24-02-2026

Price Action & Market Behavior

    International & Domestic Price Moves:

During the week 24 February 2026, silver prices showed renewed strength after a volatile early-month

 COMEX silver futures climbed broadly, trading near $85–$89/oz, marking a significant rebound from earlier volatility.

 On the Multi Commodity Exchange (MCX) in India, March delivery silver futures rallied 5–6% to approximately ₹2.68 lakh per kg, driven by global risk premium and safe-haven demand.

This price recovery reflects both a technical correction from prior lows and renewed risk-off positioning amid tariff uncertainty and geopolitical tensions. Recent political developments in the U.S. related to tariff policy triggered flight-to-safety flows, which buoyed precious metals including silver.

Interpretation: Silver has transitioned from a corrective phase into a recovery zone, with this week displaying higher lows and firming support near $80-a constructive signal for trend continuation.

24-02-2026

COMEX Physical Inventory: Structural Stress Signals 

A defining feature of this week’s data was the significant drawdown of COMEX registered silver inventory:

-Registered silver stocks dipped below ~90 million ounces, with totals as low as ≈88.19 million oz as of 20 February 2026.

-Total COMEX inventories stood around 366 million oz, down ~30% from October 2025 levels, evidencing sustained outflows.

Registered inventory is the metal immediately eligible for delivery on futures and such a decline sharpens the physical tightness signal. The drop below 90M oz is widely perceived as a structural red flag, since outstanding open interest in futures contracts still far exceeds available deliverable metal. Implication: Inventory compression reflects either genuine withdrawal into physical hands or strategic repositioning ahead of March delivery demand. In either case, it supports the narrative that physical demand and supply imbalances are intensifying, a bullish structural signal.

24-02-2026

Macro & Geopolitical Catalysts :

Industry news throughout the week points to tariff policy uncertainty and geopolitical risk as important drivers:

-Global tariff policy confusion triggered broader risk aversion, pushing investors into safe assets like gold and silver.

-Silver’s safe-haven bid strengthened alongside gold, with trading ranges extending upward across markets.

These macro overlays tariff volatility, potential U.S.–Iran negotiations, and global trade concerns — are amplifying demand for precious metals for capital preservation, not just speculation.

24-02-2026

ETF & Futures Flows: Divergent Demand Patterns

While direct ETF flow figures from SLV this week are not fully reported in public sources yet, multiple indicators point to contrasting behavior between ETF accumulation and futures positioning:

significant ETF inflows even as futures open interest shows deleveraging, suggesting stronger real money or institutional demand vs. speculative futures positions. This divergence, ETF accumulation vs. futures reduction can indicate that traditional financial hedgers and physical metal holders are stepping in, while purely speculative players trim positions.

Takeaway: Flows into physically backed silver vehicles (ETFs/Physical) can be interpreted as smart money accumulation, while futures cutting short positions may reflect risk-off hedging or deleveraging

24-02-2026

Physical Premiums & Mining Supply- Silver

Shanghai Silver Premium & Physical Inventory Tightness :A

exchange data show a sharp contraction in physical silver inventories in China, which is helping create persistent premium pricing in physical markets relative to paper benchmarks.

 Silver stocks available for delivery on the Shanghai Futures Exchange (SHFE) have plunged to around 318–350 tonnes (≈10.25–11.25 million oz), the lowest level since 2015. This reflects consistent drawdowns as physical metal is absorbed by industrial users and investors alike.

 This inventory depletion is matched by a price divergence between physical silver in Shanghai and paper-based COMEX pricing, with the Shanghai market bid at premiums — often several dollars per ounce above COMEX quotes a sign that real physical demand is outpacing nearby deliverable supply in Asia’s largest physical hub.

Interpretation (Physical Premium Context):

A declining inventory base combined with a durable spread between physical hub pricing (Shanghai) and COMEX spot reflects tightness in deliverable supply. Unlike futures prices that can be driven by leverage and positioning, physical premiums represent actual market pressure where industrial consumption, investment demand and delivery constraints pull prices higher.

24-02-2026

Technical Analysis -

Silver rallied strongly to $121.40 before undergoing a healthy correction, forming a temporary bottom near $64. After stabilizing, price traded in a narrowing range and developed a triangle pattern until 19 February. A breakout on 20 February signaled a shift from consolidation toward renewed bullish momentum.

Currently, silver is gradually regaining strength. A decisive break above $92.20 would open the path toward $104.

Accumulation Zones:

 Near-term: $85-$86

 Positional: $80-$82

Risk Parameters:

 $70 - Long invalidation level (Stop loss)

 $64 - Structural invalidation; below this, downside may extend toward $52–$50

Strategy View:

Silver remains a buy on dips as long as price sustains above $70. A breakdown below $70 would warrant pausing fresh buying positions until the next structural update.

24-02-2026

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