Don't be fooled by 'experts' Bearish report by Barrons
“The shimmering hoard of the metal building in CME warehouses also reflects its dimming allure. Silver stored there is touching a 10-year high at 140.6 million troy ounces, or about 18% of 2011 global mine output. The massive stockpile "points to currently plentiful supply on the global silver market and is likely to block any significant price rises in the near future," analysts at Commerzbank say in a research report.”
https://online.barrons.com/article/SB5000...
Barrons mention of silver held by COMEX is very misleading. The 10-year high at 140.6 million troy ounces (mentioned above) has only 29+ million available for trading.
TOTAL ELIGIBLE ---------- 111,598,412.741
TOTAL REGISTERED ------ 29,049,637.035
COMBINED TOTAL ------- 140,648,049.776
4/27/2012
https://www.cmegroup.com/delivery_reports/Silver_stocks.xls
COMEX has several warehouses for metals (see the lists for silver and gold). …. This is split into two categories: Eligible* and Registered**.
*Eligible silver is silver that has been purchased (and paid for) by a long at some point in the past (that they are currently paying storage fees for), and is eligible for delivery at any point that the client wants. It has been assigned to the clients, who have the serial numbers of their bars.
**Registered silver is silver that is sitting in the COMEX warehouse, and can be used to settle a contract. Apparently, shorts can buy this silver from bullion banks at the current price, and use it to settle the contract.
https://about.ag/futures.htm
Should also mention,
Current Silver COT Report – Futures
Total Short Positions* ------------ 108,960 = 544,800,000 ounces
Commercial Short Positions* ----- 70,697 = 353,485,000 ounces (Think JPM & assoc.)
*1 position = 5,000 ounces