In January 2026, 33.45 million ounces of silver were withdrawn from COMEX registered inventory in a single week. That represented roughly 26% of the deliverable pool disappearing in seven days, the kind of event that, if repeated at even half the intensity, would absorb approximately 21% of today's registered inventory inside a week. The May 2026 COMEX silver contract delivery cycle is now approaching First Notice Day. I covered the stagflation data (March CPI at 3.3%, Q4 GDP revised down to +0.5%) in the first article from this issue. This article focuses on something different: the structural mechanics of the COMEX ... (full story)