a serious look at silver
market vibes
More investors own silver today in ounces and AUM than ever in history. China, the 2nd largest producer of silver in the world, has restricted exports. India, the largest importer of silver in the world, is becoming one of the largest physical silver markets globally.
The recent scramble for oil reserves has amplified the trend towards official strategic reserves of critical minerals. In February 2026, the administration launched Project Vault, a $12 billion public-private stockpile initiative for critical minerals (including silver) to protect industry from supply disruptions. The program, backed by a $10 billion Export-Import Bank loan and private capital, is in early implementation and focuses on building commercial reserves (including silver).
However, June volumes on the Comex were down 62.5% from their January all-time highs, and frothy narratives in the Twittersphere are as flat as a glass of warm beer. Unfolding today is a serious look at silver, and I must say… the data is interesting.
from a high level
From a high level, there have been 56 billion ounces of silver mined since the beginning of time, of which 19 billion above-ground stocks remain. Of those total known ounces, 18 billion are in diverse and diffuse unavailable forms scattered all over the world: some jewelry, some coins, some at the bottom of the sea, some in industrial uses that constantly attrite, and heirlooms that will never be mobilized at any price. That leaves a surprisingly small margin of available supply, and silver is currently in its 6th consecutive year of deficit.
LBMA London vaults hold 902.8 million ounces of silver. London-vaulted ETF and ETC holdings total 593.5 million ounces within these vaults. Total COMEX warehouse silver inventories are 327 million ounces, with 94 million ounces registered and deliverable against futures contracts. Global physically backed ETF holdings are approximately 1.13 billion ounces (not all global ETF holdings are in London and/or NY).
Combined Western liquid stocks (LBMA free float + COMEX registered) are estimated at 400–500 million ounces at the high end. However, ounces that are immediately available without triggering a spike in lease rates or another ETF gamma squeeze… are much tighter, in my opinion.
China
