I have to allow for the typical accounting revisions that the Comex sometimes makes a day later. BUT, right now based on the o/i for gold and silver, the Comex is potentially insolvent.
Friday being the day before first notice, anyone with an account not funded to take delivery of a long position has to either sell or be liquidated by the end of last Friday's access session. I know this because I had a silver position liquidated a few years ago when I forgot what day it was lol. Any open long positions as of this morning are capable of taking delivery of gold and silver.
With that said, the open gold o/i as of this morning is 59,412 contracts. This translates into 5.9 million ounces. The Comex gold inventory shows only 2.6 million ounces of gold registered and approved for delivery. There is a total of 11.4mm ounces.
In silver, there are 17,208 open contracts. This translates into 86 million ounces. The Comex reports 48.5 million ounces available and approved for delivery, 107.2 million total ounces.
What does this mean, in the context of the cartel being unable to force liquidate a majority of the open gold/silver positions? Everyone reading this can use their imagination and I'm not willing to predict how this will unfold, but right now the Comex has a problem.
Tomorrow will be very exciting to watch and all eyes will be on the open interest and delivery notices as they start in earnest!!!
if there were any real chance of the comex imploding the price of silver and/or gold would be moving sharply higher. now. smart money would be all over this. as much as i hope it will happen, it is only a dream.
And when nothing happens will you admit this conspiracy stuff is just BS? I'm a silver long. I take delivery and own miners as well as SLW, but I don't believe a JPM problem exists for them or any other banker.