If you trust COMEX inventory numbers, I’ve got some mortgage-backed securities from 2008 to sell you.
Wall Street’s house of paper silver is built on illusion. And COMEX is the magician’s stage. Every week, millions of ounces of “silver” get traded in the futures markets — but good luck finding that metal in the real world. You won’t. Because the actual vaults are running on fumes.
So how is it that silver still trades below $30 while industrial demand, retail premiums, and sovereign accumulation are all screaming higher?
Because the COMEX price is no longer a reflection of physical reality. It’s a synthetic number, kept alive by leverage, derivatives, and the willful ignorance of analysts who’d rather not rock the boat.
The Shell Game: Registered vs Eligible
Let’s start with the lie hiding in plain sight. When you see headlines like “COMEX holds 275 million ounces of silver,” it sounds impressive. But it’s not the full story.
| Category | COMEX Inventory (July 2025) |
|---|---|
| Total Silver | 274,968,000 oz |
| Eligible (not for delivery) | 239,021,000 oz |
| Registered (deliverable) | 35,947,000 oz |
[Source: CME Group Warehouse & Inventory Reports, July 2025]
Only the registered silver is available for delivery against futures contracts. That’s 35.9 million ounces — barely enough to cover 3–4 days of global industrial demand.
So when COMEX lets traders go long and short billions of ounces every year, they’re doing it knowing they only have a fractional reserve of physical metal on hand.
You think this is normal? It’s not. It’s the kind of leverage that blew up the housing market. The same sleight of hand — different asset.
The Ratio of Lies: Open Interest vs Deliverable Metal
Now let’s talk about the real kicker — open interest.
As of July 2025, total silver futures contracts represent about 1.2 billion ounces of paper silver. That’s more than the total mined silver in the world this year.
| Metric | Value |
|---|---|
| Open Interest (Jul 2025) | 1.2 billion oz |
| Global Mine Supply (2024) | 822 million oz |
| COMEX Registered Inventory | 35.9 million oz |
[Sources: CFTC, USGS, CME Group]
That’s a leverage ratio of roughly 33-to-1 — meaning for every real ounce of silver in a COMEX vault, there are 33 claims on it.
And nobody goes to jail for this. Because the CFTC pretends it's normal. Because the media doesn’t understand it. And because most investors never ask the obvious question: “Can I actually get the metal delivered?”
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The Drain Is Accelerating
Here’s the part the silver suppression crowd doesn’t exaggerate: the inventories are falling — fast.
Since mid-2022, COMEX registered silver has dropped from 85 million ounces to under 36 million. That’s a 58% drawdown.
| Date | Registered Silver (Moz) |
|---|---|
| June 2022 | 85.2 |
| Dec 2023 | 52.4 |
| July 2025 | 35.9 |
[Source: CME Historical Data]
Where’s it all going?
- Sovereign accumulators like Turkey and India
- Industrial users stockpiling ahead of expected shortages
- Bullion dealers fulfilling delivery orders from panicked investors
Yet the COMEX price still hovers below $30. Because the system hasn’t broken — yet.
Why It Hasn’t Collapsed… Yet
You might ask, “If the numbers are fake, why hasn’t COMEX defaulted?”
Simple:
- Most traders never take delivery. They roll contracts forward or settle in cash.
- The exchange changes rules mid-game to avoid blowups (see: Hunt Brothers, 1980).
- The illusion holds as long as no one calls their bluff.
But it’s already fraying. Just ask PSLV (Sprott Physical Silver Trust), which had delays acquiring large deliveries in 2021. Or ask any refinery that’s quoting 8–12 week lead times on 1,000 oz bars in 2025.
The bottleneck is real. The pressure is building. And when the bluff finally gets called — it won’t be pretty.
The Schiff Angle: This Is the Dollar’s Insurance Policy
Silver isn’t just another commodity. It’s your insurance policy against fiat fraud.
The U.S. government needs the illusion of stable inflation and “contained” commodity prices to keep the dollar game going. If silver revalued based on true scarcity, it would:
- Blow up CPI measurements
- Expose industrial shortfalls
- Undermine confidence in the dollar
So instead, they let Wall Street sell phantom metal.
But this house of cards only stands until a few big players demand real delivery. Then we’ll see what COMEX really has left.
SILVERWARS
COMEX Is the New LIBOR
Remember LIBOR — the global interest rate benchmark rigged by a cartel of banks for years?
COMEX is headed for the same fate. It’s a pricing mechanism detached from physical supply, manipulated by insiders, and too central to fail — until it does.
When the trust breaks — when silver decouples from the paper price — we’ll witness a repricing event that makes $50 look like a warm-up.
Speedwagon Foundation
No More Silver Smokescreens
The numbers don’t lie — they just get buried in footnotes. COMEX is a mirage, built on paper claims and unauditable promises. The metal is vanishing. The leverage is insane. And the price suppression charade is running out of runway.
You can ignore it now and buy higher later. Or you can start paying attention to the people who actually read the fine print.
And no one breaks it down better than SilverWars.com.