Interviews & market analysis

Follow SilverTrade

The Insider

Silver Longs Continue To Roll Backwards To Stand For Immediate Delivery!

Written by

Jon Lindau
Rows of pallets stacked with plastic-wrapped metal bars inside a large warehouse, forklift in background

SILVER LONGS CONTINUE TO ROLL BACKWARDS FROM MARCH TO JAN TO STAND FOR IMMEDIATE DELIVERY!

 

Last week, we picked up something extraordinary in the minutia of the CME’s COMEX Open Interest Data report: March silver futures contracts appeared to be ROLLING BACKWARD to January & February in order to stand for immediate delivery of physical silver.

This trend continued on Monday, with another 355 March contracts rolling backwards to Jan/Feb.  

The rush for physical silver NOW doesn’t appear to be stopping, as the backwards COMEX futures rolling continues, even as silver surges over $90/oz! 

Futures data table dated Tuesday 13 Jan 2026, with red boxes highlighting 146 deliveries for the January contract

146 Delivery Notices Issued Tuesday in the JAN Silver Contract - Yet Open Interest Only Declined by 8 Contracts.
 
The Data Implies Another 138 Contracts Rolled Backwards From March to Jan.
 
Jan Open Interest Remains at 731 Contracts- the Majority of Which Can Be Expected to Stand for Delivery.
 
Front Month March OI declined a nearly identical 162 contracts. Total March OI is now just 100,602.

For historical perspective, Jan is already at 6x the level of deliveries COMEX experienced in Jan 2024, and we are not even halfway through the month!

If this type of URGENT DEMAND for physical silver continues, the primary delivery month of March is going to be EPIC.

PHYZZ: If you don’t hold it, you don’t own it!!

Disclosure

The SilverTrade Insider publishes market news and interviews with named analysts. Opinions expressed by contributors and interviewees are their own, and they may hold positions in the metals, miners or securities they discuss. Nothing here is investment advice.

SilverTrade is affiliated with SD Bullion, a precious-metals retailer, and SD Depository, a precious-metals storage company. Some contributors hold roles at affiliated companies. See our Editorial Policy.

Share this story

LinkedInEmail

Read next