Comex silver's situation is precarious as largest short struggles to deliver

GATA.org ^ | 27 Mar 25 | Michael Lynch

[delta7]

The naked short on the March silver contract is the HSBC "customer" account.

I had posted about this situation a couple of days ago on X, pointing out that the OI was one of the highest ever at this point in the delivery cycle:

https://x.com/DtDS_WSS/status/1904572463012282757

Over the last two days, that HSBC "customer" account has issued delivery notices on 417 contracts (2.1 million ounces) dropping the open interest as of this morning's open to 223 (1.1 million ounces). Last notice day is tomorrow (March 28) so they have delayed to the last moment…

This isn't the first time HSBC was caught naked short. On one prior occasion, Band of America bailed them out in the waning days of the contract. On this occasion it appears (for now) they found some metal to deliver. I’ll get to the vault moves in a moment. ...

I have theorized that this isn't a customer account but is an HSBC bank account designed to suppress the price at the world's price-setting venue (Comex) as they accumulate metal at non-price setting venues. I tagged this the "Differential Lag Theory," meaning they can buy at remote locations but the price signal lags Comex. ...

... For the remainder of the analysis:

https://econanalytics.substack.com/p/comex-silvers-situation-is-precarious

[kiryandil]

IATG

[Repeat Offender]

English may not be your first language, but it is mine. Let’s diagram your sentence:

“It (gold)

was (used to express existence, identity, or state in the past)

more unaffordable (was even more expensive; beyond financial reach

at (denoting a particular point or level on a scale)

$5,000 (the topic is spot price of “it” which we have identified “it” = gold; ie the spot price of gold)

in 2015 (the specified point in the past).”

Making an empty statement of gold was (was being the operative word, otherwise known as a VERB) more unaffordable at a spot price it never reached during a specified timeframe it never happened would be a no sequitur unless you were misstating something.

[sauropod]

Bkmk

[bert]

$3060/15 = $204 per oz the historic price of what silver should be.

$ gold = $15* Silver