Dr Donald Woods (Dartmouth Med School Grad and USAF vet) wrote today
“Anyone investing in silver or silver miners needs to understand what a CME Clearing Daily Delivery Notice means.
You have the sellers listed and the buyers who are taking delivery of physical silver. This is yesterday’s notice. It shows activity for the business date of March 3, 2026 (intent date), with actual delivery scheduled for March 5, 2026. The settlement price that day was $82.923 per ounce (so each contract is worth about $414,615 at that price).
Top stoppers (buyers accepting delivery) included:
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BOFA Securities (Bank of America) → 195 stopped.
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JP Morgan Securities → 145 stopped.
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Scotia Capital → 65 stopped.
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Morgan Stanley → 62 stopped.
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This means BOFA will purchase $80,849,925 worth of physical silver tomorrow at a price of $82.93 per ounce.
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JP Morgan will purchase $60,119,175 worth of silver at $82.93.
So I hope you understand why BOFA and JP Morgan would try to smash the paper silver price as low as possible. They are actively buying physical silver in very large amounts. JP Morgan has accumulated more physical silver than any other entity in the past 6 months.
Is it a surprise that the JP Morgan analyst came out with a report that physical silver will average $81/oz in 2026. Why would JP Morgan pay $82.93/oz if they thought silver was going to average $81 this year.
They lie in order to discourage retail buyers from purchases which increase the silver price. JP Morgan is accumulating much more silver in anticipation of significantly higher silver prices. It’s all so obvious if you just study the data.”
plus Wells Fargo stopped 50 contracts, 50 x 5,000 ounces is 250,000 ounces
Breaking It Down
First, remember one silver futures contract on the CME equals 5,000 ounces of silver.
When you hear about a “CME Clearing Daily Delivery Notice,” that’s simply an official report showing who is selling and who is buying real, physical silver through the futures market (the COMEX, which is part of CME Group).
It lists:
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Sellers (deliverers): the people or companies handing over the physical silver.
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Buyers (stoppers): the people or companies taking delivery of the metal.
The notice discussed here is for March 3, 2026, with the actual delivery scheduled for March 5, 2026.
That means trades agreed on the 3rd will result in silver actually changing hands on the 5th.
The settlement price (the official price per ounce for that day) was $82.923.
Since each contract covers 5,000 ounces, that makes each contract worth about $414,615 (5,000× $82.923 = $414,615)
Who Bought the Silver
These “top stoppers” (buyers who accepted delivery) were:
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Bank of America (BOFA Securities): 195 contracts
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JP Morgan Securities: 145 contracts
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Scotia Capital: 65 contracts
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Morgan Stanley: 62 contracts
Each contract = 5,000 ounces, so BOFA’s 195 contracts = 975,000 ounces,
and JP Morgan’s 145 contracts = 725,000 ounces.
At $82.93 per ounce, that means:
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BOFA bought about $80,849,925 worth of physical silver.
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JP Morgan bought about $60,119,175 worth of silver
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The other 2 banks, Scotia and Morgan Stanley, combined purchased over $52 Million worth of silver
That’s over $193 million between just those four banks — physical silver, not paper contracts.
The Deeper Meaning
Dr. Don Wood’s point is that these big banks are accumulating real silver, not just trading the paper contracts.
They suggest that because the banks are buying so much, they might want the price of paper silver (traded on futures markets) to drop — so they can get more real silver cheaply.
That’s called “smashing the price.”
Dr Woods also notes that JP Morgan’s analysts publicly predict silver will average about $81 per ounce in 2026, slightly below what they just paid ($82.93).
Woods infers this public forecast is a tactic: by saying prices will stay low, it discourages regular investors (retail buyers) from buying — which keeps prices from rising.
Meanwhile, JP Morgan is quietly collecting large amounts of silver, expecting it to be worth much more in the future.
Simple Summary
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COMEX silver trades are for 5,000 ounces per contract.
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A Daily Delivery Notice shows who’s actually taking physical silver home.
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On March 3, 2026, big players like BOFA, JP Morgan, Scotia & Morgan Stanley accepted delivery of 193 million dollars’ worth of silver.
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Dr Woods believes these banks are talking prices down publicly while buying big privately — implying they expect silver’s value to rise significantly later.
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We couldn’t have said it better than Dr Woods
end of segment
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