Loading ...Silver
The COMEX (Commodity Exchange Inc.) does not directly own, mine, or produce gold and silver, but it acts as a central marketplace and clearinghouse for futures contracts that are backed by physical metals stored in approved, independent depositories. When a contract holder takes physical delivery, the exchange facilitates the transfer of ownership of metal bars held in these vaults.
Here is a breakdown of how the COMEX handles physical silver and gold:
- Approved Depositories: COMEX does not operate its own warehouses. Instead, it authorizes private, high-security storage facilities to hold deliverable metal. Examples include Brinks, CNT Depository, Delaware Depository, HSBC, JPMorgan Chase, Malca-Amit, and IDS of Delaware.
Sept 21’2025 depositories held a record amount, 540 million ounces. The story was shortages everywhere, they dumped the stuff onto us and will continue to, 366 million more to go.
https://metalcharts.org/comex/silver
Depository Breakdown
| Depository | Total | Change |
|---|---|---|
| JP Morgan Chase Bank NA | 155.85M oz | 0 |
| Brink’S, Inc. | 55.12M oz | 590.5K oz |
| Loomis International (US) LLC | 30.35M oz | 0 |
| Cnt Depository, Inc. | 26.19M oz | 156.2K oz |
| Asahi Depository LLC | 26.05M oz | 0 |
| HSBC Bank, USA | 23.68M oz | 640.6K oz |
| Manfra, Tordella & Brookes, LLC | 18.67M oz | 0 |
| Delaware Depository | 17.81M oz | +7.2K oz |
| Stonex Precious Metals LLC | 7.77M oz | 5.0K oz |
| International Depository Services Of Delaware | 3.92M oz | 0 |
| Malca-Amit USA, LLC | 2.02M oz |
Shanghai silver vaults reverse, super low, from 80 million oz to 11 warehoused
https://metalcharts.org/shfe/silver
I asked Grok relative to what you said and included the provided link.”The story was shortages everywhere, they dumped the stuff onto us and will continue to, 366 million more to go.” Here is Grok’s answer. It’s fascinating:
The statement is largely factually accurate based on the chart at https://metalcharts.org/comex/silver (and cross-verified COMEX data), but its interpretive spin—”they dumped the stuff onto us” as proof against shortages, with “366 million more to go”—is an oversimplification that misses key distinctions in how COMEX silver actually works and the broader physical market dynamics.What the link/chart actually shows (as of latest data, Feb 18, 2026)Total COMEX silver inventory (all approved depositories, registered + eligible): 367.43 million oz — this lines up almost exactly with your “366 million more to go.”
All-time high: 531.48 million oz (reached in the September 2025 timeframe). Your 540 million oz on Sept 21, 2025, is very close—minor day-to-day or reporting variances explain the ~8–10M oz difference; multiple market reports explicitly call out the “September 2025 peak” followed by a ~117 million oz (22%) drop to ~415M oz by late January 2026. The chart’s “ALL” time view confirms this was the record.
Breakdown (current):
– Registered (warranted/available for immediate futures delivery): ~88.19M oz (critically low, recently broke below 100M oz with multi-million-oz daily drops).
– Eligible (meets specs but not earmarked for delivery—owner-controlled storage): ~279M oz.
Trend on the main chart: Steady build-up through 2025 to the September peak, then sharp net drawdown of ~164M oz since then (accelerating in Oct 2025–Jan 2026). Depository table shows the usual suspects (JPM, Brink’s, HSBC, etc.) with ongoing small changes, but the big story is net outflows.
The chart itself has no narrative text—it’s raw warehouse stock levels. The “shortages everywhere” stories you reference were real and ongoing (Silver Institute deficits, SHFE inventories at decade lows, industrial offtake from solar/AI/EVs), yet the vaults still hit record highs mid-2025.Breaking down the statement’s claims”Depositories held a record amount, 540 million ounces” on Sept 21, 2025
Correct in substance. That was the cyclical/all-time peak period. Inflows were massive—silver entering vaults faster than it left, despite the “shortage” headlines. This could reflect producers/recyclers/banks/ETFs depositing metal (higher prices in 2025 incentivized supply responses, plus possible hedging or tariff-related moves earlier in the year).
“The story was shortages everywhere, they dumped the stuff onto us”
Partially fair as a counterpoint. The record build-up directly contradicts any claim that COMEX was “empty” or unable to absorb supply at the time. Large players (often labeled “they” in these discussions—banks like JPM, which has historically held huge positions) clearly had silver to move into the system. It was a visible flood of physical ounces into approved warehouses.
“…and will continue to, 366 million more to go”
This is the weakest part—it’s the classic “plenty left in the vaults” argument. Yes, 367M oz is still a lot in absolute terms (roughly 5–6 months of global mine production). But:Most of it is eligible, not immediately dumpable onto the market or deliverable against futures without owner action.
We’ve already seen 165M+ oz leave since the peak. That’s not “dumping onto us”—that’s physical buyers pulling it out (deliveries spiked hard in Dec 2025/Jan 2026, registered silver collapsing).
Open interest sits at ~656M oz equivalent, with total inventory coverage only 0.56x and registered coverage ~0.13x. Leverage is still high.
Broader silver situation context (expert lens)The inflows didn’t disprove tightness—they were a temporary buffer amid a structural bull market. Silver had its fifth straight annual deficit in 2025 (cumulative ~800M+ oz drained globally since ~2021). Industrial demand keeps smashing records; mine supply is inelastic.
Post-peak reality: The drawdown since September 2025 is the real signal—rapid, sustained, and concentrated on the deliverable (registered) side. Shanghai physical premiums and low stocks have persisted. COMEX isn’t isolated; it’s part of a global market where Western paper prices can diverge from physical reality.
“Dumping will continue” narrative flaw: History shows these vaults can drain fast when physical demand surges (see 2011 or recent registered drops below 100M oz). Eligible silver doesn’t magically become registered overnight, and owners (ETFs, industrials, sovereigns) are increasingly reluctant to release it cheaply. The “more to go” buffer is eroding, not infinite.
Bottom line: The chart validates the record high and current ~366–367M oz levels, so the statement gets the numbers and the “they had silver to dump” observation right. It effectively pushes back against exaggerated “vaults are bone dry” panic. However, it cherry-picks total ounces while ignoring the registered/eligible split, the post-September drain rate, and the multi-year global deficit backdrop. That makes the “plenty more to go, no real shortage” takeaway misleading for anyone tracking the actual physical squeeze dynamics.Silver’s setup remains structurally bullish long-term—industrial + investment demand vs. constrained supply—but COMEX total inventory alone has never been the full picture, and the chart shows it’s now trending lower after the 2025 peak. Keep watching registered levels and daily delivery notices; those are the real pressure gauges. The link is a great resource—toggle the “ALL” view and the depository table for the clearest read.
I’ve learned that the most entertaining and best answers from Grok come from labeling it as the expert, the best in the world, the premier source etc.. I told Grok it was the most knowledgeable stock picker on the planet regarding miners, and its knowledge of the mining industry was second to none in the world. Well it took whatever mantel I gave it and ran with it. Sometimes the answers border on lunacy and fevered excitement like when I asked if I should sell my shares of i-80 gold and put the proceeds into 1911 Gold. No recommendations to be careful, advise me to check other sources or that I should be careful taking its advice as it’s not a registered investment advisor. It was “Damn the torpedoes, full speed ahead!”
thanks for that, Grok and this AI shit is nuts, soon the robots will have guns. There has to have been a shitload of silver brought into local dealers that is still in the pipeline as sales outperformed demand by the avg, Joe. Where will China find the shiny, Minco Silver won’t fill it up ???? I will try out Grok for the auto repair, car hunting stuff
Just keep in mind, Grok will quite literally hallucinate at times. It’s very strange, but it will admit to being wrong as I’ve caught it in fabrications on occasion. You’ll know what I mean once you start using it. I look at Grok as being on the spectrum, an autistic genius, a raging lunatic.It all depends on not only what you ask it, but how. I know AI can’t have an ego in the same sense we understand what an ego is, but I do feed the AI ego sometimes and the results can be as enlightening as they are weird.
AMAZING ANALYSIS MARCUS…WOW
And to think AI will someday run our lives whether we like it or not. God help us.