Silver Market 260606

Jun 6 Silver Vaults (ozt)​

PSLV
SLV542K
COMEX26K

COMEX withdrawals are currently ~0.8% of Jun26 delivery requests
COMEX 5 DMA run rates

COMEX 6-4​

ozt

26K ozt (0.8t) from Delaware

ozt adjusted between [E] to [R]

COMEX Run Rates​

Remaining Vault Stock = 319.2M ozt (84.8M [R], 234.4M [E])

Net "withdraw" rate through last 5 days = 540K/day DEPOSIT (from 545K/day)

@ 52% [R], run rate =

@ 100% [E], run rate upper bound =

@ 100% [E], run rate lower bound =

@ 100% [E] run rate mid point/avg =

COMEX Jun26​

Jun26 contract cumulative deliveries = 2,109
Jun26 contract equivalent ozt = 10,545,000
Actual withdrawals in Jun ozt = 86,195.35

Jun withdrawals are currently ~0.8% of Jun26 delivery requests. See here for historical context.

COMEX Commentary​

Thursday's 26K ozt net withdrawal shrunk the 5 DMA deposit rate slightly as a 1K ozt withdrawal rolls out of the 5 DMA window.

One week (~25%) into June and withdrawals are less than 1% of deliveries. I'm pretty sure that is abnormally low historically. It really seems like the COMEX is dead.

SLV Share Lending​

10M Shares available

Borrow fee remains 0.39%

Interactive Brokers still reports no activity since May 28. ???

SLV Assets​

Blackrock:600K shares
JPM:542K ozt (16.9t)
ozt/shares ratio 0.9047=

SLV's London vault stock drops to 400.7M ozt. Local low at the start of May was 398.4M ozt.

PSLV​

units
ozt
ozt/units ratio 0.34123

PSLV sleeping again.

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Previous report: https://www.pmbug.com/threads/silver-market-260605.8997/