COMEX Silver Vaults Hold 326M oz, but Only 29% Is Deliverable

A chart of COMEX silver vault totals for 2026 tells you less than the split underneath it. The headline total sits at 326.02M oz, up 1.1% on the week. The number that actually matters for delivery, the registered pile, sits at 93.01M oz. That is 29% of the vault.

What the Total Number Hides

The silver eligible to be handed to buyers rose 401,548 oz this week to 93.01M oz, a move of +0.4%. The total sitting in COMEX vaults barely moved, up 1.1% to 326.02M oz. On a chart the total line looks stable. The gap between what is stored and what is registered for delivery is the part most 2026 inventory charts flatten out.

At a spot price of roughly $60 an ounce, this week's swing in deliverable silver is worth about $24M. That is noise against a 326M oz total. The Desk tracks the registered-to-eligible ratio precisely because the total figure moves slowly and tells you little about what is available when contracts stand for delivery.

Silver Versus Gold on the Same Metric

The same split runs deeper in gold. COMEX gold vaults held 27.12M oz, down 1.6% on the week, with 14.82M oz deliverable. That leaves 55% of the gold vault free to deliver against silver's 29%. Gold's registered pile was little changed, up 5,016 oz (0.0%), a swing worth about $21M at a spot price of $4,114 an ounce.

The contrast matters for anyone reading a silver inventory chart in isolation. A larger share of the gold vault is deliverable than the silver vault. The Desk reports both ratios rather than the raw stack heights, because the headline totals in both metals moved less than 2% this week.

What We're Watching

The line to watch on the 2026 chart is not the 326.02M oz total. It is the 93.01M oz registered figure and the 29% ratio behind it. Week-to-week the total barely moves; the deliverable share is where the pressure shows up first. We track the registered number, the eligible number, and the ratio between them as three separate series, not one.