silver Market​


SFE $100.76
SGE $99.60
Retail $87.88
Spot $87.10
Mar26 $87.13 (~3 hours old)
MCX $86.67

1mo Lease Rate0.92%
Mar26 EFP spread -$0.38

Details

LBMA Spot ​


Silver rose from $88+ to ~$89.50 and then back down to $88+ at the close, bobbed around during the night, and has drifted down to ~$87 this morning.


Lease rate​


1 month lease fell to 0.92% yesterday. COMEX drain appears to be slowing slightly while SLV drain is gaining strength. Is India still buying silver with war disrupting shipping?

EFP Spreads (ET)​


Current spot price @ 06:22: $87.10

Mar26 = -$0.38 vs +$0.05 Previous (spot @ 03:26: $87.51)
Apr26 = -$0.23 vs -$0.11 (spot @ 06:20: $87.10)
May26 = +$0.20 vs +$0.16


EFP Commentary​


EFP spreads back to where they were two days ago. Yesterday was apparently an anomaly.

India ​


MMTC-PAMP (retail) : $97.64 (less 10% taxes = $87.88)
Apr26 [SILVERM 5kg] : $93.40 (less 7.2% taxes = ~$86.67)
May26 [SILVER 30kg] : $91.64
MCX 'spot' : $90.50 (taxes?)

China ​


SGE $99.60 (no VAT)
SFE $100.76

SGE premium to LBMA spot = ~$12

ICYMI:​


~~~

Mar 11 AM Silver Vaults (ozt)​


SFE235K
PSLV1
SLV1.8M
COMEX978K

COMEX run rate~66d
SFE run rate ~29d
SGE run rate ~70d (as of Mar 6)

Details

COMEX 3-9​


20K ozt (0.6t) deposited

998K ozt (31t) from JPM (595K), Malca-Amit (368K) et al

1.5M ozt (47.4t) moved from [R] to [E] in Brinks (740K), CNT (216K), Loomis (553K) et al

COMEX Run Rate​


Remaining Vault Stock = 345.3M ozt (78.5M [R], 266.8M [E])

Withdraw rate through last 5 days = 1.97M/day

@ 60% [R], run rate = 78.5M / 1.18M = ~66 (working) days (~3.25 months)

COMEX Mar26​


Mar26 contract cumulative deliveries = 6,700
Mar26 contract equivalent ozt = 33,500,000
Actual withdrawals in Mar ozt = 12,315,502.55

Withdrawals are currently ~37% of Mar26 delivery requests.

COMEX Commentary​


Monday's 978K ozt net withdrawal brought the 5 day moving average down slightly as the run rate estimate grew by 7 days. COMEX doomsday (zero Registered silver) still looks like ~June at the current drain rate.

SLV Share Lending​


10M Shares available

Borrow fee rose from 0.38% back to 0.41%

The borrow fee bobbed around a bit yesterday. It looks like share borrowing activity may be picking up.

SLV Assets​


Blackrock:2M shares
JPM:1.8M ozt (56.3t)

SLV continues to bleed vault stock.

PSLV​


units
1 ozt (0.00003t)
Units/ozt ratio .3413

It's been over a month since the last deposit/inflow.

SFE Run Rate​


235K ozt (7.3t)
Remaining Vault Stock = 8,097,455 ozt

Withdraw rate through last 5 days = 276K/day

Run rate = 8.1M / 276K = ~29 (working) days (~1.5 month)
 
Last week in silver (in metric tons):

SGE silver vault - 73
SFE silver vault - 50.6
SLV London vault - 230.8
PSLV silver vault - 0.009
COMEX silver stock - 350.8
LBMA silver stock - ??? (no daily or weekly data because LBMA is run by dinosaurs)

Global net change (less LBMA):
Mar 2-6 = 705.191
Feb 23-27 = 214.42
Feb 16-20 = 764.27
Feb 9-13 = 720.8993
Feb 2-6 = 22.6
...

SGE + SFE inventories are critically low and still bleeding vault stock. It seems like the ~$12 SGE premium over LBMA spot isn't sufficient to entice LBMA silver to flow to China (see below for more on this).

PSLV just posted a small 299 ozt adjustment last week. PSLV remains curiously quiet.

Last week the COMEX continued it's 2026 draining streak with the drain rate matching what we saw in January.

SLV posted an inflow on Tuesday, but has been bleeding vault stock steadily since then. This has supported the LBMA inventory as the 1mo silver lease rate has mirrored SLV vault flows (lease rate fell last week as SLV drained).

One can only imagine what chaos might be unfolding in the LBMA's London vault system right now. We can only imagine because the dinosaurs at the LBMA do not provide daily/weekly reporting of their vault stock like every other market and major fund in the world.


UK silver export to China/HK:
 

Mar 12 AM Silver Market​


SFE $99.74
SGE $98.78
Retail $87.79
MCX $87.39
Spot $86.87
Mar26 $86.57 (~1 hours old)

1mo Lease Rate0.93%
Mar26 EFP spread -$0.30

Details

LBMA Spot ​


Silver fell from $86+ to ~$84+ and then back to ~$85.50 at the close, fell below $84 during the night, and has popped back up to ~$87 this morning.


Lease rate​


1 month held steady at 0.93% yesterday. This surprised me as SLV drain is accelerating which should be increasing LBMA liquid free float (and driving down the lease rate). The COMEX drain has decelerated over the last two (reported) days. That may be the reason.

EFP Spreads (ET)​


Current spot price @ 05:24: $86.87

Mar26 = -$0.30 vs -$0.38 Previous (spot @ 04:26: $86.91)
Apr26 = -$0.10 vs -$0.23
May26 = +$0.20 vs +$0.20


EFP Commentary​


EFP spreads mostly hold steady (Apr26 shifted more positive). Looks like the Mar26 COMEX faucet is open again. Let the garden hose lifeline to the LBMA flow again.

India ​


MMTC-PAMP (retail) : $97.55 (less 10% taxes = $87.79)
Apr26 [SILVERM 5kg] : $94.17 (less 7.2% taxes = ~$87.39)
May26 [SILVER 30kg] : $92.25
MCX 'spot' : $89.88 (taxes?)

China ​


SGE $98.78 (no VAT)
SFE $99.74

SGE premium to LBMA spot = ~$13

ICYMI:​


~~~

Mar 12 AM Silver Vaults (ozt)​


SFE1.9M
PSLV
SLV3.7M
COMEX768K

COMEX run rate~85d
SFE run rate
SGE run rate ~70d (as of Mar 6)

Details

COMEX 3-10​


deposited

768K ozt (23.9t) from CNT (603K), JPM (159K) et al

136K ozt (4.2t) moved from [R] to [E] in Brinks

COMEX Run Rate​


Remaining Vault Stock = 344.5M ozt (78.3M [R], 266.2M [E])

Withdraw rate through last 5 days = 1.54M/day

@ 60% [R], run rate = 78.3M / 921K = ~85 (working) days (~4.25 months)

COMEX Mar26​


Mar26 contract cumulative deliveries = 7,064
Mar26 contract equivalent ozt = 35,320,000
Actual withdrawals in Mar ozt = 13,084,143.22

Withdrawals are currently ~37% of Mar26 delivery requests.

COMEX Commentary​


Tuesday's 768K ozt net withdrawal brought the 5 day moving average down significantly as the run rate estimate grew by 19 days. COMEX doomsday (zero Registered silver) now looks like ~July at the current drain rate.

It looks like the COMEX withdrawals are correlated with the Mar26 EFP spread at the moment. If I'm correct about that, I expect the withdrawals will pick up again with this afternoon's report (for activity on Mar 11).

SLV Share Lending​


10M Shares available

Borrow fee rose from 0.41% to 0.42%

Yesterday had just one update reported. Looks like borrowing activity went back to sleep.

SLV Assets​


Blackrock:4.1M shares
JPM:3.7M ozt (115.5t)

SLV bleeding accelerates!

PSLV​


units
ozt
Units/ozt ratio .3413

It's been over a month since the last deposit/inflow.

SFE Run Rate​


1.9M ozt (58.1t)
Remaining Vault Stock = 9,965,896 ozt

Withdraw rate through last 5 days = 239K/day deposit!

Run rate =
 
Silver Lease Rates vs SLV Vault Stock



With thanks to @KarelMercx for daily 1mo silver lease rate updates, we can see that over the last month or so, the 1mo silver lease rate has tracked the vault stock flow for SLV pretty closely.

When SLV adds vault stock, it removes silver from the LBMA's liquid free float and lease rates increase.

When SLV drains vault stock, it adds silver to the LBMA's liquid free float and lease rates decrease.

Generally anyway. Yesterday, SLV reported a large 3.7M ozt drain and the 1mo lease rate actually increased slightly. The logical conclusion is that the LBMA's free float faced significant pressure from a different source. This could be other London vaulted ETFs adding vault stock, or it could be the LBMA OTC market delivering silver to buyers (like India perhaps).

We can't know for sure because the LBMA is run by dinosaurs and they do not report daily or weekly vault flows like every other major precious metals exchange or market in the world.
 

Mar 13 AM Silver Market​


SFE $94.45
SGE $94.29
Retail $85.65
MCX $85.14
Spot $83.37
Mar26 $82.00 (~3 hours old)

1mo Lease Rate0.62%
Mar26 EFP spread -$0.38

Details

LBMA Spot ​


Yesterday, silver fell from ~$87 to ~$84.50 at the close, fell below $82 during the night, and has climbed back up to ~$83 this morning.


Lease rate​


1mo held plummeted to 0.62% yesterday ( @KarelMercx for the data). Seems like a correction after rising by 0.01% yesterday. ICYMI:

EFP Spreads (ET)​


Current spot price @ 07:52: $83.37

Mar26 = -$0.38 vs -$0.30 Previous (spot @ 04:16: $82.38)
Apr26 = -$0.14 vs -$0.10 (spot @ 07:36: $83.21)
May26 = +$0.08 vs +$0.20


EFP Commentary​


All EFP spreads shifted more negative. This should encourage silver to flow from COMEX to LBMA.

India ​


MMTC-PAMP (retail) : $95.16 (less 10% taxes = $85.65)
Apr26 [SILVERM 5kg] : $91.75 (less 7.2% taxes = ~$85.14)
May26 [SILVER 30kg] : $89.86
MCX 'spot' : $87.65 (taxes?)

China ​


SGE $94.29(no VAT)
SFE $94.45

SGE premium to LBMA spot = ~$11
SFE premium to SGE only $0.16

ICYMI:​



~~~

Mar 13 AM Silver Vaults (ozt)​


SFE533K
PSLV
SLV
COMEX217K

COMEX run rate~93d
SFE run rate
SGE run rate ~70d (as of Mar 6)

Details

COMEX 3-11​


858K ozt (26.7t) deposited in CNT (599K), StoneX (259K in [R])

1.1M ozt (33.4t) from HSBC (16K), MT&B (1M)

4.7K ozt (0.1t) moved from [E] to [R] in MT&B

COMEX Run Rate​


Remaining Vault Stock = 344.3M ozt (78.6M [R], 265.7M [E])

Withdraw rate through last 5 days = 1.40M/day

@ 60% [R], run rate = 78.6M / 842K = ~93 (working) days (~4.5 months)

COMEX Mar26​


Mar26 contract cumulative deliveries = 7,304
Mar26 contract equivalent ozt = 36,520,000
Actual withdrawals in Mar ozt = 14,158,829.27

Withdrawals are currently ~39% of Mar26 delivery requests.

COMEX Commentary​


Wednesday's 217K ozt net withdrawal brought the 5 day moving average down significantly as the run rate estimate grew by 8 days. COMEX doomsday (zero Registered silver) now looks like end of July at the current drain rate.

I had expected withdrawals to pick up on Mar 11 and they did slightly, but there was also an unexpectedly large (relative to recent history) deposit. Mar26 EFP spread is firmly negative now, so I expect withdrawals to increase even more in the next few days.

SLV Share Lending​


10M Shares available

Borrow fee fell from 0.42% to 0.41%

Interactive Brokers report still shows minimal borrowing activity.

SLV Assets​


Blackrock: shares
JPM: ozt

Was there actually zero activity, or did they simply fail to report it?

PSLV​


units
ozt
Units/ozt ratio .3413

It's been over a month since the last deposit/inflow.

SFE Run Rate​


533K ozt (16.6t)
Remaining Vault Stock = 10,499,340 ozt

"Withdraw rate" through last 5 days = 454K/day deposit!

Run rate =
 

Mar 14 AM Silver Vaults (ozt)​


PSLV
SLV2.5M
COMEX2.6M

COMEX run rate~89d
SFE run rate (as of Mar 13)
SGE run rate ~70d (as of Mar 6)

1mo Lease Rate0.75%

Details

COMEX 3-12​


342K ozt (10.6t) mostly in StoneX (341K in [R])

2.9M ozt (91.6t) from Asahi (604K), Brinks (1.8M), Loomis (562K), et al

moved between [R] and [E]

COMEX Run Rate​


Remaining Vault Stock = 341.7M ozt (78.9M [R], 262.8M [E])

Net Withdraw rate through last 5 days = 1.48M/day

@ 60% [R], run rate = 78.9M / 891K = ~89 (working) days (~4.5 months)

COMEX Mar26​


Mar26 contract cumulative deliveries = 8,108
Mar26 contract equivalent ozt = 40,540,000
Actual withdrawals in Mar ozt = 17,102,879.27

Withdrawals are currently ~42% of Mar26 delivery requests.

COMEX Commentary​


Thursday's 2.6M ozt net withdrawal brought the 5 day moving average up and the run rate estimate shrunk by 4 days. COMEX doomsday (zero Registered silver) looks like end of July at the current drain rate.

Withdrawals increased as expected with Mar26 EFP spread firmly negative. Last two activity days also had some deposits which is nice (and unusual). COMEX will need them as withdrawals accelerate!

SLV Share Lending​


10M Shares available

Borrow fee fell from 0.41% to 0.40%

Interactive Brokers report still shows minimal borrowing activity.

SLV Assets​


Blackrock:2.8M shares
JPM:2.5M ozt (78.9t)

Was this truly yesterday's activity or the net result of the last two days (yesterday they reported zero activity)?

Lease rate​


1mo lease rate rose from 0.62% to 0.75% yesterday ( @KarelMercx for the data). I suspect SLV shed most of the Mar 13 reported 2.5M ozt the day before when the lease rate fell (and when SLV reported nothing).

PSLV​


units
ozt
Units/ozt ratio .3413

It's been over a month since the last deposit/inflow.
 

Mar 16 AM Silver Market​


SFE $91.51
SGE $90.51
Retail $81.46
MCX $80.37
Spot $79.05
Mar26 $79.32 (~4 hours old)

Mar26 EFP spread -$0.32
SFE run rate

Details

LBMA Spot ​


Sunday evening, silver jumped around between ~$79 to ~$81, crashed down to ~$77 during the night, and has climbed back up to ~$79 this morning.


EFP Spreads (ET)​


Current spot price @ 07:48: $79.05

Mar26 = -$0.32 vs -$0.38 Previous (spot @ 03:28: $79.32)
Apr26 = -$0.10 vs -$0.14 (spot @ 07:40: $79.35)
May26 = +$0.23 vs +$0.08


EFP Commentary​


All EFP spreads shifted slightly more positive. Mar26 appears to be firmly negative. This should encourage silver to flow from COMEX to LBMA.

India ​


MMTC-PAMP (retail) : $90.52 (less 10% taxes = $81.46)
Apr26 [SILVERM 5kg] : $86.61 (less 7.2% taxes = ~$80.37)
May26 [SILVER 30kg] : $84.69
MCX 'spot' : $84.47 (taxes?)

China ​


SGE $90.51(no VAT)
SFE $91.51

SGE premium to LBMA spot = ~$10
SFE premium to SGE back up to $1.00

SFE Run Rate​


133K ozt (4.1t)
Remaining Vault Stock = 10,632,510.00 ozt

"Withdraw rate" through last 5 days = 497K/day deposit!

Run rate =

ICYMI:​

 
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