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Bill’s Commentary:

“Grok on the current month COMEX silver deliveries.”

Grok Conversation

What is the starting point in deliveries of Comex Silver Feb 27th?

The starting point for deliveries on Comex Silver as of February 27, 2026 (First Notice Day for the March 2026 contract) refers to the initial standing for delivery or the number of contracts/buyers intending to take physical delivery when notices begin.From CME reports and market analyses on that date:

• 10,526 contracts stood for delivery on First Notice Day for the March contract.
• Each Comex silver contract is 5,000 troy ounces, so this equates to 52.63 million ounces (10,526 × 5,000) of silver demand starting the delivery process.

This occurred against registered (deliverable) inventory of approximately 86.13 million ounces (some sources cited around 86-88 million oz, with minor variances in daily updates). For context:

• February 2026 (a minor delivery month) saw strong activity, with total deliveries around 5,036 contracts (~25.18 million oz), and some reports noting up to ~50 million oz outflow from vaults in the broader period.
• March is historically a major delivery month (often 3–5x higher than February), heightening focus on this starting figure amid low registered stocks and high open interest/paper claims (previously discussed ratios far exceeding physical availability, though no default occurred).
• Silver price on Feb 27 settled/closed around $90–$92/oz (e.g., ~$90.10–$92.68 in futures settlements), with spot near $89–$91, amid volatility and a rally on the day.

The official CME daily delivery notices report for business date 02/27/2026 (run on that day) details the issues and stops, confirming the initiation of March deliveries. No immediate default or force majeure was declared; many positions likely rolled or were managed, but the high initial standing highlighted ongoing physical tightness.Sources include direct CME delivery reports (e.g., MetalsIssuesAndStopsReport.pdf for 02/27/2026) and contemporaneous market commentary from analysts tracking inventory and notices. For the most precise historical breakdown, refer to CME’s archived delivery reports.