COMEX Silver Inventory Keeps Going Higher, Opposite Direction of Its Gold Inventory
The latest inventory data released by COMEX shows that its silver inventory keeps going higher in the recent days, and the latest update shows that it had over 323 millions ounce of silver. In the past 30 days alone, COMEX has noted an increase of over 8 millions ounce.
This is literally the opposite direction of the trend of COMEX gold inventory, which is still consistently going lower. By June 24, COMEX noted that it has about 27,677,372 ounce of gold in its inventory. Within the past 30 days, COMEX gold inventory has been going lower by about 3.82%.
The data shows that COMEX silver inventory doesn't have that much demand of physical delivery as of the recent weeks. This change of direction has been the opposite of the previous silver COMEX inventory trend that began in October of last year, where COMEX silver inventory was recorded at around 531,484,395 ounce, and at the time it kept going lower until May 7 of this year, where their inventory was recorded to be as low as 312,116,807 ounce.
A lof of traders believe that silver price has been disappointing as of this year because the demand for the white metal itself has subsided. This is, however, the opposite of COMEX gold inventory, where its physical inventory is still going lower in the past month, despite the fact that gold price action itself has also been going lower, just like silver price.
Related assets: Gold, Silver