Silver Open Interest Clinging Above 100,000

Silver open interest increased a net 56 contracts today to settle at 100,221, even as silver soared 2.5%.
That futures open interest refuses to increase even after the panic liquidation seems to indicate that many have either been margin hiked completely out of the silver futures market, or else are simply taking their business to more friendly exchanges such as the HKMEx or Shanghai.
It is looking more and more possible that rather than an outright delivery default, the COMEX may merely fade into insignificance as silver traders simply take their business elsewhere and/or purchase physical.

Daily Settlements for Silver Futures (FINAL) Trade Date: 10/10/2011
Month	Open	High	Low	Last	Change	Settle	Estimated Volume	Prior Day Open Interest
OCT 11	32.250	32.250	32.200	-	+.986	31.944	55	138
NOV 11	31.735	32.220	31.645	-	+.990	31.962	55	70
DEC 11	31.340	32.360	31.215	-	+.987	31.980	20,289	60,421
JAN 12	31.820	32.145	31.820	-	+.988	32.000	2	198
MAR 12	31.370	32.350	31.370	-	+.989	32.020	613	9,669
MAY 12	32.195	32.250	32.195	-	+.991	32.040	17	2,879
JLY 12	32.225	32.225	32.225	-	+.991	32.049	2	2,403
SEP 12	-	-	-	-	+.992	32.036	58	869
DEC 12	31.750	32.205	31.750	-	+.996	32.024	80	10,334
JAN 13	-	-	-	-	+.995	32.003	-	1
MAR 13	-	-	-	-	+.993	31.960	-	751
MAY 13	-	-	-	-	+.991	31.917	-	140
JLY 13	-	-	-	-	+.989	31.874	21	2,240
DEC 13	-	31.375B	-	-	+.989	31.782	-	7,783
JLY 14	-	-	-	-	+.989	31.609	-	257
DEC 14	-	-	-	-	+.989	31.517	-	1,311
JLY 15	-	-	-	-	+.989	31.265	-	190
DEC 15	-	-	-	-	+.989	31.070	-	542
JLY 16	-	30.505B	-	-	+.989	30.845	-	25
Total							21,192	100,221