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COMEX Silver Delivery Shock: What Happens in March?

Is COMEX Going to Collapse in March?
Delivery intensity is rising.
Registered inventory is thinning.
Physical demand remains firm despite a sharp correction.
And March is approaching.

This episode is not about panic or sensationalism. It is about understanding whether the balance between paper leverage and physical possession in the #silvermarket is beginning to shift.

Jan Skoyles explains:
• Why #COMEX delivery behaviour into March is drawing scrutiny
• What would actually need to happen for extreme scenarios like force majeure
• Why this may signal a deeper evolution in how silver is priced
• The difference between eligible vs registered inventory
• Why higher margins don’t create ounces
• What rising delivery participation really means
• How retail demand, regional tightness, and geopolitical shifts factor in
• Why price discovery may be entering a new phase

COMEX is built on probabilities. Most contracts are rolled. Only a minority stands for delivery. But when delivery participation rises while registered inventory declines, the system becomes more dependent on behaviour and pricing incentives.

That doesn’t mean collapse.
It means the mechanics matter.

March is not just another delivery month. It is a test of elasticity. A test of whether the exchange stabilises smoothly or whether the price must adjust to attract supply.

#Silver may not be entering a crisis. But it may be entering recalibration.
For physical holders, the question is not whether the exchange fails. It is whether access and exposure remain equivalent in tighter conditions.

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