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<p>[QUOTE=&quot;sakata, post: 2704863, member: 23778&quot;]You are describing the shorting of stocks, which is controlled by the SEC.&nbsp; Shorting of silver and gold futures is controlled by the CFTC and has different rules.&nbsp; At any one time there is a large number of contracts for PMs which, if all called, would amount to a very large multiple of all the PMs available.&nbsp; A significant percentage of the contracts are shorts and, as there is not enough to cover, they are naked.&nbsp; The only reason they are not called is that they are made by speculators who have no interesting on owning physical metal.&nbsp; If it were not for the big players like APMEX and others, who sell at a price relative to spot, then the price for paper and physical PMs would have diverges long ago.[/QUOTE]</p><p><br /></p>

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