{"id":11417,"date":"2026-07-11T04:03:02","date_gmt":"2026-07-11T04:03:02","guid":{"rendered":"https:\/\/www.themorganreport.com\/blog\/?p=11417"},"modified":"2026-07-11T04:03:02","modified_gmt":"2026-07-11T04:03:02","slug":"the-ten-year-comex-drain-that-isnt-what-you-think","status":"publish","type":"post","link":"https:\/\/www.themorganreport.com\/blog\/the-ten-year-comex-drain-that-isnt-what-you-think\/","title":{"rendered":"The Ten-Year COMEX Drain That Isn&#8217;t What You Think"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/QsbEeVZFTHY?si=Dw1KwRB3V3Lk30-e\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><br \/>\n<br \/>\nThe Ten-Year COMEX Drain That Isn&#8217;t What You Think | <a href=\"https:\/\/www.themorganreport.com\">https:\/\/www.themorganreport.com<\/a><\/p>\n<p>David Moran&#8217;s weekly perspective (week ending 07\/10\/2026) centers on the question of whether silver is being drained from the COMEX. He notes that a poll he ran on his post from June 27 showed about 62% of respondents believe silver is being drained, while roughly 38% disagree, which prompted him to write an article called &#8220;The Silver Paradox&#8221; on his free Substack, examining the gap between popular narratives and the actual data.<\/p>\n<p>His core argument is that if bullion banks truly have as much control over the silver market as critics claim, it makes little sense that they would lose that control right at delivery month and let COMEX supposedly collapse. Looking at total registered-plus-eligible inventory, he shows that levels actually rose from 2024 into 2025 rather than falling. In early 2025, amid tariff-related concerns, a large quantity of silver moved from London to New York, driven by an arbitrage opportunity that made the shift profitable; that inflow later reversed, with silver flowing back to London at a slower pace once the arbitrage flipped direction. Setting aside that round-trip anomaly, Moran points out that current inventory is actually higher than it was one or two years ago, which runs counter to the draining narrative.<\/p>\n<p>He also addresses the registered silver category specifically, noting it was unusually low in early 2024 (around 35 million ounces) but has since risen substantially. Critics who highlight recent declines are, in his view, measuring from a peak that was itself a multi-year high, so the interpretation depends heavily on the starting reference point. He suggests a stronger case for &#8220;draining&#8221; could actually be made about London&#8217;s LBMA vaults rather than COMEX, citing notable outflows in 2022\u20132023, though those levels have since leveled off and returned close to 2023 figures.<\/p>\n<p>Drawing on a 10-year dataset from Nick Laird of Gold Charts R Us, Moran shows combined registered-and-eligible COMEX silver declining from roughly 400 million to 300 million ounces over the decade, but argues that once the temporary London-New York arbitrage swing is excluded, the broader trend does not support the idea that COMEX is currently being actively drained. He closes by emphasizing that he&#8217;s simply presenting the data as an objective counterpoint to the prevailing narrative, encouraging listeners to judge the facts for themselves rather than rely on claims, and signs off wishing everyone a good weekend before next week&#8217;s update.<\/p>\n<p>Watch this video on The Ten-Year COMEX Drain That Isn&#8217;t What You Think, then please share with your friends and family on social media and use the caption: The Ten-Year COMEX Drain That Isn&#8217;t What You Think.<br \/>\n<div class=\"su-spacer\" style=\"height:10px\"><\/div><div class=\"sc-tabs-wrap\"><ul class=\"sc-tabs\"><li class=\"active\"><a href=\"#\" data-id=\"1\">Trading Recommendations<\/a><\/li><li><a href=\"#\" data-id=\"2\">Save In Silver<\/a><\/li><\/ul><ul class=\"sc-tabs-panes\"><li id=\"sc-pane-1\" class=\"active\">Market Analysis &#8212; Investing &#8212; Trading Methods At The Morgan Report &#8212; Starting As Low As $50 | <a href=\"http:\/\/www.themorganreport.com\/join\" rel=\"noopener\" target=\"_blank\">http:\/\/www.themorganreport.com\/join<\/a><\/b>. <\/li>\n<li id=\"sc-pane-2\">Starting your own precious metals savings program is an easy way to automatically save in gold and silver. This makes it easy to maintain a disciplined program for increasing your ownership of history&#8217;s most proven stores of value. <a href=\"http:\/\/preciousmetalssavingsprogram.com\/\" rel=\"noopener\" target=\"_blank\">Learn more here.<\/a> <\/li><\/ul><\/div>\n<hr \/>\n<p><strong>Let My Passion Create Your Wealth.<\/strong><\/p>\n<p>I&#8217;ve Been Helping My Subscribers Weather the Current Economic Mess. Now I Invite You to Join My Growing Circle of Successful Investors.<BR><\/p>\n<p>The Morgan Report is all about YOU and how you can build and preserve Wealth for generations to come. We know it can sometimes seem a daunting task to protect your assets and preserve or grow your wealth. Over 15 years ago, a small group of us started The Morgan Report and formed an exclusive membership organization to promote personal freedom, an honest money system, free market wealth accumulation, and asset protection.<BR><\/p>\n<p>Thus was born The Morgan Report &#8211; since then we&#8217;ve helped 11,000-plus members scattered over the globe in every continent and over 100,000+ e-newsletter subscribers have read our weekly e-newsletter &#8212; This Week&#8217;s View from The Morgan Report.<BR><\/p>\n<p>Through our publication, The Morgan Report, we provide you with ways to achieve greater financial security and wealth in all sorts of environments.<BR><\/p>\n<p>Learn more and become an insider for The Morgan Report, click the link below&#8230;<BR><\/p>\n<p><a href=\"http:\/\/www.themorganreport.com\/join\">http:\/\/www.themorganreport.com\/join<\/a><br \/>\n&nbsp;<\/p>\n<p align=\"center\"><font color=\"#AF0000\" style=\"font-size: 14pt\"><b>Special Riches In Resources Free Report<\/b><\/p>\n<p><\/font> Because there is a 100% failure rate of ALL fiat money throughout history, you will learn what to do by obtaining your Free Report. Just enter your first name, your primary email address and click the Get Special Report button below.<\/a>\n\t<\/p>\n<div class=\"AW-Form-1281419199\"><\/div>\n<p><script type=\"text\/javascript\">(function(d, s, id) {\n    var js, fjs = d.getElementsByTagName(s)[0];\n    if (d.getElementById(id)) return;\n    js = d.createElement(s); js.id = id;\n    js.src = \"\/\/forms.aweber.com\/form\/99\/1281419199.js\";\n    fjs.parentNode.insertBefore(js, fjs);\n    }(document, \"script\", \"aweber-wjs-jc8lzhdt3\"));<\/script> <\/p>\n<p>Our mission statement reads&#8230;<BR><\/p>\n<p><b><i>&#8220;To teach and empower people to understand the benefits of an honest monetary system.&#8221;<\/i> <\/b><BR><br \/>\nToday&#8217;s monetary system is based upon a lie. The lie is that you can get something for nothing, or perhaps more simply stated, wealth can be printed. History has shown throughout 5000 years that whenever a country has tried to maintain this illusion (lie), failure has been the result. We invite you to learn more about what The Morgan Report can do for you. Click on the Learn More About The Morgan Report button now!<BR><\/p>\n<p><center><a href=\"http:\/\/www.themorganreport.com\/join\" class=\"sc-button\" style=\"background: default\"><span><strong>Learn More About The Morgan Report *<\/strong><\/span><\/a>\n&nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ten-Year COMEX Drain That Isn&#8217;t What You Think | https:\/\/www.themorganreport.com David Moran&#8217;s weekly perspective (week ending 07\/10\/2026) centers on the question of whether silver is being drained from the COMEX. He notes that a poll he ran on his post from June 27 showed about 62% of respondents believe silver is being drained, while<span class=\"read-more\"><a href=\"https:\/\/www.themorganreport.com\/blog\/the-ten-year-comex-drain-that-isnt-what-you-think\/\" title=\"Read More\">More<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":11418,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[121,89],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Ten-Year COMEX Drain That Isn&#039;t What You Think<\/title>\n<meta name=\"description\" content=\"The Ten-Year COMEX Drain That Isn&#039;t What You Think\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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