What do CME Group delivery and warehouse withdrawal reports show for COMEX silver from September–December 2025?

1. What the CME publishes and how to read it

The exchange posts daily and month-to-date delivery notices plus a downloadable silver-stocks file and weekly warehouse/depository stock snapshots that together record deliveries, warehouse receipts, and registered versus eligible inventory; these are the primary sources for tracking COMEX physical silver movements ^{[4] [3] [5]}.

2. Delivery timing: contract months drove activity

COMEX delivery mechanics concentrate physical demand into designated contract months — March, May, July, September, and December — meaning most reported deliveries and withdrawals between September and December 2025 happened in those settlement windows (September and December in particular), consistent with standard exchange procedures ^[1].

3. December deliveries were elevated, but not necessarily unprecedented

Independent market commentary and aggregations flagged December 2025 as a month of elevated physical deliveries on COMEX — higher than many prior Decembers — while noting those flows remained below the peaks seen earlier in 2025; that framing implies strong demand for take-up of deliverable silver but stops short of claiming a systemic squeeze based on the publicly cited summaries ^[2].

4. Warehouse stocks moved — direction matters more than a headline number

Multiple industry trackers and commentators reported shifts in registered silver stocks during late 2025; some sources described declining registered stocks on COMEX vault reports, which market participants interpret as a tightening of immediately deliverable metal even if aggregate warehouse inventory (registered + eligible) can tell a different story ^{[6] [7]}. Macro-charting services also maintain time series for COMEX silver warehouse stock that reflect these movements and are useful for visualizing the trend ^[8].

5. Market interpretation: physical demand vs. arbitrage and mechanical flows

Analysts caution that large inflows or outflows can reflect arbitrage, logistical moves, or accounting changes as much as end-user consumption; past episodes in 2025 showed big transfers of metal between vaults for reasons labeled by some as arbitrage rather than pure industrial or investment demand, a nuance that applies to late-2025 silver reporting as well ^{[9] [2]}.

6. Data limitations and where to get exact figures

CME’s delivery-notice PDFs, the Silver_stocks.xls, and the Issues & Stops and MTD reports are the authoritative files that list daily deliverable notices, withdrawals, and registered stock levels; the summaries and commentary cited here rely on those CME publications but the snippets available in this report do not include exact month-end ounce totals, so precise numerical claims should be drawn directly from the CME downloads ^{[3] [10] [11]}.

7. Alternative views and implicit agendas

Retail commentators and specialty precious-metal outlets emphasize “squeeze” narratives when deliveries rise and registered stocks fall, which can attract bold headlines; exchange data and professional analyses often present a more measured view pointing to routine contract-month dynamics and arbitrage flows — readers should note that outlets promoting investment in physical metal may have implicit commercial motives, while CME’s raw reports are procedural and non-interpretive ^{[2] [6] [4]}.

8. Bottom line

CME Group delivery and warehouse reports for COMEX silver in Sept–Dec 2025 indicate concentrated delivery activity in contract months with December described as elevated, concurrent with movements in registered warehouse stocks that market watchers read as a tighter deliverable pool; exact daily and month totals are available in CME’s delivery-notice PDFs and Silver_stocks.xls and should be consulted for precise ounce-by-ounce accounting ^{[1] [2] [3]}.