Silver Report 260501

May 1 AM Silver Market​

SFE Futures (Holiday)
SGE Spot (Holiday)
MCX Futures $76.65
IBJA PM Spot (Holiday)
LBMA Spot $73.74
COMEX May26 Futures $73.47 (EFP spread -$0.07)

LBMA Spot ​

Silver opened ~$$73.50, dipped, recovered and closed ~$73.50, rose to $74.50 overnight, dipped to ~$73 and rose back to ~$73.50 this morning.

EFP Spreads (ET)​

Spot price @ 08:00 : $73.74

May26 = -$0.07 vs -$0.07 Previously (spot @ 07:32 : $73.54)
Jun26 = +$0.23 vs +$0.20 (spot @ 07:56 : $73.67)
Jul26 = +$0.47 vs +$0.46

EFP Commentary​

EFP spreads hold steady. Is -$0.07 sufficient incentive to take delivery of May26 silver and ship it to London? Probably not.

India ​

MCX futures was closed in the morning for Maharashtra Day holiday. IBJA was closed all day. IBJA spot price is yesterday's quote updated with current USD INR exchange rate.

MMTC-PAMP (retail) : $86.52 (less 10% taxes = $77.87)
Jun26 [SILVERM 5kg] : $82.60 (less 7.2% taxes = $76.65)
May26 [SILVER 30kg] : $80.23
IBJA PM spot : $78.86 (less 5% duty = $74.92)

China ​

SGE & SFE closed due to holiday until May 8.


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May 1 AM Silver Vaults (ozt)​

PSLV
SLV905K
COMEX610K
SFE (Holiday)

COMEX withdrawals are ~138% of Apr26 delivery requests
COMEX run rate~451d
SFE run rate
SGE run rate (as of Apr 24)

COMEX 4-29​

7K ozt (0.2t) in Delaware

617K ozt (20.3t) from Delaware (15K), JPM (603K)

1.3M ozt (39.8t) moved from [E] to [R] in CNT (1.2M), Delaware (75K)

COMEX Run Rate​

Remaining Vault Stock = 314.6M ozt (80.8M [R], 233.8M [E])

Net withdraw rate through last 5 days = 345K/day

@ 52% [R], run rate = 80.8M / 179K = ~451 (working) days(~22.5 months!)

COMEX Apr26​

Apr26 contract cumulative deliveries = 3,313
Apr26 contract equivalent ozt = 16,565,000
Actual withdrawals in Apr ozt = 22,900,496.03

April withdrawals remain ~138% of Apr26 delivery requests.

COMEX Commentary​

Wednesday's 617K ozt net withdrawal grew the 5 DMA withdrawal rate, but the run rate grew by 1 day thanks to [E] to [R] transfers and a rebalanced (lower) [R] drain factor.

SLV Share Lending​

10M Shares available

Borrow fee fell from 0.37% to 0.33%

Interactive Brokers reports minimal borrowing activity yesterday.

SLV Assets​

Blackrock:1M shares
JPM:905K ozt (28.2t)

London vault stock down to 399,169,696.3 ozt. It hasn't been this low since November 24 when silver spot was ~$52.

PSLV​

units
ozt
ozt/units ratio .3408

PSLV's last addition to the vault stock was on Feb 5. Still waiting for ozt inflow corresponding to Apr 17 units increase.

SFE Run Rate​

SFE closed for holiday until May 8.

They really are pressing SLV hard. Now into May they pretty much have to refil it or else they just let it go and let things happen.

I expect COMEX withdrawals to pick up soon to compensate for the end of SLV drains.