COMEX Registered Silver Fell Below 100 Million Ounces in February 11, 2026 Data
CoinWeek reported on February 13, 2026, that COMEX depository data dated February 11, 2026, showed registered silver at 98,138,005 ounces, below 100 million ounces. The report also noted that the Shanghai silver benchmark was fixing roughly $10 above Western spot prices and cited reports of inflows into Indian silver ETFs.
Correction (Oct 13, 2026): We rewrote the headline, summary and body to match the source. We removed unsupported investment advice (including a call to acquire graded rare coins), claims about solar, EV, wedding and festival demand, mining in Mexico, Peru and Chile, and price outlooks, and stated the inventory figures and the date of the data (February 11, 2026) as the source gives them. The previous headline was "Eastward Bound: Dwindling COMEX Silver Reveals a Deepening Physical Market Divide."
This article is based on a CoinWeek report published on February 13, 2026. It concerns the bullion market, not collectible or antique coins.
Registered Silver Below 100 Million Ounces
Depository statistics from the Commodity Exchange, Inc. (COMEX) dated February 11, 2026, showed a single-day negative adjustment of 3,256,882 ounces in the Registered category. As a result, total registered silver fell to 98,138,005 ounces, below the closely watched 100 million-ounce level.
During the same 24-hour period, vaults reported withdrawals of more than 4.7 million ounces from the Eligible category. According to the report, the system recorded a net withdrawal of 4.7 million ounces in one day.
Registered silver is metal available for delivery against futures contracts. Eligible silver meets exchange specifications but is not part of the deliverable supply unless its owners designate it for that purpose. The report says sustained withdrawals from both categories tighten available liquidity.
Shanghai Benchmark About $10 Above Western Spot
According to the report, the Shanghai silver benchmark fixes at roughly $10 above Western spot prices. Under normal conditions, arbitrage would be expected to narrow that spread, but the premium has persisted.
David Morgan, publisher of The Morgan Report, points to capital controls and shipping logistics as key obstacles. In his view, those frictions limit the movement of metal between jurisdictions.
The report also notes that COMEX operates mainly as a derivatives marketplace, where most participants trade contracts rather than take delivery. The Shanghai market, it says, has a stronger base of industrial users who need silver for manufacturing.
Margin Rules and Developments in Asia
The report says CME Group had recently shifted its margin requirements to a percentage of notional contract value, so required margin rises automatically as silver prices rise.
The report cites reports that India added 40 million ounces of silver to exchange-traded funds over a two-month period. It also says the Shanghai Futures Exchange plans to implement stricter hedging quotas beginning March 1, under which participants must show physical business ties to justify their positions.
Source: CoinWeek, "COMEX Silver Inventories Fall Below 100 Million Ounces as Physical Demand Tightens Global Market" (February 13, 2026).
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