Facts:

103 Million silver ounces in Registered Category for silver as of yesterday’s report.

Delivery notices for Feb (so far)- 3,744 or 18.7 million ounces

OI for March – 80,479 or 402 million ounces….

Houston we may have a problem.  If 26% of the OI demands deliver in March (typically a high volume month), COMEX is toast.  Cheers to that shite.

Last year in March 2025, approximately 16,000 stood for delivery which would be around 80 million ounces, but with this year being so crazy in demand and price volatility, wouldn’t be surprised if it was higher.

Supply could flow in from Eligible, but transfers have been primarily from Registered to Eligible in the last month, at least 20 million, but I have missed a few days on my spreadsheet.  Bottom line, people are storing silver at COMEX warehouses, but are not making their silver hoards available for settlement (for COMEX).