>> “Only about 10% of the contracts are ever traded for silver. That’s it, in a nutshell.” <<
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Not sure about the 10% figure, but basically yes, and most speculators don’t have the bread to take delivery anyway, so usually they are safe.
Investors (Hedge funds) are standing for delivery or being bought off by JPM (et al) for paper money. Then, the funds buy more the next month, knowing full well they can stand for delivery or be bought off. This can not continue for many more months before JPM is broke. See Max Keiser.