Silver Shortage Shocker: Supplies Sucked Dry in 60 Days Due to India's Insatiable Demand

Week in Review from Reddit Silver Stacking Apes

1. The Silver Arbitrage play averages over 13%

2. Yesterday the Comex documented 1 silver delivery.

3. Contracts are 5,000 ounces

4. The LBMA had 1,548 deliveries.

5. It’s apparent the comex is out of metal and playing shell games.

6. London is being sucked dry by India and China.

7. This is the #silversqueeze.

8. David Jensen theorizes that 2.92 Billion ounces of Silver Trading per day (London)

9. Nothing surprises me anymore when it comes to these Sinister Silver Stunts.

May 28, 2024, David Jensen (a Reddit Ape and superb silver and gold analyst) writes:

In August 2011 the London Bullion Market Association (LBMA) published in its Alchemist Magazine ( https://www.lbma.org.uk/alchemist/issue-63 ) the results of its survey of members’ gold trading in the City of London market - the world’s largest and dominant physical gold and silver market representing more than 90% of daily global spot gold and silver trading. This survey was titled the Loco London Liquidity Survey (LLLS) and can be found on pg. 9 of the above publication.

Until that point, there had been no public disclosure of the actual turnover of gold trading in the City of London as the LBMA simply published monthly clearing statistics giving net gold trading in the London market.

Clearing statistics understate actual turnover or trading volume in the market as it nets buying and selling by each member and then simply publishes the aggregate of the deducted difference between these numbers for its member.

What the LLLS showed, with less than 2/3 of LBMA members responding and further conservative assumptions, was that daily gold trade turnover was 10x higher than the LBMA’s published Monthly Clearing data. It could be materially higher than 10x.

The LBMA’s published data for March 2024 ( https://www.lbma.org.uk/prices-and-data/clearing-data ) state that London’s average daily gold clearing volume total 20M oz. of gold per day. Using the LBMA’s 10:1 ratio, actual daily turnover thus approximates 200M oz. of gold per day in March 2024.

Silver Daily Trading Volume

The LBMA has not published a similar survey for silver trading in London, however it can be reasonably assumed that the ratio of actual daily turnover versus published clearing data is of the same 10:1 ratio.

For March 2024, the LBMA’s clearing data state that average daily silver clearing volume is 292M oz. of silver per day. Using the 10x multiplier yields an average trading turnover in London of 2.92B oz. of silver per day. Annual mine production of silver in 2024 is estimated at 823M oz.

London trading consists of approximately 90% spot (or immediate ownership) trading in the cash market of which spot contracts are simply unallocated promissory notes with no specific metal backing.

Daily spot / cash trading of silver in London can thus be estimated at 2.63B oz.

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📉 More Distortions and Lies from The Federal Reserve (About as Federal as Federal Express) 📦

The Federal Reserve now admits some countries are moving to gold. But says it’s a small group.

China: 1.4B :: India: 1.4B :: Russia: 144M :: Turkey: 85M

That “small group” represents 3B people. 🌍So 37.5% of the world is moving away from dollars towards gold. 💸➡️💰

INDIA REPATRIATES ITS GOLD

• India's central bank has moved around a 100 tonnes,

• or 1 lakh kilograms of gold from the United Kingdom back to its vaults in India

• and intends to move more in coming months, a TOI report claimed on Friday

• India purchased first four months 2024 More Silver than it did entirely 2023

• As of yesterday COMEX reports that it has 62 million Troy ounces of registered Silver (if you believe it).

• India alone has imported 134 million Troy Ounces (4172 metric tons) of physical Silver this year.

• Theoretically, India can take COMEX registered Silver to ZERO in less than 2 months!

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