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And, according to Jeffrey Christian of CPM, a metals advisory group: “It seems much of that silver on hand was converted into ETFs through swaps”. London holdings of vault silver declined after the market-making wave in mid March. And, as Christian says “a total of 334.3m ounces of silver have been swapped for ETF shares so far this year, 322.4m starting in March through August”. There was one increase of nearly 20m ounces of silver into ETF shares that happened at the very end of June. The largest apparent mega-swap came from July 21 to 24, when just short of 25m ounces slipped into ETF form.
September 18, 2020