COMEX trading from yesterday (the big drop on the NYMEX open): 665.585m ozs in paper dumped on it
Stated it would be about 400k so I was off by quite a bit…the yearly production in Silver ozs mined WW is a bit north of 900m so basically 2/3rds of yearly production 'created' on paper and dumped on the price starting just after the official open yesterday morning-see caps3-4 from below link on PM Derivatives.
So although I won't 'call it'666it's only 415k ozs off of that so it might as well be that as when you create millions of ozs on paper what is 415k in the grand scheme of things?….not much I can assure you.
A pretty hefty amount (616) for the EFP or Exchange for Physical-this is where they 'pay off' the contracts and then take it to the LBMA (London Bullion Market Association) which is NOT an exchange, "for delivery" because the COMEX simply doesn't have it any longer and what happens to it after that is anyones guess. See Cap #2 for the total amount of registered Ag 'available' for delivery-keep in mind this is not always accurate and updated infrequently (you actually have to believe this as well-I don't but this is what we have to tell the story but mark muh werds…the ability to tell THAT story is rapidly running out-as of yesterday it stood at 27.1m ozs…totally NUFFIN as a big whale could wipe that out in a millisecond however they (the criminals at the CFTC) wouldn't allow that. Just understand that this situation exists and eventually they will have to take the price down even farther (as I said prior to it bouncing off of $26 recently) to free up some supply from the retail sector. They took an additional 1.95% out of today. Be patient…buy what you can and don't think you are going to get rich..this is wealth protection and also insurance from a drop in the dollar…wanna "get rich"? go play with overpriced equities this is not the place for you.
EFP=An exchange for physical trade (EFP) is a privately negotiated and simultaneous exchange of a futures position for a cash position…Yellow highlight on Cap#1 with red line circling 616-
https://www.cmegroup.com/markets/metals/precious/silver.volume.html
Anecdotal and anon information: One LCS (that I have dealt with for over 20 years through 2 owners) has plenty of Gold in all sizes-you'll pay a much higher premium for fractional so understand that the bigger you go the better the price per oz (Sovereign and Generics) but has very little Ag in size or selection so the bottom line is that his wholesaler is in the same position as well and the orders (for silver) being placed today are being extended out further and further for delivery-they would not give me a date or even an estimate for when those orders would be rec'd so I am guessing for specific thing s it is over 6 weeks (and it was that was in the last run up to just under $50 in 2011 but it never stayed that way for this long.
With Credit card rates at an average level of 20.69% and consumer credit card loans at a reported 2.43% (and climbing since that was just for May) bank charge off rates for same at 2.90% (and again climbing) and Consumer Loans (that include Credit Cards and other Revolving Plans just about to cross the $1T level…as well as the Banking system having to suck up about $1T in US Treasury issues (since the debt ceiling 'fix't' I'm sure everything will be just fine in the banking system going forward-NOW is the time to make your purchases in PMs as the systems participants is/are not in the news any longer-at least as they were and their problems of solvency continue to get worse each and every day-do you think they just solved the hold to maturity problem in the last few weeks? kek…
Buy what your LCS has in stock (and it might be from some different mints or sources for Silver-I've seen some interdasting stuff from the middle east where they (muh local LCS) never had things like that and that came from the wholesaler so it wasn't a turn in-it was an order. The COMEX issue is just getting worse and the games played with the amount of Ag 'Registered for deleivery' is at around 30m ozs-this has lastedt a little longer than I thought it would but nevertheless it continues to dwindle and the above chart (COMEX contracts for yesterday) proves what they have to do just to keep the price contained (and enrich whoever is left trading COMEX contracts in size-and that isn't too many-plus you've got another large institution taking over the legacy short position, rumored in many places to be BlackRock itself who has bought long into PSLV to hedge it's rumored short positions in SLV (that it is the custodian for).
Don't wait to hear the news of "Gee we don't have anything in stock and won't for a number of weeks"….it's summer and people are not thinking about this right now…whoch means (You) should be
Average credit card interest rate is a record 20.69%
https://www.cnbc.com/2023/06/20/credit-card-rates-stand-at-a-record-20point69percent.html
Reset to 1y view for these as well
Delinquency Rate on Credit Card Loans, All Commercial Banks
https://fred.stlouisfed.org/series/DRCCLACBS
Charge-Off Rate on Credit Card Loans, All Commercial Banks
https://fred.stlouisfed.org/series/CORCCACBS
Consumer Loans: Credit Cards and Other Revolving Plans, All Commercial Banks
https://fred.stlouisfed.org/series/CCLACBW027SBOG
>>19041866 pb O.C.C. Precious Metals Derivatives increased by $90B from Q4 '22 to Q1 '23
>The data for both these trades will be out in the middle of the night and they probably dumped about 400m ozs (in paper) on Ag to get that done today
>>19035645 pb Quarterly Report (1st Qtr 2023) on Bank Trading and Derivatives Activities-JP Moran retakes the top spot from Goldman Sachs-"jacked to the tits" adding over $10T in OTC derivatives in 90 days