David Moran’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 “The Silver Paradox” on his free Substack, examining the gap between popular narratives and the actual data.

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.

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 “draining” could actually be made about London’s LBMA vaults rather than COMEX, citing notable outflows in 2022–2023, though those levels have since leveled off and returned close to 2023 figures.

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’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’s update.

Let David’s Passion Create Your Wealth.

David Has Been Helping His Subscribers Weather the Current Economic Mess. Now I Invite You to Join His Growing Circle of Successful Investors.

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.

Thus was born The Morgan Report – since then David has  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 — This Week’s View from The Morgan Report.

Through our publication, The Morgan Report, we provide you with ways to achieve greater financial security and wealth in all sorts of environments.

Learn more and become an insider for The Morgan Report, click the link below…

http://www.themorganreport.com/join