COMEX Volume (4x Larger) and Silver Set Above $90 – The Squeeze

[Igor Pereira]

COMEX delivery numbers for this Wednesday (14/01/2026) have just been published and they tell a story that no paper chart can hide.

By Igor Pereira Financial Market Analyst

As you correctly noted, the volume of deliveries to the January 2026 contract is at crisis levels. The cumulative total of the month ("Month to Date") reached 7,721 contracts. That's close. 4 TIMES the volume seen during the same period in January 2025.

Below, the autopsy of data that proves that paper manipulation ("shenanigans") is not being able to contain physical drainage.

1. The Adjustment Price: $90.86 (The New Reality)

Before you look who bought it, look at the price.

• The Data: The settlement price (Settlement) for such deliveries was fixed at $90,869.

• Reading: This validates our thesis that the $90 level is not just a speculative peak, but the new base price for physical metal. Institutions are paying almost $91 per ounce to take the metal home Now.

2. Who's Buying? (The Banks are Hungry)

Look at the "Stopped" column. Smart money is piling up.

• Macquarie Futures (House): Stopped 176 contracts for your own account.

• Wells Fargo (House): It did. 107 contracts.

• Scotia Capital (House): It did. 96 contracts.

• Analysis: When you see "House" accounts (from the bank itself) leading purchases in an inactive month, it is a sign that they are restocking inventories strategically. They know the shortage is getting worse.

3. Who's Selling?

• JP Morgan (Customer): Most of the sale came from JPM's customer account ('C') (285 contracts). Probably making money or JPM using customer inventory to provide liquidity.

• StoneX (House): Sold 117 contracts. StoneX continues to be one of the leading providers of physical liquidity, but how long do they endure that output pace?.

Math is simple: 4x plus physical demand in a year, with prices 56% higher.

My Vision: "Squeeze" remains independent of paper games. The fact that we have 509 contracts exchanging hands in a single day, in a contract that should be "dead", shows that the industry is desperate for immediate metal.

Action:The physical market is swallowing the bid at $90. The path to the three digits ($100+) is paved by these delivery reports.

---

Game Turned: Critical Stock

There is a level of stock in the Macquarie account that, if reached, will signal that they are preparing to "corner" the market in March. Our members Premium They're monitoring that number every day.

Ensure your place in the elite market: "> CLICK HERE TO ACCESS THE PICTURE