Silver technical analysis that silver is headed lower. broadcast.ino.com This is interesting…. “In silver, there were 930 contracts delivered… which is 4650000 ounces. This may not sound like much but, in actual fact, it’s a huge number… as February is not a traditional delivery month. Several years back, 50 or 100 contracts delivered in a non-delivery month would have been a lot… so you can see how things have changed. When I report the first day notice numbers for silver in March [which is a delivery month] in my Friday commentary… it’s highly likely that more silver will be posted for delivery on Monday, March 1st… than all of February combined. As I mentioned in the previous paragraph, there are still 22545 contracts open for March. If you multiply that number by 5000 ounces/contract, it comes to more than all the silver currently sitting on the Comex. That’s why that number has to decline precipitously as time passes… because if all these contract holders stood for delivery… there would be a massive Comex default and a silver price beyond the orbit of Mars… or maybe even Jupiter.”
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