COMEX Silver Fireworks in July?

May 7, 2011 By 8 Comments

Rumors and speculation of a COMEX default in silver have swirled for the past 5 years. 
We detailed Tuesday how COMEX silver supplies are down to 33.2 million ounces, declining 54 million ounces since 2009.  Will July delivery in silver bring the long expected fireworks, and prove to be the cartel’s final demise?

The possibility certainly exists- for a clue lets examine silver’s July open interest provided by the CME group.
The CME Group lists July silver open interest at 77,140 contracts.  As each contract is 5,000 ounces of silver, this means open interest is currently 385,700,000 ounces.  385 Million ounces!

Month Open High Low Settle Estimated
Volume 		Prior Day
Open Interest
MAY 11 34.820 36.325 33.535 35.283 479 627
JUN 11 34.875 36.405 33.055 35.287 7,681 881
JULY 11 34.790 36.430 33.035 35.287 178,596 77,140


So July open interest is currently 385.7  million ounces.  If longs would decide to stand for delivery (instead of rolling forward to September, or settling for cash) all 385.7 million ounces would be competing for this remaining COMEX inventory.  Can you picture the Hoover Dam attempting to be forced through a garden house?

COMEX inventories are down to 33.2 million ounces.  Open interest is currently 385.7 million ounces.  So if only 8.6% of current open interest stands for delivery in July, Blythe and the COMEX are f*#@*’d.  Cleaned out. 
Cupboards bare.
Manipulation finished.

At some point in the future a large long interest will decide to forgo the cash settlement premium, and will stand for delivery.  Rumors will quickly swirl, and we will see a STAMPEDE of the longs to acquire their piece of the remaining 33 million physical ounces remaining at the COMEX.
Will this happen in July?

It will only take 8.6% of longs deciding to take their physical. 
Obtain all the physical silver you can right now (especially with the huge current discount), the Grand Finale will soon begin!


Check out these similar articles:

  1. COMEX Registered Silver Supplies Down 54 Million Ounces Since 2009!
  2. COMEX Registered Silver Bullion Drops By 13% Overnight to 35.8 Million oz
  3. Silver and Salvation
  4. May Silver Open Interest at 40,365!
  5. Silver Passes $49!! SHORT SQUEEZE IN PROCESS!
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Comments

  1. Anonymous says:
    May 7, 2011 at 5:57 PM

    so July it is?

  2. lonerangersilver says:
    May 7, 2011 at 6:35 PM

    Besides silver prices going through the roof I wonder what the scenario would be like in a sequence of events and how each party including other commodities handled by comex would be affected.

  3. Anonymous says:
    May 7, 2011 at 11:56 PM

    default rumors have been never ending. its a bunch of bung.

  4. Anonymous says:
    May 8, 2011 at 3:55 PM

    when it goes down…it will be worth the wait. hopefully the bankers can delay it past july…i've got more silver to pick up.

  5. Anonymous says:
    May 8, 2011 at 4:01 PM

    It ends when they run out of lies…

  6. Anonymous says:
    May 8, 2011 at 4:36 PM

    we'll take them down before the cartel runs out of lies!

  7. Big Machine says:
    May 8, 2011 at 5:35 PM

    Anonymous 3:55, how exactly will they run out of lies, prey tell? The lies get bigger the farther this crap goes. The lies might be the only thing rising at a higher pace than silver!

  8. Anonymous says:
    May 14, 2011 at 7:12 PM

    buy the lies, win the prize

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