BRICS Silver Exodus Strains COMEX as JP Morgan Accumulates
COMEX silver markets face unprecedented stress as BRICS nations aggressively withdraw physical inventory. Registered silver stocks plummeted by 26% in the first week of January 2026, with 33.45 million ounces vanishing from warehouses. The March 2026 futures contract now shows 528 million ounces of exposure against just 113 million ounces of deliverable supply - a 4:1 imbalance that's shaking market foundations.
JP Morgan has emerged as the pivotal player, quietly amassing silver holdings while price disparities between BRICS and Shanghai markets approach $10/oz. "The market stays calm until it doesn't," warns Andy Schectman of Miles Franklin Precious Metals, hinting at potential repricing shocks. Institutional hoarding accelerates as Western markets bleed physical metal at alarming rates.
