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Last week in silver:
SGE silver vault - loses 21 metric tons
SFE silver vault - adds 20.1 metric tons
SLV London vault - adds 75 metric tons
COMEX silver stock - adds 27.3 metric tons
LBMA silver stock - ??? (no data because LBMA is run by dinosaurs)
Global net change (less LBMA):
June 16-20 = +101.4 metric tons
June 9-13 = +124.09 metric tons
June 2-6 = +396 metric tons
Does it seem like silver is in a structural deficit (global demand > global production) to you? Will it make any sense at all if the LBMA reports (on July 8) that they added silver to their vaults in the month of June?
pmbug said:Macquarie forecasts a structural deficit in silver of around 100M to 150M troy ounces or somewhere between 3,000 and 4,500 metric tons per year for the next 5 years.
The total global free float silver stock across the COMEX, SFE/SGE and LBMA at end June/start July was ~630.925 mtoz. If that projection holds (and if dinosaurs can be trusted/believed), the major trading exchanges run out of available silver in four to five years. If certain dinosaurs are misreporting their vaulted silver stock (again), it could be much sooner.
Katusa Research said:High-efficiency solar cells are about to eat half the world’s silver.
China’s new TOPCon (“tunnel-oxide” solar) panels jumped to 60 % market share in 2024
And use 2× the silver of legacy designs.
Push that to 84 % worldwide plus 827 GW of new installs and demand soars to 557 Moz—
54 % of annual supply.
I know that i"ve seen this elsewhere but from Moneco64's recent interview.
View attachment 16847
And it looks like they are already on track in Aug. In the first three days they've already stood for 20,126 contracts in Aug.
It's Searcher taking delivery of all the gold.It's pretty clear to me that one thing is important takeaway. This is NOT accidental. It clearly is a regular planed thing. To have somebody taking delivery consistently about 3x last year is a planned thing. I just wish we could figure out Who is taking all of this Gold.
Quick calculations say that is over 25 million oz of Gold this year already or $80 Billion dollars.... That's a LOTTA mullah.
It's Searcher taking delivery of all the gold.
China's biggest solar firms fired nearly one-third of their workforces last year, a Reuters analysis of company filings shows, as one of the industries hand-picked by Beijing to drive economic growth grapples with falling prices and steep losses. Longi Green Energy, Trina Solar, Jinko Solar, JA Solar, and Tongwei collectively shed some 87,000 staff, or 31% of their workforces on average last year, according to a Reuters review of employment figures in public filings.
The job cuts illustrate the pain from the vicious price wars being fought across Chinese industries, including solar and electric vehicles, as China grapples with massive overcapacity and dismal demand (which has prompted China to dump its exports into any country that will accept them). As a frame of reference, the world produces twice as many solar panels each year as it uses, with most of them manufactured in China.
...
Market | This month | Last month | Difference |
---|---|---|---|
LBMA (total) | 24,199 | 23,791 | 408 |
London vaulted ETFs | 19,556.17 | 19,162.38 | 393.79 |
LBMA-ETFs (free float) | 4,642.83 | 4,628.62 | 14.21 |
COMEX | 15,758.94 | 15,589.38 | 169.56 |
SLV NYC Vault | 3,209.14 | 3,209.14 | 0.00 |
COMEX-SLV (free float) | 12,549.80 | 12,380.24 | 169.56 |
SFE/SGE | 2,552.902 | 2,661.884 | -108.982 |
PSLV | 6,044.108 | 5,959.972 | 84.136 |
LBMA said:These figures provide an important insight into London's ability to underpin the physical OTC market.
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