Tier 2 Silver

Bull Case

• [UNVERIFIED] All major US banks — JPMorgan, Goldman Sachs, Bank of America, Deutsche Bank — held long positions in silver around the period of peak market stress. The channel interprets this as evidence that sophisticated financial institutions recognized the physical shortage before it became publicly visible.

  all the American banks are long silver

Delivery Mechanics

• [UNVERIFIED] COMEX must source approximately 760 million ounces of silver for delivery obligations around the late March contract expiration.

  The ComX needs somehow to come up with 760 million ounces of silver and if they don’t it’s going to break the market.

Key Metrics

• [UNVERIFIED] The London silver lease rate is currently 6.3%, having spiked from approximately 1% (normal baseline) to 10-11% at end of December before moderating.

  the London lease rate is 6.3%. So, normally the silver lease rates around 1%. During that, the last day in December, it was 10 to 11% the lease rate.