Silver IS $50/oz. COMEX gets pantsed.
I was hoping our Strongman would run with this but he has been conspicuously absent in these times of rapid revelations, so it is now "recent" news. This is good.
This is for Kstarich, a fellow metalhead of the lunar variety. Any Fool who follows PM's is surely familiar with Harvey. I have long suspected that "paper" SILver has been a drag on the real thing. This may be the beginning of a disconnect between paper and physical, but is that a good thing for those who do not hold Physical? Last I saw the deriv mkt was 1.4 Quadrillion $ (only partly PM's). Do we really want that House of Cards to fall?
"Physical Silver is Really $50 per Oz (80% premium on COMEX Silver Non-Delivery)"
" It was reported by SGS that he heard that on Friday Blythe was offering 30-50 percent premium and that at least 4500 hundred contracts will stand for delivery. I am here to give you a more accurate update (and a first hand account of what happened on Friday Feb 25). Our group was determined to stand for delivery going into Monday because we were not going to take a 30 percent premium on a price of $33.50. It was reported that Blythe offered 50 percent premium. That was not even close in our case. We got over 80 percent premium. That's right...."
The rest is here-
Harvey's blog is here- a daily read-
H/T Harvey. Best.