Silver futures surged past $117 on January 29, extending a historic rally with 275% gains over the past year. SponsoredWarehouse Inventories Under PressureAccording to the latest CME warehouse stock report dated January 27, total silver holdings in COMEX-approved depositories fell to 411.7 million ounces. SponsoredThis net short position is more than double the 108 million ounces of registered silver available for delivery. Analysts have observed futures contracts rolling back from March to January and from February to January. However, industry analysts note that such substitution efforts typically take years to scale, leaving near-term demand dynamics firmly tilted toward physical silver.