Hey Major. The drawdown of Registered (dealer) Silver inventories is real and ongoing. It just that you have to look at the situation over a longer period of time. 2 years ago dealer inventories were about 85 Million ounces of Silver Ready for Delivery. There was a huge drawdown during the 2008 Global economic crisis of Silver that was never returned to the dealers' grubby hands. Inventories have been in decline ever since although at a more gradual pace. According to the latest figures you posted, the dealers are down to 50 Million ounces. I believe what many analysts are predicting is that at some point inventories will decline to an unknown critical point which will spark a panic run to grab the last remaining ounces and this will translate into huge price increases. Make sense?