by Chris Powell
Dear Friend of GATA and Gold:
Silver prices have risen 60 percent in only four months because physical demand and offtake have exploded, securities lawyer and market analyst Avery Goodman writes today.
Goodman writes: “On April 30, 2020, the total open interest (the number of contracts for future delivery of 5,000 ounces each) in Comex silver futures, maturing in July 2020, was 99,406. When those contracts matured on June 29, if circumstances had been normal, we would have seen something like about 1% or less of the contract holders demanding delivery. Short sellers would have reasonably expected to deliver about 900 contracts, or a total of 4.5 million troy ounces.