So this silver was already paid for & not offered to private buyers?

The large amount of physical silver sold this week was delivered by major banks, particularly JP Morgan and Citi, which took ownership of over 1,000 COMEX silver futures contracts that expired into physical delivery. This unprecedented volume of physical silver delivery—especially involving institutions with a history of market influence—has raised concerns about supply constraints and systemic risk. According to investigative reporting, JP Morgan Chase is on the hook to deliver over 5,900 tons of silver it does not currently possess, creating a massive short position that may be driving market volatility. This delivery surge coincided with a sharp drop in silver prices, as the physical metal moved from futures markets into institutional vaults.

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