The following information might be useful in helping you decide what the price of paper silver will be as March 1 approaches.

This was the Comex delivery data for 2010.

End of March: approx 21.7 million ounces were delivered (including options from Jan and Feb which were 4.6 million ounces)
Beginning of March: a little less than than the 20.4 million ounces stood for delivery. In other words, the notice of deliveries increased by a small amount during the month of March.

End of May: Approx 4,209 contracts were delivered representing 21 million ounces plus 2.7 million options exercised in April for a total of 23.7 million ounces.
Beginning of may: 3,685 contracts stood for delivery representing around 18.4 million ounces plus 2.7 million ounces of April options for a total of around 21.1 million ounces total. Again, the total contracts delivered during the month was higher than the number that stood for delivery at the beginning of the month.

End of July: Approx 2,364 contracts were delivered representing 11.8 million ounces plus around 200,000 ounces representing June options exercised for a total of 12 million ounces.
Beginning of July: Approx 2,406 contracts were stood for delivery representing 12 million contracts plus the 200,000 June options exercised. In July, the number of contracts at the beginning of the month is slightly higher than the total number of contracts delivered at the end of the month.

We have already discussed the last two months so I'll be brief.

End of September: 2519 contracts delivered
Beg of September: 3002 contracts stood for delivery (ratio of 84%)

End of December: 1845 contracts delivered
Beg of December: 5428 contracts stood for deliver (ratio of 34%)
Options for Nov: 3.03 million oz
Options for Oct: 1.5 million oz

You can see a pattern developing. The March, May, July, Sept, Dec total amount of silver delivered were 21.7, 23.7, 12.1, 12.5, and 9.3
The ratio of contracts delivered at the end of the month relative to the number of contracts at the beginning of the month were more than 100%(Mar), more than 100%(May), slightly less than 100%(July), 84%(Sept), and 34%(Dec).

One more thing. The January options exercised so far is around 2.9 million oz and the month of Jan has 10 days to go and January is usually the smallest month of the year. At this rate, Jan and Feb options are on pace for around 8.5 million oz and last year total was 4.6 million oz.

Draw your own conclusions as to what will happen as we approach March 1, 2011.