Comex SILVER delivery notices as of Friday 12/02/2022
2,776 contracts x 5,000 ounces = 13,880,000 ounces of Silver standing for delivery
just under 7,000 TONS
431.7 metric tonnes
linux> echo 'scale=8; 2776 * 5000 * 31.1034 * 10^(-6)' | bc -l
431.71519200
31.1034 g per toz (aka troy ounce)
1 million grammes in a metric tonne
This stuff is fun but we have to get our units right. Which is why I like showing my work. Ya know, it can then be criticised constructively.
Silver contract = 5,000 ounces
2,776 contracts standing for delivery on 12/2/22 (image above)
2,776 x 5,000 = 13,880,000 ounces
13,880,000 / 16 ounces per pound = 867,500 pounds
867,500 pounds / 2,000 pounds per ton = 433.75 tons
Corrected again. Thank you!
A LOT of Gold & Silver delivery notices for 4 days!
Heh heh...
When COMEX say oz, they mean *** toz ***.
1 toz = 1 troy ounce
100% certain.
"troy" is not the same as "avoirdupoids".
All this comes from history, Big Time.
For a 101 tutorial, check out:
https://en.wikipedia.org/wiki/Troy_weight
https://en.wikipedia.org/wiki/Avoirdupois_system
Yeah, it's very confusing but this subject is so important in the overall war, that it's right we dwell on it 🤓
When precious metal people talk "tonne", they mean "metric tonne", *not* the American short ton. See Pic 2
Pic 1 below, nicked from
https://www.free-bullion-investment-guide.com/troy.html
What is the difference between the three different types of Ton – short ton, long ton, and metric ton?
ANSWER:
The three types are all a measure of mass(weight) the short ton aka US ton is 2,000/lbs. the long ton aka British ton is 2240 lbs. the third ton is the metric ton which is, equal to 1000 kilograms, or approximately 2204 pounds. – John Bonforte, Sr.
So in metals tonne is metric & represents is 2,204 pounds...
So I need to redo my calculations from 2,000 pounds (ton) to 2,204 pounds (tonne).
