COMEX Silver Vaults Saw 7.1 Million Ounce Outflow
Industrial users and investors should monitor tightening physical supply as vaults see significant movement.
Updated on Sept. 24, 2026 in Economic Indicators
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Approximately 7.1 million ounces of silver were withdrawn from COMEX vaults between September 10 and September 17, 2026. This exit, representing 2.1% of total COMEX inventory, occurred as the market faces a projected cumulative annual supply deficit of 800 million ounces by year-end.
Why it matters
The steady decline in above-ground stocks, which have dropped by a net 473 million ounces over the last 15 years, suggests long-term tightness in global physical supply. For operators relying on silver as a raw material, this environment increases the risk of price volatility and supply chain friction.
Total COMEX silver inventory dropped to 330.1 million ounces, with eligible inventory falling 8.6 million ounces to 232.8 million ounces. Meanwhile, the ratio of paper claims to registered physical silver stands at approximately 5-to-1.
The players
COMEX
A major commodity exchange operated by CME Group, serving as the primary benchmark for global precious metals trading.
The details
The drawdown involved the physical removal of 7.1 million ounces of silver from the COMEX warehouse system, effectively reducing total stocks from 337.2 million ounces to 330.1 million ounces. While total inventory fell, registered silver—metal warrantied for delivery—increased by 1.4 million ounces to 97.3 million ounces. This reclassification reflects warrants being assigned to metal previously categorized as eligible, even as the broader market continues to experience a structural supply deficit.
Timeline
September 10, 2026 - September 17, 2026: 7.1 million ounces of silver left COMEX vaults.
September 18, 2026: Data window closed for the 6,168 recorded silver delivery notices.
Mid-September 2026: The ratio of paper claims to registered physical silver was calculated at 5-to-1.
Market Landscape
This activity aligns with a 15-year trend that has seen above-ground silver stocks shrink by a net 473 million ounces. The movement occurs against a backdrop of a global silver market entering its sixth consecutive year of supply deficits.
Procurement managers should factor in the 5-to-1 ratio of paper claims to physical silver when assessing contract risks for future delivery. Monitor future inventory reports for continued shifts between eligible and registered stock categories as a signal for potential supply bottlenecks.
The takeaway
The sustained depletion of physical silver suggests that supply-side constraints remain the dominant force in the precious metals market. Operators should track delivery notice volumes as a key signal for physical market liquidity in the coming quarter.
Further reading
For broader context on industrial commodity trends, see Economic Indicators.
Source note: This article includes information reported by FXStreet.
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