Recent COMEX Silver Deliveries in connection with March Silver Futures ........
#Silver #MetalComplex
People are posting Bullish comments here regarding Silver deliveries, and folks wanting to take position of the Metal.
I wonder if they understand the longs are not in control of the delivery process, they are in a dated stack, they probably know where they are in the stack to receive, but it is the shorts who decide when and how much to deliver.
On February 26 the COMEX Silver Futures had 4,540 contracts give delivery notice. Many folks thought that was a very bullish signal. That seems more like participants with shorts wanted to deliver the metal, rather then have covered or rolled forward.
Since then, the Monthly total as of Intent Date 3/12 (Delivery Date 3/16) is 7,304 contracts, so MTD 62% was delivered that first day.
The Media and Market participants positioned long, have, and will continue to make every case to support their vision, but why would folks deliver almost $2 Billion in Silver on 2/26 at close to $87 per ounce if they thought it was going back above $100 or back to $120?????