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Ted Butler: The bonfire of the silver shorts
By Ted Butler
SilverSeek.com
Thursday, September 21, 2023
After 40 years of silver price manipulation and suppression on the Comex, the physical market has experienced a lack of production growth as well as enhanced demand brought about by too-low silver prices.
According to the immutable law of supply and demand, silver is now in a deepening physical shortage in which sharply higher prices are both required and inevitable.
The key element that I speak of today is the likely behavior of the short sellers of silver derivatives. Investors hold 2 billion ounces of silver in industry-standard 1,000-ounce bars and a similar quantity in smaller bars and coins. Since these holdings are owned outright, there is no short position as exists in every derivatives contract, including Comex futures and options and OTC swap contracts.
The derivatives short positions are mostly on the Comex, in the form of short sales in futures, call options contracts, and in OTC dealings.
Thanks to detailed information provided in the weekly commitment-of-traders reports, great clarity is given to the potential exposure of the short sellers in Comex silver futures contracts. The current total open interest in Comex silver futures (minus spreads) is around 110,000 contracts, or 550 million ounces. ...
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