The Comex racket has contracts for silver purchases that are coming due. There’s not enough physical silver inventory to meet deliveries.
I think that’s it in a nutshell, someone else please elaborate...
Correct. Good, succinct summary. They are settling in cash at high premiums to prevent people from taking delivery of physical silver.
In a nutshell and the OP @ “before it’s news” claims to have been paid silver spot price PLUS an 80% premium for NOT taking delivery of physical silver. If true, that amounts to $50 for the total contract amount.
If that’s the case, which I suspect it is, there is also the element of fraud involved.
This happened with JPM about two years ago when they got caught naked-shorting gold sales. They thought they were just selling contracts to a customer in Europe but the customer, rather than just wanting the paper to turn around and resell, demanded delivery. JPM never had it because they were running a naked-short and they were caught and should have been brought up on charges. Of course, they and their commie cousins in the White House figured a way out of the jam without having to do jail time.
Only about 10% of the contracts are ever traded for silver. That's it, in a nutshell.
>> “There’s not enough physical silver inventory to meet deliveries.
I think that’s it in a nutshell, someone else please elaborate” <<
.
They deliberately delayed shipping, counting on a big pullback, and have shot themselves in the foot.
No sympathy here.