🚨Silver held in the SLV trust decreased 101 metric tons last week (located in JPM's vault in London/LBMA).
Normally, this would be bearish due to an increased free float, but with the special situation in London, there are good chances APs (bullion banks) continue to redeem SLV shares for physical silver (we are still in backwardation territory)
x.com/mypreciousilver/status…
The total silver held by the trust is now 15,089 metric tons, with a net increase of 713 metric tons so far this year, driven by earlier inflows. This setup suggests potential bullish pressure when shorts are covered.
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Warning to ETF/SLV investors: LBMA consider ETFs like SLV also a part of the “free flow”, as you can hear 27:00 into this video at LBMA's own page:
lbma.org.uk/videos/gold-mark…
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Disclaimer: I don’t take any responsibility for any mistakes in these numbers or misunderstandings. It is only my contribution as an amateur trying to understand the markets. Also be aware the y-axis is cut by 10k to focus on changes.
Sources for weekly numbers 2024:
harveyorganblog.com and 2025:
ishares.com
Thank you!