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.
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.
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.
