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If physical delivery of silver futures fails on COMEX (e.g., due to low registered stocks ~32M oz vs. high open interest), paper prices often spike from a short squeeze as sellers cover positions. Historical squeezes like 1980 saw prices double quickly. However, CME could enforce cash settlements or rule changes to avert default, potentially capping upside. Current Jan 2026 OI is low at 414 contracts, per CME data.
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Physically settled COMEX silver futures contracts for January have exceeded the 9,000 mark and now stand at 9,181, which corresponds to approximately 46 million ounces of silver.
At this rate, there is no chance that anyone holding COMEX silver futures contracts will be able to physically settle beyond March.
And it could accelerate further.
The Comex, and with it the Western pricing power for precious metals, is on the verge of collapse. This means that nothing should stand in the way of a revaluation of commodities. As soon as the East has the financial power, it will make the West pay for its exploitation and wars by pushing up the prices of commodities sharply.

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