You will notice in June 2015, during the huge spike of retail silver investment, that the total Registered silver inventories were nearly 60 Moz. Over the next several months Registered silver inventories fell to approximately 42 Moz. This was at the time that investors had to wait 2-3 months for certain retail silver investment products.
Then in October 2015, the tightness in the retail silver market began to loosen as the “Forecasted” market crash did not occur. The Registered silver inventories stabilized and leveled off until the end of the year. However, more large Registered silver withdrawals and transfers continued again in January 2016 as the price of silver surged from less than $14 to nearly $16 in March. This was also at the same time the Dow Jones fell 2,000 points.
Even though the Registered silver inventories increased in March, they are currently at 15 year lows. Moreover, the number of Owners Per Ounce of Registered silver has never been higher. If we look at the 15 year chart above, we can see that the Owners Per Ounce of silver went exponential starting in 2016.