The Phaserl


Kill Switch?

by Bill Holter, Miles Franklin:

I have written several times regarding the size of COMEX futures going into delivery periods. It is time to do this again with silver. The September delivery month has 65,000 contracts still open. This represents 325 million ounces of silver. The “registered” category at COMEX now has just over 60 million ounces available for deliver. If you tally up the entire inventory, this is roughly 175 million ounces.

As we have seen plentiful times in the past, the futures normally get rolled into the next active month and we merrily go on down the road. In fact, over the past year we have seen large amounts of gold and silver contracts initially stand for delivery only to see them either rolled at the END of the delivery period or “settled” with little or no movement in the inventory statistics. Both of these situations have had speculations by us conspiracy nuts that they are being either “cash settled” or cash settled with a “premium” attached to entice the contract owner. Is this true? I obviously do not have any proof that premiums are being paid but it is a logical explanation and the lack of inventory movement is supportive of the theory.

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