Silver inventories on the Shanghai Futures Exchange are collapsing:

Shanghai's Silver available for delivery is down to just 350 tonnes, the lowest since 2015.

This marks a -88% decline from the ~3,000 tonne peak seen in January 2021.

This tightness has been exacerbated by heavy silver exports from China to London in 2025, which alleviated the global physical squeeze but depleted local stocks even further.

The physical silver market has rarely been this tight.