COMEX Silver Inventories Shrink by 7.1 Million Ounces as Delivery Demands Surge
Published on 09/22/2026 at 13:40 | Editorial boerse-global.de
Silver's paper market and its physical plumbing are telling two different stories right now. While futures traders trim exposure and price momentum stalls near $66 an ounce, the metal itself is quietly draining out of New York's vaults at a pace that underscores just how much institutional players still want to hold the real thing.
Vaults Empty, Deliveries Pile Up
Between September 10 and September 17, silver stored in COMEX depositories fell by 7.1 million fine ounces to 330.1 million ounces — a weekly contraction of 2.1%, equivalent to roughly 223 tonnes leaving the system. The drawdown was driven almost entirely by the "eligible" category, metal held in vaults without a delivery commitment, which shrank by 8.6 million ounces to 232.8 million. Registered stock, the portion earmarked for settling contracts, moved in the opposite direction, adding 1.4 million ounces to reach 97.3 million.
That shift from eligible to registered is no accident. The Chicago Mercantile Exchange recorded 6,168 delivery notices for the front contract month through September 18, obligating the exchange to hand over 30.84 million ounces. The figure points to sustained institutional appetite for physical metal even as the futures curve shows no sign of acute shortage.
Futures Traders Pull Back
On the derivatives side, positioning has turned more defensive. Long bets have been pared, and the price has felt the weight of that cleanup. Silver last changed hands at $66.53 on COMEX — still 3.1% above its 50-day moving average of $64.51, but well short of this year's peak.
The pullback in speculative length reflects a broader reluctance among traders to chase the metal higher, and the hesitation traces directly to monetary policy signals out of Washington.
Should investors sell immediately? Or is it worth buying Silber Preis?
Oil's Slide Offers a Reprieve
Some relief arrived from an unexpected quarter: energy markets. Crude prices declined for a fourth consecutive session as diplomatic overtures around the Middle East conflict raised hopes of de-escalation, with political discussions on the sidelines of the UN General Assembly drawing close attention from traders.
Cheaper fuel cools the risk of second-round effects feeding into consumer prices — a welcome development for silver, which had spent weeks under pressure from expectations of persistently high rates. On Friday, the COMEX front-month contract closed at $66.78, up 1.6%.
Fed Officials Keep the Door Open
Any relief may prove short-lived. Several Federal Reserve voices have pushed back against the idea that the inflation fight is won. Alberto Musalem, president of the St. Louis Fed, told Reuters that additional rate hikes are likely to be necessary, warning that without further tightening, inflation could remain well above the 2% target for the next year and a half. Susan Collins of the Boston Fed echoed that view in an Associated Press interview, pointing to lingering energy-side risks and signaling willingness to support another move this year. Austan Goolsbee of the Chicago Fed made a similar case, stressing that policymakers cannot afford to ignore repeated supply shocks.
As long as the prospect of higher-for-longer rates props up bond yields, the upside for non-yielding metals stays capped in the near term.
Industrial Buyers Step In
Physical demand is providing a counterweight. In Asia, processors have been stocking up ahead of China's upcoming national holidays, putting a floor under industrial offtake.
Chart watchers see the recovery running into initial resistance between $67.25 and $67.35. A sustained break above that band would open the path toward $71, while the $65 zone offers the first line of support. Until central banks stop threatening further hikes, though, the ceiling on futures gains is likely to hold.
Ad
Silber Preis Stock: New Analysis - 22 September
Fresh Silber Preis information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
