It should be noted that Silver has risen approximately 2% today, thus far, but also to a lesser extent so far week. Statistics coming out of the Comex may well account for this sudden reverse in the price.
For the month of July, thus far, we have seen 2350 notices served to the Comex, requesting the delivery of Silver equating to 11.75m ounces or approximately 363 tonnes.
In addition we have seen 6880 notices served to the Comex, requesting the delivery of Gold equating to 688k oz or 21.4 tonnes.
As we approach month end on Friday, it will be interesting to see how the price of both Gold and Silver react to the sharp increase in demand for the delivery of both Gold and Silver, given these contracts have to satisfied at the end of this week.
The question as ever remains, how much actual physical metal does the Comex possess?