pmbug

UK Silver Flow 2021 to Jul 2026 - This shows the monthly NET imports/exports between the UK (LBMA) and major silver markets. A single silver bar represents a range from 0.1 to 100 metric tons. So for example, 4 silver bars represents a monthly total that is in the range of 300.1 to 400 metric tons.

It gets a bit hectic after late 2024 and you might need to pause the video in places to fully absorb everything that was happening.

Alas, I didn't have an unlimited budget for making this or I would have also incorporated some temperature gauges for LBMA vaulted ETF/ETP silver and/or LBMA silver vault stock free float totals for the complete picture.

The UK customs data was drawn from @GoldFishCharts website and the music is by Angine de Poitrine.

Cash does not require biometric data.

Nov 10 Silver Market Morning Snapshot

🇨🇳 SFE Futures $59.33 ($6.44🔼🇬🇧 LBMA Spot @ 02:30)🔥
🇨🇳 SGE Spot $59.04 ($6.15🔼🇬🇧 LBMA Spot @ 02:30)🔥
🇮🇳 MCX Futures $54.17 ($1.84🔼🇬🇧 LBMA Spot)
🇮🇳 IBJA AM Spot ~$53.74 (~$0.57🔼🇬🇧 LBMA Spot @ 01:20)
🇬🇧 LBMA Spot $52.33
🇺🇸 COMEX Nov26 Futures $53.21 (-$0.08🔻🇬🇧 LBMA Spot @ 16:10 Nov 9)

All quotes🚫taxes/duties for apples to apples comparisons. All quotes ~6:30am ET except as noted.

Vaults (ozt):

PSLV🚫💤
SLV🔻452K
COMEX🔼142K👀
MCX🚫 (Diwali holiday)
SFE🔻1.5M🔥 (largest one day outflow since February 6!)

COMEX withdrawals are currently 28.7% of Nov26 delivery requests
COMEX 5 DMA [R] run rate = 1,995d (🔼from 871d) @ 51K ozt/day WITHDRAWAL (🔻from 116K ozt/day WITHDRAWAL)
COMEX 5 DMA [E] run rate = 1,304d (🔼from 575d) @ 108K ozt/day WITHDRAWAL (🔻from 247K ozt/day WITHDRAWAL)
SFE 5 DMA run rate = 173d (🔻from♾) @ 248K ozt/day WITHDRAWAL (🔼from 52K ozt/day DEPOSIT)🔥
SGE 5 WMA run rate = 57w (🔻from 559w) @ 455K/week WITHDRAWAL (🔼from 49K/week WITHDRAWAL) (as of Nov 6)🔥

Nov 10 Gold Market Morning Snapshot

🇮🇳 MCX Futures $4,103.24 (~$32.17🔼🇬🇧 LBMA Spot)🔥
🇨🇳 SFE Futures $4,127.47 ($9.94🔼🇬🇧 LBMA Spot @ 02:30)👀
🇬🇧 LBMA Spot $4,071.07
🇨🇳 SGE Spot $4,116.19 ($1.34🔻🇬🇧 LBMA Spot @ 02:30)👀
🇺🇸 COMEX Nov26 Futures $4,096.10 ($2.00🔻🇬🇧 LBMA Spot @ 04:04)
🇮🇳 IBJA AM Spot ~$4,114.91 (~$7.24🔻🇬🇧 LBMA Spot @ 01:20)

All quotes🚫taxes/duties for apples to apples comparisons. All quotes ~6:30am ET except as noted.

Vaults (ozt):

GLD🚫 (Shares 🔼300K)
COMEX🔻161
MCX🚫 (Diwali holiday)

COMEX withdrawals are currently 47.4% of Nov26 delivery requests
COMEX 5 DMA run rate = 546d (=from 546d) @ 42.15K ozt/day (🔼from 41.14K ozt/day)

Singapore wants to compete with London for international gold vaulting and trading. The Monetary Authority of Singapore announced:

👉they are launching ‌a vaulting service to hold bullion for foreign central banks with capacity for 500 tonnes

👉they will launch an over-the-counter gold clearing system by the end ⁠of the year (competing with the LBMA OTC market)

👉SGX will launch physically deliverable gold ⁠kilobar futures in the second quarter ​of 2027 (competing with COMEX futures)

I guess we know now why JPM moved folks there.