Pending the London Bullion Market Association (LBMA) monthly end-of-month vaulted stocks assessments, daily CME/COMEX New York silver futures stocks indicate orderly reductions, down overall by 8.2% from December 2025 highs.
Stocks held by individual authorized operators show no signs of stress.
Notably, New York silver (SI) prices have surpassed $100 per ounce on Friday Jan. 23, 2026.
With New York COMEX stocks declining in an orderly manner, down 8.2% (or 37 million troy ounces), it is arguable some will be flowing back to London. There, LBMA vaulted silver bars—excluding those sequestered for physical exchange-traded funds (ETFs)— stood at approximately 289 million troy ounces by the end of December 2025, flirting with historic lows but off the record-lows hit by the end of September 2025, when the latest parabolic leg of the NY SI rally kicked off.
Physical ETFs have since (end of December 2025) not contributed further to their mechanical siphoning of physical bars, as net share creations remain flat to lower compared to year-end 2025 as illustrated by the black line in the following chart, amid declining London Silver lending rates.
For a detailed analysis of the phenomenon described above please refer to the article here: https://www.linkedin.com/pulse/allangolo-il-rally-dellargento-spiegato-bene-de-giorgio-tig2f/?trackingId=Zp8FPbiOQvybgtIdy%2F1B5A%3D%3D).
Nonetheless from December 31, 2025, the New York prompt silver futures contract has risen 43%—3.5 times the gain in gold—as the U.S. Administration stirs geopolitical disruptions globally.
Without sustained depletion of London physical stocks and/or incremental geopolitical gyrations, this parabolic rally is fast approaching the point of a structural breakdown.
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