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).
Yup... It is important to master *the basics*. This gives you a firmer grounding when you turn up at your Local Coin Shop.
For options and futures, your original topic above, I myself freely admit to NOT understanding most of that material. Instead check out Rob Kientz, Chris Marcus/ Arcadia and the old-timers who have been watching the fraud and exposing it over decades. Centuries, millennia actually.
They often use data from Nick Laird's goldchartsrus (paywall). The challenge here is figuring out jargon words like: "eligible", "registered", "rehypothetication", "bar list", "audit" etc...
It is *intentionally* confusing. Not Nick's fault but Comex, CFTC, the so-called regulators, ...
I just surf on the work of Andrew Maguire, Ronan Manly etc.
There is ***no need to understand everything***.
Play to your own strengths.
Bite what you can chew 🤒
