The COMEX Silver Drain Continues

COMEX silver withdrawals were monstrous earlier in the year…135 million in Q1/2026…23 million oz. in April — but only 12.6 million oz. in May — and only 5.3 million oz. in June. In July, COMEX warehouse stocks actually rose by a net 9.5 million oz. — and in August, it was a net 5.0 million oz. added.

For the month of September, now in the history books, there were 19.457 million oz. of silver added to the COMEX — and 23.502 million troy ounces were shipped out…a very busy month.

There has also been big demand for silver in the October delivery month so far…15.630 million troy ounces issued and stopped. But this is not really physical silver demand per se…as all that’s happening is that silver already sitting on the COMEX has changed ownership.