It appears we are reaching a point where those with long positions don’t want to wait too far into the future to take possession of physical metal they may want or need.
An interesting development in the COMEX silver exchange seems to reflect an accelerating silver squeeze.
The stage was set for a silver squeeze last April when significant amounts of metal
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Backward rolling suggests immediate scarcity of physical silver, as traders prefer near-term delivery over maintaining futures exposure, signaling market stress.
The structural deficit reached 148.9 million ounces in 2024, totaling 678 million ounces over four years, implying persistent supply shortfalls and upward price pressure.
If longs aggressively seek near-term delivery, COMEX registered stocks could be further drained, potentially exacerbating the silver shortage and creating operational challenges for the exchange.
