As most of you are aware, 2 million oz. of physical silver have been delivered on the COMEX over each of the past 5 trading days. Although such a large and sustained drawdown has occurred before, such activity is very rare. Since the COMEX does not have a daily delivery limit, 2 million oz. daily deliveries for 5 consecutive days does seem odd rather than just 1 delivery for 10 million oz. Although one cannot say for certain, it is likely that the deliveries are being made to one party. Ted Butler seems to think that the silver is being transferred to the Silver ETF to make up for a short fall in physical metal. It cannot conclusively be determined what is causing this activity but it is something that should at least be monitored.
Nice to see gold and silver bouncing back solidly thus far today after repeated take-down attempts in NY.
Regards - VHF