Amazingly, COMEX Open Interest data reveals that OI for the March Silver contract went UP 106 contracts Wednesday (in addition to the 275 that issued delivery notices) ahead of today’s last trading day today on the March contract, with OI closing at 296 contracts.
We expect at LEAST those 296 contracts to issue delivery notices today, meaning another 1.5 million oz + should be pulled from COMEX silver inventories today.
The COMEX may not have defaulted in March, but the absolutely RELENTLESS million oz + daily drain from the COMEX has continued unabated, and it simply cannot continue indefinitely.
With London’s FREE FLOAT silver hitting ZERO last October- forcing the LBMA to borrow silver from Shanghai for 90 days to avoid a default - and with Shanghai’s SHFE itself now down to just 11 million ounces of physical silver- there appears to be no large above ground source of physical silver in size remaining to satisfy the relentless silver supply deficit.
The END GAME for silver didn’t arrive today, but it is certainly getting closer by the day.
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