Top Wall Street Banks Rush to Secure Millions of Ounces of Physical Silver in Early 2026
The first physical delivery report of 2026 from the COMEX silver market is drawing attention across Wall Street, as large U.S. banks moved decisively to secure physical metal while a major European lender supplied the bulk of the silver.
The January 2026 COMEX 5,000-ounce silver futures delivery data, based on notices dated December 31, 2025 with settlement on January 5, reveals a highly concentrated transfer of physical silver between top-tier financial institutions.
- Deutsche Bank was the largest silver issuer in the first 2026 COMEX delivery cycle
- JPMorgan and Citigroup absorbed nearly 80% of delivered silver
- The activity reflects institutional physical demand rather than retail buying
- Physical silver flows are becoming more visible at the start of 2026
Deutsche Bank Emerges as Primary Silver Issuer
Deutsche Bank AG was the dominant issuer in the opening delivery window of the year, issuing 654 contracts. This equates to roughly 3.27 million ounces of physical silver delivered into the market, far exceeding activity from any other institution.
Such a large one-day issuance is uncommon and suggests more than routine contract settlement, particularly at a time when physical silver availability is closely monitored.
JPMorgan and Citigroup Absorb the Majority of Physical Supply
On the receiving side, two U.S. banking giants took control of most of the metal. J.P. Morgan Securities stopped 452 contracts, or about 2.26 million ounces, while Citigroup took delivery of 432 contracts, equivalent to approximately 2.16 million ounces.
Together, the two firms accounted for close to 80% of all silver delivered during the session, highlighting a highly concentrated accumulation of physical metal.
A Shift From Paper Exposure to Physical Control
The delivery patterns suggest this was not retail demand or broad market participation, but a strategic, bank-to-bank transfer of silver. Rather than rolling futures positions forward, JPMorgan and Citigroup opted to take physical delivery, signaling a preference for metal ownership over paper exposure.
This behavior is particularly notable given the size of outstanding short positions in the silver futures market, where physical supply constraints can amplify strategic positioning.
What the Data Signals for the Silver Market
The opening days of 2026 indicate growing institutional emphasis on physical silver. Large banks appear increasingly focused on securing real metal, while supply is being drawn from fewer sources. These dynamics could become more influential if physical demand continues to rise alongside elevated paper positioning.
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Alexander Zdravkov is a person who always looks for the logic behind things. He has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
