BIG DROP IN COMEX FRONT MONTH SILVER OPEN INTEREST THURSDAY!
COMEX Silver Open Interest in the Front Month May contract declined by 2,010 contracts Thursday, closing at 71,746 contracts. March and April declined by an additional 309 contracts.
Total volume on the day was 56,509 in the May silver contract.
It appears some traders began taking advantage of the spread, and rolling May silver to July, as Open Interest in the July contract rose 833 on the day, closing at 23,091 contracts.
While the relentless draw down of silver inventories continues unabated, COMEX easily survived the March delivery month, although Registered silver inventories have declined to 77 million oz.
While the focus in the industry has been on Registered silver stocks, the decline in Eligible COMEX silver inventory has been even more precipitous.
The result has been a stunning 204 million ounce decline in Total COMEX Silver Stocks in just 5 months!
COMEX Silver peaked at 532 million oz in October 2025, and has been declining at a pace of 1-2 million oz/ day ever since, with total COMEX silver stocks down to just 328 million oz as of March 27th.
