COMEX withdrawn versus delivery requests

[pmbug]

The data shows that open interest (OI) and delivery requests are not correlated with actual vault stock draining (withdrawals):



September 2025
* 58,447,367.60 toz were withdrawn
* 5,938 contracts stood for delivery representing 29,690,000 toz
* withdrawn represented ~196.9% of contracts that stood for delivery

October 2025
* 58,447,367.60 toz were withdrawn
* 5,312 contracts stood for delivery representing 26,560,000 toz
* withdrawn represented ~220% of contracts that stood for delivery

November 2025
* 30,373,255.35 toz were withdrawn
* 3,903 contracts stood for delivery representing 19,515,000 toz
* withdrawn represented ~155.6% of contracts that stood for delivery

December 2025
* 22,255,597.57 toz were withdrawn
* 12,946 contracts stood for delivery representing 64,730,000 toz
* withdrawn represented ~34.4% of contracts that stood for delivery

January 2026
* 51,329,014.89 toz were withdrawn
* 9,889 contracts stood for delivery representing 49,445,000 toz
* withdrawn represented ~103.8% of contracts that stood for delivery

February 2026
* 51,176,538.34 toz were withdrawn
* 5,036 contracts stood for delivery representing 25,180,000 toz
* withdrawn represented ~203.2% of contracts that stood for delivery

March 2026
* 33,214,278.86 toz were withdrawn
* 9,212 contracts stood for delivery representing 46,060,000 toz
* withdrawn represented ~72.1% of contracts that stood for delivery

April 2026
* 22,900,496.03 toz were withdrawn
* 3,313 contracts stood for delivery representing 16,565,000 toz
* withdrawn represented ~138.2% of contracts that stood for delivery

Context:

Post in thread 'Silver Demand Drivers (and vault totals)'

Apr 25, 2026

I just want to comment that your bullet point presentation of information is outstanding and very easy to consume

Thanks!

i am having a problem understanding how withdrawals can exceed contracts/deliveries

It happened back in February too (ending the month @ 176% of delivery requests). Seems clear to me that the bullion banks are just taking whatever they need from COMEX vaults to support the LBMA. LBMA spot and lease rates are both artificially low IMO as COMEX is being raided to keep the spice flowing (cheaply) to China and India. There is a total disconnect between...

• pmbug

• 

December 2024 - August 2025:

 

[Voodoo]

Kinda looks like a dying market.

 

[pmbug]

COMEX + LBMA are tied at the hip and both have a China+India demand problem.

 

[Viking]

COMEX + LBMA are tied at the hip and both have a China+India+Viking demand problem.

FTFY

 

[pmbug]

COMEX Deliveries vs Registered Category Vault Stock Drain

With thanks to @AGgregator and BankerWeimar I was able to put this chart together today:



Here you can see over the last 10 months, COMEX delivery notices do not even correlate well with the drain on Registered category vault stock.

This chart tracks actual Registered vault stock drain ([R][E] adjustments exclusive of [E][R] flows).

You can clearly see the effect of the LBMA running out of liquid free float silver vault stock last October as the drain rate of the Registered vault exceeded 100% of the delivery requests for October and November.

Essentially, open interest and delivery requests do not correlate with any COMEX vault data. They are not, IMO, worth getting excited about because they are not predictive of anything.