comex silver stocksfrom last nites midas.
"On silver from Galearis and Rhody:
Hi Bill,
I haven't emailed you for a time because my brother does such an OK job of it anyway (smile), but your mention of that 17 Mo of silver coming into the Comex, AND the huge upswing in stoppers in this delivery month got me thinking. The premise around this activity I would think is to preserve solvency of the Commercial 'managers' and the credibility of the paper market. I think that what we are seeing here in the added stocks coming in is Comex 'pulling rank' for deliveries of real metal from the refineries in spite of the deficit. We have seen this trend hinted at with Mexican refinery shortages - and to see this metal turning up in the Comex vaults. OK, they are ramping up supplies because they expect a run on the metal. At the other end, the run on the registered metal by the Commercial managers is related, IMO. Here we see the Commercial managers trying to corner the market on the last remaining cheap silver. And they have done it at the recent bottom in all likelihood. My brother and I both speculate that the Commercials do not control more than 10% of the metal for sale in the Comex and I think this is a stop-gap scheme to delay the inevitable. Now they control about 75% of the deliverable registered stockpile. The fireside sale of metal will likely go on,,,,,with a reduced default risk. The metal will stay in Comex (preserving the totals) until the REAL end of the story is obvious to us all.
Oh, and rhody just walked in the door and wants to add:
The silver stockpiles at COMEX are owned and mostly unavailable. In order to cover anticipated futures deliveries, commercials first have to get the metal in for delivery, probably through leased supplies. So a rise in COMEX stockpiles is not necessarily negative for the spot price.
That's a FWIW from Canada for you.
Best regards,
Galearis and rhody "