Another mathematical trick by Comex since by latest silver open interest contracts for Sep 2010 left, for them 361 contracts – to deliver 1.8 million ounces of physical silver, have disappeared.
On last day for call option buyers in the money (on August 30th 2010), to fund their trading account with required money, there were 3,002 contracts left for delivery of physical silver in September 2010.
By latest delivery report issued on Friday, Sep 3rd 2010, there were month to date 834 contracts made for delivery of physical silver by Wednesday, Sep 8th 2010.
And looking at left OI contracts for Sep 2010, the figure shows 1,807 contracts waiting for delivery of physical silver.
Normal math would be 3,002 – 834 = 2,168 left contracts to deliver physical silver NOT 1,807!
So where did 2,168 – 1,807 = 361 contracts = 1.8 million ounces of silver GONE?!?
Read the rest in my blog post at
Disclosure: No Comex paper positions.