Dirk
Some perspective for the doubters:
Yesterday 1.5 billion ounces were traded on COMEX.
Yearly silver production is half of that at 0.8 billion ounces.
So yesterday 2 x year silver production was traded on COMEX.
In the last 2 weeks 100 million ounces were added to SLV.
JMBULLION sold 27 million ounces this Sunday.
Hypothesis: all USA bullion dealers sold 100 million ounces over the weekend.
Worldwide let's say 400 million ounces of physical were sold.
That's half the year production that was sold over the weekend.
In the whole of 2020 only 200 million ounces were sold.
Only in this weekend the double was sold.
400 million ounces during this weekend, compared to 200 million ounces in the whole of 2020.
Result: Silver down 8% in one single day. :-)
JPMORGAN is now very bearish on silver.
CME raised margins for futures on silver, pushing traders to liquidate their paper silver.
If you buy a silver future today, then you can ask for physical delivery starting 26/02. The silver needs to be delivered by end of March 2021. They will need to buy all this paper silver on the silver market before end of march. Good luck. I think there has been a lot of demand for the silver futures as you can buy silver at 26 via the paper market, when you pay 45 normally at the dealer. And when you want it delivered you can get it by March.
Before end of March there will be even more major supply problems.
In june we have Basel III which starts for gold. Physical gold instead of paper gold will then be required. A lot of that paper gold will need to be bought on the market.
Yes It's true I'm very bearish. /S
sauce:https://finance.yahoo.com/quote/AG/community?p=AG