The total silver vault stock of Exchange Traded Products (ETPs) that maintain their stock in LBMA vaults increased in May after four consecutive months of dwindling. As I've been musing over the last few weeks in my daily reports, it seemed that SLV's vault stock had bottomed around the 400M ozt area. Some details:
LBMA Vaulted Silver ETP Stock (metric tons)
End of April - 20,337
End of May - 20,552
Difference -
215
SLV (London) Vault Stock (metric tons)
End of April - 12,415.57
End of May - 12,562.96
Difference -147.39
SLV is ~61% of total LBMA vaulted ETP stock. SLV stock increase was ~69% of the total LBMA vaulted ETP stock increase. SLV is the 800lb gorilla in the silver ETP space and that's why I watch it daily.
If I'm right about the ETPs having reached the bottom of the well in shedding vault stock, we can expect silver lease rates to begin rising in June unless the bullion banks start shipping more silver from the COMEX or shadow inventory* to London.
*shadow inventory:
LBMA Vaulted Silver ETP Stock (metric tons)
End of April - 20,337
End of May - 20,552
Difference -
215SLV (London) Vault Stock (metric tons)
End of April - 12,415.57
End of May - 12,562.96
Difference -
147.39SLV is ~61% of total LBMA vaulted ETP stock. SLV stock increase was ~69% of the total LBMA vaulted ETP stock increase. SLV is the 800lb gorilla in the silver ETP space and that's why I watch it daily.
If I'm right about the ETPs having reached the bottom of the well in shedding vault stock, we can expect silver lease rates to begin rising in June unless the bullion banks start shipping more silver from the COMEX or shadow inventory* to London.
*shadow inventory:
USA "Pit to Port"* (P2P) exports have propped up global vault stock liquidity. 
I've updated my chart of global "liquid" free float estimates with London vaulted ETFs superimposed:
You can see from this chart how, since December 2025, ETF vault drain has supported the LBMA vault stock. From Dec 25 through Apr 26, the ETFs drained ~66M ozt while the LBMA's liquid free float grew ~107M ozt. The ETFs vault stock drain accounted for over 60% of the LBMA liquid free float vault stock growth with the balance accounted for by COMEX/USA silver exports to the UK.
I honestly had...
I've updated my chart of global "liquid" free float estimates with London vaulted ETFs superimposed:
You can see from this chart how, since December 2025, ETF vault drain has supported the LBMA vault stock. From Dec 25 through Apr 26, the ETFs drained ~66M ozt while the LBMA's liquid free float grew ~107M ozt. The ETFs vault stock drain accounted for over 60% of the LBMA liquid free float vault stock growth with the balance accounted for by COMEX/USA silver exports to the UK.
I honestly had...