Every so often the silver market attracts claims that the vaults in London are about to run dry. It makes for a dramatic headline, but the reality is less dramatic.
The latest data shows that silver holdings in London have declined by nearly a third over the last five years. That is not the same as empty vaults, but it is a clear sign that inventories are being steadily drawn down. What matters is not just the total number of ounces in storage, but how much of that silver is freely available to the market.
Analysts and commentators have highlighted this distinction, pointing to lease rates, futures spreads, and the ongoing pull of industrial demand as evidence that the tradable pool of silver is smaller than the headline numbers suggest. At the same time, the market continues to function and deliver large volumes, with no sign of default or disruption.
In our latest video, Jan Skoyles looks at the figures, the context, and the debate. The picture that emerges is not one of alarm, but of a market where supply and demand are interacting in interesting ways. For anyone following silver, it is a story worth paying attention to.
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