2026年2月新发行的100oz合约只允许现金交割。（划重点）但很多券商都不会给散户提供实物交割的选项(IBKR似乎是个例外https://www.interactivebrokers.com/en/trading/metals-physical-delivery.php）。即使有选项，实际想实现实物交割也极其繁琐和困难。所以实际基本不会出现“散户挤兑潮”。
对吗？还是gpt在胡说？
Retail traders can generally ask for physical silver delivery on CME (COMEX) through standard (5,000 oz) or Micro (1,000 oz) futures contracts if they hold the position to expiration. However, the new 100-ounce silver futures (SIC) launching in February 2026 are specifically cash-settled, prohibiting physical delivery for that contract.
Key Considerations for Physical Delivery:
- Contract Type Matters: While standard and Micro silver futures are physically settled, the 100-ounce silver futures are strictly cash-settled.
- Broker Restrictions: Many retail brokerages, such as Charles Schwab, do not allow physical delivery on futures contracts and require positions to be closed or rolled before expiration.
- Costs and Logistics: Taking delivery involves high costs, including storage fees in approved vaults, and requires coordination through a clearing firm.
- Warrant System: Delivery involves the transfer of ownership of a "metal warrant" (electronically stored).
Therefore, while physical delivery is theoretically possible on some CME contracts, it is practically difficult for typical retail traders due to broker constraints and the specific, cash-settled nature of the new, smaller 100-ounce silver contracts, according to CME Group FAQs.
