As we near First Notice Day for the COMEX May Silver contract, Open Interest in the July contract has just passed May.
July OI +1,770 to 51,930
May OI -453 to 46,400
Sept OI +77 to 8,737
Dec OI + 123 to 7,769
Total OI is up ~ 5,000 contracts from the recent historic lows, as specs begin to re-enter the market as silver has already gained nearly 40% from washout lows.
While massive amounts of physical silver continue to drain from COMEX vaults daily (likely headed to Shanghai where SHFE silver inventories have more than doubled- rising from 8 M oz to over 19 M oz - it appears that traders are not currently concerned about an imminent COMEX default on silver, and are happy to continue to play the game of rolling silver futures contracts to the next front month of July.
The NEXT Banking Crisis Will Be the LAST -ALL of the US Dollar’s Purchasing Power is Going to SLAM into Gold & Silver! -The END GAME Investor’s Rafi Farber
