Silver Banks Started – 46 Million Ounces Drained in January

[Igor Pereira]

Traders, while the media focuses on the price of the screen, the real story is in the warehouses. The paper market (future) is colliding violently with the physical reality, and January settlement data show that COMEX is bleeding metal at an unsustainable rate.

By Igor Pereira Financial Market Analyst

The CME daily delivery report we accessed confirms: The price manipulation of the West is with the days numbered.

January 2026 will enter history as the month when the "strong hands" stopped rolling contracts and demanded metal.

• Volume: Comex's future silver contracts physically settled for January exceeded the 9,000 mark, totaling exact 9.181 contracts So far.

• Conversion: Each standard contract represents 5,000 ounces. That means that approximately 46 million ounces of silver were removed from the paper market and converted into physical possession only this month.

• Who are you taking? The data shows giants like J.P. Morgan Securities and WMD involved heavily in deliveries. When the banks themselves guard the metal instead of negotiating the paper, they know that scarcity is real.

Math is simple and brutal. Comex's registered stocks are not endless.

• Projection: At this 46 million ounces/month drain rate, it is mathematically impossible for Comex to honour physical settlements beyond March 2026.

• The Risk of "Default": If the demand for physical delivery continues to accelerate (and goes, with the price breaking maximum), the stock exchange will be forced to declare "Bigger Force" or settle contracts only in cash (Cash Settlement). That would be the official admission of bankruptcy of the current price system.

The collapse of COMEX symbolizes the end of the West's ability to suppress commodity prices via paper derivatives.

• The reassessment: As soon as the New York price mechanism breaks due to lack of metal, the price will be dictated by those who have the physical: the East (China, India, Russia).

• The Revenge of Commodities: The East, which holds manufacturing and resources, will force a massive reassessment. The era of cheap metal is over. They won't accept any more role in exchange for real resources.

We're witnessing a classic Squeeze in slow motion. The price on the screen ($108) still does not reflect the panic that is happening in the delivery department.

My Vision: Physical possession is the only security.

1. Ignore Paper Volatility: They may try to take down the price by selling empty contracts, but that just speeds up the drainage of the physicist.

2. Target: With Comex breaking, Silver has no roof. The revaluation for $200+ will be quick when the technical default is obvious to the public.

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