Open Interest FINALLY Saw a Meaningful Reduction Tuesday, With OI in the March Contract Dropping 14,196 Contracts.
Crucially however, Only 5,350 of These Rolled to the May contract‼️
⚠️That means 8,846 contracts, or 44.23 MILLION OZ simply closed their March silver positions Tuesday. ⚠️
Certainly, a portion of this COULD have been short covering or longs booking gains- but considering the fact that COMEX silver spent Tuesday consolidating recent gains, & was only slightly DOWN on the day, it is HIGHLY UNLIKELY that 44.23 MILLION OZ of silver were covering shorts (or closing longs).
Were these 44+ million oz of March silver contracts offered CASH INCENTIVES TO CLOSE OUT THEIR POSITIONS RATHER THAN STAND FOR DELIVERY ON FEB 27??
Rumors have persisted in the market that CASH SETTLEMENTS were offered at the end of November to stave off MASSIVE physical silver delivery demands.
Are we seeing the same thing start to play out with the March silver contract⁉️
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