COMEX Deliveries Fuel Silver Price Surge

Silver prices are currently trading at $65.26950 on the OANDA chart, down 0.32% from its opening price of $65.48150.

The COMEX silver deliveries have reached 31.5M ounces in September, with notable delivery notices issued by JP Morgan and Wells Fargo's House Account.

This increase in physical demand is tightening available exchange inventory, which has historically been a reliable tailwind behind silver price forecast discussions.

On the technical side, XAG is sitting at the trendline support level of $65.27 after pulling back from a recent high above $65.53.