Photo by Zlaťáky.cz on Unsplash

In this video, I verify the recent claims about unusually large silver deliveries on the COMEX. Major delivery months in 2025 and early 2026 are confirmed, with volumes generally ranging from roughly 68 to 80 million ounces, plus one smaller month near 45 million ounces.

I also clarify that these are not the largest deliveries in history. The record year remains 1999, when Berkshire Hathaway purchased approximately 130 million ounces of silver.

COMEX warehouse data shows inventories rising from about 300 million ounces in early 2025 to over 500 million later in the year, before declining by roughly 100 million ounces after the September delivery period. Both heavy deliveries and higher inventories can occur at the same time, reflecting how COMEX delivery and reporting mechanisms actually work rather than true physical supply conditions.

The key takeaway is that headline delivery numbers alone can be misleading without understanding the structure behind them.
 

00:05:21 (Financial component ends at 00:03:50)

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