Скачать или смотреть COMEX Registered Silver Fell 40% Since July—Yet Futures Open Interest Increased

This video follows a quiet shift in market structure that most coverage isn't tracking.

Two numbers are moving in opposite directions. COMEX registered silver inventory—the metal available for futures delivery—has fallen roughly 40% since July. During the same period, open interest has risen. More paper claims are being written against a shrinking pool of deliverable metal.

We examine why this divergence usually doesn't matter, and why it might matter now. The coverage ratio between physical inventory and outstanding contracts has compressed to levels not seen in years. The self-correcting mechanisms that normally rebalance these conditions aren't operating effectively.

The historical parallel to 1980 is instructive but imperfect. The Hunt Brothers episode ended with exchange rule changes and forced liquidations. Current positioning differs—no concentrated ownership is visible. But the structural vulnerability created by the ratio compression remains.

This is observation, not prediction. The system continues to function. The divergence may resolve quietly. Or it may not.

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
⚠️ DISCLAIMER:
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

This content is for educational and informational purposes only. Nothing presented constitutes financial, investment, or trading advice. Past patterns do not guarantee future outcomes. Always conduct independent research and consult qualified professionals before making financial decisions. The creator assumes no liability for actions taken based on this content.