COMEX Silver withdrawals raise questions as physical demand builds [Video]

Silver impact: mildly bullish, but not yet evidence of an imminent squeeze. FXStreet reports that about 7.1 million ounces left COMEX vaults from September 10–17, while registered stocks—the metal available for immediate delivery—increased by 1.4 million ounces. That combination points to physical demand and lower total inventories, but it does not show immediate stress in deliverable supply. The article also notes that one week of withdrawals is insufficient to establish a shortage.

For XAG/USD and COMEX silver, sustained withdrawals could strengthen the physical-tightness narrative and add medium-term upside risk, especially if subsequent data show registered stocks falling or delivery pressure increasing. Near term, the signal is less decisive: inventory could return, and withdrawals alone do not establish why metal left or whether it reflects lasting demand.

The physical story may be offset by higher real yields or a stronger US dollar, which can weigh on non-yielding metals; conversely, inflation concerns and firm industrial demand could support silver. Traders should watch follow-up COMEX inventory and delivery data, alongside real yields and the dollar, before treating this as a confirmed supply squeeze.