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Silver Price Watch

Smithys Bullion - FINE GOLD AND SILVER
I updated my silver vault analysis (LBMA, COMEX, SFE/SGE). Numbers don't make a lot of sense and I suspect someone is lying...



www.pmbug.com

Silver Demand Drivers (and vault totals)

Update (see post #115 for last month):LBMA - As at end February 2025, ... There were also 22,462 tonnes of silver (a 4.5% decrease on previous month)... ETF report for 7 March claims 551.648 mtoz vaulted in London. That leaves a total of ~170.536 mtoz of silver in the London vaults not owned by...
www.pmbug.com www.pmbug.com
 
pmbug said:
I updated my silver vault analysis (LBMA, COMEX, SFE/SGE). Numbers don't make a lot of sense and I suspect someone is lying...

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Thank you. I was wondering where you've been and what you know.
 
I really wanted to do the analysis and post an update last Monday, but I was working at a client's site (out of town) and didn't have a chance until today. Cheers
 
pmbug said:
I updated my silver vault analysis (LBMA, COMEX, SFE/SGE). Numbers don't make a lot of sense and I suspect someone is lying...



www.pmbug.com

Silver Demand Drivers (and vault totals)

Update (see post #115 for last month):LBMA - As at end February 2025, ... There were also 22,462 tonnes of silver (a 4.5% decrease on previous month)... ETF report for 7 March claims 551.648 mtoz vaulted in London. That leaves a total of ~170.536 mtoz of silver in the London vaults not owned by...
www.pmbug.com www.pmbug.com
Click to expand...

You know... I entertain the possibility there's silver sitting in undisclosed vaults somewhere. The numbers have rarely added up and it caused me to speculate on such a possibility.
 
The LBMA, COMEX and SFE/SGE have strict requirements on the specifications (dimensions, purity, and/or mint/refinery) for the silver bars they accept and trade. This is the issue with 1,000 toz "London Good Delivery" (LGD) bars.

PSLV supposedly vaults most of their LGD silver in Bank of Canada vaults in Canada.
 
The 2025 Silver survey has been released. We had a 210 Moz deficit last year, and that's following on from a deficit in the last 5 years totalling over a Billion Oz's. That's an entire year of total mine and scrap supply gone in deficits. The supply to this deficit has to be coming from somewhere for the silver market to remain stagnant, void of any sharp price increases. This is why the LBMA and COMEX vaults are being drained. It's only a matter of time before all aboveground supply is depleted and we enter the age of The Silver Shortage. Stock up while you can because prices like these won't last forever.

Here's a link for those interested in reading the 2025 silver survey for themselves.

WORLD SILVER SURVEYS 2025 | The Silver Institute

silverinstitute.org silverinstitute.org

Screenshot_2025-04-19-13-36-06-11_40deb401b9ffe8e1df2f1cc5ba480b12.jpg
 
And BTW. Bix Weir has done some decent analysis of solar panel demand and estimates the actual silver consumption for solar panels is closer to 400Mozs. He believes the Silver Institute and Metals Focus are intentionally underreporting solar panel demand to downplay the severity of the deficit in the silver market.

And as @pmbug stated. The COMEX, LBMA and SLV claim to have added 70+ Mozs to their vaults last month. It's either they're cooking the books or they've found some magical source of silver that we don't know about. It's amazing the extent they'll go to to keep silver suppressed. But their shenanigans is our opportunity to collect discounted shiny metal pieces with unimaginable upside potential.
 
Silver Soul said:
When gold is at 10k. POS will be alot more. Just chiming in because I can
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Look man. I didn't mean to be dick the other day. I know you don't care if I do or I don't, but I do like you. I have a tendancy to get triggered when people interject and say "Who cares". That's a me issue not a you issue.
 
STKR said:
...
And as @pmbug stated. The COMEX, LBMA and SLV claim to have added 70+ Mozs to their vaults last month. It's either they're cooking the books or they've found some magical source of silver that we don't know about. It's amazing the extent they'll go to to keep silver suppressed. But their shenanigans is our opportunity to collect discounted shiny metal pieces with unimaginable upside potential.
Click to expand...



 
pmbug said:


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And that's the exact point Bix makes. TOPcon panels are most popular, which use more silver, not less.

IMO, they're going to lose control of the silver price rigging within the next few years. Putting my Silverfoil hat on, I can't help but make a connection with the UN agenda 2030 and the coming silver shortage. As far as necessary resources are concerned with supporting our technological world, silver is going to be the first essential metal to go. It makes sense why they're desperate to create a world that limits our ownership of cars and other possessions - because there won't be enough to go around.
 
I distilled the 2,000 ton silver mystery issue into an article:

www.pmbug.com

Silver Presents the Magical Metal Mystery

By all accounts, silver has been in a structural deficit, with global demand exceeding global production, for over four years now:Silver saw its fourth year of a major deficit in 2024 as a slight 2% rise in supply and 3% dip in demand still meant a shortfall of around 150Moz (4,600t). Above...
www.pmbug.com www.pmbug.com
 
pmbug said:
I distilled the 2,000 ton silver mystery issue into an article:

www.pmbug.com

Silver Presents the Magical Metal Mystery

By all accounts, silver has been in a structural deficit, with global demand exceeding global production, for over four years now:Silver saw its fourth year of a major deficit in 2024 as a slight 2% rise in supply and 3% dip in demand still meant a shortfall of around 150Moz (4,600t). Above...
www.pmbug.com www.pmbug.com
Click to expand...
Do you ever sleep? I've never seen such a comprehensive analysis of the silver market (and it's amazing!). Having said that, I do wonder if your conclusion the LBMA is lying about their vault holdings may be too simple. In a world built upon secrecy, I wouldn't rule out the possibility there's a private vault somewhere that's owned by the Cabal. Both conclusions require speculation, and I would much rather your conclusion to be the truth, but this isn't the first time the numbers haven't added up.

One hint is in previous surveys (prior to 2015), we've seen 'Government Sales' adding to the supply whenever there was a deficit. This showed direct intervention from (I assume) the US Government in the silver market up to 10 years ago. I think there's likely stockpiles out there that may need to be disclosed but aren't, or are likely held by private entities that share the same interest in silver price management.
 
STKR said:
Do you ever sleep?
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Yes, but some nights more than others. I think I average around 6 hours a night these days. I'd like to sleep more, but once I'm awake, I'm awake.

STKR said:
I've never seen such a comprehensive analysis of the silver market (and it's amazing!). Having said that, I do wonder if your conclusion the LBMA is lying about their vault holdings may be too simple. ...
Click to expand...

Thanks! I'm definitely open to the possibility that I could be wrong for reasons/facts that I'm not aware of. Part of the reason I engage the Borg mind (post thoughts on the internet) is to get feedback and hopefully learn something that improves my understanding.
 
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