Registered silver inventories held at COMEX-approved warehouses have declined by approximately 12% over the past 30 days, dropping from roughly 125 million troy ounces to approximately 110 million troy ounces. This represents the fastest pace of inventory drawdown since November 2024 and is being interpreted by analysts as evidence of significant physical off-take by industrial buyers.
Understanding COMEX Inventory Categories
COMEX tracks two categories of silver:
- Registered: Silver that is in COMEX-approved warehouses, assayed, and immediately deliverable against futures contracts. This is the figure that matters for supply/demand analysis.
- Eligible: Silver in approved warehouses that meets purity standards but is not yet designated for delivery. This can be converted to Registered status.
The 12% decline in Registered inventories signals that buyers are taking physical delivery rather than rolling contracts — a bullish indicator for physical demand.
Who Is Taking Delivery?
Industrial end-users — primarily electronics manufacturers, solar panel producers, and EV battery companies — are the primary drivers of physical COMEX off-take during periods of significant drawdown. The current inventory decline is consistent with the pattern seen in prior years when silver prices temporarily declined from higher levels, providing procurement teams with an opportunity to accumulate at better prices.
Market Implications
COMEX inventory declines of 10%+ within 30 days have historically preceded price rebounds within 45–90 days, as available physical supply tightens. While this pattern is not deterministic, the combination of declining inventories and macro-driven price weakness historically creates a coiled-spring setup for silver when sentiment eventually turns.