Yesterday (12-12) in silver
Yesterday silver spot pulled an Icarus and flew too close to the $64.50 sun before crashing to $61 and recovering to just under $62. Let's look below the surface...
COMEX
The COMEX silver stock report for Thursday (COMEX reports activity for the previous working day) was a two trucks in and six trucks out day with 3.6M ozt (111.1 metric tons) withdrawn from StoneX (1.4M ozt), JPM (593K ozt), CNT (597K ozt) and Loomis (953K ozt) and 1.1M ozt (34.7 metric tons) deposited in HSBC (597K ozt) and Loomis (513K ozt) vaults. I'm guessing these withdrawals are headed to London.
There was 220K ozt (6.8 metric tons) moved from registered to eligible in the JPM vault.
Yesterday, the EFP spread varied wildly as the LBMA spot crashed at high speed before COMEX futures followed suit causing the EFP to spike from strongly negative to solidly positive and then back to strongly negative. As of this morning, I'm seeing the Dec25 EFP spread strongly in negative territory at -$0.90. It was -$0.74 yesterday morning. It looks like the CME silver margin hike has exacerbated the negative EFP as I had guessed it would. This should encourage bullion banks to move physical silver from NYC to London.
India
Indian futures as of the moment are showing the MCX February contract at ~$66.41/ozt and the March contract at $66.14/ozt. The March contract is at a $0.27/ozt discount to the February contract (it was a $0.17/ozt discount yesterday when I checked). Looks like the backwardation in the Indian futures has widened/strengthened again.
SLV
SLV shares available to borrow remains pegged at 10M shares with little variation (or activity for that matter) for the 10th day in a row. The borrow fee rose slightly from 0.83% to 0.84% as of this morning. Seems SLV share owners are happy to lend their shares these days. Tsk tsk!
Yesterday Blackrock reported adding 700K shares and JPM reported adding 635K ozt (19.7 metric tons) to the vault stock. SLV continues to eat away at the LBMA's free float vault stock.
PSLV
PSLV added zero new units to the trust and 400K ozt (12.4 metric tons) to the vault stock. I think they still need to add another ~500K ozt to the vault per all the units added recently.
Quote
pmbug
@pmbug
Yesterday (12-11) in silver
Yesterday silver spot touched $64 before settling around $63.50. Let's look below the surface...
COMEX
The COMEX silver stock report for Wednesday (COMEX reports activity for the previous working day) was a two trucks in and tree trucks out day x.com/pmbug/status/1…