Five key indicators of physical-market tightness, refreshed at the start of every month.
COMEX Silver Stress Dashboard – September 2026 · Source: CME Group
Updated monthly. Older editions are not archived.
A point-in-time snapshot of the current month. Use the selector to review previous months.
COMEX Silver Snapshot – September 2026 · Source: CME Group
Evergreen reference charts – not tied to a specific date.
Reference: indicator definitions and stress thresholds.
Silver is the tightest of the three markets we track. A falling coverage ratio — now near extreme levels — means very little registered metal backs each outstanding contract, calculated as registered inventory divided by open interest (OI) in ounces.
At the same time, delivery pressure has climbed above 1.5 — the extreme band — showing that contracts standing for delivery now exceed the readily available registered pool. Whether that pressure eases depends on how much eligible inventory owners choose to convert into deliverable stock.
Total inventory measured in Moz has trended lower for several years. Track the YTD change on the monthly monitor to gauge the pace, and use the snapshot archive to compare month to month.