Loading ...Commercial shorts continue to sell silver aggressively in order to cap prices – but it should be noted that most of the sales recently have been Exchange For Physicals (EFP) in terms of net increasing open interest (OI).
So a lot of the OI increase should fall off at month end when those EFP’s are settled.
Physical deliveries for both gold and silver have moved over to London with this being an off month – so it will be instructive if deliveries revert back in Comex delivery months over the summer.
Supplies in London are challenged, so this should be expected. This would be bullish because Comex supply is also challenged with the rate of offtake at record levels.
Such an outcome would lead to speculation delivery problems could be encountered as year-end approaches.
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