22.3 million oz stand for delivery on the comex March silver contract, a 15 month high. 45% of registered silver is slated for transfer.
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++++++++++++ Silver
On the March contract only 2,100 contracts closed on the last day before first notice leaving 4,454 contracts (22.3 million oz) standing for delivery. That is the highest number since December 2022 and represents 45% of registered silver.
Delivery notices were issued for 2,858 contracts. That is a relatively high 63% of the total standing for delivery, In the past, a low number foretold a naked short.
The raw comex report:
And my plot of the same data:
The surprise is that BofA issued 1,037 of the delivery notices representing 5.2 million oz. That is the largest sale by BofA since they sold 26 million oz on the Sept 2022 contract. It drops BofA's cumulative net stack to 32.1 million oz.
A non-surprise is that the HSBC customer account was also a large short issuing 1,149 delivery notices (5.7 million oz). That matches the 5.7 million oz moved into registered at Asahi's vault since February 21.
Those two perps accounted for 76% of the delivery notices on first notice day. My ongoing meme that the silver market is dominated by 1 or 2 shorts is alive and well.
The largest long, by far, was JP Morgan customer accounts who stopped 1,916 contracts (9.6 million oz) or 67% of the total. HSBC's house account (the bank) stopped 434 or 15% of the total.
Interesting that JP Morgan customer accounts have been behaving as a monolithic trader over the last 3 contracts with ZERO silver sold as 14.8 million oz were bought. That 3 month run of no silver sales is unprecedented. Usually silver is being bought and sold within the same contract. Be aware that customer accounts could be/likely are multiple entities so this is is either a single trader or multiple traders.
See anything different on the plot below with the lack of red bars?
There are huge customer accounts at JP Morgan. Note between mid 2020 and the end of 2021, the net silver bought was nearly 100 million oz or about 5.5 million oz per month ... and that was when there was a lot of silver being simultaneously sold. Imaging all those accounts buying with no selling.
I'll cover gold and the vault reports either later today or tomorrow.
Just a quick thank you. I have learned so much from your work on SDC. Mostly how to read charts. But I could never have done it without you.
I follow your daily reports with pleasure, but since I am a novice person, I do not really understand it. I would appreciate it if you could please specify whether these reports indicate a decline or an increase.