UK Silver Flow 2021 to Jul 2026 - This shows the monthly NET imports/exports between the UK (LBMA) and major silver markets. A single silver bar represents a range from 0.1 to 100 metric tons. So for example, 4 silver bars represents a monthly total that is in the range of 300.1 to 400 metric tons. It gets a bit hectic after late 2024 and you might need to pause the video in places to fully absorb everything that was happening. Alas, I didn't have an unlimited budget for making this or I would have also incorporated some temperature gauges for LBMA vaulted ETF/ETP silver and/or LBMA silver vault stock free float totals for the complete picture. The UK customs data was drawn from @GoldFishCharts website and the music is by Angine de Poitrine.

Oct 26 Gold & Silver Markets Morning Snapshot All quotes🚫taxes/duties for apples to apples comparisons. All quotes ~7am ET except as noted. Gold 🇮🇳 MCX Futures $4,062.75 (~$48.47🔼🇬🇧 LBMA Spot)🔥🔥🔥 🇮🇳 IBJA Spot $4,027.28 (~$13.00🔼🇬🇧 LBMA Spot)🔥🔥 🇨🇳 SFE Futures $4,022.36 ($12.75🔼🇬🇧 LBMA Spot @ 03:30)🔥 🇨🇳 SGE Spot $4,009.87 ($0.26🔼🇬🇧 LBMA Spot @ 03:30)👀 🇬🇧 LBMA Spot $4,014.28 🇺🇸 COMEX Oct26 Futures $3,993.50 (~$3.12🔻🇬🇧 LBMA Spot @ 18:00 Oct 25) Silver 🇨🇳 SFE Futures $60.81 (@ 03:30) 🇨🇳 SGE Spot $60.67 ($6.66🔼🇬🇧 LBMA Spot @ 03:30)🔥 🇮🇳 MCX Futures $56.19 🇮🇳 IBJA Spot $55.27 ($1.35🔼🇬🇧 LBMA Spot)🔥 🇬🇧 LBMA Spot $53.92 🇺🇸 COMEX Oct26 Futures $53.71 (~$0.22🔻🇬🇧 LBMA Spot @ 17:06 Oct 23) Oct 26 Silver Vaults (ozt) SFE🔻124K SFE 5 DMA run rate = 214d (🔻from 248d) @ 207K ozt/day (🔼from 179K ozt/day)

I've seen variations of the claim below - that the USA has been exporting gold to China to keep trade deficits down several times over the last week or so. I don't watch the gold flows as closely as I watch the silver flows, but I had some time this morning, so I looked into it. In 2025, the USA's gold flows were basically a wash. USA imported ~600 metric tons from London from December 2024 through April 2025 during the "great tariff risk mitigation" event. Once the tariff policy was officially clarified and the risk disappeared, the USA started exporting gold while the LBMA was reportedly T+60 on gold deliveries. From March 2025 through December 2025, the USA exported ~630 metric tons of gold to the UK and Switzerland. The USA has exported a net of ~373 metric tons of gold so far in 2026 (through August). The major exports (total, not net) break down as follows: ➡️China + Hong Kong ~71mt ➡️Switzerland ~220mt ➡️UK 112mt Switzerland gold exports for Jan-Aug 2026: ➡️China + Hong Kong ~239mt ➡️UK ~461mt UK gold exports for Jan-Aug 2026: ➡️China + Hong Kong ~212mt China + Hong Kong imported 522mt from the USA, Switzerland and the UK combined from Jan-Aug 2026. It certainly appears as if China has absorbed all of the USA's 2026 gold exports through August, but China has imported much more than just what the USA has exported. Thanks to @goldfishcharts for the import/export data.

Oct 24 Gold & Silver Vaults (ozt) Gold GLD🚫 (shares down 1.4M) COMEX🔻60K👀 MCX🔼1K COMEX withdrawals are currently 15.8% of Oct26 delivery requests COMEX 5 DMA run rate = 812d (🔻from 1,003d) @ 28.7K ozt/day (🔼from 23.3K ozt/day)👀 MCX 5 DMA run rate = ♾(=from♾) @ 2.3K ozt/day DEPOSIT (🔻from 2.6K ozt/day DEPOSIT) Silver PSLV🚫💤 SLV🔼452K (still yo-yoing between 430M and 432M ozt) COMEX🔼499K MCX🔻393K🔥 COMEX withdrawals are currently 83.8% of Oct26 delivery requests COMEX 5 DMA [R] run rate =♾(=from♾) @ 452K ozt/day DEPOSIT (🔼from 395K ozt/day DEPOSIT) COMEX 5 DMA [E] run rate =♾(=from♾) @ 870K ozt/day DEPOSIT (🔼from 760K ozt/day DEPOSIT) MCX 5 DMA run rate = 23d (🔻from 31d) @ 140K ozt/day (🔼from 119K ozt/day)🔥

Is this smoke, a fire, or a nothingburger? I'm not entirely sure what is going on here but I do know one thing. If you don't hold it, you don't own it. Counterparty risk is nothing until it is something and then it is everything.

India is opening the floodgates (supposedly). We'll see how that buying demand affects London and New York... 🍿

I was warning about the LBMA running low on free float vault stock in January just before the huge price slam. Seems like every time physical vault stock gets stressed, there is a slam on price to discourage investment demand.