COMEX Silver Plunges 23M oz as 120 Deliveries Fuel Physical Crunch

COMEX's silver market is buckling under physical delivery surges and backwardation, with 120 settlements in one day draining 23.47 million oz from registered inventories while margins hike repeatedly. Chinese spot trades command 12–13% premiums to futures, exposing paper-physical disconnects amid six years of production shortfalls and Kazzinc's explosion slashing 3.4 million oz annually. Bank of America's $309/oz target—nearly 4x mid-$70s prices—signals explosive upside, favoring physical ETFs like PSLV and BAR as mechanics shift to real supply realities.