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Michael Lynch: Bullion banks are key drivers of physical silver buying at Comex
By Michael Lynch
Michael Lynch on Gold and Silver
https://substack.com/@michaellynchongoldsilver
Thursday, January 8, 2026
Physical silver demand at the Comex is sizzling.
Going back five trading days, first notice day on the January contract saw 4,583 contracts or 22.9 million ounces stand for delivery. That was the highest in Comex history for an inactive contract. In fact, that total surpasses many previous active month contracts during 2023 and 2024.
... Dispatch continues below ...
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Yesterday was the fifth trading day since first notice and net new contracts totaled 1,581 for 7.9 million ounces. That is about 14 times the typical daily new contracts at this point in the delivery period. Furthermore it tops any previous day during the delivery period (for inactive contracts). ...
... For the remainder of the analysis:
https://substack.com/home/post/p-183922395
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