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.
Major support is at $50. We’d be surprised if we fell that low. Ideally, either gold or silver makes new lows but the other one doesn’t. That divergence would signal a potential bottom.
CEO Weber: "With the largest drill program in Haldane’s history now complete, we are eager to see the results and what they may tell us about the potential for further discovery ...”
CEO Iwanaka: "Together, these modern results are sharpening our geological model and building confidence in the technical foundation for a maiden mineral resource estimate."
🎯 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.
