Hopefully it is a clever trader having a one slice at the time strategy. If someone would demand a 10 Moz delivery in one shot, the Comex would change the rules with immediate effect to stop silver delivery, otherwise the Comex market would default, blow up and prices go to the moon.

Registered stands at 63Moz vs 66Moz at the beginning of 2009. Only a fraction of the registered is non-committed and truly available for delivery. Versus the earlier mentioned 15 billion ounces in OTC silver derivatives according to the BIS, the Comex total physical of 115 Moz represents a mere 0.7% of this. Lots of Hedge funds have the means to take out the silver Comex, as they are short on the miners they haven't done so yet, this may change.