According to @KobeissiLetter, gold inventories in the Shanghai Futures Exchange vaults have reached a record 104 tonnes, as measured by warehouse warrants. These warrants represent physical gold stored in approved exchange vaults, which can be delivered for trading or settlement, highlighting increasing demand and potential market implications for gold traders.

According to @KobeissiLetter, silver inventories on the Shanghai Futures Exchange have plummeted to just 350 tonnes, marking the lowest level since 2015. This represents a dramatic 88% decline from a peak of approximately 3,000 tonnes in January 2021. The tightening supply could have significant implications for silver trading and pricing dynamics.