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Shanghai Gold Exchange (SGE): –96,135 kg silver withdrawn (≈ 3.09 million ounces)
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Shanghai Futures Exchange (SHFE): –6,843 kg silver withdrawn (≈ 220,000 ounces)
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COMEX: –2.8 million ounces of silver withdrawn from vaults on Tuesday
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Total Silver Withdrawn (SGE + SHFE + COMEX): ≈ 6.11 million ounces
SILVER BLOODBATH — BUT DON’T BE FOOLED. THIS IS THE PRELUDE TO A RETURN.
Oil is erupting, the Gulf is under direct threat, and markets are scrambling. Iran just issued a full-scale warning to Saudi Arabia, the UAE, and Qatar—naming specific refineries and gas fields like Samref, Jubail, and Ras Laffan as potential targets. This is no empty press release. It’s a regional powder keg igniting under the world’s energy markets.
Oil prices are ripping higher by the hour. So why is silver getting crushed?
Because this is what triage looks like when the system panics. Traders are forced to plug holes in their margin positions—their version of the poor little Dutch boy trying to hold back the flood with his fingers. When oil futures explode and margin calls hit across desks, traders dump what they can instantly. Silver’s high liquidity makes it the first sacrifice on the altar of survival.
Make no mistake—silver’s selloff isn’t a verdict on weakness. It’s the smoke signal of a market in full stress mode. When the liquidity storm passes, silver will be the first asset to rebound, because the fundamentals underneath haven’t changed.
COMEX inventories are down to roughly 338 million ounces, with only 79 million “registered” for immediate delivery. SHFE silver stocks sit at 11-year lows. And unlike every other previous cycle, no new inflows are arriving. Refiners can’t keep up. Every ounce emerging from a smelter is already spoken for—vacuumed up by Chinese solar giants, electronics manufacturers, and EV producers before it even hits an exchange vault.
This is the sixth straight annual deficit—more than 800 million ounces drained from global stocks in six years. Supply can’t meet demand. Industrial buyers are hoarding. Retail investors are quietly stacking. And now, forced selling by funds only deepens the disconnect between paper and physical reality.
Silver will return—hard. You can only hold back a flood for so long before the dam gives way.
end of segment
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