Silver Market 260523

[pmbug]

May 23 Silver Vaults (ozt)​

PSLV
SLV1.1M
COMEX795K

COMEX withdrawals are now ~38% of May26 delivery requests
COMEX [R] run rate631d
COMEX [E] run rate534d

COMEX 5-21​

605K ozt (18.8t) in Asahi

1.4M ozt (43.5t) from Brinks (1.2M), MT&B (199K)

moved between [E] and [R]

COMEX Run Rates​

Remaining Vault Stock = 313.9M ozt (81.7M [R], 232.2M [E])

Net withdraw rate through last 5 days = 249K/day

@ 52% [R], run rate = 81.7M / 130K = ~631 (working) days(~31.5 months)

@ 100% [E], run rate upper bound = (232.2M - 82.2M) / 249K = ~602 (working) days (~30 months)

@ 100% [E], run rate lower bound = (232.2M / 2) / 249K = ~466 (working) days (~23.3 months)

@ 100% [E] run rate mid point/avg = 534 (working) days (~26.7 months)

COMEX May26​

May26 contract cumulative deliveries = 5,684
May26 contract equivalent ozt = 28,420,000
Actual withdrawals in May ozt = 10,732,281.57

May withdrawals are now ~38% of May26 delivery requests. See here for historical context.

COMEX Commentary​

Thursday's 795K ozt net withdrawal grew the 5 DMA withdrawal rate significantly (as expected). The 5 DMA window has two more net deposit days ready to roll out of the 5 day window, so continued net withdrawls will see the withdrawal rate grow and the run rates shrink.

SLV Share Lending​

10M Shares available

Borrow fee fell from 0.39% to 0.38%

Interactive Brokers reports minimal borrowing activity yesterday.

SLV Assets​

Blackrock:1.25M shares
JPM:1.1M ozt (35.2t)

SLV recovers nearly all of the Monday + Thursday drain, ending the week with a net drain of 271K ozt. London vault stock is back up to ~407M ozt.

PSLV​

units
ozt
ozt/units ratio 0.34112

PSLV being quiet like a ninja (again).

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Previous report: https://www.pmbug.com/threads/silver-market-260522.8945/