LBMA Silver Inventory (London Vault Data)

LBMA silver inventory is the total amount of physical silver held in London vaults that participate in the London clearing system. The London Bullion Market Association publishes aggregate vault holdings monthly, representing the stock on the last business day of the reporting month. Data is published the following month.

The figure includes all physical forms of metal: large bars (approximately 1,000 troy ounces), kilo bars, coin, and small bars. It covers holdings within the M25 motorway area and includes commercial vault operators such as HSBC, JPMorgan, Brink's, Malca-Amit, and Loomis. The Bank of England does not hold silver, so all LBMA silver inventory is commercial vault silver.

The inventory excludes jewellery, private holdings in smaller vaults not part of the London clearing system, and silver stored by retailers or individuals outside of the LBMA vault network.

“Loco London” refers to silver held in London vaults and available for settlement within the London OTC market. The London market operates as a principal-to-principal trading system where transactions settle through the transfer of metal between accounts at LBMA member vaults.

When market participants trade “loco London” silver, they are buying or selling metal that is physically stored in London. This makes LBMA vault inventory the physical backing for London OTC silver trading, the largest silver market in the world by value.

Yes. LBMA vault holdings include silver held on behalf of ETFs, ETCs, and other investment vehicles that store metal in London. Products such as the iShares Silver Trust (SLV, London portion), WisdomTree Physical Silver (PHAG), WisdomTree Core Physical Silver (WSLV), and the abrdn Physical Silver Shares ETF (SIVR) all custody silver in London LBMA vaults.

This means the headline LBMA inventory figure is not a pure measure of “available” silver. A significant portion is allocated to ETF shareholders and would only become available if those funds experienced redemptions. This is why estimating the “free float” (non-ETF silver) is useful for understanding actual market liquidity.

The “free float” is an estimated measure of London vault silver that is not identifiably allocated to ETFs, ETCs, or public investment vehicles. It represents the portion of LBMA inventory that may be available for OTC trading, industrial allocation, or delivery against forward contracts.

Important: the free float is not an official LBMA figure. It is calculated by subtracting confirmed London-vaulted ETF/ETC holdings from total LBMA inventory. Some of the remaining silver may still be allocated to private owners, long-term holders, or institutional accounts and may not be immediately available.

LBMA and COMEX serve different market functions. London is the primary OTC market for wholesale silver trading, while COMEX is a regulated futures exchange with daily delivery and warehouse reporting.

Key differences: LBMA reports monthly aggregates while COMEX reports daily; LBMA includes all vault silver (including ETF-held) while COMEX distinguishes between registered (deliverable) and eligible (stored); LBMA inventory supports OTC forward contracts while COMEX inventory supports standardized futures delivery.

Silver can move between London and New York depending on relative premiums, delivery demand, and logistics economics. Large flows between the two locations can cause visible changes in reported inventory at either end.

LBMA silver inventory changes when metal physically enters or leaves the London vault system. Key drivers include:

• ETF creations and redemptions (when investors buy or sell ETF shares, custodians add or remove silver)
• Industrial demand (manufacturers drawing silver for electronics, solar panels, and other uses)
• Inter-market flows (silver shipped between London and COMEX, Shanghai, or other locations)
• Mine supply entering London refineries and vaults
• OTC market positioning (forward contracts, dealer inventory adjustments)
• Sovereign and institutional allocation changes

LBMA publishes London vault data monthly. The data represents holdings on the last business day of the month and is published the following month. For example, end-of-April data is typically published in late May or early June.

This contrasts with COMEX, which publishes daily warehouse reports. The monthly frequency means LBMA data cannot capture short-term fluctuations but provides reliable trend information over time.

Unit Conversions

LBMA officially publishes data in tonnes. This page converts to million troy ounces as the primary display unit because silver investors and the COMEX system use troy ounces as the standard unit. The conversion factor of 32,150.7465 troy ounces per metric tonne is the standard used by LBMA.

Monthly Change Calculations

Free Float Estimation

The free float estimate is not an official LBMA figure. It relies on publicly available ETF factsheets, bar lists, and prospectuses to identify London-vaulted silver. For mixed-location funds (such as SLV, which stores silver in both London and New York), only the London portion is subtracted. Funds without reliable location information are excluded entirely.

Confidence levels are assigned based on data quality: “high” for funds with official factsheet confirmation of London storage, “medium” for funds where location is parsed from bar lists or reports, and “low” for manual estimates.

Data Sources

• LBMA London Vault Data: lbma.org.uk/prices-and-data/london-vault-data
• iShares Silver Trust (SLV): ishares.com
• WisdomTree Physical Silver: wisdomtree.eu
• abrdn SIVR: abrdn.com

What is LBMA silver inventory?

LBMA silver inventory is the total physical silver reported in London vaults that participate in the LBMA clearing system. It includes large bars, kilo bars, coin, and small bars stored by commercial vault operators within the M25 area.

How much silver is in LBMA vaults?

As of the latest reporting period, LBMA London vaults hold approximately 882.7M troy ounces (27,454 tonnes) of silver.

Is LBMA silver inventory reported in tonnes or ounces?

LBMA officially publishes vault holdings in metric tonnes. This page converts to million troy ounces as the primary unit, with tonnes shown as a secondary reference. The conversion uses 32,150.7465 troy ounces per metric tonne.

Does LBMA silver inventory include ETFs?

Yes. The official LBMA figure includes all silver in participating vaults, including silver held on behalf of ETFs and ETCs such as SLV, PHAG, WSLV, and SIVR. This is why total inventory overstates the amount of silver freely available for OTC settlement.

What is LBMA silver free float?

The free float is an estimated measure of LBMA silver that is not identifiably held by ETFs or public investment vehicles. It represents the approximate amount of silver potentially available for trading, industrial allocation, or delivery purposes.

Is LBMA free float an official number?

No. LBMA does not publish a free-float figure. The estimate on this page is calculated by subtracting confirmed London-vaulted ETF/ETC holdings from official LBMA inventory. It is an analytical estimate, not an official data point.

How often is LBMA silver inventory updated?

LBMA publishes London vault data monthly, representing holdings on the last business day of each month. Data is released the following month.

What is the difference between LBMA and COMEX silver inventory?

LBMA tracks silver in London OTC market vaults (monthly, aggregate), while COMEX tracks silver in exchange-approved warehouses in the United States (daily, split between registered and eligible). London is the wholesale OTC market; COMEX is a regulated futures exchange with standardized delivery.

Can LBMA run out of silver?

LBMA inventory can become constrained if ETF demand, industrial withdrawals, or inter-market flows exceed incoming supply. However, the London market has price-based adjustment mechanisms: rising premiums incentivize imports, discourage industrial demand, and encourage ETF redemptions. A complete depletion is unlikely but sustained tightness can significantly affect market conditions.

Why does silver held by ETFs reduce free float?

ETF-held silver is allocated to ETF shareholders and can only be released through share redemptions (typically by authorized participants). This silver is not available for OTC settlement, industrial delivery, or futures delivery unless the ETF experiences net outflows. Therefore, it reduces the pool of silver available for other market participants.