Since mid-March, the COMEX has seen a massive influx of physical silver: over 1,033 tonnes in just two weeks, representing more than 33 million ounces. March 13 and 19 alone saw record inflows of 160 and 131 tonnes respectively, while withdrawals remained modest. As a result, total stocks surged from 13,490 to 14,416 tonnes.

Flashback to 2020: a similar physical silver rush occurred in the aftermath of COVID. But this time, it looks less like a crisis response and more like a preemptive move. COMEX is clearly preparing for a tense March delivery, with 856 open contracts representing 4.3 million ounces still outstanding. Is there enough registered silver to meet delivery? Maybe, but that depends on how much is truly registered and available for immediate delivery. And sentiment is shifting toward demanding physical delivery.

On the retail side, a new call to buy silver for March 31 has been circulating on X.

It’s more low-key than in 2021, but already has 250,000 views in just four days. A dedicated community is growing fast, and the initiative could gain further traction.