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<p>[QUOTE=&quot;Vess1, post: 26728430, member: 13650&quot;]I posted this in the bullion forum.&nbsp; Looked like they tried to load up for the expected onslaught and now incoming deliveries and/or excessive demand for physical instead of rolling over paper contracts is rapidly depleting the supply.&nbsp; (Compare spot prices in December 25 and Jan. 2026 with this chart.)</p><p><br /></p><p>&nbsp;&nbsp;&nbsp; A few days ago they shut down for 90 minutes on an alleged &quot;technical glitch&quot; and 31800 contracts changed hands during that down time.&nbsp; It is theorized contracts were paid back in cash with a premium to satisfy them instead of supplying the silver but nobody really knows.&nbsp; &nbsp; Not normal and cannot continue on like this with current demand.&nbsp;&nbsp; This chart represents what is stored, not what&#039;s available for delivery. </p><p>&nbsp; As of Feb. 27th they have 86.13 million ounces available for delivery vs. March contract open interest of 366 million ounces.&nbsp; &nbsp; That&#039;s what would be needed to satisfy March contracts.&nbsp; &nbsp;&nbsp; What happens in April?&nbsp; May?&nbsp;&nbsp; Hopefully there are caravans of shipments hauling 1k oz bars there as we speak.&nbsp; &nbsp;&nbsp; My opinion: I don&#039;t think they&#039;re coming.</p><p><br /></p><p>&nbsp;This market is a major factor that affects spot price on top of everything else going on.&nbsp;&nbsp; They were able to keep the game of musical chairs going when paper contracts were simply swapping out for renewed paper contracts but now physical delivery expectations have become unprecedented over the past year.&nbsp; The Shanghai chart looks the same.</p><p><br /></p><p><br /></p><p>[ATTACH=full]1706604[/ATTACH][/QUOTE]</p><p><br /></p>

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