Loading ...EPIC Silver Shortage Imminent? 3.5 M Oz of Silver “Jump the Queue” to Take JULY Delivery!
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So far in July, through last evening, the CME shows that a total of 3,267 total deliveries have been made. What’s more, the CME also shows that there are still 117 contracts left open. If all of these remaining contracts stand for delivery…and provided no one else shows up wanting some immediate silver…the total number of deliveries this month will be 3,384.
Now wait a second. Hold on just a minute. There were only 2,699 contracts still open at expiration two weeks ago yet the Comex is on pace to deliver an additional 700+ over the course of the month? At 5,000 ounces/contract, that means someone or something has ponied up about $50,000,000 in order to “jump the queue” and take immediate delivery of 3,500,000 ounces of silver this month. Isn’t that interesting and let me remind you that there are still two weeks to go in the delivery month and just about anyone can still plop down 100% margin, buy a July contract and get their silver. Total deliveries might actually exceed 3,500 or 4,000 contracts by the time the month is finished! But even if this doesn’t happen and total deliveries come in near the 3,400 number instead, the total amount of deliveries versus the total number of contracts standing at expiration will be near 126%. Compare that to Dec14, Mar15, May 15 and every month as far back as you can find the data!
So, does this mean anything? Maybe. Perhaps it’s another anecdotal signal of physical tightness? Perhaps it’s just ole Turd chasing ghosts again? I’ll leave you to decide that for yourself.