For an explanation, consider today's July silver open interest from The CME Group.
The banksters are becoming desperate for physical silver, as July open interest closed today at 66,555 contracts, or 332,775,000 ounces of silver. Again, this is against a backdrop of less than 33 million ounces of physical silver remaining at the COMEX. Will the game of musical chairs continue in July, with longs settling for Blythe's generous cash premium? One day soon the music will end, and those playing the game will find not just one, but numerous chairs missing.
| Daily Settlements for Silver Futures Trade Date: 05/11/2011 |
| Month | Change | Settle | Estimated Volume | Prior Day Open Interest | ||||
|---|---|---|---|---|---|---|---|---|
| MAY 11 | -2.971 | 35.509 | 321 | 339 | ||||
| JUN 11 | -2.971 | 35.509 | 3,682 | 702 | ||||
| JLY 11 | -2.971 | 35.515 | 136,460 | 66,555 |
