This website lists 6.8k members on Silver Degen and 14k on Wallstreet Silver. That's 20,800 active members combined. There are at least 208,000,000 adults in the US, let alone other countries. So we are 1 out of 10,000 following silver or 0.01%. The majority is clueless about real money and protecting themselves from inflation.
India has raised import tariffs on gold and silver from the previous 6% to now 15%. Importers now also need government approval to import silver. Governments are all about free markets until the people realize their fiat money is trash. India first, Europe also, so likely coming to the US eventually. India is a great buyer of silver, so this is a significant negative development. The US debt is basically the titanic though, so this just changes the timeline.
https://gulfbusiness.com/en/2026/news/india-tightens-silver-import-rules-mandates-prior-approval/
Wells Fargo house took delivery of over 5 million ounces of silver today. The last time Warren bought silver was when he bought 130 million oz in the mid 90's. The bankers had Clinton's goons file all kinds of fraud charges against Warren's insurance company and next thing you know, Warren sold the silver and all charges were dropped.
What the heck is Bank of America doing? They were holding all 727 of the unissued silver May contracts and delivered them all on the last day of the contract / today?
I know this has been a frequent topic, but the shorts might really be in trouble this time. As of the Comex close yesterday (Thursday), there were still 744 of the May 26 silver contracts waiting for delivery. ZERO contracts were delivered yesterday (the 21st) and 3 were delivered today. That leaves 741 contracts to be delivered by end of day next Friday. That's 4 business days.
They now need to deliver 185 contracts per day for the next 4 days = 3,705,000 ounces total. The investing slogan "the trend is your friend" cuts both ways and it does not look good for the shorts.
Kevin Warsh was sworn in as the Fed chair today. Can't have gold and silver steal the show from fake money on the day they hand control to the new wizard of Oz.
Comex May Silver Open Interest 5/19 = 884 contracts
Delivered metal 5/20 = 37 contracts
Estimated remaining interest 5/20 (not reported yet) = 847 contracts
Remaining delivery days for May Silver Contract = 6
Required daily delivery rate assuming no new purchases = 141 per day = 705,000 ounces/day
I think there are some naked shorts playing musical chairs. I remember Ditch believed there was a naked short that got bailed out from someone who actually had physical a couple of years ago to prevent a silver default or price melt up. Those days may be over.
The daily silver price has been ugly the last week, but my take on the Comex silver volume and delivery numbers is that the boys may be in trouble. Yesterday, there were 123 deliveries, yet the May open interest went up by 57 contracts. That means that 180 new May contracts looking for delivery were added yesterday. That's an even 900,000 ounces. To make matters worse for the shorts, a measly 16 contracts of physical were delivered today. There are now 1,010 May contracts still waiting for delivery. The last delivery day for May is the 29th. With the 3 day weekend, thats 8 more business days. They are going to need to step up the delivery rate to 126 per day, and thats assuming no additional contracts are bought. It could get interesting.
A tractor trailer of silver is about 600.000 troy ounces = 120 contracts per truck. They need at least a truck per day for 8 days straight
Perhaps getting China to sell some of their silver stockpile was part of the Trump meeting give and take. Like, the US stops giving Taiwan weapons if China dumps 100 million ounces of real silver, or at least resumes silver exports?
There was 7 months of backwardation in silver at the open last Friday. 5 months worth for the low price and 1 month for the last price.
The settle price is not the last price. It is a weighted average for market makers to value their holdings to market. Sounds fishy to me. Average is average so why call it a "weighted" average?
Yesterday, I pasted the comex prices for Wednesday, The prices in this post are for Thursday. Again there is 2 months of backwardation in the open, low and last prices. The closing price (Last) has over a dollar of backwardation vs June and almost $1 vs July. It is not normal that prices for the future months are lower than the current month.
The holders of the May active contract are required to allocate the full purchase price of the 5000 ounce silver contract. The backwardation is being done to entice the physical buyers to sell their May contract(s). At $80/oz a contract is $400,000. Most speculators would sell the May contract and put $350k in a 1 month treasury and use the other $50k to buy the June or July contract on margin. If they wanted delivery then the price would be 5000 oz x $79 = $395,000. which is a $5000 savings. At 3% the 1 month treasury would net another $800. This would net a return of about 17% annualized.
Buyers that need the metal on the other hand cannot wait a month and will continue to demand delivery no matter how cheap they make the June and July contracts.
There are trapped shorts. If they cannot escape with games, they will need to escape by increasing the price high enough to get contract buyers or physical holders to sell. The only other method would be to buy from refiners or England and ship approved bars to Comex fast.
As of the close of business at Comex on Thursday, there were still 966 buyers of the May 26 silver contracts waiting for delivery. Today, Friday, a whole grand total of 6 contracts were delivered. At that rate it will take 160 days to deliver the remaining 960 contracts. If the sellers have the metal, what are they waiting for?
The price data below are yesterdays results. May silver opened a good bit above June and July's price and closed a bit higher than June. The day low price was also way above the June low price. My guess is someone tried selling the June silver price down in order to entice May contract holders to sell May and buy June. This backwardation indicates there may be a trapped short.
According to today's Comex Silver volume report, open interest on the 1st delivery day for the month of May dropped by 2411 contracts. The daily metal delivery report had todays data for all metals except silver which is still showing yesterdays delivery of 1 whole contract. I doubt the lack of updating the silver numbers is by accident. The year to date table however does show todays silver delivery amount to be a total of 4580 contracts. https://www.cmegroup.com/solutions/clearing/operations-and-deliveries/nymex-delivery-notices.html
This means that an additional 2169 spot contracts of physical were bought today. That is 10,845,000 ounces of real money which also conducts electricity. To put this in context, only a few spot contracts were bought in the last few days of the April contract, but 2169 were bought on the 1st day of May when sellers figure they have 29 more days to come up with the metal. Had this 10+ million ounces been bought at the end of April contract, the price would have soared.
There are still 6299 May contracts outstanding = 31,495,000 ounces https://www.cmegroup.com/markets/metals/precious/silver.volume.html
To add even more intrigue, the house accounts of the commercial banks were the main buyers. Not just 2 or 3 of the banks, but pretty much all of them. Standard Chartered Bank House account was the main seller with 2537 contracts issued. The usual top seller, JP Morgan commercial only issued 893 contracts. Standard Chartered is a British bank.
The above data to me indicates blood in the water.