Untitled” The short position in Comex silver futures alone is almost equal to all the silver  mined in a year.”  – James Turk

I knew the silver futures open interest on the Comex was somewhere in the vicinity of the total amount of silver produced globally in a year.  But when I saw Mr. Turk’s comments, I wanted to calculate it out for myself.
As it turns out, the amount of paper silver open interest based on yesterday’s total silver futures open interest of 163,592 contracts is nearly 818 million ounces of silver (Comex link).
As you can see from the table below from The Silver Institute, total silver mined globally in 2013 was 819.6 million ounces.
The Comex is is emblematic of the extreme fraud and corruption that is now endemic to U.S. political and economic system.  The people who are really in control of our system have lampooned it into a complete joke.
This will not end well for most of us…


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By PM Fund Manager Dave Kranzler, Investment Research Dynamics:


With scrap recycling, total silver supply in 2013 was 978 million ounces.  So, the Comex paper silver futures equals 83% of the total amount of silver available for industrial users, jewelry buyers and investors.

Does this make sense?

To add to the absurdity of the Comex operations, as of today there were 57 million ounces of silver registered for possible delivery to holders of silver futures contracts.  Yet, for the next big delivery month of July, there’s a total of 348 million ozs worth of open interest.   That’s 6 times the amount of silver registered for possible delivery.  There’s 176 million ounces of total silver on the Comex.

In theory, if ALL of the July silver longs stood for delivery, there’s enough silver to fill half of them.

Up to this point in time, there’s no risk to the sellers of the silver futures that anywhere close to the amount open interest right now will stand for delivery.  That doesn’t mean that it can’t happen.

The point of this is to highlight just how fraudulent the Comex is.  There is no other commodity market in the world that allows the futures open interest in relation to the available underlying  deliverable commodity to get anywhere close to the ratio that exists in Comex gold and silver.  When oil and gas get a bit out of whack, the CFTC cracks down on the “manipulating” bank.

This will eventually resolve itself with much higher prices for gold and silver.  Mining stocks will go parabolic.  To see a couple of good ideas to take advantage of this market dislocation see this link:   Stock Research Reports.    I will be adding a least one more this week.   AAU in particular has a heavy concentration of silver in its big Mexico mine project.

The Comex is is emblematic of the extreme fraud and corruption that is now endemic to U.S. political and economic system.  The people who are really in control of our system have lampooned it into a complete joke.

This will not end well for most of us…

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  1. GDXJ is getting slammed hard today relative to the price of gold.  That usually happens the day before a gold slam.  It’s acts like one of the signals the manipulators use to organize the shorts….

    I wonder if the manipulators laid low for a couple days just to see where the market would go without their influence. Kind of sizing up the enemy. They were having trouble at $1262 and then it’s like they just gave up. I’m sure they will be back.

    I hope the best for the metals but I don’t think the numbers in the article are relevant to anything. Apparently that many people only think of the PM Comex as a casino. The cure for high and low prices are high and low prices and then the Casino will loose appeal to the crowd. I’m not too familiar with silver industry, but I think $1,400 gold is going to take a lot of pressure off current imbalance between supply/demand. Then further in the future, gold supply is going to get tight from mining limitations. At that point, maybe other commodities (silver, platinum, palladium) will be more popular as a basket to compliment gold only holdings.

  2. Gentlemen, with options expiry next week, we need another $500 000 000.00 dumped into the futures market ASAP in order to support the price rise from yesterday. I see the profit takers are already at it if you consider simple mining stocks. Where is the big money when we need it?

    • “Where is the big money when we need it?”
      The BIG money does not care what we need.  It follows its own agenda… and that agenda is not at all friendly to the small fry.

  3. Another article posted by an Author that has no working knowledge of the futures market. He fails to understand the fact that the silver market is dominated by speculative interests. Speculators never take delivery of physical product nor do they supply product. He also fails to accept or acknowledge the fact that in just the past 10 years, over 7 billion ounces of silver was mined from the earth. The current open interest is just a fraction of what has been mined in the past ten years.
    Complaining about open interest versus 1 years of production is ignorant considering we have produced more than 500 billion ounces in the past 100 years.
    Of course, great minds such as this would have you believe that this 500 billion ounces no longer exists.

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