May 29 AM Silver Market
SFE Futures $84.34 SGE Spot $83.52 (~$8
LBMA Spot
)
COMEX Jun26 Futures $75.64 (EFP spread +$0.03) LBMA Spot $75.63
MCX Futures $75.63 IBJA PM Spot $73.29 (~$2
LBMA Spot
)LBMA Spot
Yesterday silver opened ~$73, jumped and closed ~$75.50, tread water overnight and remains ~$75.50 this morning.
EFP Spreads (ET)
Spot price @ 06:42 : $75.63
Jun26 = +$0.03 vs -$0.12 Previously (spot @ 15:40 May 28 : $75.61)
Jul26 = +$0.28 vs +$0.25
Aug26 = +$0.52 vs +$0.41 (spot @ 06:26 : $75.51)
EFP Commentary
Jun26 EFP spread flips back to slightly positive as of the last quote.
India
MMTC-PAMP (retail) : $93.48 (less 18.45% taxes (IGST*(CIF+BCD+AIDC)) = $76.23)
MCX Jun26 [SILVERM 5kg] : $88.97 (less 15% BCD+AISD = $75.63)
MCX Jul26 [SILVER 30kg] : $87.50
IBJA PM spot : $86.22 (less 15% BCD+AISD = $73.29)
China
SGE $83.52
(no VAT)SFE $84.34
SGE premium to LBMA spot = ~$8
SFE premium to SGE = $0.82 (largest it's been in a while IIRC)
~~~
May 29 Silver Vaults (ozt)
PSLV
SLV
COMEX
778KSFE
355KCOMEX withdrawals are now ~39%
of May26 delivery requestsCOMEX [R] run rate
COMEX [E] run rate
SFE run rate
494dSGE run rate
(as of May 22)COMEX 5-27
1.5M ozt (45.5t) in Asahi (533K [R], 599K [E]), Brinks (9K), CNT (22K), MT&B (300K)685K ozt (21.3t) from Brinks (676K), Delaware (9K)2.1M ozt (64.9t) moved from [E] to [R] in Asahi (2.1M), Brinks (5K)
9.8 ozt (0.0003t) adjusted into existence in JPM
COMEX Run Rates
Remaining Vault Stock = 316.5M ozt (84.1M [R], 232.4M [E])
Net "withdraw" rate through last 5 days = 127K/day DEPOSIT
@ 52% [R], run rate =
@ 100% [E], run rate upper bound = (234.3M - 82.2M) / 33K =
@ 100% [E], run rate lower bound = (234.3M / 2) / 33K =
@ 100% [E] run rate mid point/avg =
COMEX May26
May26 contract cumulative deliveries = 6,414
May26 contract equivalent ozt = 32,070,000
Actual withdrawals in May ozt = 12,632,181.09
May withdrawals are now ~39%
of May26 delivery requests. See here for historical context.COMEX Commentary
Wednesday's 778K ozt net deposit flipped the 5 DMA withdrawal rate to a net deposit rate. Most of the deposits over the last few days were in Asahi (one of the last silver refineries in the USA certified for producing LBMA good delivery silver bars). Asahi was very busy on Wednesday!
It looks to me like COMEX reloads vault stock at the end of the month from shadow inventory. At least Asahi isn't magically conjuring the silver currently.
SLV Share Lending
10M Shares available
Borrow fee falls from 0.45% to 0.39%
Interactive Brokers minimal borrowing activity yesterday.
SLV Assets
Blackrock:
sharesJPM:
oztSLV reports no activity yesterday for the second consecutive day in a row. *Not* counting Monday (Labor Day holiday), SLV has reported zero activity in 4 of the last 7 working days. Last time this happened was at the end of December, but those days of inactivity sandwiched a massive 18M+ ozt inflow.
PSLV
unitsoztozt/units ratio 0.34112
PSLV being quiet like a ninja (again).
SFE Run Rate
355K ozt (11.1t)Remaining Vault Stock = 31,408,060 ozt
Withdraw rate through last 5 days = 64K/day
Run rate = 31.4M / 64K = ~494 (working) days
(~25 months)With the largest one day outflow in almost 3 weeks, SFE's 5 DMA withdrawal rate grows ~5x.
~~~
Previous report: https://www.pmbug.com/threads/silver-market-260528.8963/