Silver Deliveries Verified

The Weekly Perspective - January 23, 2026 - David Morgan

Key Concepts:

• Comex Deliveries: Physical silver deliveries registered through the Commodity Exchange (Comex).
• Comex Warehouse Stocks: The amount of silver held in Comex-approved depositories.
• Financial Reset: A significant shift in the global financial system, potentially involving currency devaluation and economic restructuring.
• Warren Buffett & Silver (1999): Historical context of a large silver purchase impacting delivery volumes.
• Disconnection in Delivery Mechanisms: The discrepancy between reported deliveries and warehouse stock levels.

I. Silver Delivery Analysis (2025-2026)

David Morgan begins by addressing the significant silver delivery numbers circulating online, referencing data from Nick Laird’s Gold Charts RS website. He confirms the reported figures – approximately 68, 75, and 80 million ounces for various delivery months (May, September, December) in 2025-2026, with a smaller delivery around 45 million ounces. He emphasizes the factual nature of these delivery numbers.

However, Morgan clarifies a historical point: the largest silver delivery on record wasn’t the recent surge, but rather Warren Buffett’s Berkshire Hathaway purchase of 129.7 (rounded to 130) million ounces of silver in 1999. He acknowledges this is a “mood point” but important for historical accuracy.

II. Comex Warehouse Stock Fluctuations & The Disconnect

Morgan then shifts focus to Comex depository warehouse stocks of silver. He notes that in January 2025, stocks were around 300 million ounces, increasing to approximately 530 million ounces before declining roughly 100 million ounces after the September delivery.

This presents a seeming contradiction: large deliveries occurring alongside an overall increase in warehouse stocks. Morgan highlights that comparing January 2025 (300 million ounces) to January 2026 (around 420 million ounces) shows a net increase of approximately 100 million ounces year-over-year.

He acknowledges that his regular viewers understand the reason for this discrepancy, referring to his previous “Weekly Perspective” updates available on themorganreport.com’s blog tab. He intentionally leaves the explanation as a “mystery,” hinting at a disconnect between the mechanics of delivery and its actual implications.

III. The Broader Financial Landscape & The Morgan Report

The segment transitions to a promotional message for The Morgan Report, framing the current economic climate as the “early stages of a financial reset.” Key indicators cited include:

• US Government Debt: Approaching $37 trillion.
• Tariffs: Being implemented to level the playing field in trade.
• Global Supply Chain Shifts: Ongoing restructuring of international trade routes.
• Persistent Inflation: Inflation is not a temporary phenomenon.
• Dollar Devaluation: The quiet erosion of the dollar’s value.

The advertisement warns against relying on mainstream financial advice and emphasizes the need for independent research and a “cleareyed view” of the situation. David Morgan positions The Morgan Report as a resource for investors seeking to navigate this environment, focusing on precious metals, mining stocks, global debt, and monetary policy. The report aims to provide “real research, honest analysis, and strategies you can act on.”

IV. Key Arguments & Perspectives

The central argument is that a significant financial shift is underway, and traditional financial advice may be inadequate. Morgan advocates for proactive wealth protection and growth strategies, particularly through understanding and investing in precious metals. He implicitly criticizes mainstream financial narratives as potentially misleading or incomplete.

V. Notable Quotes

• “37 trillion in debt won’t…” (The advertisement ends mid-sentence, creating a sense of urgency).
• (Referring to Paul Harvey) “the rest of the story.” – Used to introduce the complex relationship between deliveries and warehouse stocks.

VI. Technical Terms & Concepts

• Comex (Commodity Exchange): A commodity futures exchange, primarily for metals.
• Depository: A secure facility for storing precious metals.
• Warehouse Stocks: The physical inventory of a commodity held in approved depositories.
• Delivery Month: Specific months designated for the physical delivery of commodities contracts.
• Monetary Policy: Actions undertaken by a central bank to manipulate the money supply and credit conditions.

VII. Logical Connections

The video progresses logically from a specific observation (silver deliveries) to a broader analysis of the financial system. The discussion of silver deliveries serves as a starting point to illustrate the complexities of the market and then transitions into a broader warning about the impending financial reset. The promotional segment for The Morgan Report is presented as a solution to the challenges outlined.

VIII. Data & Statistics

• Silver delivery volumes: 68, 75, 80, and 45 million ounces (various months 2025-2026).
• Warren Buffett’s silver purchase: 129.7 million ounces (1999).
• Comex warehouse stocks: 300 million ounces (January 2025), 530 million ounces (peak 2026), 420 million ounces (January 2026).
• US Government Debt: Approaching $37 trillion.

IX. Synthesis/Conclusion

David Morgan’s “Weekly Perspective” highlights unusual activity in the silver market, specifically large delivery volumes, while simultaneously pointing to a broader, potentially disruptive financial shift. He suggests that understanding the underlying mechanisms of the market and being prepared for economic uncertainty are crucial for protecting and growing wealth. The Morgan Report is presented as a resource for investors seeking to navigate this complex landscape. The core takeaway is a call for independent research and proactive financial planning in the face of a potentially significant financial reset.