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activity for the previous working day) was a two trucks in and tree trucks out day with 1.7M ozt (54.9 metric tons) withdrawn from CNT (579K ozt), JPM (585K ozt) and Loomis (600K ozt) and 1.1M ozt (36.3 metric tons) deposited in HSBC (595K ozt) and StoneX (571K ozt - directly to registered) vaults. I'm guessing these withdrawals are headed to London.
There was 489K ozt (15.2 metric tons) moved from registered to eligible mostly in the MT&B vault (only 5 bars moved in the HSBC vault).
As of this morning I'm seeing the EFP spread strongly in negative territory at -$0.74 for the front month of December. It was -$0.40 yesterday morning. Yesterday the CME announced a margin raise on silver contracts effective today (see reply below) and it looks like that will suppress COMEX futures and exacerbate/maintain a negative EFP which 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 ~$68.93/ozt and the March contract at $68.76/ozt. The March contract is at a $0.17/ozt discount to the February contract (it was a $0.15/ozt discount yesterday when I checked). The backwardation in the Indian futures has weakened below the $0.20/ozt to $0.25/ozt range it had been in for the last few days.
SLV
SLV shares available to borrow remains pegged at 10M shares with little variation (or activity for that matter) for the 9th day in a row. The borrow fee rose slightly from 0.83% before dropping back to 0.83% as of this morning. Seems SLV share owners are happy to lend their shares these days. Tsk tsk!
Yesterday Blackrock reported no change to the shares and JPM reported no change to the vault stock. Normally we see SLV adding shares/vault stock as the spot price of silver rises, so zero activity given the rise in spot was curious.
PSLV
PSLV added 688,200 new units to the trust and 100K ozt (3.1 metric tons) to the vault stock. I think they still need to add another ~900K ozt to the vault per all the units added recently.
Quote
pmbug
@pmbug
Yesterday (12-10) in silver
Yesterday silver spot broke out to just under $62 and the bid/ask spread widened to just over $0.50 late in the day (see reply below). Let's look below the surface...
COMEX
The COMEX silver stock report for Tuesday (COMEX reports activity for x.com/pmbug/status/1…