Silver Continues To Drain From The Shanghai Futures Exchange
In my article, Large Decline Of Shanghai & Comex Silver Stocks, I reported that inventories at both exchanges fell significantly since the beginning of March. According to the most recent data, the Shanghai Futures Exchange had another 41 metric tons (1.3 million oz) of silver withdrawn as well as a million oz removed from the Comex since April 10th.
Here we can see that the silver stocks at the Shanghai Futures Exchange declined from 372 metric tons on April 10th, to 331 metric tons of Friday, April 18th. This was an 11% decline in total stocks in just 8 days.
Moreover, the Comex saw its silver inventories fall from 177.7 million oz to 176.7 million oz during the same time period.
I took the weekly data from the Shanghai Futures Exchange (SHFE) and made the graph below. Silver inventories at the SHFE peaked at 575 metric tons at the beginning of March (same time as the Comex), and declined 224 metric tons (42%) to reach an all-time low of 331 metric tons on Friday, April 18th.
