Silver Delivery at COMEX Explode – 22 Million Ounces Drained in 9 Days

[Igor Pereira]

Traders, the clearest physical shortage of the year has just appeared in the CME compensation reports.

By Igor Pereira

Financial Market Analyst

The delivery data for the February 2026 Silver contract (a typically "non-main" month) show a glaring anomaly: contracts are now being bought for the sole purpose of demanding immediate delivery.

Below is forensic analysis of the official document and why it proves that the market is hungry for real metal.

The official report "Daily Delivery News" dated 09/02/2026 reveals the volume of drainage.

• Volume: The total accumulated in the month (Month to Date) reached 4.490 contracts.

• Math: Each contract represents 5,000 ounces.

  $4,490 \times 5,000 = 22,450,000 \text

• The Comparison: In just 9 days, February 2026 already moved the same amount of ounces that all February 2025. This is a demand acceleration of 300-400% on the annual basis.

The most important detail is technical, but vital.

• The Phenomenon: The number of deliveries (4,490) is larger than the Open Interest that existed before the start of the liquidation period.

• The Meaning: In a normal market, traders roll or close positions. Here, new participants entered the market during The delivery window, they bought the contract and said, "I want the metal now". This only happens when there is a shortage in the spot market (Spot) and buyers use COMEX as the ultimate supplier.

The document identifies the players involved in this massive transfer of wealth.

• Sellers: Who's supplying the metal? Mainly the Deutsche Bank AG (305 contracts today) and Wells Fargo (124 contracts). They're being forced to deliver their supplies.

• The Buyers: Who's taking the metal?

  • StoneX Financial (278 contracts): StoneX is known for serving industrial customers and coin houses. They're cleaning the safe for real use.

  • Goldman (94 contracts): Even Vampire Squid is accumulating physics now.

  • JP Morgan (38 contracts): Interestingly, JPM is at the tip of the buyer today, recovering some of what it may have sold before.

The paper market can no longer hide physical demand.

My Vision:

When we see massive purchases for immediate delivery in a secondary month, the "Squeeze" is imminent.

1. Warning signal: Comex's registered stocks will fall dramatically in the coming weeks when these 4,490 contracts are removed from the warehouses (Load Out).

2. The Price: Ignore intraday fluctuations. The physical base is being built to support much higher prices. The metal is coming out of the hands of the banks (Deutsche) and going to the industry (StoneX).

---

Premium Access: "Eligible vs. Registered" Stock Monitor

How many ounces are left Really available for sale at COMEX? In Premium, we track the category "Registered" daily. When that number falls below the critical level we calculate, the price may double in days.

Ensure your place in the elite market:

"> CLICK HERE TO ACCESS THE PICTURE