May 28 AM Silver Market
SGE Spot $81.76 (~$9
LBMA Spot
) SFE Futures $81.61 ($0.15
SGE) LBMA Spot $73.35
COMEX Jun26 Futures $73.31 (EFP spread -$0.12)
MCX Futures $74.45 (Holiday) IBJA PM Spot (Holiday)LBMA Spot
Yesterday silver opened ~$74, closed ~$74.50, crashing down to ~$72 over night and has recoverd above $73 this morning.
EFP Spreads (ET)
Spot price @ 06:36 : $73.35
Jun26 = -$0.12 vs -$0.01 Previously (spot @ 03:16 : $73.43)
Jul26 = +$0.25 vs +$0.25
Aug26 = +$0.41 vs +$0.62 (spot @ 06:28 : $73.51)
EFP Commentary
Jun26 EFP spread goes more firmly negative.
India
MMTC-PAMP (retail) : $90.41 (less 18.45% taxes (IGST*(CIF+BCD+AIDC)) = $73.73)
MCX Jun26 [SILVERM 5kg] : $87.59 (less 15% BCD+AISD = $74.45)
MCX Jul26 [SILVER 30kg] : $86.14
IBJA PM spot : Holiday
China
SGE $81.76
(no VAT)SFE $81.61
SGE premium to LBMA spot = ~$9
SFE "premium" to SGE = -$0.15
~~~
May 28 Silver Vaults (ozt)
PSLV
SLV
COMEX
1.2MSFE
186KCOMEX withdrawals are now ~37%
of May26 delivery requestsCOMEX [R] run rate
4,679dCOMEX [E] run rate
4,090dSFE run rate
2,844dSGE run rate
(as of May 22)COMEX 5-26
1.2M ozt (37.4t) in Asahi2K ozt (0.06t) from Delaware269K ozt (8.4t) moved from [R] to [E] in Asahi (49K), Brinks (15K), CNT (5K), IDS of Delaware (5K), Malca-Amit USA (48K), MT&B (36K), StoneX (110K)
COMEX Run Rates
Remaining Vault Stock = 315.7M ozt (81.4M [R], 234.3M [E])
Net withdraw rate through last 5 days = 33K/day
@ 52% [R], run rate = 81.4M / 17K = ~4,679 (working) days
(~234 months)@ 100% [E], run rate upper bound = (234.3M - 82.2M) / 33K = ~4,545 (working) days
(~227 months)@ 100% [E], run rate lower bound = (234.3M / 2) / 33K = ~3,500 (working) days
(~175 months)@ 100% [E] run rate mid point/avg = 4,090 (working) days
(~204.5 months)COMEX May26
May26 contract cumulative deliveries = 6,413
May26 contract equivalent ozt = 32,065,000
Actual withdrawals in May ozt = 11,946,844.93
May withdrawals are now ~37%
of May26 delivery requests. See here for historical context.COMEX Commentary
Tuesday's 1.2M ozt net deposit shrunk the 5 DMA withdrawal rate significantly. That's two days in a row with large deposits, but Tuesday did not have a matching large withdrawal.
Silver was adjusted from [R] to [E] in some vaults that rarely report any activity (IDS of Delaware, Malca-Amit USA).
727 of May's 6,413 delivery notices (more than 11%) were posted yesterday on May 27. lol.
SLV Share Lending
10M Shares available
Borrow fee grows from 0.38% to 0.45%
Interactive Brokers minimal borrowing activity yesterday.
SLV Assets
Blackrock:
sharesJPM:
oztSLV reports no activity yesterday. Seems unlikely. *Not* counting Monday (Labor Day holiday), SLV has reported zero activity in 3 of the last 6 working days.
PSLV
unitsoztozt/units ratio 0.34112
PSLV being quiet like a ninja (again).
SFE Run Rate
186K ozt (5.8t)Remaining Vault Stock = 31,763,360 ozt
Withdraw rate through last 5 days = 11K/day
Run rate = 31.8M / 11K = ~2,844 (working) days
(~142 months)With a moderate outflow this morning, SFE's 5 DMA deposit rate doubled from yesterday.
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Previous report: https://www.pmbug.com/threads/silver-market-260527.8957/
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