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<p>[QUOTE=&quot;Heavymetal, post: 26708365, member: 96124&quot;]An overview from AI</p><p>8</p><p><br /></p><p><br /></p><p>[ATTACH=full]1705054[/ATTACH]</p><p>COMEX silver inventories are under extreme pressure in early 2026, with registered stocks—metal available for delivery—falling below 100 million ounces, creating a potential shortage as open interest remains significantly higher (roughly 366+ million ounces). This tight supply is exacerbated by high demand in Asia and low, declining global inventory.</p><p>Key Details on the Silver Shortage</p><ul> <li>Declining Inventory: Registered silver stocks (available for immediate delivery) dropped under 100 million ounces, down to 98.1 million as of February 11, 2026, signaling significant stress in the market.</li> <li>High Demand/Low Supply: A structural deficit persists, with 2024 demand outpacing supply by 176 million ounces, continuing a multi-year trend of supply deficits.</li> <li>Market Stress Indicators: Shanghai silver prices are trading at a high premium (approx. $10 per ounce) over Western spot prices, indicating a physical shortage in Asia, with high demand impacting London and New York vaults.</li> <li>Delivery Dynamics: While registered inventory only covers a fraction of total open interest, a full default is rare, as most futures positions are closed or rolled over to later dates.</li> </ul><p>Consequences</p><ul> <li>Higher Premiums: Elevated premiums for physical silver reflect limited supply, high fabrication costs, and, in some cases, dealer risk.</li> <li>Price Potential: If a &quot;failure to deliver&quot; occurs, it could cause rapid, sharp increases in the spot price, with some analysts suggesting potential for rapid moves over $100.</li> <li>Market Shift: The physical market is increasingly taking control over the paper-driven, futures-traded price.</li> </ul><p>[/QUOTE]</p><p><br /></p>

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