May 9 Silver Vaults (ozt)
PSLV
SLV
COMEX
COMEX withdrawals are now ~22% of May26 delivery requests
COMEX [R] run rate
COMEX [E] run rate
COMEX 5-6
COMEX Run Rates
Remaining Vault Stock = 312.3M ozt (79.8M [R], 232.5M [E])
Net withdraw rate through last 5 days = 443K/day
@ 52% [R], run rate = 79.8M / 231K = ~346 (working) days
@ 100% [E], run rate upper bound = (232.9M - 85.2M) / 443K = ~332 (working) days
@ 100% [E], run rate lower bound = (232.9M / 2) / 443K = ~262 (working) days
@ 100% [E] run rate mid point/avg = 297 (working) days
COMEX May26
May26 contract cumulative deliveries = 5,013
May26 contract equivalent ozt = 25,065,000
Actual withdrawals in May ozt = 5,538,837.78
May withdrawals are now ~22% of May26 delivery requests. See here for historical context.
COMEX Commentary
Thursday's 442K ozt net withdrawal grew the 5 DMA withdrawal rate slightly and the run rates shrunk accordingly. The 5 DMA withdrawal rate is still heavily weighted by Tuesday's withdrawal with a large deposit from last Friday about to roll off. The 5 DMA withdrawal rate should jump when we get the Friday activity report on Monday afternoon unless they report a large net deposit.
SLV Share Lending
10M Shares available
Borrow fee fell from 0.38% to 0.33%
Interactive Brokers reports minimal borrowing activity yesterday.
SLV Assets
Blackrock:
JPM:
The SLV vault stock see saw continues. The flow this week looks like this:
Mon:
Tue:
Wed:
Thu:
Wed:
It is a very unusual pattern of activity. The last time there was a similar see saw pattern for a week was at the beginning of July 2025. SLV closes the week with a net deposit of 200K ozt.
London vault stock (398.6M ozt) is still holding the line at the level last seen on November 24 when silver spot was ~$52.
PSLV
ozt/units ratio 0.33998
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Previous report: https://www.pmbug.com/threads/silver-report-260508.8909/