Is the COMEX quietly running out of silver—and if so, what happens next?

The COMEX silver shortage is no longer a fringe theory—it’s flashing warning signals that even seasoned traders can’t ignore. Registered silver stockpiles have plunged toward critical levels, while demand continues to surge.

At the same time, gold remains stubbornly strong despite geopolitical shocks and rumors of central bank selling.

So what’s really going on beneath the surface? And more importantly—what does it mean for your wealth?

COMEX Silver Shortage: A System Under Pressure

The numbers are hard to ignore. COMEX registered silver inventories have dropped below 90 million ounces, hovering dangerously close to the 80 million ounce range.

That’s not just a statistic—that’s deliverable metal.

Here’s why this matters:

• Registered silver = metal available for delivery

• Declining inventories = tightening physical supply

• Rising industrial demand = increasing pressure

• Paper contracts = massively outweigh physical supply

According to Todd “Bubba” Horwitz:

There may not be enough physical gold and silver in the world to cover the amount of paper claims written against them.

Translation?
The system depends on confidence—not actual metal.

And when confidence cracks, markets don’t adjust gradually… they snap.

Price Suppression vs Reality: Are Markets Being Manipulated?

Let’s address the elephant in the room: “nefarious activity.”

Horwitz doesn’t mince words—he suggests manipulation is not new.

Key dynamics at play:

• Paper derivatives dominate price discovery

• Physical supply constraints are ignored—until they aren’t

• Prices often move independently of real-world shortages

This creates a dangerous imbalance:

• Artificially suppressed prices

• Rising real demand

• Shrinking physical inventories

That’s a textbook setup for a short squeeze.

And when it happens?

It won’t be subtle.

Silver vs Gold: Why Silver Could Outperform

While both metals are positioned to rise, silver may be the real breakout story.

Why silver has the edge:

• Industrial demand is exploding (AI, electronics, energy)

• Historically undervalued vs gold

• Smaller market = more volatile upside

• Tightening supply = faster price प्रतिक्रिया

Horwitz puts it bluntly:

• Silver could realistically hit $150

• Gold could reach $6,000

But here’s the key insight:

The longer prices consolidate, the more explosive the eventual move higher.

This current “sideways” market?
It may just be the calm before a violent repricing.

Central Banks and Gold: Are They Really Selling?

Recent headlines suggest countries like Poland may sell gold reserves to fund defense.

But the market isn’t buying that narrative.

Why?

• Gold prices remain stable—not collapsing

• Central banks continue accumulating globally

• Selling gold would weaken financial positioning

Horwitz calls it what many suspect:

• “Rhetoric”

• “Smoke and mirrors”

If central banks were truly dumping gold, prices would reflect it.

They don’t.

The Bigger Risk: A Market Built on Illusion

Zoom out—and the real danger becomes clear.

We’re sitting on top of extreme financial imbalances:

• Stock market overvaluation (CAPE ratio > 40)

• Market cap vs money supply at historic highs

• Housing market distortions re-emerging

• Banking system potentially overleveraged

And perhaps most alarming:

• Only 7–10% of people are actively investing

That’s not a healthy market—it’s a fragile one.

When the next shock hits:

• Liquidity disappears

• Panic selling begins

• Capital flees to safety

And historically, that safety is:

• Gold

• Silver

Gold & Silver: The Case for Tangible Wealth Preservation

In a system built on debt, derivatives, and digital promises, tangible assets matter more than ever.

Why gold and silver stand apart:

• No counterparty risk

• No reliance on banks or institutions

• Proven store of value for thousands of years

• Protection against currency devaluation

This is the essence of:

• Wealth preservation

• Gold vs dollar reality

• Inflation hedge strategy

When paper markets fail, physical ownership becomes everything.

And as Horwitz pointed out:

If investors start demanding delivery instead of paper, the system faces real stress.

Conclusion

The warning signs are stacking up:

• COMEX silver inventories are shrinking

• Paper markets are stretched beyond reality

• Financial systems are increasingly fragile

And yet, mainstream narratives remain calm.

That disconnect is where opportunity—and risk—lives.

Because when the system finally adjusts, it won’t be a slow correction.

It will be a repricing event.

The only question is:

Will you be positioned before it happens—or reacting after?

About ITM Trading

ITM Trading has over 28 years of experience helping clients safeguard their wealth through personalized strategies built on physical gold and silver. Our team of experts delivers research-backed guidance tailored to today’s economic threats.

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