COMEX silver inventories are sending a quiet but important signal.

Registered silver on COMEX is sitting near 102M ounces, while March contract open interest is around 366M ounces. That gap is large, even though it rarely closes fully in real deliveries.

March contracts are now rolling quickly.

In the last 24 hours:

• Open interest dropped by about 2,943 contracts or 15M ounces

• May contracts rose by about 3,589 contracts or 18M ounces

If this pace continues, March open interest could fall close to registered inventory levels in roughly 18 trading days, around March 6. First Notice Day is February 27.

Silver can still move into vaults or be reclassified, but the key point is this: registered inventory keeps trending lower. Even after last week’s sharp selloff, that trend did not reverse.

This is something worth watching closely, not for headlines, but for structure.