RE:RUSSIAN Ruble up and upDon't be obsessed with Comex. Every short has a long as counterparty. The cycle is that longs accumulate and shorts take the counterparty position. Then there is a difference between commercials who sell their future production, and deliver, and specs on both sides that provide ... speculation and liquidity.
Notice how the both the longs and shorts have declined in the last 4 weeks as contracts are liquidated and look at the silver price action for the last 4 weeks. Then look a year ago how the spec long and short increased. Then compare the silver price action a year ago as the long and short positions increased. The longs drive the price and the shorts (commercial and small specs etc) take the counterparty position.
Nobody has denied the laws of supply and demand; according the conspiracy guys we've been running out of silver for the last 40 years, but we haven't, and the price has been as low as 4 bucks or so, and as high as 50 (momentarily).
Comex Open Interest