The Phaserl


Another Comex Oddity

from TF Metals Report:

I’d like to draw to your attention today to something that relates to the recent stories of “silver supply tightness”. As you know, there is all sorts of anecdotal evidence being reported of retail physical silver supply tightness. I’d like to show you something extremely unusual that may be the first sign of a wholesale supply tightness.

Recall that there are “delivery” months on the Comex and, in silver, these months are March, May, July, September and December. It is during these calendar months that the futures contract for the month gets delivered to anyone seeking to take physical delivery of 5,000 ounces of silver per contract. At present, the Comex is allegedly making deliveries for the July 2015 silver contract. This contract expired back on June 29 and began trading “first notice” the next day. This means that anyone still holding a July silver contract as of June 30 needed to have 100% margin in their account, expressing their intent and capability of either taking or making delivery of 5,000 ounces of silver per contract.

Usually, over the course of a delivery month, we see deliveries made against the outstanding contracts. Almost without exception, the total number of deliveries comes in below the total number of contracts outstanding at expiration as contracts are closed by:

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