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Date Posted: 14:32:42 1/03/23 Tue
Author: Jasper
Subject: Ted Butler opines

.
Let me start off on the physical side, where even the Silver Institute, usually quite milquetoast in such matters, has declared the largest mismatch between surging silver demand and stagnant supply, to the point of declaring a near-200 million oz annual deficit, the largest in decades. Or how the 300 million oz silver imported by India was the largest on record, at more than 35% of total world annual mine supply. And prices are largely unchanged?

Closer to home, it has been a fascinating year for silver in the COMEX-approved warehouses in a number of respects. First, total COMEX inventories fell by 55 million oz, from 354 million oz at the start of the year to 299 million oz at year end, with virtually all of the decline coming in the registered category. No doubt the decline in total and registered inventories is important and deserving of the great attention it receives. And just to put it into perspective, the percentage decline in the COMEX gold inventories, of 30% (from 33.6 million oz to 23.2 million oz), over the past year is much larger than the 14% total decline in COMEX silver inventories – although this is not a true apples to apples comparison.

But a much larger amount of physical silver, some 384 million oz, almost seven times the reduction in total inventories, have been moved into and out from the COMEX warehouses, with barely a peep of the widespread recognition it so richly deserves. All told, this year has seen the largest annual physical silver turnover in history, a history that first began in earnest in April 2011, when JPMorgan opened its COMEX warehouse and began to accumulate physical silver and gold.

The physical turnover in the COMEX silver warehouses in 2022, close to 7.4 million oz on an average weekly basis is fully 50% larger than the average weekly movement of the prior decade, yet it continues to remain a topic untouched by virtually everyone – for reasons that continue to mystify. I still maintain the most (and perhaps only) plausible explanation for the near-incredible physical turnover in the COMEX silver warehouses – alone among all commodities – is a physical demand so extreme as to defy description.

https://www.howestreet.com/2023/01/ted-butler-silver-2022-a-momentous-year/

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