The LBMA announced today that they made a small error in overstating its silver inventories last month. According to the press release, the LBMA recorded an additional 3,300 metric tons of silver in March. That turns out to be a bit more than 106 million oz. That’s half of the total global physical silver investment last year.
I knew something didn’t look right when I saw the GoldchartsRUs.com LBMA chart for March below.
The actual total LBMA silver inventories were 35,559 metric tons, not the 38,859 shown above. So, the GREEN SPIKE higher was incorrect. The total was closer to ARROW. Now, if you look at the GREY AREA, that is the LBMA’s allocated Silver ETF inventories. The Grey area spike higher was when JP Morgan added 110 million oz (Moz) of silver for the iShares SLV ETF in three days, but has since liquidated all of that silver.
Now, here is another interesting TID-BIT. Since the SilverSqueeze that forced JP Morgan to add 110 million oz of silver to its vaults in London, the iShares SLV total inventories are now lower than they were on Jan 28th.
On Jan 28th, the iShares SLV inventories were 567 Moz; today, there are 566 Moz. However, we have seen increases in other Silver ETF inventories, especially the Sprott PLSV ETF.
In the past four weeks, the iShares SLV ETF inventories have declined by 8.1 Moz versus a 13.1 Moz build by the next top four Silver ETFs. Thus, it seems as if JP Morgan is ROBBING PETER to PAY PAUL. Also, we continue to see a liquidation from the COMEX Registered inventories of about 4 Moz over the past month.
Interestingly, the Sprott PSLV added a stunning 50 Moz of silver to its inventories since the beginning of the year. Here is a breakdown of the data.
Top Silver ETF Inventories Since December 2020:
Sprott PLSV = +50.7 Moz
iShares SLV = +7 Moz
Deutsche Silver ETF = +5.3 Moz
ZKB Silver ETF = +4 Moz
Total Net Change = +67 Moz
I don’t know what seems to be motivating the managers behind the Sprott PLSV ETF to acquire so much more silver than the other Silver ETFs, but there just isn’t a comparison. The Sprott PLSV inventory increase accounted for 75% of the total of these four Silver ETFs. What happens when retail stock investors begin to really move into the Global Silver ETFs?? Where will the silver come from?
I believe we are going to see massive FIREWORKS as retail stock investors stampede into the global silver ETFs. I will be providing a new Youtube Video on this in the coming week.
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I like fireworks. I imagine that once manufacturers using silver within their products realize that retail investors are consuming the available supply they too will be jumping into the feeding frenzy.
So even though I’m very confident that tomorrow, C O T Tuesday, we will see SILVER smashed back down below $27…. to me, it’s clear ‘they’ can’t keep SILVER down much longer. We have the US Mint selling new Peace Dollar and Morgan Dollars for $85 a piece and now just like those two new products another new coin, also less than a full ounce —is going to go for $79.
https://catalog.usmint.gov/christa-mcauliffe-2021-proof-silver-dollar-21CH.html
https://catalog.usmint.gov/peace-2021-silver-dollar-21XH.html?cgid=product-schedule
https://catalog.usmint.gov/morgan-2021-silver-dollar-with-cc-privy-mark-21XC.html
Thinking that it won’t be long before lack of retail product will make $60.xx+ SILVER seem like a sale price!
People are paying for premiums instead of silver. If you want to pay for silver only, buy 1000-oz silver bars.
1000 oz ingot is much easier to mess with than a 1 oz bullion sovereign coin, e.g. eagle. At today’s prices for metal, a silver eagle would likely cost more to convincingly counterfeit than just buying the real thing (I’m not referring to collector items).
And for trade, I think the premium is worth it; bulk tobacco vs cigarette, ingot vs coins. To me the premium is a fabrication cost, subdivision, and added value.
An exception to this train of thought, are the current “premiums” in silver. I don’t see these as typical premiums. This is the suppression breaking down, price discovery under strain showing up premiums for physical.
I bought 1000 oz. Silver bar from kitco and picked them up personally from their vault in HSBC in manhattan. It is highly unlikely fake.
I mean current silver coin premium. Anything premium of 5-6% is reasonable.
“… to me, it’s clear ‘they’ can’t keep SILVER down much longer.”
I think they can keep the spot price down for quite a while longer. Premiums may go up and shortages may increase, but they just create more silver shorts, capping the spot price.
The CFTC, CCP And Silver Manipulation: “Fox, Please Watch The Hen House”
https://investmentresearchdynamics.com/the-cftc-ccp-and-silver-manipulation-fox-please-watch-the-hen-house/
I am buying SIL. Instead, we should likely buy PSLV.
I have been too much of a gold/silver bug. I am buying quite some copper and base metals equities now.
Great post.
Whoops – With enemies like this – Great chart.
…just a thought: make that chart available to any and all silver apes.