TSXV:SLX.P - Post by User
Comment by
MudCreekeron Apr 29, 2011 11:13pm
381 Views
Post# 18510759
RE: Imminent Comex default??
RE: Imminent Comex default??A number of unusual things happened in March that made it look like they came close to defaulting then. May is the next big delivery month, so I kind of suspected that it might be even closer this time. But, according to Ed Steer, in this morning's newsletter:
"First day notice for delivery into the May silver contract istoday...and according to this morning's preliminary report, there areonly 2,143 contracts left open...so unless something out of the ordinaryhappens, there shouldn't be any problems for silver during the Maydelivery month."
IIRC, in March more than twice that many contracts were outstanding at the start of the month.
BTW, this kind of puts to rest the rumours that in March some people were paid premiums of 60 to 80% to accept cash rather than physical silver for contracts held to delivery. Anyone who got a premium like that would have just grabbed a bunch of May contracts and repeated the process. 60-80% return in two months... I'd play that game 6 times a year (lol), and so would anyone else. But there are fewer contracts held for delivery in May than in March, so I guess that game isn't really there at all.
OTOH, that was a preliminary report. These guys frequently change the numbers dramatically from the preliminary report to the final report. Maybe on Monday we'll hear something different.