COMEX Silver Is Draining Fast — Why Physical Demand Is Spiking | John AG

John AG: If you’ve been watching silver closely, this is one of those moments where structure matters more than headlines.

COMEX registered silver inventory has been sliding toward levels that raise uncomfortable questions about deliverability, confidence, and the growing disconnect between paper pricing and physical demand. This isn’t about daily price swings — it’s about what happens when a market built on promises starts facing real-world constraints.

In this video, we break down why registered inventory matters more than total warehouse numbers, how delivery demand is showing up outside of typical cycles, and why physical buyers are increasingly refusing to wait, roll, or settle. We’ll also connect these developments to the broader macro environment, where leverage, liquidity, and trust are already under pressure.

Silver doesn’t move in isolation. When stress builds here, it often signals deeper issues across commodities, derivatives, and confidence-based markets. This breakdown focuses on mechanics, incentives, and signals — not hype — so you can understand what’s really happening beneath the surface and what to monitor next.

If silver’s recent behavior has felt unusual, this video explains why.

CHAPTERS

00:00 — Why this silver move isn’t normal
01:20 — What registered inventory actually represents
03:05 — Why falling registered supply changes everything
05:10 — Paper silver vs physical demand dynamics
07:40 — Delivery pressure in an “off-cycle” month
10:05 — Where the metal is really going
12:30 — Regional price gaps and global demand signals
15:05 — Why price volatility doesn’t equal weakness
16:20 — What breaks first: price or rules
17:00 — Key signals to watch going forward

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#commodities
#markets
#macro
#investing