Part 4/12:
Recent market behavior indicates tightening in the availability of specific physical silver components, especially thousand-ounce bars used in commercial and industrial transactions. Morgan points out that shortages are increasingly evident in the supply chain, with particular attention to the "comex" (Commodity Exchange) warehouse inventories.
Figures reveal that while overall inventories are substantial—approximately 500 million ounces across eligible and registered categories—the amount of silver readily available for immediate delivery (the registered category) has often been as low as 30 million ounces. This limited stockpile tightens the physical market, especially as demand from the London Bullion Market Association (LBMA) and other sources surges.