COMEX silver inventory has plummeted to 415 million ounces, marking its lowest point since March 2025, according to The Kobeissi Letter. This 34 million ounce drop from its peak has triggered a significant short squeeze in the market. The decline highlights robust physical demand, as short sellers face challenges in sourcing physical silver to cover their futures contracts. The shortage forces traders to pay premium prices, escalating silver's market value. This price surge compels more traders to buy, aiming to mitigate potential losses, thereby intensifying the squeeze and further tightening market conditions.