..you must read.  I sound like Silver Yoda…I may change my handle.

Silver deliveries for January were 9,889 contracts or 49.4 million ounces.

Silver deliveries for Feb are already 2.765 contracts or 13.8 million ounces.  There are 104 million ounces per COMEX reporting as of 1/30/26.

According to my buddy, Chat-man-do here’s the info on Feb 25:

? What That Means in Physical Terms

  • Each COMEX silver futures contract represents 5,000 troy ounces of metal.

  • 4,788 notices × 5,000 oz = ~23.94 million oz of silver standing for delivery in February 2025.

So although February is not normally a major delivery month, February 2025’s delivery activity was unusually strong for an inactive month — significantly higher than many previous years — even though it did not approach the volumes seen in the active delivery months like March or December.

If you’d like, I can also compare February’s results to a typical delivery month like March or December to give you context on how “large” this month was historically.

Any bets this February will be larger?  Just using last year’s number that represents 25% of remaining registered stock….I think it will be double that and we’ll have used up half of what is left.  And then, there is March….beware the Ides of March..indeed.  Chat-man-do stats on last March:

Each COMEX silver futures contract represents 5,000 troy ounces of physical silver. So:

  • March 2025: ~16,149 contracts × 5,000 oz ? ~80.7 million ounces of silver standing for delivery.

  • February 2025: ~4,788 contracts × 5,000 oz ? ~23.9 million ounces (as noted earlier).

Thus March’s silver delivery volume in 2025 was considerably higher in absolute volume and consistent with it being a key delivery month on the COMEX.

If you’d like, I can also break down how March delivery activity ranks historically compared to other active months (like May or September), or compare registered silver inventory levels to March’s delivery demand.

That’s ballgame boys, cause this March will be even larger I suspect.  104-25-80=Default.