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

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On Wednesday, January 15th, 2026, the COMEX published a number that should be mathematically impossible:

47,012 contracts stood for delivery.

That’s 235,060,000 ounces of silver being demanded as physical delivery.

Now here’s the problem:

COMEX “registered” inventory — the metal officially available for delivery — is sitting at ~23.1 million ounces.

So the delivery demand-to-supply ratio is roughly:

235M demanded vs 23M available = 10.2 to 1

For every 1 ounce COMEX can deliver…
there are 10.2 ounces being claimed.

That’s not “tight.”

That’s BROKEN.

And if you’re holding paper silver (futures, SLV-style exposure, unallocated promises), this is the moment you need to understand — before the market forces you to learn the hard way.

What this video breaks down (with simple, verifiable math)

✅ What “standing for delivery” actually means
Why first notice day is the moment paper turns into a real-world obligation.

✅ Why this demand is historic
How 47,000+ contracts compares to normal February delivery behavior.

✅ Why price hikes aren’t stopping demand
Because the buyers standing now aren’t speculators — they’re metal buyers.

✅ Why the usual “fixes” aren’t working

Eligible metal isn’t converting to registered

Logistics can’t move enough bars fast enough

Shanghai/Asia premiums signal the opposite of surplus

✅ Why arbitrage is dead
In a normal market, gaps close.
In this market, the metal can’t move — and the timeline is too short.

✅ What this proves about paper vs physical
When claims exceed inventory by 10x, you don’t have a market.
You have a fractional-reserve silver system facing a run.

✅ The only 3 outcomes left

Massive emergency metal sourcing (unlikely at this scale)

Exchange rule changes / margin shock / trading restrictions

Force majeure / cash settlement (the nuclear option)

The big idea

This is a COMEX bank run.

When too many contract holders demand delivery at once, the system can’t perform — because it was never designed to deliver at scale.

And once the “delivery illusion” breaks, paper and physical can split permanently.

What to do with this information

This is not financial advice — but it is a reality check:

If you’re holding physical, you’re holding the asset everyone is trying to pull out of the system.

If you’re holding paper, you’re holding a promise inside the system that just proved it may not be deliverable.

Your risk isn’t just price anymore.
Your risk is settlement.

Subscribe if you want the next updates in real time

Over the next 30 days, I’m watching:
📌 daily registered inventory changes
📌 eligible-to-registered conversions
📌 margin hikes and rule changes
📌 delivery reports and exchange notices
📌 Shanghai/India physical premiums vs “spot”

Because once the system starts cracking, it doesn’t reverse quietly.

Disclaimer

This video is for educational and informational purposes only and is not financial advice. I am not a financial advisor. Markets are volatile and high-risk. Verify data independently and consult a qualified professional before making financial decisions.