The world’s largest physical silver market in the City of London is showing an interesting pattern of correlation. Silver holdings of Blackrock’s iShares ‘SLV’ exchange traded fund (ETF), the world’s largest silver ETF, have generally tracked silver’s implied lease rate. As can be seen below, as vault holdings of SLV have declined from ~ 521 million (M) oz. early in February 2026 silver’s implied lease rate has linearly tracked the daily changes in SLV vault holdings. Approximately 80% of SLV vault holdings are located in London with the balance being largely held in New York. While correlation does not necessarily ... (full story)