“There are a few unusual developments in the current COMEX June deliveries for gold and silver, but the standout feature to me is still the complete absence of JPMorgan in either making or taking delivery in either commodity in its own proprietary trading account. Silver, in particular, is showing fairly large numbers of new contracts being created and immediately delivered against (for a non-traditional delivery month), but the issuers and stoppers are so mixed and cross-related that I can’t draw any concrete conclusions – aside from it suggesting tight wholesale conditions.”
A small excerpt from Ted Butler’s subscription letter on 03 June 2017.
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