COMEX Silver Stocks Fell 7.1 Million Ounces
Physical silver withdrawals represent about 2.1% of total COMEX inventory, tracking against a multiyear supply deficit.
Updated on Sept. 24, 2026 in Economic Indicators
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Approximately 7.1 million ounces of silver were removed from COMEX vaults between September 10 and September 17, 2026. This move occurred as the global silver market faces a projected cumulative supply deficit of 800 million ounces by the end of the year.
Why it matters
The reduction highlights ongoing pressure on global physical silver stocks, which have decreased by a net 473 million ounces over the last 15 years. Investors and analysts monitor these vault levels as an indicator of market tightness and physical supply availability.
Total COMEX silver inventory dropped to 330.1 million ounces, a decrease of 7.1 million ounces over one week. As of mid-September, the market maintained a ratio of 5 paper claims for every 1 ounce of registered physical silver.
The players
COMEX
A commodity exchange operated by CME Group that facilitates the trading and physical delivery of precious metals.
The details
The drawdown resulted from the physical removal of metal from the warehouse system, while registered inventory levels saw a slight increase of 1.4 million ounces due to the reassignment of warrants from eligible stocks. Simultaneously, the market processed 6,168 silver delivery notices by September 18, representing 30.84 million ounces in potential delivery demand. These shifts occur within a broader multiyear trend of annual supply deficits in the global silver market.
Timeline
September 10, 2026 - September 17, 2026: The window during which 7.1 million ounces of silver exited COMEX vaults.
September 18, 2026: The final day for tracking September silver delivery notices.
Mid-September 2026: The period when the 5-to-1 paper-to-physical ratio was calculated.
Money Landscape
The recent inventory decline follows a 15-year trend of net stock reductions totaling 473 million ounces. This development aligns with a broader, persistent global supply deficit expected to reach 800 million ounces by the end of 2026.
For household investors tracking precious metals, this volatility in vault stocks underscores the importance of understanding physical delivery requirements versus paper-based contracts. Consult a financial professional to discuss how commodity exposure impacts the risk profile of your broader investment portfolio.
The takeaway
The sustained depletion of above-ground silver stocks suggests that supply constraints remain a core feature of the current commodities market. Investors should monitor quarterly inventory reports from major exchanges to gauge how these physical supply gaps may continue to influence market dynamics.
Further reading
For more background on market metrics, visit our Economic Indicators section.
Source note: This article includes information reported by FXStreet.
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