Physical Silver Inventory
Total Visible Silver includes COMEX registered + COMEX eligible + tracked physically-backed ETFs plus an estimated LBMA vault silver component excluding netted London-overlap ETFs to avoid double counting.
Why exclude netted ETFs?
Key Metrics
Total Visible Silver Inventory
Stacked view of tracked silver holdings: COMEX registered + COMEX eligible + SLV + PSLV + Other ETFs plus an estimated LBMA vault silver component excluding netted London-overlap ETFs to avoid double counting. LBMA component is based on LBMA London vault totals minus configured overlap ETF holdings and is updated monthly. For newly added ETFs without long published holdings history, pre-first-date chart values may use a clearly labeled first-observation estimate until a reliable historical source is integrated.
COMEX Breakdown
Registered vs Eligible silver
ETF Holdings Comparison
SLV vs PSLV vs Other ETFs (newly added Other ETFs may use first-observation estimates before first published history)
Inventory Insights
Understanding Silver Inventory
COMEX Registered vs Eligible
Registered silver is metal that has been assigned to a specific warrant holder
and is available for delivery against futures contracts. This is the "deliverable" supply.
Eligible silver meets exchange standards (fineness, weight, approved refiner)
but hasn't been registered for delivery. It can be converted to registered status by the owner.
Why This Matters
When registered inventory drops, it signals that physical metal is leaving
the deliverable pool - either being withdrawn or converted back to eligible.
A low registered ratio combined with high open interest in futures could
indicate potential delivery stress - more paper claims than easily deliverable metal.