30+ years of Silver Institute reports. How much silver is actually available to buyers?

We’ve published a SilverWars audit of the Silver Institute’s data, methods, funding and documented relationships. It brings together 37 survey and historical PDFs, 4,821 observations and 20 archived Form 990 filings.

The central finding: the published reports do not provide a comprehensive measure of silver available to industrial or investment buyers at a specified time, price, location and delivery deadline.

The 2026 survey reports 1,394.5 million ounces of identifiable bullion inventories at year-end 2025 and 136 million ounces of estimated London free float at end September 2025. Those figures have different dates and coverage. Neither represents a global total offered for sale.

An annual deficit therefore doesn’t tell us how much accessible inventory remains, or when it will be exhausted. Unknown availability doesn’t mean zero silver.

The audit also examines historical revisions, changing definitions, industry funding, contractors, China/India programs and KSG’s relationships. We distinguish documented connections from inference; funding alone doesn’t prove an estimate was distorted.

https://www.silverwars.com/silver-institute-audit/

Welcome to feedback and questions about the audit.

I believe stacking has become a literal game of chicken. Stackers holds the weight, but institutions hold power to obfuscate. No one knows when we will run out of silver, or what price will drive the last bit out weight out of stacker’s hands.

The war for your silver continues on, but hopefully this audit gives everyone here more clarity.