> **SILVER (COMEX) – Critical Delivery Strain Emerges**
>
> Initial 2026 delivery notices have surged, with **2,278 contracts** (11.39M oz) standing for physical. Key player JPMorgan shows a significant imbalance: issuing **1,366** contracts but stopping only **957**.
>
> This points to intensifying physical demand against tightening exchange inventories. The growing wedge between paper commitments and available metal is a volatility catalyst for the coming weeks.
