The Conversation (0)
SRSrocco Report said last week that Chinese silver inventories are declining as the Shanghai Futures Exchange experiences a “huge draw-down of silver stocks.”
SRSrocco Report said last week that Chinese silver inventories are declining as the Shanghai Futures Exchange experiences a “huge draw-down of silver stocks.”
As quoted in the market news:
Let’s first look at what took place at the Shanghai Futures Exchange during the month of July. On July 1st, there were 234 metric tons of silver held in warehouse stocks. However, in the beginning of the month and especially during the last two weeks, there were large withdrawals.
Then in the last two weeks, withdrawals picked up considerably. There were 23 mt removed by the week ending July 25th and another 21 mt during the last week of the month.
While withdrawals of silver from the Shanghai Futures Exchange were substantial during the month of July, if we look at a more longer-term chart… its even more impressive. At peak inventories, the Shanghai Futures Exchange held 1,143 mt of silver in March, 2013.