Silver Report 260509

[pmbug]

May 9 Silver Vaults (ozt)​

PSLV
SLV996K
COMEX442K

COMEX withdrawals are now ~22% of May26 delivery requests
COMEX [R] run rate346d
COMEX [E] run rate297d

COMEX 5-6​

601K ozt (18.7t) in Loomis

1M ozt (32.4t) from Brinks (381K), CNT (633K), Delaware (27K)

moved between [E] and [R]

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(~17.3 months)

@ 100% [E], run rate upper bound = (232.9M - 85.2M) / 443K = ~332 (working) days(~16.6 months)

@ 100% [E], run rate lower bound = (232.9M / 2) / 443K = ~262 (working) days(~13.1 months)

@ 100% [E] run rate mid point/avg = 297 (working) days(~15 months)

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:1.1M shares
JPM:996K ozt (31t)

The SLV vault stock see saw continues. The flow this week looks like this:

Mon: activity
Tue: 724K
Wed: 207K
Thu: 679K
Wed: 996K

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​

units
ozt
ozt/units ratio 0.33998

PSLV's last addition to the vault stock was on Feb 5. Still waiting for ozt inflows corresponding to the additional 2M units added since Apr 17.


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Previous report: https://www.pmbug.com/threads/silver-report-260508.8909/