The COMEX May silver contract saw a massive increase in volume Thursday as shorts PILED on as silver crashed to $65.63.
Volume TRIPLED from Tuesday, spiking from 32,659 contracts to 96,971!
Open Interest actually declined, from 114,758 contracts to 112,115- indicating shorts covered into the waterfall sell-off.
The May contract saw the biggest decline in OI at -1,023, with the December contract also declining -409, followed by March -224.
Interestingly, the July contract ADDED 437 contracts, which seems to suggest that industrial users took advantage of the slam to lock in future silver supply at a large discount.
If END users of PHYSICAL SILVER are now backing up the truck to take advantage of the extreme sell-off, we suspect the correction in silver may be nearing or has already completed its final capitulation low.
