Dear Stackers,
OnJuly, 14th of 2020 a guy on youtube (account goldsilverpros) working in finance showed the amazing open intrest contracts for September 2020 with COMEX. In brief he said that some 90 million ounces of silver were asked to deliver in September and he had not seen this amount in twenty years.
Futhermore this would lead to a sharp in crease in silver spot price ( HE WAS RIGHT HERE)
I myself do stay away far from COMEX products like futures on silver but there ar a shitload of people who are predicting that Comex cannot deliver these amounts of physical silver. The moment Comex will say this will mean that there is just no silver available anymore anywhere and price will further shoot up.
Are they correct ? We all noticed that online dealers have been sendong out messages already of longer wainting times and some coin not being available for some time. Is this because COmex was buying or not. Normally COMEX must have plenty of silver in safes around the world to deliver large quantities when asked.
For me this month of september is a test:
- Should we believe the people that do not trus Comex ?
- Am I ready to sell my silver when the price rockets ?
Guess in three to four weeks from now we know!
Have a nice Sunday evening
Goldrooster