COMEX silver stocks are shown in two buckets: Eligible and Registered. Eligible silver meets exchange standards and sits inside COMEX vaults, but it cannot be delivered unless the owner agrees. Registered silver is the only silver actually available for delivery against futures contracts.

Right now, total COMEX silver inventory looks comfortable at around 440 million ounces. But here’s the catch—only about 124 million ounces are registered. That means less than 30% of the reported silver can actually be delivered.

Now look at the paper side. The March 2026 futures contract alone represents over 500 million ounces of silver—more than four times the deliverable supply.

This system works only as long as traders keep rolling contracts and don’t ask for metal. But when physical demand tightens, things change fast. That’s why physical silver is trading at premiums across markets globally.

This isn’t about an immediate default. It’s about pressure building inside the system. And when pressure builds in commodities, prices usually move—not slowly, but suddenly.

Disclaimer:
This blog is for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any financial instrument. Views expressed are based on publicly available information and market understanding at the time of writing and are subject to change. Readers should consult their financial advisor before making any investment decisions. Investments in markets are subject to risk.