Millions of Ounces of Silver Left COMEX Vaults

Physical silver withdrawals have reduced total inventories as market supply deficits continue to persist.

Updated on Sept. 24, 2026 in Economic Indicators

Millions of Ounces of Silver Left COMEX Vaults

Live Poll

Do you trust physical precious metals more than paper assets for protecting your personal savings?

Approximately 7.1 million ounces of silver were removed from COMEX vaults between September 10 and September 17, 2026. This withdrawal represents about 2.1% of the exchange's total silver inventory as global supply pressures remain ongoing.

Why it matters

The reduction in vault holdings highlights continued tightness in the physical silver market. Analysts expect the global silver supply deficit to reach 800 million ounces by the end of 2026, marking a sixth consecutive year of undersupply.

Total COMEX silver inventory fell to 330.1 million ounces, with eligible stock dropping by 8.6 million ounces. The ratio of paper claims to physical registered silver currently sits at approximately 5-to-1.

The players

COMEX

This is a major commodities exchange based in New York that facilitates the trading of precious metals including silver and gold.

CME Group

This is the parent organization that operates the COMEX exchange and provides data on commodity trading and delivery notices.

The details

The decline in eligible silver inventory was partially offset by a 1.4 million ounce increase in registered silver stocks as warrants were assigned to previously eligible metal. Market data shows 6,168 delivery notices for September, underscoring heavy demand within the exchange system.

7.1 million ounces of silver were withdrawn from COMEX vaults between September 10 and September 17, 2026.
CME data tracking silver delivery notices concluded on September 18, 2026.
The ratio of paper claims to registered silver was calculated as of mid-September 2026.

Macro View

The recent removal of 7.1 million ounces from COMEX vaults follows a long-term pattern of dwindling global silver stocks. This mirrors the broader 15-year trend that has seen a net reduction of 473 million ounces in total above-ground supply.

While these inventory shifts are primarily institutional, they signal persistent scarcity that can influence silver pricing for investors and retailers. Consumers should monitor how sustained supply deficits impact the cost of precious metal-based assets and physical bullion products.

The takeaway

The physical removal of silver from exchange vaults underscores a long-standing supply-demand imbalance in the global market. Investors may find it prudent to track vault levels as a barometer for market liquidity in the face of ongoing annual deficits.