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
COMEX
726KSFE (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:
sharesJPM:
oztLondon vault stock remains 398445376.6 ozt. It hasn't been this low since November 24 when silver spot was ~$52.
PSLV
unitsoztozt/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.