How many paper ounces exist per physical ounce available for delivery
Registered silver is metal that has been warranted and is available for delivery against futures contracts.
Eligible silver is stored in COMEX vaults but not available for delivery - it's privately owned and just using the vault for storage.
A ratio of 23.6:1 means there are 23.6 paper ounces for every physical ounce available. If everyone demanded delivery simultaneously, only 1 in 24 could receive metal.
| Date | Registered (M oz) | Open Interest | Paper Oz (M) | Ratio |
|---|---|---|---|---|
| 2025-01 | 30.2 | 142,500 | 712.5 | 23.6:1 |
| 2024-06 | 32.1 | 152,000 | 760.0 | 23.7:1 |
| 2024-01 | 35.6 | 148,000 | 740.0 | 20.8:1 |
| 2023-06 | 42.8 | 145,000 | 725.0 | 16.9:1 |
| 2023-01 | 55.2 | 138,000 | 690.0 | 12.5:1 |
| 2022-06 | 68.9 | 142,000 | 710.0 | 10.3:1 |
| 2022-01 | 82.4 | 148,000 | 740.0 | 9.0:1 |
| 2021-06 | 108.3 | 155,000 | 775.0 | 7.2:1 |
| 2021-01 | 95.8 | 165,000 | 825.0 | 8.6:1 |
| 2020-06 | 120.5 | 195,000 | 975.0 | 8.1:1 |
| 2020-01 | 150.2 | 180,000 | 900.0 | 6.0:1 |
The COMEX paper-to-physical ratio has been rising dramatically as registered silver inventories decline while paper trading volume remains high. This divergence suggests the paper price may not fully reflect physical scarcity.
In January 2020, the ratio was around 6:1. Today it's over 24:1 - meaning registered silver has fallen by ~80% while paper claims remain elevated. Some analysts view this as a sign of increasing stress in the silver market.