Force majeure is French for "superior force." It's a clause in many contracts that lets a party delay or skip its obligations when extraordinary events outside its control make performance impossible, such as war, a natural disaster, a pandemic lockdown or a government order. It doesn't cancel the contract by default, and it isn't a penalty-free way out of a bad deal.
What it would mean at COMEX
COMEX is the CME Group exchange where gold and silver futures trade. Most contracts are closed before expiry, but a holder of an expiring contract can take delivery of metal from a COMEX-approved vault. The exchange's rulebook includes emergency and force majeure provisions. In a genuine emergency, these could allow delays or other changes to physical delivery instead of counting as a default. How any case is handled depends on the exchange's rules and decisions at the time.
In plain terms, force majeure is about performance being impossible because of an outside event, for example vaults being inaccessible or transport being shut down. A tight market or high prices are not the same thing.
What it is not
- It isn't a prediction. Explaining the clause doesn't mean we expect it to be used.
- It isn't the same as a margin increase, position limits or a trading halt, which are other tools exchanges can use.
- It isn't the same as cash settlement, which some other contracts use by design.
Public data people watch
People who follow the physical side of the market look at a few public numbers. VaultPulse tracks each of them with dates and sources:
- Registered inventory, the metal that can be delivered right now. COMEX silver registered was 103.35M oz as of 2026-10-12. Silver inventory →
- Deliveries, how much metal contract holders actually take. October silver deliveries so far were about 16.25M oz (2026-10-13). Deliveries tracker →
- Retail premiums, what coins and bars cost above spot. Premiums →
- News, any official exchange notices. News stream →
No one of these numbers signals force majeure on its own. Official CME Group notices are the only reliable source for whether one has actually been declared.
Where to check official notices
CME Group posts exchange notices and its rulebook on its website. If you read a claim online that COMEX has declared force majeure, look for the notice on cmegroup.com before believing it.
Related: COMEX silver inventory · COMEX gold inventory · Gold & silver news · Deliveries tracker
Sources
FAQ
What does force majeure mean?
A contract clause that excuses or delays performance when extraordinary events beyond a party's control, such as war or natural disasters, make it impossible.
Has COMEX declared force majeure on silver?
Check official CME Group notices for the current status. VaultPulse does not report rumours, and explaining the clause is not a prediction it will be used.