I discuss the silver futures market, and the signs that COMEX data is giving us about the direction of silver prices.
- How open interest has exploded in a very small market
- How the contracts standing for delivery of 69 million ounces for July dwarf previous data
- How JPMorgan (NYSE:JPM) moved over 30 million ounces from ‘eligible’ to ‘registered’ at COMEX to meet what appears to be settlement of short positions in real physical metal
- How July 13’s daily report shows that an additional million ounces, net of market, were moved into the registered category
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
Additional disclosure: I own physical silver.