COMEX Silver Inventory (Latest Warehouse Data)

COMEX silver inventory is the total amount of physical silver stored in exchange-approved warehouses that can be used to support futures trading and delivery. The exchange publishes daily warehouse stock reports showing how much metal is held inside the COMEX storage system at the end of each trading day.

Inventory is divided into two categories: registered silver and eligible silver. Registered silver is immediately available for delivery against futures contracts, while eligible silver meets exchange standards but is privately owned and not currently designated for delivery. Because futures contracts can settle physically, warehouse inventory provides one of the clearest indicators of real metal availability within the exchange system.

Market participants closely monitor inventory levels to assess supply conditions. Rising inventory generally suggests abundant available metal and lower delivery pressure, while declining inventory may indicate tightening supply, stronger physical demand, or increasing competition for deliverable silver.

COMEX warehouses are secure storage facilities approved by the exchange to hold metals that meet strict delivery specifications. These facilities store silver on behalf of market participants such as banks, funds, refiners, industrial users, and investors. The exchange itself does not own the metal, it regulates the storage and reporting system that allows futures contracts to be settled through standardized procedures.

Each warehouse reports daily inventory balances and movements between eligible and registered classifications. These reports track deposits, withdrawals, and reclassification of metal, providing transparency into how much physical silver is held within the exchange network. Because reporting is standardized and consistent, warehouse data serves as a reliable measure of physical supply conditions in the COMEX market.

Silver stored in COMEX warehouses is classified based on whether it is available for delivery. This distinction is central to understanding how the futures delivery system operates.

Registered silver has a warehouse warrant attached and is fully available to settle futures contracts. It represents the portion of inventory that can immediately satisfy delivery obligations. Eligible silver, by contrast, meets exchange standards for purity and form but is privately owned and not currently designated for delivery. It may simply be stored in the warehouse for safekeeping or investment purposes.

Eligible metal can become registered if the owner chooses to issue a warehouse warrant, making it available for delivery. This two-tier structure allows the system to maintain a buffer of potential supply while clearly identifying the metal that is immediately deliverable. As a result, total inventory may remain stable even while the deliverable portion rises or falls significantly.

COMEX inventory is one of the most important indicators of physical supply in the silver futures market. Because futures contracts allow physical settlement, warehouse stocks determine how much metal is immediately available to meet delivery obligations.

When registered inventory declines, it may signal that physical demand is absorbing available supply or that metal is leaving the exchange storage system. When inventory rises, it may indicate increased supply, reduced delivery demand, or additional metal entering storage.

Inventory levels also influence market expectations and risk perception. Tight supply conditions can increase sensitivity to delivery demand, while abundant inventory reduces the likelihood of delivery pressure. For this reason, warehouse inventory is closely monitored by traders, institutions, and analysts across global precious-metal markets.

COMEX silver futures contracts allow physical settlement during a defined delivery period. The process begins at first notice day, when delivery notices may be issued for the contract month. Traders holding open long positions at that time may be required to accept delivery unless they close or roll their positions beforehand.

Physical delivery occurs through the transfer of a warehouse warrant, which represents legal ownership of specific silver stored in an approved COMEX vault. The short position “issues” the warrant, and the long position “stops” it - meaning ownership of registered metal is transferred without the bars needing to physically move.

Most futures traders do not intend to take delivery. As first notice day approaches, they typically choose one of three actions:

• Close the position - exit the contract before delivery begins.
• Roll the contract - close the current month and open a later delivery month to maintain price exposure.
• Stand for delivery - remain open into the delivery period and accept (or make) physical settlement.

The amount of open interest remaining in the front-month contract near first notice day represents potential delivery demand. If a meaningful portion of these contracts stand for delivery, registered COMEX inventory must be sufficient to satisfy those obligations.

This is why traders closely monitor the countdown to first notice day, front-month open interest, and registered warehouse stocks - together they determine how much paper demand could become physical demand in the near term.

COMEX warehouse inventory changes whenever metal moves into, out of, or within the storage system. These changes reflect both physical movement of silver and administrative reclassification between delivery categories.

Inventory can change when metal is deposited into storage, withdrawn from warehouses, converted from eligible to registered status, or reclassified back to eligible. Delivery transfers between market participants can also change ownership without requiring metal to physically move.

Because both physical flows and classification changes affect reported balances, interpreting inventory movements requires understanding how the warehouse system tracks and reports metal holdings.

COMEX Stress Index

The COMEX Stress Index is a composite score from 0 (no stress) to 100 (extreme stress), combining four physical supply indicators:

• Coverage ratio (40%) -registered inventory as a percentage of outstanding paper claims
• Inventory trend (25%) - 30-day rate of change in registered silver
• Paper leverage (20%) - how many times paper claims exceed deliverable metal
• Vault outflows (15%) - net metal movement out of the COMEX system over 30 days

Coverage Ratio Thresholds

• >30% - Comfortable
• 15–30% - Tight
• <15% -Stress

Data Sources

This dashboard is based on publicly available COMEX warehouse reports and futures market statistics published by CME Group.

Inventory levels reflect reported balances of registered and eligible silver held in exchange-approved storage facilities. Futures market data including open interest and trading volume is used to estimate paper market exposure and potential delivery demand. Each standard COMEX silver futures contract represents 5,000 troy ounces.

The figures presented are derived metrics and analytical indicators calculated from the latest published exchange data. Values are updated as new reports become available and may reflect reporting schedules, revisions, or publication timing.

Contract Scope

COMEX lists multiple silver futures contract sizes and delivery months. This dashboard focuses on the standard 5,000-troy-ounce silver futures contract, which serves as the primary benchmark for liquidity and physical delivery.

Delivery pressure metrics are based on the front-month standard contract, where most delivery activity occurs. Smaller contract variants are excluded from delivery pressure calculations.

What is COMEX silver inventory?

COMEX silver inventory is the total physical silver reported inside exchange-approved warehouses. It includes both registered and eligible metal and is one of the most direct indicators of physical supply visible to the futures market.

How often is COMEX inventory updated?

Inventory is published daily after trading closes through exchange warehouse stock reports, allowing market participants to track day-to-day changes in stored and deliverable silver.

What is registered silver?

Registered silver is deliverable metal with an active warehouse warrant. It is the portion of inventory that can immediately settle a futures delivery obligation.

What is eligible silver?

Eligible silver is metal that meets COMEX standards and is stored in approved warehouses but is not currently warranted for delivery. It can become deliverable if the owner converts it to registered status.

Can COMEX run out of silver?

COMEX can face tight deliverable supply if registered inventory becomes very low relative to delivery demand, but the system has multiple adjustment mechanisms including re-warranting eligible metal, sourcing additional supply, position rolls, and negotiated settlement outcomes.

Why does open interest exceed inventory?

Open interest reflects outstanding futures contracts, and futures are mostly used for hedging and financial exposure rather than taking physical bars. Because only a fraction of contracts goes to delivery, open interest usually runs above warehouse inventory.

What happens if everyone demands delivery?

If an unusually high share of longs stood for delivery at once, the market would likely respond through higher premiums, reclassification of eligible to registered metal, additional sourcing, and in some cases alternative settlement arrangements depending on available supply and participant behavior.

What is a warehouse warrant?

A warehouse warrant is the ownership document for specific metal in an approved COMEX facility. Delivery is completed by transferring that warrant from seller to buyer.

What is first notice day?

First notice day is the point in the contract cycle when longs can begin to be assigned for delivery. Traders who do not want delivery usually roll or close before that date, which is why countdown metrics are closely watched.

Why do traders track vault flows?

Vault flows show how much metal is entering, leaving, or being reclassified inside the warehouse system. Persistent outflows in registered stocks can signal tightening physical conditions.

Does rising inventory always mean weak demand?

Not always. Rising inventory can come from new supply entering warehouses, weaker immediate delivery demand, or temporary changes in positioning. Context from price action, deliveries, and open interest helps distinguish which force is dominant.