Source: LBMA websiteīut that is actually only half the story, because as readers of these pages will know, a majority of the silver within the LBMA vaults is held by Exchange Traded Funds (ETFs) and is already accounted for, and is therefore not (unless it is sold out of ETFs) available to the market. And people say there is no silver squeeze? LBMA monthly silver vault data 2021-2022. While LBMA silver inventories did rise during the first six months of 2021, the net outflow from January 2021 to the end of August 2022 is still 5102 tonnes. Putting all of this together means that since the end of June 2021, the LBMA vaults in London have lost 8200 tonnes of silver (263.3 million ozs), and the vaults now hold silver representing just over one year’s mine production. This is because silver inventories in London also fell in each of the months of July, August, September and October 2021. In addition, except for a blip during November 2021 in which LBMA silver inventories rose by 311 tonnes, the LBMA silver vaults have actually seen outflows for 13 of the last 14 months. So the LBMA vaults, with 28,506 tonnes as of the end of August 2022, now hold just less than one year’s mine supply of silver. To put all of this into context, the Silver Institute estimates that world annual silver mining production will only be 843.2 million ozs this year. In other words, from a situation where the LBMA silver inventories had been 36,421 tonnes at the end of November 2021, they are now 21.7% lower at 28,506 tonnes. With consistent silver outflows over the last 9 months to the end of August 2022, the LBMA silver vaults have now lost a whopping 254.5 million ozs (7915 tonnes) of silver since the end of November 2021. LBMA Silver vaults: Total silver held as of end of August 2022. In other words, during these two months of July and August 2022, the LBMA vaults have lost another 2517 tonnes of silver. This brings the LBMA silver vault inventories down to 916.5 million ozs (28,506 tonnes). Now that August 2022 vault data has been released ( LBMA release vault data by the 5 th business day of a new month), we can see that August saw no reprieve, because in August the London silver holdings fell by another 3.62% month-on-month, with the vaults seeing an outflow of 34.4 million ozs of silver (1070 tonnes). (Note the lowest previous low had been 951.4 million ozs at the end of July 2016).Īccording to Indian #silver bullion imports jumped to a record high of 1,754t in July, compared to just 15t in July 2021.

This brought total LBMA London silver holdings down to 950.9 million ozs (29,576 tonnes), and a new all time low since records began. During July 2022, London silver inventories fell by another 4.66% month-on-month, with the vaults seeing an outflow of 46.5 million ozs of silver (1447 tonnes). Latest data for July and August show that the downward trend is still very much intact. Since then, however, the situation has only worsened. Big Dipper – All Time Low for LBMA Silver Holdings London sub-Billion Market Association

That article covered the vault data up to the end of June 2022, where the London silver holdings had reached the dubious milestone of having dropped below the 1 billion ounce level, specifically falling to 997.4 million ozs (31,022 tonnes). Since the system of vaults is administered and coordinated by the London Bullion Market Association (LBMA), these vaults are collectively known as the ‘ LBMA vaults’.īack in July this year, BullionStar highlighted this developing trend in the article titled “ LBMA Silver Inventories fall to a near 6 Year Low below 1 billion ounces”. These vaults comprise the precious metals storage facilities in and around London run by the bullion banks JP Morgan, HSBC and ICBC Standard Bank, as well as the London vaults of three security operators, namely Brinks, Malca-Amit and Loomis.

There is an unprecedented situation emerging in London, where the relentless hemorrhaging of one of the world’s largest stockpiles of silver is now well and truly under way.įor the last 9 months, this stockpile of silver, held in the LBMA vaults in London, has been consistently falling each and every month, and has now reached an all time low (since vault holdings records began in July 2016).

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