COMEX silver inventory drops to lowest level since March last year

On January 29th, according to The Kobeissi Letter, COMEX silver inventory has decreased by 34 million ounces from its high to 415 million ounces, the lowest level since March 2025. Analysis suggests that the decline in silver inventory reflects strong physical demand, making it difficult for short sellers to find physical silver to redeem futures contracts, or requiring them to pay higher prices to purchase, which may push up silver prices and tighten market conditions.