While everyone is fighting the AI bubble, precious metals are quietly crowding out every other asset class.
Silver outflows so large at one time are not just a move; this is a statement from a major investor.
Comex Silver Shock: 12.5 million ounces exit registered positions in one day The latest CME report on November 26, 2025 revealed one of the largest one-day moves in recent Comex silver history, with over 12.5 million ounces - 8.3% of all registered silver - being removed from the inventory category that underwrites futures contracts. To get an idea of the scale, registered inventories are the pool of metal available for futures delivery. Once ounces are converted into eligible ounces, they no longer support the paper market - they become private property, prohibited from contract settlement. The dominant move was made by JP Morgan, which moved 13,412,156 ounces from registered to eligible in one adjustment. CNT added less than 897,975 ounces to those registered, but the net effect on the entire system was still a sharp decline of approximately 12.5 million ounces from delivered supplies. This shift is not a normal inventory shuffling. This has an obvious consequence: the pool of metal available for settlement of futures contracts is reduced. Large players are ring-fencing physical silver from the fiat system. Pressure on the futures market is increasing as interest in deliveries increases. A narrower registered pool increases the risk of cash settlements, rising premiums and ultimately revaluation driven by physical demand rather than derivatives. When over 8% of your silver supply disappears from the system in a single day, it tells you one thing: the best informed participants are prioritizing physical ownership over paper claims. In a market already strained by strong Asian demand and dwindling Western inventories, the move is another signal that the era of cheap, plentiful silver is coming to an end.
