Silver Report 260505

May 5 AM Silver Market​

SFE Futures (Holiday)
SGE Spot (Holiday)
MCX Futures $75.42
IBJA PM Spot $74.67 (~$1 premium to LBMA Spot)
LBMA Spot $73.42
COMEX May26 Futures $73.53 (EFP spread -$0.02)

LBMA Spot ​

Yesterday silver flash crashed to $72 before the open before the open, recoverd to ~$74.50, and fell back ~$$72.50 at the close. It tread water over night and has climbed back to ~$73.50 this morning.

EFP Spreads (ET)​

Spot price @ 06:58 : $73.42

May26 = -$0.02 vs -$0.24 Previously (spot @ 04:42 : $73.55)
Jun26 = +$0.15 vs +$0.13 (spot @ 06:54 : $73.46)
Jul26 = +$0.47 vs +$0.40

EFP Commentary​

EFP spreads shift slightly to the positive side. I think -$0.02 is not sufficient incentive to take delivery of May26 silver and ship it to London.

India ​

MMTC-PAMP (retail) : $84.36 (less 10% taxes = $75.93)
Jun26 [SILVERM 5kg] : $81.28 (less 7.2% taxes = $75.42)
May26 [SILVER 30kg] : $80.12
IBJA PM spot : $78.60 (less 5% duty = $74.67)

China ​

SGE & SFE closed due to holiday until May 6.


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May 5 AM Silver Vaults (ozt)​

PSLV
SLV
COMEX726K
SFE (Holiday)
SGE (Holiday)

COMEX withdrawals are ~2.6% of May26 delivery requests
COMEX [R] run rate
COMEX [E] run rate
SFE run rate (as of Apr 30)
SGE run rate (as of Apr 24)

COMEX 5-1​

973K ozt (30.3t) in CNT (566K), Loomis (407K),

618K ozt (19.2t) from JPM (152K), Loomis (466K)

898K ozt (27.9t) moved from [R] to [E] in CNT

371K ozt (11.5t) "adjusted" into existence in MT&B [R]

COMEX Run Rates​

Remaining Vault Stock = 315.3M ozt (80.3M [R], 234.9M [E])

Net "withdraw" rate through last 5 days = 14K/day DEPOSIT

@ 52% [R], run rate =

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

COMEX May26​

May26 contract cumulative deliveries = 4,784
May26 contract equivalent ozt = 23,920,000
Actual withdrawals in May ozt = 22,900,496.03

May withdrawals are currently ~2.6% of May26 delivery requests. See here for historical context.

COMEX Commentary​

Friday's 726K ozt net deposit turned the 5 DMA withdrawal rate into a net deposit rate. I don't expect this to last long. The LBMA will be in trouble if I'm wrong.

The "deposits" were aided by MT&B magically conjuring 371K ozt (11.5t) into existence in their [R]egistered vault. Watch out Brinks - someone else figured out how to "print" silver. Without that magic adjustment, the 5 DMA withdrawal rate would be a ~54K/day drain.

SLV Share Lending​

10M Shares available

Borrow fee fell from 0.34% to 0.28%

Interactive Brokers reports minimal borrowing activity yesterday.

SLV Assets​

Blackrock:shares
JPM:ozt

London vault stock remains 398445376.6 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 6.