Silver recently rose to $93, and it doesn't seem like a small fluctuation; there's something interesting behind it. Now, we need to keep a close eye on the inventory movements at COMEX.

In the first two months of 2025, the silver delivery volume at the COMEX exchange showed a significant increase. The reason is quite straightforward—the market is predicting that tariff policies might impact silver imports, so a large amount of silver has been transferred from London to the US and stacked in COMEX's vaults.

However, the situation in London remains tense. You can see that the leasing rates have not returned to normal levels, which is a signal.

More importantly, the deliverable silver inventory at COMEX is now starting to decline. Since autumn, the amount of deliverable silver has decreased by 39%. Over just three months, nearly 40% of the inventory has disappeared, and this speed is definitely worth noting.

From leasing rates, silver swaps, Shanghai premiums, to COMEX deliverable inventories—each angle points to the same signal: the supply pressure on silver is continuously increasing.