The Kobeissi Letter posted on X. Silver inventories at the Shanghai Futures Exchange have reached a historic low, with available silver for delivery dropping to just 350 tonnes, the lowest level since 2015. This represents a significant decline of 88% from the peak of approximately 3,000 tonnes observed in January 2021. The tightness in the silver market has been intensified by substantial silver exports from China to London in 2025, which helped alleviate the global physical squeeze but further depleted local stocks. The physical silver market is experiencing one of its rare periods of tightness.