That combination is significant. It indicates that market participants are stepping back from paper exposure at the same time the pool of deliverable metal is shrinking.<\/p>\n
This retreat from paper is occurring against a backdrop of persistent physical demand. China\u2019s import appetite remains elevated, continuing to draw silver out of the global system and away from Western exchanges. At the same time, one-month lease rates have turned positive.<\/p>\n
In practical terms, this means the cost to borrow physical silver has risen, reflecting tighter availability and a growing premium on immediate access to metal. This is a key confirmation signal. Inventory data shows the drawdown, while lease rates show the stress in sourcing.<\/p>\n
https:\/\/www.zerohedge.com\/news\/2026-05-01\/comex-silver-crisis-real<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The current state of the COMEX silver market reflects a tightening structure. Registered inventories have declined to just under 80 million ounces, while open interest has fallen to levels not seen in over 15 years. That combination is significant. It … Continue reading