#silversqueeze

David Jensen said:

... The constancy of the level of the vault silver float while silver prices and now even the the 1-year silver lease rate (Figure 2) has surged indicates that large part of this silver float is privately held and merely located in London vaults - there appears to be very little liquid silver in London available to market.
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Solve Nettug said:

Oz of silver in SLV bar list not equal to information page – update.

The last 3+ weeks I have been tracking the silver held in the SLV according to their info page and compared it to the SLV bar list. Every day there was a small difference.

Now they have come up with an explanation of this on their web page: “Tonnes in Trust and Ounces in Trust quoted on this webpage are based on trade date activity on the as of date. Tonnes in Trust and Ounces in Trust quoted on the bar list are based on accounting data on the as of date. There may be small variances due to trade activity.”

At the same time, I see they have removed the oz in the trust in the info page (see picture), so it is now only available in the SLV bar list!

Also, I don’t buy their explanation; If the reason was like they say, you would expect the difference to be more than 1 bar (1000oz) most days. It is not; the difference is less than 1 bar (1000oz) 16 out of 17 days.

The probability is extremely low, close to impossible. I don’t know the implications of this, but I will repeat that my impression is lack of control.
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pmbug said:

View attachment 16967

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Voodoo said:

Rafi helps break this down and dispels the "because of tariffs and ETF's myth". That's the shit they want you to believe.

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pmbug said:

Silver bullion is likely exempt from USA tariffs.

I dug deeper into the silver tariff issue (see tweet quoted below for background). The CBP letter of July 31 explained that gold bullion bars - cast or extruded with stamps indicating purity and weight - were not classified under 7108.12.10 (bullion and dore), but rather 7108.13.55 (Rectangular or near rectangular shapes, containing 99.5 percent or more by weight of gold and not otherwise marked or decorated than with weight, purity, or other identifying information).

I found the page in the Harmonized Tariff Schedule (HTS) that lists silver classifications. Silver has comparable classification codes to the gold codes: 7106.91.10 (bullion and dore) and 7106.92.10 (Rectangular or near rectangular shapes, containing 99.5 percent or more by weight of silver and not otherwise marked or decorated than with weight, purity, or other identifying information)

It seems logical to me that silver bullion bars that are cast or extruded with stamps indicating purity and weight - such as 1,000 ozt London Good Delivery silver bars used by the LBMA and COMEX and the basis for physically settling EFP trades - would be classified under 7106.92.10 given the CBP's guidance in the July 31 letter.

Curiously, the HTS lists 7106.92.10 rate as "Free". I did not see this code listed in the Article II exempt list provided with the most recent Executive Order, so it's not clear to me when this classification code was set to free, but it looks like it isn't going to be an issue for the COMEX~LBMA EFP trade.

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