Comex silver activity is approaching the zenith of the 2021 SilverSqueeze
It'd be a good time for SilverSqueeze II.
++++++++++++ Silver
The May silver contract is in the middle of the roll to the July contract. With 8 days to first notice the open interest is 11% higher than the 4 year mean and is only eclipsed by 4 contracts, one of which is from 2020, the year of QE Infinity, and three are from 2021, the start of the SilverSqueeze:
Trading volume on the May contract continues to run hot. Even though yesterday’s volume was off recent spikes, it was still 32% over the 4 year average:
Cumulative trading volume (zeroed at the start of the OI plateau) is only bested by the Sept 2020 contract, which occurred during a silver price blowout, and the March 2021 contract, which was the start of the Silver Squeeze movement launched on reddit by the HappyHawaiian. FYI … Happy now resides on twitter:
https://twitter.com/ThHappyHawaiian.
Send him a note and as when SilverSqeeze II launches.
Moving on to the April contract … that HSBC “customer” account issued 39 delivery notices yesterday bringing their total April contract silver sold to 1.2 million oz. If you don’t know about that HSBC “customer” account, you have to catch up reading prior posts.
That 1.2 million oz is “only” 14% of the April contract total. This is far less than the average of 2.9 million oz per month they sold in the 2 prior inactive contracts (Jan and Feb) and much less than the average of 8.9 million oz per month they sold in the 2 prior active contracts (Dec & Mar). HSBC accounted for 40% of silver sold over the prior 4 contracts so the 14% on this April contract is a sharp reduction.
If that HSBC “customer” account wound down silver sales, that could induce a significant change in market dynamics.
The cumulative issues and stops on the April contract:
+++++++++++++++ Silver Vaults
The silver vaults saw 195 koz move into registered at MTB’s vault. That is for the 39 contracts sold by the HSBC customer account, so it’s already sold.
+++++++++++++++ Gold Vaults
JP Morgan’s vault had 9.6 koz transfer from registered to eligible:
Thanks Ditch!! I'm ready for a squeeeeeeezzzze!!
Squeezeeeeeeeeee!!!