Any silver removed from comex must be assayed, Don't know of the year having anything to do with it, no rule changes recently; for example premium 100 ounces bars such as Jonhson Mathey are not deliverable to the comex, even though anyone that deals with silver knows these bars are .999 fine, the comex refuses to deal in any silver that is not approximately 1000 troy ounces. An associate took delivery on a comex bar, he called me in to show it to me, wow was I surprized it was the ugliest looking thing I ever saw poured into a what looked like a makeshift mould, holes all over the place, he took it to a local coin shop and got spot less 20 or 30 cents for it. I fing it ironic that someone could have say 5000 ounces in JM bars and not be able to deliver them to the comex without melting them down into something like I just described.
My question is, what is the current comex "reported" inventory? The last figures I looked at (less than two weeks ago) showed 86 million of the 126 million ounces on the comex were available for delivery, since there are less than 1000 contracts for December outstanding that would only diminish the stock by 5 millionm ounces at best. By the way only 23 million ounces per year are taken off physically from the comex on a average year, whatever that means, I don't know, but suspect that large miners probably sell direct to Kodak et al and bypass comex altogether. |
