Bank Buying Panic – Silver XAGUSD 31 Million Ounces Drained in "Inactive" Month

[Igor Pereira]

Traders, the data we're seeing today behind the scenes at COMEX is the ultimate proof that the game has changed. We are not talking about retail speculation; we are talking about Banks of Ingots (Bullion Banks) Fighting each other for physical metal.

By Igor Pereira Financial Market Analyst

January is historically an "inactive" contract (little delivery). But the data shows that physical demand is effervescent ("sizzling"). The banks are not waiting for the main contract of March; they want the silver Now.

Below is the forensic analysis of the bank run on silver.

The urgency is palpable in the delivery numbers.

• The First Warning Day (FND): We saw 4.583 contracts (equivalent to 22.9 million ounces) stopped for delivery. That's the biggest volume in history for an inactive contract.

• The Comparison: This "dead" month volume exceeds many active month contracts of 2023 and 2024. The shortage does not follow a calendar.

• Acceleration: Only on the 5th trading day were added 1,581 new net contracts (7.9 million ounces). That's... 14 times the typical daily volume.

Here is the most important chart for your long-term thesis.

• The Past: From the peak of the Infinite QE to May 2025, the Bullion Banks sold a net total of 110 million ounces Comex. They were suppressing the price or profiting from the fall.

• The Present (Buy): Since Silver played $32 in May 2025, they have changed course abruptly. Banks bought a liquid 26 million ounces Since then.

• Reading: When banks stop selling and start accumulating aggressively, the market fund is left behind. They're now positioned for discharge.

Who's buying and who's bleeding? The report on Issues and Stops reveals a massive transfer of wealth.

• The Buyer: The own account of the Citi is the biggest buyer, yapping 8.56 million ounces. Other institutional buyers include BofA (1.18M oz) and HSBC (945k oz).

• The Seller: O JP Morgan (House account) is the big loser/supplier, delivering massive -15,655 million ounces.

• Analysis: JP Morgan is being used as the "liquidity whale" to supply the other banks' buying panic. When the JPM stock dries, there will be no more brake for the price.

The data confirms our thesis of Physical Squeeze.

1. Record Volume: Total deliveries from 31.6 million ounces in an inactive month is a red warning sign of scarcity.

2. Banks Buying: The financial elite (Citi, BofA, MS) is accumulating physical before the supply crisis becomes public.

3. Action: Ignore paper volatility. The actual physical flow is of voracious accumulation. Hold your positions. The price breakout will be the inevitable consequence of this inventory drain.

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Game Turned: Stock Collapse Date

Based on the current drainage rate of JP Morgan (-15M oz in days), we calculate the exact date when the "Registered" stocks will reach critical levels of delivery failure.

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