Adrian on the Comex…
Yesterday 1.17 Moz of silver were removed from the COMEX. Abut 10,000 ozs came from the eligible category which means private owners of silver stored on the COMEX are removing it. The total inventory is now below 130 Mozs (129, 034,435) for the first time in at least 2 years if my memory serves me right. The dealers have just 80.8 Moz enough to deliver on only 16% of the open interest.
In gold 60,999 ozs were withdrawn from the registered category bringing the inventory of the dealers to 2.4 Mozs which is enough to deliver on just 8.3% of the Open Interest.
Typically the majority of contracts are rolled to future months but with no metal available in the retail market anywhere the December contract will be closing in unprecedented market conditions. It would be naïve to expect "typical" behavior of the longs. The longs that are now holding contracts have endured the most vicious cartel attack ever under the most gold bullish conditions ever. Have these longs endured this just to roll their contracts to endure some more shenanigans from the Cartel or will a large percentage stand for delivery? [color:146b="Red"]My guess is that the December contract will be anything but "typical". We will know soon.
Food for thought…
Silver is king, Go Gold !
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