China's gold and silver are skyrocketing: Silver inventories in warehouses linked to the Shanghai Futures Exchange are down to 715, the lowest since July 2016. Silver stockpiles have declined -86% since the 2020 pandemic peak. Meanwhile, gold inventories in the Shanghai Gold Exchange are down -83% since the 2021 high, to 519 tonnes, the lowest since December 2015. This has been mainly driven by massive gold and silver exports to London, where a supply shortage has forced inflows amid a squeeze that pushed precious metals prices materially higher. In October alone, Chinese exports of gold jumped to 660 tonnes, the highest volume on record. Gold and silver are marking history.(The Kobeissi Letter)