Silver Squeeze Tracker

Tl;dr: The thesis behind silver squeeze is simple. People around the world believe they own more silver than the total amount of silver available. This is due to fractional reserve style banking done by various institutions for unallocated accounts. If there is a structural loss in confidence, a classic bank run will take place.

This page tracks available public data to detect signs of potential loss of confidence. Data collection starts from 15 Mar 2021. Possible interpretation of this data is provided but it is entirely upto you to make your own judgements. This is not financial advice.

Here are some links to understand silver squeeze further:

Time range (All graphs):
1m
1y
5y

Comex Data

Data Sources: 1
2

  • Comex is the largest silver exchange in US where silver futures are traded.
  • All open contracts are backed by registered silver deposits in the warehouse which are held by big banks (JP Mogran etc.)
  • Eligible deposits are also silver deposits held in warehouse but not used to back futures. However they can easily be converted to registered deposit with one keystroke.
  • Combined deposits is the sum of registered and eligible, total silver in comex warehouse.
  • Open Interest is the amount of silver which can be theoretically demanded if all futures holders demand delivery. In practice only a small % of open contracts demand delivery.

SLV Data

Data Sources: 1

  • SLV is the largest silver etf in the world. It is managed by iShares.
  • The prospectus clearly states that the trust does not hold any physical silver, rather it just holds paper promise of silver from JP Morgan. Whether JP morgan has fully allocated physical backing their promise is unknown.

PSLV Data

Data Sources: 1

  • PSLV is the largest challenger to SLV etf. It is managed by Sprott.
  • It is a close-ended mutual fund, which means that only sprott can create or destory shares (as opposed to Authorized Participants in SLV).
  • PSLV claims to hold physical silver backing every share which are held in custody at royal mint of canada.
  • A pool of shares is convertible to physical silver according to prospectus.
  • It is generally considered as a much more secure way of investing in physical silver than SLV.

WSS Data

Data Sources: 1

  • WallStreetSilver is one of the biggest subreddits for silver stackers. It got spawned off WallStreetBets as a separate movement during the GME short squeeze in 2021.

Questions?

If you have any questions/suggestions for additional metrics to track, or want access to the underlying data, message me on