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Is COMEX Prepared for Silver’s Structural Shift?

Feb 19, 2026, 11:36 AM EST

Recent movements in the silver market have once again reminded investors that this is not a passive or predictable asset. Headlines can feel urgent. And when volatility intensifies, it becomes easy to focus on the immediate move rather than the broader structure beneath it.

That reaction is natural. Silver has always exhibited sharper fluctuations than gold, and periods of stress often amplify that behaviour. But volatility alone does not define the market’s health. In many cases, it signals an adjustment, a system recalibrating to changing conditions.

What may be unfolding now is not simply another cycle of enthusiasm and retracement, but something more structural. Silver’s role has evolved. It is increasingly embedded in energy systems, advanced technology, and strategic supply chains. At the same time, the pricing benchmark remains anchored to a leveraged futures market originally designed for a different era.

This week’s video examines whether the silver market is undergoing a quiet rebalancing and what that could mean for COMEX credibility, margin policy, delivery participation, and inventory dynamics. Rather than focusing on daily price direction, we look at the plumbing: open interest relative to registered stocks, tightening margin requirements, and the signals that may distinguish volatility from structural change.

For those already holding physical silver, this discussion provides a framework for interpreting market noise without reacting impulsively. For those considering an allocation, it offers a perspective on how to approach silver with discipline rather than emotion.

Periods of adjustment can feel uncertain. They can also clarify what truly matters. Successful participation in the silver market has rarely been about anticipating the next short-term move. It has more often been about understanding structure, maintaining patience, and holding positions with conviction through volatility.

If something deeper is developing in silver, it will reveal itself gradually, not through a single headline, but through sustained signals.

We will continue to monitor them closely.


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