Commodities
COMEX Silver Outflow Sparks Delivery Squeeze Fears
The COMEX silver market has experienced significant outflows in recent weeks, sparking concerns about a delivery squeeze. Between September 10 and 17, 7.1 million ounces of physical silver left COMEX vaults, representing a 2.1% decline in total inventory over just one week.
This rapid outflow is reminiscent of the early stages of the October 2025 silver squeeze, which eventually drove prices above $50 an ounce.
The paper-to-physical ratio for silver remains highly leveraged, with about five paper claims for every single ounce of registered physical metal. This setup exposes short sellers to sudden and violent squeeze risks.