In a nutshell, registered silver stocks declined, but total physical stocks increased. This signals category movement and net deposits, not escalating depletion of physical silver.
For someone thinking about wealth over years, silver’s appeal comes with all of these complications attached. Its monetary history gives people a reason to hold it, its usefulness gives industry a reason to buy it, and neither group can assume that supply will expand promptly to accommodate them.
For some perspective, the drawdown was roughly 25 percent larger than the 5.75-million-ounce decline from Oct. 3-9, 2025, in the early stages of the October squeeze.
Noted by analyst Clive Maund, several developments showing up on the charts suggest that silver may be working its way through the recent correction and preparing for another move higher.
🎯 Best drill results recorded ever at Cosuño: 3 meters at 1,328 g/t silver equivalent from hole 13 in a newly discovered feeder zone, a milestone coinciding with company’s 1-year trading anniversary.
The high-grade silver-bismuth-antimony mineralization associated with the silver system, demonstrates the potential for multiple critical and strategic metal by-products at Cosuño.
Obviously, we’d like to open ourselves up to any silver producer that would be interested in taking on the project, but when you’ve got Hecla and Coeur right next door, who understands these systems, the intricacies of mining them, I just think it makes so much sense to make ourselves as attractive as possible to them as a take-out target. That’s really the focus for us.
