COMEX Silver Price Today

COMEX silver is the world's primary silver futures contract, traded on the COMEX division of CME Group. COMEX serves as the global price discovery venue for silver, where producers, refiners, jewelers, industrial users, and speculators converge to establish benchmark prices. The exchange handles the vast majority of exchange-traded silver futures volume worldwide, making the COMEX silver price the reference point for physical silver transactions, ETF valuations, and dealer spot pricing across the globe.

The standard COMEX silver futures contract (SI) represents 5,000 troy ounces of silver, with prices quoted in US dollars and cents per troy ounce. Contracts are listed for delivery in March, May, July, September, and December, extending out several years. The minimum tick size is $0.005 per ounce, equal to $25.00 per contract. COMEX also offers the micro silver contract (SIL) at 1,000 troy ounces for smaller traders. Deliverable silver must meet a minimum fineness of .999 and come in bars weighing between 1,000 and 1,100 troy ounces from approved refiners.

The relationship between COMEX futures and spot silver is defined by the basis, which is the difference between the futures price and the current spot price. In normal markets, futures trade at a slight premium to spot (contango) to reflect storage and financing costs. When near-term demand for physical silver exceeds supply, the market can flip into backwardation, where spot prices exceed futures. This occurred notably in early 2021 during the silver squeeze and signals genuine physical tightness that often precedes significant price moves.

COMEX silver warehouse inventory is closely watched as a market indicator. Silver stored in COMEX-approved vaults falls into two categories: registered and eligible. Registered silver has been assigned delivery warrants and is available for delivery against futures contracts. Eligible silver meets exchange specifications but lacks warrants, meaning the owner has not made it available for delivery. A decline in registered stocks relative to open interest suggests tightening supply conditions. The registered-to-eligible ratio and total inventory trends are leading indicators used by analysts to gauge physical market tightness.

COMEX silver prices drive the global silver market because the exchange provides transparent, liquid price discovery that physical markets reference. London bullion dealers set their spot quotes based on COMEX futures with adjustments for delivery location. Silver mining companies use COMEX to hedge production, locking in forward prices to stabilize revenue. Industrial buyers of silver for electronics, solar panels, and medical devices also hedge on COMEX. With daily volume regularly exceeding 50,000 contracts (250 million ounces notionally), COMEX silver liquidity dwarfs the physical market, making it the dominant force in silver price formation.