⬤ COMEX silver inventories have been sliding down since late summer 2025, and that trend isn't showing any signs of stopping. The COMXTLRS Index tells the story pretty clearly — it's been a near-continuous drop from August all the way through January 2026. This isn't some sudden crash. It's a slow, steady grind lower, which actually makes it more telling about what's happening with physical silver demand.
⬤ Here's the thing — inventory levels peaked around August 2025 and have basically been in one long drawdown ever since. By late January, the index had fallen to just above 0.10. No meaningful bounces along the way, either. That kind of one-directional movement tells you outflows have been consistently beating inflows, which points to real, sustained demand hitting the COMEX system.
⬤ The decline picked up speed during Q4 2025. You can see clear step-downs through November, December, and into January. COMEX inventories act as a buffer for futures settlement and delivery, so when they keep shrinking like this, the whole system becomes more vulnerable to sudden demand spikes or delivery pressure.
⬤ Why does this matter? COMEX inventories are a big deal for silver pricing confidence and how contracts get settled. When exchange stocks keep dropping, volatility tends to pick up, and the market starts paying closer attention to how much physical metal is actually available versus paper exposure. As inventories approach the low end of recent ranges, all eyes will be on supply flows and delivery activity going forward.
