Well, congrats to the crooks.  They have OI for March down to 22K for silver.  So, if 80% of those stood for delivery, the silver registered would be gone.  I don’t know where the 15,200 decrease went from yesterday as only 5k were rolled to May, and basically 10,000 contracts cashed out, maybe?  But, I am no silver COMEX expert.  Just know the numbers as they are posted.

Still, I have to guess with a drawdown of 15 million (3,065 contracts) in Feb of registered ounces (from 103 million to current 87 million), there would at least be some concern that we will experience another 50 million ounce drawdown this month.  At that point, you are really scrapping the bottom of the barrel for deliverable ounces and would be around 37 million (assuming no additions from eligible).  I think shorts will get very nervous once we approach the 50 million in registered.  Also, not much of a reprieve as now May looms out there with 70,149 in OI.  Potentially another 350 million ounces, they are just kicking the can down the road. I think they are emulating the US govt with their 39 billion in debt obligations, and adding 2 trillion plus a year when we aren’t officially in a recession or at war….

Oh, and once you pass the rubicon of 120% debt to GDP (us at 124%), you can never get back.  Just like being on the credit card debt treadmill…no matter how fast you run, you can’t get off gracefully.