Track deliverable silver, futures market pressure, and physical supply conditions inside COMEX warehouses.
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Fast read on upcoming delivery demand relative to available registered supply.
Market Insight
Paper silver claims significantly exceed available physical supply.
→ See what you’ll pay for physical silver right nowRegistered silver represents the portion of warehouse inventory that is immediately deliverable against futures contracts. Changes in registered inventory provide one of the clearest signals of physical supply conditions in the COMEX system. Retail buyers typically pay a premium above COMEX spot, you can compare current bullion prices here.
Persistent declines in registered inventory indicate metal leaving the deliverable pool.
COMEX inventory is divided into registered and eligible silver. Total inventory can remain stable while the deliverable portion changes significantly.
Silver stored in COMEX-approved warehouses is reported daily and includes both registered and eligible stocks.
Silver futures represent financial claims on physical metal. Each standard COMEX contract represents 5,000 troy ounces. Open interest measures total outstanding paper claims, while registered inventory measures deliverable supply. Open interest typically exceeds warehouse stocks because most futures contracts settle financially rather than through delivery. Physical silver is typically purchased through dealers at a premium which you can compare here.
The coverage ratio measures what percentage of outstanding paper claims could be satisfied with registered inventory. Below 15% is considered stress territory, historically rare and associated with delivery squeezes.
Delivery notices show how many futures contracts are settling with physical metal rather than cash. Each silver contract = 5,000 troy ounces. When delivery demand rises while inventory declines, physical supply pressure increases. The delivery period begins the day before first notice day, when longs can first be assigned. Most delivery activity occurs in the first few trading days of the period.
| Contract | Contracts | Ounces |
|---|---|---|
| April 2026 | 1,435 | 7.2M oz |
| March 2026 | 9,212 | 46.1M oz |
| February 2026 | 5,036 | 25.2M oz |
| January 2026 | 9,889 | 49.4M oz |
| December 2025 | 12,946 | 64.7M oz |
As first notice day approaches, traders who don't intend to take delivery must roll or close their positions. The remaining open interest on first notice day represents contracts standing for physical delivery. Each contract is worth 5,000 oz of silver that must be delivered. Open interest typically drops sharply in the final weeks as speculators exit - the rate of decline and residual OI reveal how many participants plan to take physical metal.
| Contract | Open Interest | OI Change | Volume | OI (oz) |
|---|---|---|---|---|
| APR 2026 | 219 | 0 | 0 | 1.1M oz |
| MAY 2026 | 71,054 | 0 | 0 | 355.3M oz |
| JUN 2026 | 411 | 0 | 0 | 2.1M oz |
| JUL 2026 | 26,883 | 0 | 0 | 134.4M oz |
| AUG 2026 | 111 | 0 | 0 | 555.0K oz |
| SEP 2026 | 7,329 | 0 | 0 | 36.6M oz |
| OCT 2026 | 51 | 0 | 0 | 255.0K oz |
| NOV 2026 | 51 | 0 | 0 | 255.0K oz |
| DEC 2026 | 7,106 | 0 | 0 | 35.5M oz |
Daily futures volume reflects trading activity and market participation. Open interest tracks the total number of outstanding contracts.
Warehouse inventory changes whenever metal is deposited, withdrawn, or reclassified between eligible and registered status. Each warehouse reports daily inventory movements to the exchange.
Daily changes in registered silver reveal whether metal is flowing into or out of the COMEX system. Green bars indicate inflows (metal added), red bars indicate outflows (metal withdrawn or reclassified).
The COMEX Stress Index combines coverage ratio, inventory trend, paper leverage, and vault outflows into a single 0–100 score. Higher values signal greater physical supply stress in the COMEX silver market.
This section summarizes current physical supply conditions using key indicators such as inventory trend, delivery demand, coverage ratio, and vault flows.
Registered silver has declined 12.3% over the past 30 days (10.7M oz withdrawn).
Coverage ratio stands at 13.4% - stress.
Paper leverage is elevated at 7.5× - significantly more paper claims than deliverable metal.
At the current withdrawal pace, registered silver would be exhausted in ~157 trading days.
Physical pressure is high.
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:
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.
The COMEX Stress Index is a composite score from 0 (no stress) to 100 (extreme stress), combining four physical supply indicators:
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.
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.
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.
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.
Registered silver is deliverable metal with an active warehouse warrant. It is the portion of inventory that can immediately settle a futures delivery obligation.
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.
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.
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.
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.
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.
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.
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.
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.
