Silver vault inventories and shortages.

As of October 22, 2026

London

The London Bullion Market Association publishes the silver held in London vaults each month. Holdings fell to 711.4 million ounces in March 2025, the lowest since the series began in 2016, then rebuilt to 931.9 million at the end of September 2026. The peak was 1,180.1 million in June 2021.

Most of that silver belongs to ETFs and isn't available to trade. Metals Focus estimated the "free float", the London silver not held for ETFs, at about 136 million ounces at the end of September 2025, against about 360 million in early 2021. That estimate, not the vault total, is where the much-quoted 136 million figure comes from.

New York

Fears of U.S. tariffs on metals pulled about 225 million ounces into COMEX vaults in New York between December 2024 and October 2025, and New York prices ran above London's. COMEX silver stocks peaked at over 530 million ounces in the autumn of 2025, then fell as metal flowed back to London; silver was never tariffed.

Shanghai

Silver stocks at the Shanghai Gold Exchange and Shanghai Futures Exchange fell to a 10-year low of 47.1 million ounces at the end of 2025. China exported a record 162 million ounces of silver bullion in 2025. From January 1, 2026, silver exports require a state license, which some reports described as an export ban; Metals Focus called those reports erroneous.

The squeezes

• October 2025: with London's free float low, metal stuck in New York, ETF buying, and strong demand from India, the cost of borrowing silver in London jumped: the one-month lease rate went from about 1% to over 30%. Silver set a record near $54 on October 17. London vault holdings rose 6.8% that month as metal was drawn back. See silver lease rates.
• January 2026: during the rally to a record above $121 on January 29, the Silver Institute reports that "product shortages were common, premiums jumped and queues outside dealers were commonplace", and European mints rationed bullion coins.

What "shortage" meant

The vaults never emptied: London's lowest point was still 711 million ounces. What did happen was more costly borrowing, futures prices below spot, refiners taking longer to settle or turning away scrap, rationed coins, and higher retail premiums. For someone selling silver, a squeeze shows up as a higher price and stronger demand from buyers.

Sources

• LBMA, London vault data (monthly holdings), and its Q4 and full-year 2025 market report.
• The Silver Institute, World Silver Survey 2026 (data by Metals Focus).

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