Read that table calmly and mechanically, because this table is very revealing.

What this screenshot is
This is CME silver futures final data for Wednesday, 14 Jan 2026. It breaks down total volume, deliveries, and open interest by contract month.

Key numbers that matter

1. Total activity (top row)
Total volume: 253,932 contracts
That equals about 1.27 billion ounces of paper silver traded in a single day.
Deliveries: 206 contracts (about 1.03 million ounces)
Open interest at close: 151,671 contracts

So on a day where over a billion ounces trade on paper, barely a million ounces move toward physical settlement.

2. January 2026 contract (front month)
Total volume: 470 contracts
Deliveries: 206 contracts
Open interest at close: 659 contracts
OI change: –72

This tells us January is in its delivery phase. Nearly half of the remaining open interest actually stood for delivery. That is a very high conversion rate from paper to physical for a non-major delivery month.

3. February 2026 contract
Total volume: 3,258
Deliveries: 0
Open interest at close: 3,186
OI change: –638

February is being drained. Open interest is collapsing without delivery, meaning positions are being closed or rolled, not settled. This is typical when the market wants to avoid near-term physical obligations.

4. March 2026 contract (this is the big signal)
Total volume: 215,463 contracts
Open interest at close: 101,291 contracts
OI change: +689

This is the most important box, the one you highlighted.

Despite massive trading volume and ongoing January deliveries, March open interest increased. That means new paper promises are being created even as physical silver is leaving the system.

Why this matters

Normally, when front-month delivery stress appears, you expect open interest in forward months to fall as traders de-risk. Instead, March is absorbing pressure.

What this tells us

Paper is being pushed forward in time
The market is deferring settlement risk rather than resolving it. March is becoming the pressure valve.

Physical demand is not being met by price
If price were clearing the market, you would see deliveries fall and open interest shrink. Instead, deliveries continue while forward paper expands.

The system is choosing leverage over resolution
Rather than letting price rise enough to balance supply and demand, the exchange structure allows risk to be rolled forward.

The pattern that is emerging

Front months:
Low open interest
High delivery conversion
Vault drawdowns

Forward months:
Very high volume
Stable or rising open interest
No delivery obligation yet

This is classic stress migration. The problem does not disappear; it is postponed.

In simple terms

January shows who actually wants metal.
February shows who is backing away.
March shows where the risk is being parked.

This is why your “paper vs physical” framing is correct. The table itself proves it.

Having a discussion with Ajay on X about that table. With what we know about how these futures normally trade, and how the powers that be manipulate the pricing and use future contract paper, the big banks are in the danger zone, with no good options out.

For those that don't have X. Col Towner nails it.

STOP WHAT YOU ARE DOING AND READ THIS.

CIA fronts and NED acting in tandem (again) to orchestrate a regime change in Iran. Those of you who follow me knew this is exactly what was happening but we lack the names and funding source. Here it is. Not 30 yrs from now when the CIA is forced to declassify it…in real time.

Now pause for a second, X told me yesterday that calling to defund the regime change slush fund of NED was anti government. Even though .@elonmusk has called for it. .@DataRepublican has done so as well. As a matter of fact, a proposal to defund fund it was pending in congress the same day.

.@HouseGOP and .@HouseDemocrats decided that they needed to fund their own regime change machine. CONGRESS IS RUNNING THER OWN REGIME CHANGE OPERATION IN COORDINATION WITH CIA AND FOREIGN INTELLIGENCE AGENCY.

Let me say that again. Congress is funding and coordinating overthrowing foreign governments. Knowingly.

John McCain was NED’s IRI (the republican bucket of regime change money) for 25 yrs. The entire time he was a senator and running for president he was running regime change operations. Millions of ppl have died in these regime change operations and the US congress is funding them. When it was proposed to stop it? They spit in your face. Before I move on, McCain took $112,000 contributions tied to Charles Keating. Keating controlled Lincoln Savings and Loan was in the S&L debacle which was the Mafia, CIA and Bush Sr laundering drug money to buy guns for the CIA operations in Nicaragua. He was bought and paid for by the international syndicate from the beginning. Fast forward to Ukraine and his presence there in 2014 CIA coup…funding and using nazis to overthrow a government. It all makes sense. Lastly, John McCain made it a point to visited CIA protege Pinchot, the product of School of Americas and CIA regime change operation to overthrow Chile’s Allende (assassinated). This led to a totalitarian dictatorship, 10’s of thousands dead, tortured, kidnapped. It was all done in the name of DEMOCRACY to save Chile from the dreaded communism boogeyman. It was really done because ITT, Anaconda, and PepsiCo didn’t want to lose their monopolies in Chile.

They’ve set up the perfect system. Mccain could vote against a particular operation while funding it via NED. We’d never be the wiser. How many Americans even know their congressional members have a regime change slush fund? Of course the democrats have this as well. While screaming about DEMOCRACY they are funding regime changes to destroy democracy in foreign countries.

You simply can not believe anything MSM nor on X posted by paid propagandists/influencers. Meanwhile, the truth tellers are throttled and Grok even acknowledged it.

Every congressional member that voted to maintain NED funding is knowingly complicit in the overthrowing of governments and the resulting crimes against humanity that occur. Millions have died in these operations since WW2.

"It's, It's Like Twenty Four Hours Since John McCain Was Put To Death." ― John Kasich, September 6, 2018

https://x.com/WarNuse/status/1960016616072388612?t=MQKKprN41k5HaqkWfk6R_w&s=19

Anonymous Columbus is tearing it up on FB. Bringing the heat!! 👇🏻👇🏻

Governor Mike DeWine remember when you left Larry Householder holding the bag and hung him out to dry on the HB 6 bribery scandle but you also took "campaign donations" in the sum of $260,000 for catering one event and signed the bitch into law the when you were Governor in July of 2019? Remember how that same election year you fucked over every voter who put it on the ballot and said no we won't pay for that shit? Yeah, you should be holding a pocket for 20 years with him, you both took money to pass HB 6 from First Energy. Anyone Curious should look up HB 6 Ohiogate.

We Are Legion
#FAFO
#EndSocialism
#FuckMikeDeWine
#AmyActonIsATraitor
#FYP

https://www.facebook.com/100080940611732/posts/pfbid0khp3jX5szqD3xK9EbsJdrGse1AkUvmNffHdTCAnb4v5sjfn6vHUu83zDdVj1jintl/?d=n

Ohio Judge granted plaitfs in the 'Ohio State Abuse Victims' motion to use Alternative Means to Subpoena Les Wexner who continues to dodge Subpoenas to testify in a civil case brought against The Ohio State University. He is also currently being compelled to testify by the House oversight committee about his ties to Jeffrey Epstein. Epstein the late infamous pedophile was power of attorney for Mr. Wexner and was present in New Albany during development of the city. Most of the mansions built in the city still show his signature on permits and original titles.

We Are Legion
#FAFO
#EndSocialism
#FuckMikeDeWine
#AmyActonIsATraitor
#FYP

https://www.facebook.com/100080940611732/posts/pfbid0ArS3fxTdmUqP6JCwpcAZwy8ouDc1gznyZAWWJYVS5zvmzeByhphiL6XsaBH8LmQXl/?d=n

#OhioGate. Where’s Wexner???

I have shared so much here about New Albany, Wexner and their connections across many organizations. Search 👆🏻 if you missed it.

This American’s mom just died and was going through her paperwork

Her mom and dad paid in roughly $1 million combined into social security throughout their lives

Her dad died before he could collect, her mom only collected for 4 years at 32k per year

They got back $128,000 combined from social security before they both died after paying in a million

This is a scam

https://x.com/WallStreetApes/status/2011623989970682282?s=20

👀👆👆I've discussed this here. When [fdr] set up this essentially socialist system, at least he tried ro set it up correctly. Initially it WAS set up as a lockbox, that was to draw 15% interest, that would all come to you after retirement. Until congress decided to open YOUR lockbox and steal YOUR money. I doubt even [fdr] would have allowed that to happen to us. We'll be getting it all back shortly. 👀👇👇

🇺🇸💥🇺🇸. Our social security money we paid in was supposed to be kept in a lock box so it would always be there for us. However, the democrats wanted to spend it on other things and it disappeared. The money was given to illegals and others who never paid into social security. 💥💥💥. The entire system was corrupted and we never receive back what we paid in. Ponzi scheme for sure. 🇺🇸💥🇺🇸

Excellent skill test! 👇🏻👇🏻

Can you read 900 words per minute?

🧐

Get ready for the exposure of the hunting parties, satanic rituals and adrenochrome!

The white rabbit imagery has been hijacked by pedophile rings…

Follow the white rabbit means grooming signals to kids!!!

Women dressing as sexy vampire rabbit girls..
This bunny costume hides that this predator looks harmless while they traffic and groom kids online!

They camouflage this for evil!!!!

Now you know where the NFL chose bad bunny to do the halftime show.

Symbolism will be their downfall.

SuperbOwl
Sunday Feb 8

I spy evergreen trees and the Golden Gate Bridge in the logo.

✨💫❤️WJ