TSI editor’s note: When the main stream media is forced to report on massive physical silver deliveries from the exchanges, we take notice. Bloomberg notes that COMEX data indicates the “largest single day of deliveries in almost 25 years.”
“That caused futures, which typically trade close to the London spot price, to soar to a premium, inflicting losses on banks that struggled to close arbitrage bets and spurring them to shift some positions out of New York futures.
There are signs that the dynamic isn’t limited to gold. Silver and platinum futures have traded at elevated levels relative to spot metals since early April. And as in the case of gold, the premiums are spurring big increases in on-exchange inventories in New York.
On Monday, first-notice data for the July silver contract on the Comex in New York showed the largest single day of deliveries in almost 25 years.”