COMEX Silver Inventory
Physical silver stocks in COMEX-approved warehouses
Delivery Notices
Daily Delivery History
What Is COMEX Silver Inventory?
COMEX silver inventory represents the total physical silver stored in CME Group-approved depositories. These include major vault operators like JP Morgan, Brink's, and HSBC. The inventory is divided into registered silver (warranted and available for delivery against futures contracts) and eligible silver (meets exchange standards but not currently earmarked for delivery). Together, they represent the physical silver backing the world's largest futures exchange for precious metals.
Why COMEX Silver Inventory Matters
COMEX silver inventory is watched closely because it reflects the physical supply available to back paper contracts. When inventory drops, it means more physical silver is leaving the vaults than entering them. This can create pressure on the exchange as the ratio of paper contracts to physical metal increases. Major drawdowns have historically coincided with periods of rising silver prices, as they signal genuine physical demand from industrial users, investors, and sovereign buyers.
Registered vs Eligible Silver
Registered silver has a warrant issued against it and can be delivered to fulfill a futures contract. Eligible silver meets COMEX specifications (fineness of .999 or better, bars between 1,000 and 1,100 troy ounces) but is simply being stored in the vault without a delivery warrant. The movement between these categories matters: when eligible silver is registered, it increases deliverable supply. When registered silver is reclassified to eligible, it reduces the pool available for futures settlement.
How to Read COMEX Inventory Trends
When analyzing COMEX silver inventory, look for sustained trends rather than single-day movements. A multi-week drawdown is more significant than a one-day decline. Pay attention to the speed of change: rapid drawdowns may signal urgent physical demand. Compare inventory levels to open interest (the number of outstanding futures contracts) to gauge how leveraged the market is. A falling inventory combined with rising open interest suggests increasing strain on physical supply.
Frequently Asked Questions
- How much silver is in COMEX warehouses?
- COMEX silver inventory fluctuates based on deliveries, withdrawals, and transfers between registered and eligible categories. Check the chart above for the latest total. Historically, levels have ranged from under 150 million ounces to over 400 million ounces.
- What does a COMEX silver inventory drawdown mean?
- A drawdown means physical silver is being withdrawn from COMEX warehouses faster than it is being deposited. Persistent drawdowns suggest strong physical demand and can indicate tightening supply conditions that may support higher prices.
- How often is COMEX silver inventory data updated?
- COMEX publishes warehouse stock reports daily, typically after market close. Our data is updated daily to reflect the latest reported figures. Use the range selector above to view different time periods.
- Is COMEX running out of silver?
- COMEX silver inventory has experienced significant drawdowns in recent years. While total levels remain substantial, the trend of declining registered silver has drawn attention from analysts and investors. The depository breakdown table above shows which vaults are seeing the largest changes.
- Where are COMEX silver warehouses located?
- COMEX-approved silver depositories are operated by major vault companies including JP Morgan Chase, Brink's, HSBC, Asahi, CNT Depository, Delaware Depository, Loomis International, Malca-Amit, Manfra Tordella and Brookes, and StoneX. These facilities are located across the United States.