Silver Vs. Cocoa: How A Structural Deficit Market Can Collapse 77%
2026-03-03 14:18:52 ET
In our recent coverage , we made a clear bet.
Seeking Alpha
This was in response to the constant cuckoo theories that the COMEX would default by the expiration of the March Silver futures contract (February 27, 2026). The rationale was long and is best explained in the linked article. But the Cliff Notes edition was that everyone who kept predicting the COMEX would default didn't understand markets, math, or the madness of crowds. As we stand here today, with the dreaded March contract having expired, COMEX silver inventories look pretty normal. At 350 million odd ounces, these inventories are actually on the high side and have only been higher, either in the last 15 months or briefly in 2020-2021....
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Silver Vs. Cocoa: How A Structural Deficit Market Can Collapse 77%
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