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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: Ken Reidy who wrote (19050)	9/1/2009 9:05:44 PM
From: Ken Reidy	Respond to of 49990

Dave from Denver tonight on Silver... Comex silver I got my dates wrong. Yesterday was 1st Notice Day, so that means anyone who wasn't funded for possible delivery had to be out of Sept silver by end of day on Friday. Yesterday there were 3846 contracts open for delivery, it looks like 965 were delivered or tendered yesterday. I'm not sure how determine how many took actual delivery vs. tendering their contracts for cash. As of end of day yesterday there were 2421 contracts open for possible delivery. Comex is reporting 247 delivered or tendered. If they were all delivered, that's 6 million ounces. Then the question is, do the parties taking delivery take custody off-Comex or do they trust the Comex to safekeep their silver for them. I personally would recommend anyone buying Comex silver to take delivery into their own custody into an independent depository. At the extreme, and I preface this by saying that this event is highly unlikely, if all 3846 contracts take delivery, that would be 19.23 million ounces. The Comex is purporting to have 61.6 million ounces registered and available for delivery. 19.2 million ounces is 31% of that alleged inventory...I think people can understand why silver popped hard into the Comex close both today and yesterday. We may be on the verge of Midas' commercial signal failure in silver...could the Chinese be behind this?