COMEX Silver Open Interest plunged below 100,000 contracts Wednesday, setting new lows not seen in DECADES.
We stated yesterday we expected COMEX Silver OI to fall further as May deliveries begin with First Notice Day. 
That it did, declining another 2,107 contracts, to close at 99,168.
A MASSIVE 4,580 contracts issued delivery notices on First Notice Day, as OI in the May contract declined -2,411 to 6,299.
Astonishingly, NONE of those 2,411 May contracts rolled to the next Front Month of July - as the July Open Interest actually DECLINED by 117 contracts on the day!
There was a slight increase in the following delivery Month of September, which saw an increase of +577 contracts.
The July now has an Open Interest of 71,111, and September OI sits at 11,010.
We suspect COMEX will need to reduce silver margins substantially further in order to entice a significant return of gamblers to the paper silver caSINo…
SILVER TO $350-$500? MICHAEL OLIVER’S NOT BULLISH ENOUGH!
INVESTMENT DEMAND WILL DRIVE SILVER TO 4 FIGURES & INTO A MANIA!!
