Severe strain is emerging in global silver supply as exchange-held inventories drain rapidly. Industry data shows a sharp and sustained reduction in silver stored in COMEX-approved warehouses, underscoring mounting scarcity in readily available physical metal.

Data sourced from Trendforce illustrates long-term COMEX silver inventory levels, tracking the total metal held in exchange-approved warehouses. While total inventories reached a cyclical peak of 500 million ounces in 2025, the market entered a critical phase in late 2025 as metal began shifting from “Registered” (available for delivery) to “Eligible” (private storage) or leaving the system entirely. Since the September peak, stockpiles have contracted by 117 million ounces (22%), but the true driver of the current squeeze is the absolute collapse of Registered inventories, which have plummeted to levels not seen in a decade. This drain is being accelerated by a structural shift where silver is no longer just a trading asset, but a strategic industrial category being pulled from vaults by AI and solar manufacturers to secure physical utility over paper volume.

Current inventories stand near 415 million ounces, the lowest level recorded since March 2025 and approximately 34 million ounces below the cycle high. Financial research firm The Kobeissi Letter shared on social media platform X on Jan. 28:

“COMEX silver inventories are falling: Silver inventories in COMEX warehouses have fallen -34 million ounces from their high, to 415 million ounces, the lowest since March 2025.”

“The stockpile has dropped -117 million ounces, or -22%, since September’s peak. Falling silver inventories indicate strong physical demand as short sellers struggle to find actual metal to deliver against their futures contracts,” the post adds.

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“When these traders cannot find enough physical silver to buy, they have to pay higher prices demanded by sellers,” the Letter expanded on the market mechanics behind the drawdown. “This pushes silver prices even higher, which then forces more traders to buy to avoid losses, tightening market conditions even further.” It concluded:

“The silver short-squeeze is in full-swing.”

Exchange-held silver inventories are often evaluated alongside futures open interest, industrial consumption, and global mine output. Continued withdrawals from regulated warehouses can reduce immediately available supply, amplify volatility, and heighten sensitivity to delivery risk across global silver markets.

• Why are COMEX silver inventories falling sharply?
  Strong physical demand and delivery pressure are driving sustained withdrawals from Comex-approved warehouses.
• How much silver has been drawn down since the peak?
  COMEX stockpiles have fallen by roughly 117 million ounces, or about 22%, since September.
• What risks does low COMEX silver inventory create?
  Lower inventories heighten delivery risk, volatility, and sensitivity across futures-linked silver markets.
• Is a silver short squeeze forming?
  Market analysts say tightening physical supply is intensifying pressure on short sellers to secure metal.

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