7 million ounces left comex

7 Million Ounces of Silver Left COMEX Vaults Last Week With a Spike in Deliveries

Over 7 million ounces of silver left COMEX vaults last week as demand for physical metal surged.
Meanwhile, CME recorded 6,168 September silver delivery notices through Sept. 18, representing a “delivery” of 30.84 million ounces, according to the CME’s delivery notice and warehouse report.
A “delivery” tied to a futures contract does not necessarily mean silver left the warehouse. Typically, it just involves transferring a warehouse warrant to the new owner without any physical movement of metal. That’s what makes 7 million ounces of physical metal leaving the warehouse in a single week notable.
For perspective, the 7.2-million-ounce silver outflow equals about 223 tonnes, roughly 2.1 percent of the total COMEX inventory.
This doesn’t indicate a looming silver shortage, but it is a notable metal outflow. It could become significant if physical deliveries become a trend.