Everywhere I look people are reporting that silver demand is far exceeding production. If that were true, and prices aren't reflecting it, one would rightly conclude that the difference is being met with available supply. Yet, when I check on the vault numbers reported by the COMEX, LBMA and SGE/SFE and subtract out the silver owned by SLV, global vaulted silver has supposedly increased since the beginning of the year:
Silver Demand Drivers (and vault totals)
Update (see post #68 for last month):LBMA - As at end August 2024, ... There were also 26,245 tonnes of silver (a 1.4% decrease on previous month)... SLV report for 6 September claims 363.01 mtoz vaulted in London. That leaves a total of ~480.78 mtoz of silver in the London vaults not owned by...
Best I can tell, either claims of demand exceeding supply are wrong, or someone (COMEX/LBMA) is lying about their vault numbers.
) will probably make it dump by year end, rise back to these levels in January and then move sideways for another 4 years.