47.6M Oz Vanish in 4 Days: COMEX Silver Drain Warning – Is Paper Price Now a Ghost?

Описание: 47.6M Oz Vanish in 4 Days: COMEX Silver Drain Warning – Is Paper Price Now a Ghost?

Forty-seven point six million ounces of silver vanished from COMEX in just four trading days.
Sixty percent of Registered inventory is gone – while Shanghai pays more for every bar left.

In this Gray Ledger deep dive, we break down the historic COMEX drain, the West-to-East arbitrage, and why the “spot” price on your screen is turning into a ghost number with no metal behind it.

What You Will Learn
The COMEX Drain: 47.6M Ounces in 4 Days
How December delivery wiped out 60% of Registered silver in under 100 hours
Why this drawdown dwarfs annual output of major silver-producing nations
Why a “delivery request” is really a run on the bank in polite language
Ghost Market: Price vs. Reality
How mid‑$60s spot masks 10–20% physical premiums for 1,000 oz bars
Why dealers are scrambling and inventories are effectively gone
The growing disconnect between screen price and real-world clearing price
Rehypothecation and the Musical Chairs Problem
How the same ounce can be sold to 10–50 different owners
Forced cash settlements: “We can’t find your metal, here’s money instead”
Spiking lease rates as a stress signal: nobody wants to part with bars
The Great Drain: West-to-East Arbitrage
Shanghai consistently trading at a material premium over New York
Step-by-step: buy on COMEX, take delivery, ship East, sell higher
How this “free money” arbitrage sucks every last ounce from Western vaults
Industrial + Monetary Squeeze: A New Pincer Move
Green energy and high-tech demand colliding with rising monetary demand
Why this is not a 1980/2011-style speculative spike – this time the vaults are thin
Why you “can’t short a vacuum”: paper games fail when shelves are empty
Operational Breakdowns at the Core of the System
Delivery requests crushing Registered stocks in session logs
Reports of delayed or halted handovers to large buyers
What soaring lease rates and “we need more time” really signal about COMEX plumbing
Smart Money Playbook: Get Out of Pure Paper
Difference between:
Physical (in hand or fully allocated)
Allocated storage (segregated, serial‑numbered bars)
Unallocated / ETF / digital IOUs
Why promises are usually cash-settled at the worst possible moment in a crunch
How to think in terms of value (scarcity) vs price (screen quote)
Uncharted Territory: What Happens If COMEX Hits Zero?
Why one more wave of deliveries could push Registered to effectively empty
How price discovery shifts from HFT terminals in NY to who has metal, and where
The case for a sudden, overnight re-rating where $60 looks cheap in hindsight
Comment Question:
If COMEX “Registered” silver actually hits zero, what do you think the REAL physical price becomes? At what number ($80, $100, $200+) would you still pay for a 1,000 oz bar – and why? Share your number + reasoning in the comments.

Subscribe to The Gray Ledger to track vault levels, premiums, and the East–West drain before it hits the mainstream.

Disclaimer:
The information provided in this video is for educational and informational purposes only and does not constitute financial, investment, or trading advice. Investing in commodities like silver involves significant risk, including the potential loss of principal. Markets can be extremely volatile and unpredictable. Always conduct your own thorough research and consult with a qualified, licensed financial advisor before making any investment decisions. The Gray Ledger and its creators are not responsible for any financial losses or damages incurred based on the information or opinions presented. Past performance is not indicative of future results.



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