When you are long a contract, you have the right to take delivery of the physical. If they don't deliver the physical silver, that would be a breech of contract, wouldn't it?
Does the COMEX have the right to cash settle contracts if they don't have enough silver?
Today is 1st notice day for May contracts. We should know next week about delivery situation.
This could get "veddy interesting".
Their masters who were paying them to spam against silver have decided to cover shorts & go long. The spammers like China rackets will have to find another ricebowl---pumping silver?
This will spread: no stigma to default and bankruptcy anymore according to Gundlach.
What we have now is NOT true Adam Smith capitalism. It is oligopoly and rent-seeking non competitive markets. In fact, there are no true markets. The markets are thimble-rigged by the billionaires using free money from the FR.
Best: eagles, canadian mapples, "junk" silver dimes, quarters, have, and dollars. If you can't get those, then bars--but only the better bars. Avoid the numismatic coins for now--the aim is just to get silver at the lowest spread.
According to Holter, probably 10 times more silver has been sold short than there is silver to be delivered. If only 10% of longs take delivery, no more silver.