BANK RUN STARTED- 47K Contracts Demand Silver (COMEX Has 23M Oz, Needs 235M, Math IMPOSSIBLE)

Описание: 1. COMEX Just Failed a Math Test It Cannot Pass
2. 47,000 Contracts, 23 Million Ounces, This Is the Breaking Point
3. Paper Silver Is Finished, Today Proved It
4. The Day the Silver Paper Market Collapsed
5. This Is a Silver Bank Run and It Has Started



Today, Wednesday, January 15th, 2026, the paper silver market crossed a line it cannot uncross. At 2:00 p.m. Eastern, new data from the Chicago Mercantile Exchange revealed something that should never happen in a functioning commodity market. Something that is not just abnormal, but mathematically impossible.

Today was first notice day for the February COMEX silver contract, a major delivery month. On first notice day, longs must declare whether they want cash settlement or physical metal. In normal markets, only 5 to 10 percent of contracts stand for delivery. That is how the system survives.

Today, 47,012 contracts stood for delivery.

Each COMEX silver contract represents 5,000 ounces. That means buyers demanded delivery of approximately 235 million ounces of physical silver. At the same time, COMEX registered inventory, the silver officially available for delivery, stood at just 23.1 million ounces.

That is a delivery ratio of more than 10 to 1.

In plain terms, for every ounce of silver available, more than ten ounces have been promised. This is not tight supply. This is not stress. This is a fractional reserve system failing in real time.

To put this in perspective, the historical average for February delivery demand is around 9,000 contracts, or 45 million ounces. Registered inventory in those years averaged between 80 and 120 million ounces. The system normally operates with a comfortable surplus. Today’s demand is roughly 23 times worse than historical norms.

Price is supposed to fix this. Higher prices should reduce demand and attract supply. But that mechanism has failed. Silver has already risen sharply this month, yet delivery demand exploded instead of falling. That tells you who the buyers are. These are not leveraged speculators. These are industrial users, sovereign entities, and institutions that need metal, not exposure.

Supply is frozen. Eligible inventory holders are refusing to convert to registered because once silver is delivered, it may be gone forever. Overseas arbitrage is dead. Shanghai trades at a premium and cannot export. Shipping timelines exceed the delivery window. Refiners are backed up. Miners are sold forward. The metal is not available.

What we are witnessing is a commodity bank run. The COMEX operates like a fractional reserve bank, assuming most claim holders will never ask for delivery. Today, nearly half did. The vault does not have the metal.

This confirms what physical markets have been signaling for months. Shanghai trades above $100. India trades above $130. US retail silver commands premiums exceeding 50 percent. These are not speculative prices. These are prices paid for real metal, in hand.

Paper silver and physical silver are now two separate markets.

What happens next will be volatile. The exchange may scramble for metal, offer incentives, or attempt rule changes. But the math does not change. You cannot deliver 235 million ounces when you only have 23 million.

This is not a temporary squeeze. This is structural failure.

If you hold physical silver, you hold the asset the system cannot create. If you hold paper claims, you hold a promise from a system that just proved it cannot keep them.

Today was the proof. The endgame has begun.